Discuss the USD/JPY with a DailyFX Analyst - Page 182

Aeron · #**2716** (**permalink**) 07-22-2009, 11:38 PM

Quote:

Originally Posted by JForex

Too bad the short did not take off. I entered at 93.52. It went down about 50 pips to 93.02, and then came back to 93.62 right now.

I had reset my stop to breakeven after 50 pip gain so no loss, but no gain either.

The Daily charts are consolidating heavily across the board. Its quite boring.

Is it a good strategy to take P/L at 50 to 100 pips and close the trade? I only reset my stop at hat point, so most times I am back to breakeven.

Hi, What I would suggest is run 2 to 3 positions and close one at 50pips then 100pips and then my target and when the 50pip profit is hit then take the stop to break even on the others.

suanluang · #**2717** (**permalink**) 07-23-2009, 12:44 AM

hi! i'm a newbie. i'm following your posts recently.
i shorted usd/jpy at 93.70. my question is: is ITD 11
still valid? would a break above 94.78 make it invalid?
i put my SL at 94.60 & TP below 91.70. thank you
very much.

cmellon · #**2718** (**permalink**) 07-23-2009, 12:48 AM

Quote:

Originally Posted by suanluang

hi! i'm a newbie. i'm following your posts recently.
i shorted usd/jpy at 93.70. my question is: is ITD 11
still valid? would a break above 94.78 make it invalid?
i put my SL at 94.60 & TP below 91.70. thank you
very much.

A break above 94.78 makes ITD 11 position invalid. Otherwise, it's still valid now. Myself, I entered at 94.15, took some partial profit at 93.15 to fund the short position. My stop loss for remaining short is at 95.05.

JForex · #**2719** (**permalink**) 07-23-2009, 12:52 AM

Quote:

Originally Posted by cmellon

A break above 94.78 makes ITD 11 position invalid. Otherwise, it's still valid now. Myself, I entered at 94.15, took some partial profit at 93.15 to fund the short position. My stop loss for remaining short is at 95.05.

Hi CMellon,

Can you explain what is this ITD and Delta Method of Trading? I visited your blog but did not find it.

Thanks.

cmellon · #**2720** (**permalink**) 07-23-2009, 01:02 AM

Quote:

Originally Posted by JForex

Hi CMellon,

Can you explain what is this ITD and Delta Method of Trading? I visited your blog but did not find it.

Thanks.

It's not possible to explain the whole method in writing as book has been written about it and hours of CD training have been recorded to teach this method.

But for brief info, you could read my blog
Delta Trading: May 26 - Delta Information

suanluang · #**2721** (**permalink**) 07-23-2009, 01:03 AM

thanks for your quick reply. i now put my SL at 94.80.

cmellon · #**2722** (**permalink**) 07-23-2009, 12:49 PM

Quote:

Originally Posted by cmellon

A break above 94.78 makes ITD 11 position invalid. Otherwise, it's still valid now. Myself, I entered at 94.15, took some partial profit at 93.15 to fund the short position. My stop loss for remaining short is at 95.05.

Stopped out for a mere 10 pips gain overall.

fazi · #**2723** (**permalink**) 07-23-2009, 01:08 PM

Quote:

Originally Posted by cmellon

Stopped out for a mere 10 pips gain overall.

C - it looks you`ve been stopped out 2 pips away from a top - that is 61.8 fibo of a recent fall and a TL resistance- good short entry area

Patryk

cmellon · #**2724** (**permalink**) 07-23-2009, 01:32 PM

Quote:

Originally Posted by fazi

C - it looks you`ve been stopped out 2 pips away from a top - that is 61.8 fibo of a recent fall and a TL resistance- good short entry area

Patryk

Hi Patryk,

At this moment, either ITD 11 is due late or it is also equally possible that ITD 11 inverts and MTD 7 has been due at ITD 10 low. ITD is currently in inversion time period (ITP).

ITP can happen only before ITD 1 and/or after ITD 1. If it happens before ITD 1, then it's called ITD (11), if after ITD 1, it's called ITD (1). There can be a single inversion or double inversion.

Attached is update of ITD and MTD count for this bullish scenario.

fazi · #**2725** (**permalink**) 07-23-2009, 04:18 PM

Quote:

Originally Posted by cmellon

Hi Patryk,

At this moment, either ITD 11 is due late or it is also equally possible that ITD 11 inverts and MTD 7 has been due at ITD 10 low. ITD is currently in inversion time period (ITP).

ITP can happen only before ITD 1 and/or after ITD 1. If it happens before ITD 1, then it's called ITD (11), if after ITD 1, it's called ITD (1). There can be a single inversion or double inversion.

Attached is update of ITD and MTD count for this bullish scenario.

Thanks C - hmm it is getting interesting

Patryk

andruha · #**2726** (**permalink**) 07-23-2009, 05:17 PM

Anyone thinks this is going to reach the trendline at 97-97.50?

asherewt · #**2727** (**permalink**) 07-23-2009, 08:16 PM

I've entered into a long-term Shorting Position from 95.25 based on the 4H timeframe.

Looking quite good so far.

cmellon · #**2728** (**permalink**) 07-23-2009, 08:36 PM

Quote:

Originally Posted by asherewt

I've entered into a long-term Shorting Position from 95.25 based on the 4H timeframe.

Looking quite good so far.

Any Stop Loss and Target?

asherewt · #**2729** (**permalink**) 07-23-2009, 08:41 PM

Not really Cmellon,

I normally don't keep SL and TP for longer term trades as it very much depends on the Kumo's structure that will shape up in next few days.

However, I DO NOT recommend new traders to put orders without SL, its too risky.

If the fundamentals change (as shown in chart), I would rather exit with a small loss.

Thanks.

Quote:

Originally Posted by cmellon

Any Stop Loss and Target?

melbgirl · #**2730** (**permalink**) 07-24-2009, 11:11 PM

Sorry, no time to post a chart but on the 60 minute chart a wedge has formed so a breakout could be on the cards on Monday. I have the funny feeling that it could be to the upside with all the Japanese demand talk for next week, however that could easily be just talk without much substance so perhaps we'll see a double top?