Anybody trading AUDJPY? Maybe I should ask outside of the journal.
Anyway, weekly trend up. Daily trend up. Seeing higher high and higher low. Hoping to break a recent high of 96.81. Price broke out of a channel 6 days ago, so maybe I’m late, but let’s see what happens. 6 days of green candles. Entered at 95.30. Got my TP and SL set. Let’s go!
Charts look good. I’d say we’re looking more risk on, but JPY has been completely backwards with the stock sell off, so who knows. Wednesday often has a retracement after big moves, so you might have jumped a bit early. Time will tell
Who’s trading GBPJPY. I think I’m going to stick with crosses and see if they do me any good.GBPJPY and AUDJPY both look promising for a long.
Maybe moving into some semi historic highs.
Looking to long at market. So 165.05. TP at 168. Stop if 1.5 X ATR of 1.735
Let’s give it a shot!
Bust, what can I say. Big ole fat loser that last trade. Got to about 166.30 and then did an about face straight down to my SL. Tight TP would have got me somewhere. But I wasn’t watching the trade as closely as I should have been. Specially not moving the SL up as price moved up. Big mistake!
Posted in the wrong thread!
Need some structure in my life, so I’m giving Tommor’s simple strategy a go. Here are the details.
I’ve found that USDJPY fits the bill right now. So I’m opening a trade at 133.76. ATR is showing 1.475 on the daily. So SL is at 130.81. I’ll try to check this in the morning when I wake up. And I’ll see what other trades can be found on this.
USD JPY trade update.
Still in it and up! Currently trading at 134.95. I got in at 133.76. Woohoo!
Still trying to figure out what to do with my stop. I guess I could move it 2 x ATR from it’s currently price., which would be 133.88. Not too far from where I started. Thing is, ATR changing between today and when I opened 6d ago.
Man, about 30 min late in checking my USDJOY trade. CPI news came out, but looks like the markets started moving before!
USDJPY down almost to 132.75!
Closed the trade for a loss and took the opposite position.
Back in the green on this one. Recovered to above 133.
And CPI came in better than expected so good news for USD.
I’ll keep watching.
Ended the day at 132.86. What a wild ride today.
What broker allowed you to enter with only $30 would love to know please. I’m in demo mode but made 200 with the demo.
trading.com. They had a special? Bonus? $30 for free, open a live account and make just one trade. Free money!
I didn’t try to withdraw, but I bet they wouldn’t let you. Probably only profits.
So I’ve got a setup I’m looking at.
NZDUSD. On the 12h Haven’t really traded this timeframe before so we’ll see where this goes.
The overall trend is down, so if I went long, I’d be going against that.
But maybe on a shorter time frame, it could still work. I think I’ll watch this on the 4h too.
More chart review.
USDCHF on the daily might be looking interesting too.
Am I looking at a descending triangle here? Isn’t that bearish? Or does the breakthrough down on the 10th change that?
Looks like a squeeze is getting close. So I’ll watch this too.
So on the daily, the 3 red candles are there still moving down, A close above the last candle might take some time, so no trade right now.
Still moving up off the daily towards that triangle resistance trend line. Maybe it gets interesting in the next by the end of week.
USDJPY
Man, this thing also broke a trend line.but drop to 4h and 1h, no momentum up. So more waiting I think.
This broke up above the trendline, above 135.50 and its still going. Interesting to see if this holds through the weekend.
USD is booming, so this is helping USDJPY. Might look to enter.
Also looking at EURGBP. Almost met all the trade rules, except the EMAs, but it’s getting close.
Took this trade yesterday at 135.87. It’s moving! Up to 138.75.
Goes to show that some analysis from a top dog website said that momentum was fading and a drop was more likely.
So now I’m in that same situation. Up 100+ pips. What to do with this SL.I had it at 2 x ATR, so all the way down at 132.87 I think.
I’m moving it to BE at least. I could come back and check every couple hours or just wait until market close.
Not sure just yet. 137.64 is the next resistance level I think. It’s the closest high anyway. Maybe if it stalls there, I’ll take some profits. If it keeps going up, I’ll watch it every hour or so since it is a Friday.
I kept a journal for a long time too. But the truth is, I change the way I trade often just because of my mood that day. I have a main strategy that has a high win rate for scalping. But if I don’t want to wait for the setup, I have been placing pending orders in both directions on 5 or 6 pairs on a 1H chart with a small TP and a larger SL. That way I can be reasonably assured to make some profit that day the easy way.
That’s a strategy that usually works, but I’ve always done it with Smoothed MAs, not EMAs.
Wishing you all the best!
Hey, thanks for the comments!
So not a believer of the reward to risk, risk to reward of 1:1 or greater? It’s hard to take the advice of having a large enough SL but also keep your risk to reward at at least that.
I’ll give that a shot and see if gives me more signals/trades. Cool!
Came down to 136.81 and I closed the trade. Didn’t want to lose any more of the gains. but walked away with almost 100 pips.
I ended up opening another long yesterday at 136.83. I just felt the pair still going to follow trend up.
So I’m in the trade and up!