This is my first account on any trading sites. I’ve always been a lurker, but for log purposes and meeting/helping/discussing with like-minded folks I’ve decided to open an account on babypips.
[B]
A little about my style;[/B]
I’m very happy to scalp, but I don’t always have the time to do so, or the spreads get too large. When that happens, I take longer trades, ranging from just hours, to a few days. I don’t like to stay longer than that because seeing profits wither with every correction, that I could otherwise avoid by being active, sucks for my mind.
I’ve been trading for some time, I am long term profitable and currently use Oanda, but am considering switching to TD, or TS. I’m undecided for the time being. I should have time most days to post small updates or big patterns i spot, etc.
Today I’ve been scalping the AUD/JPY for a while. I’ve got a very healthy 6% on my day. I made an error earlier and lost quite a bit more than I wanted to. Happens. Anyhow, The spread got a little too wide for my comfort in scalping, so I stopped. Earlier while analyzing the charts before my session, I spotted a divergence pattern across [B]all[/B] JPY correlated pairs, indicating bullish movement across the board. This pattern is far more prevalent in the other pairs, but its there in AUD/JPY as well. I’ve just sat on a long entry order for AUD/JPY at 85.76. I don’t think I’ll have any time tomorrow for scalping, so will probably hold this position over the weekend.
I’ve kept an eye on AUDJPY as a possible trading pair for ahwile now, what kind of trading hours do you normally trade? Is there anything specific that draws you to this pair?
Honestly, I just have a preference to AUD. I think it moves more “Reliably” than say the popular eur/usd cross. eur/usd seems to have so many whipsaws, they are too hard for me to deal with. It makes me feel anxious and I make mistakes.
I’m looking to set up patterns on my chart and examine the market at 9-10 central time. From there I either pick a swing trade, or start scalping. Depends if I have time to babysit the market (scalping), or do I need to run errands, or whatever else I feel like doing. Sometimes I just take a swing trade if I am catching a big breakout, I won’t bother trying to scalp that.
Aud/jpy is going under retracement at the moment, if you’re looking to get in on the bull the re-entry is coming.
EDIT:
So as not to keep slamming a lot of posts in a row…
I re-entered and will head to bed. The 15 minute is showing hidden bullish and the JPY has fallen close enough to the moving average support levels for me to feel comfortable jumping in and hitting the sack. Its not perfect but it should be close enough, and my sleep for tomorrow morning will be more important than what few pips I might miss.
AUD/JPY bullish trend is continuing today, up 35 pts since open. Extremely bullish 1 hr candle forming, candles are above bullinger bands and MACD is bullish on timeframes 5m - 8h. We’re sitting at 86.55 right now.
the price has broken above 100SMA in 1hr, and the 50sma, 10sma, and 20sma has all crossed over the 100sma.
Thats not much of a trend there but I agree with your bullish bias for now. Me I take longer trades and would be looking to short at 87.20 so you got a ways to go being long.
No your good dont let me tell you anything thats just where I would look to get short but I dont trade this pair so do not take what I say as anything.
well i will be following along dont let me stop you. My bias on the aussie has been short due to the AU hitting 10 year all time high. But thats the AU not this pair
No worries, I’m not the type to change my stance on someone elses opinion. I’m bullish until the MR, then I’ll sit and see if it bounces or not. Your posts are more than welcome. I have no trading friends to shoot the **** with. The AUD/JPY isn’t even at a 1yr high yet. So who knows.
I’m going to go ahead and close at 86.30. Its looking like the bulls are exhausted and I’m predicting the MACD crossover. Should be a decent bear movement…
Edit: As I forgot to hit submit reply, the 1 hour stick closed and the MACD crossed over.
Looks like the thing made 87.20 afterall. I should’ve set a stop and stuck to the plan instead of trying to read it so early in the AM where I don’t usually trade.
Oh well, Looking for a possible huge rebound bounce around this price level.