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Posts Tagged ‘USDJPY’

USDJPY 5 mins (+20pips)

April 21, 2011 Leave a comment

Had no time to post @ entry, this is what it looks like:

Profit taken out @ previous swing low. 20 pips~

With this ends week 3 of trading. Good Friday tomorrow, I suppose only Japan is open. Spreads gonna suck so stay out!

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USDJPY 5 mins (-7 pips)

April 19, 2011 Leave a comment

Seeing how the USDJPY has obeyed the SMA200, I couldn’t help but deviate a bit. Stop loss above recent swing high, coincides with the thick black line which is a downtrend line drawn on the daily chart. The yen crosses are too volatile for my liking, not really fitting well into my risk management these days. USDJPY will be about fine.. Food for thought, perhaps I could double my stop loss for the JPY crosses and reduce my position by half to ensure risk is still under check.

Subsequent Update

Downtrend looks like its in check. Contemplating going agressive here to possibly cover previous 2 losing trades.

Moved SL down to recent swing high, possibly targeting daily pivot S2 as seen below frm my interceptor screenshot.

20110419-122549.jpg

USDJPY is playing limbo rock.. It has been 5 hours and price is still only 5 pips away from my entry price. Yawnz.

SY (A.k.a. Pipmyride) has pointed out that there’s a bearish pennant/flag forming on the USDJPY.

Here’s what I think he means and this is how I would trade a bearish pennant/flag, if I was not already in position.

Bearish pennant forming on downtrend - Continuation

A lot of coverage on this pair today.. Will be ultra pissed if no pips crystallized in the end.

So… didnt crystalize in the end. -7 pips. Market’s being a spoilt brat this entire week..

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USDJPY 5 mins (-13pips)

April 15, 2011 Leave a comment

Saw another signal and I took it without batting an eyelid this time.

As it is nearing the end of the descending trend, up against the support of round number 83, I am taking very tight stop loss, just above the EMA62 and target 83.05 to get out before in case it U-turns too fast near to 83.00.

Looking for a fast break here. Just looking to gain more experience points in execution thats all.

Subsequent UpdateTrue enough got stopped out. Oh well, knowing when to stay out is a key here definitely. Not sure if price will hold on the fibo levels but I’m done for the day~

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USDJPY 5 mins (+4 pips)

April 14, 2011 Leave a comment

Alright got a decent signal from USDJPY. The other yen crosses are too wild for my preference tonight.

Stop loss above 84 (Round number resistance + SMA200)

Target @ recent swing low, R:R approx 1:1.2

Here’s how it looks like:

All indicators good to go. Traded half of usual as I’m about to go to bed and I do not wanna lose sleep over this trade.

Shall be pleasantly (or grotesquely) surprised in the morning. Out~

Subsequent Update

Manually closed out again for 4 pips gain. Do not be afraid to close out a position when the initial conditions that triggered the trade have been violated. My current strategy is trend following and clearly the trend has died out on the 5 minutes chart for now.

No sweat. Moving on..

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Fingers getting itchy..

April 13, 2011 Leave a comment

Super tempted to pull the trigger on this USDJPY 5 mins.

But wait it looks like that on the 1 hr charts:

Trend line is holding up nicely @ 4 points. Have to stay out of the trade. 😦

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