American Spring + USDJPY = Bust out the shorts!

Beginner Questions
21

I’ve been thinking about the best way to manage my UJ trade during the NFP fireworks show. I’m expecting wild up & down price action and don’t want my 103.65 SL to be taken out by a quick wild spike, or Oanda’s increased spreads.

When I originally opened the trade I set my risk at 20 pips. So at 8:15 EDT I’m going to pull my SL back down to 103.17.

Worse case, I get stopped out with a 20 pip gain and a 1:1 R:R. :56:

Better case, UJ spikes up and down hitting recent S/L levels, taking out stops & weak hands. Then as the dust settles, the price continues to move over the 104.00-10 levels. :smiley:

If my 103.17 SL gets taken out and price continues to go south then my whole weak YEN premise is probably wrong.

PS I’m uncomfortable doing this in public, what if I’m wrong?

22

I’m short @ 103.7.

JPY gaining some strength over the last 15 minutes across the board.

23

After the NFP excitement settled down I moved my SL back up to 103.65 and just got stopped out with 75 pips. Have to see what happens next week, I’m still rooting for a weaker YEN! :wink:

thanks!

24

Thanks for sharing d, I know that I learn a lot from reading other’s thoughts, but you are right when you say about it being uncomfortable.

Anyways, thks again :slight_smile:

25

Going out of position 1 from 10375 to 10333 and my adding position from 10396 out 10333 …

position 2 free ride , this trade pure gambling pure luck , so mush better and more controll when activ trading .

1 Reason why holding with generous Sl first time USD JPY for long time have 5 days with absolutt no PB ,so PB was expected .

Everytime price is broken through 104 it have been with big candel and always it have been pullback back down to 104.

candel up to 104 was small no sign of weakness …

so scalp bay right now price will go sideways

26

Flattened out my JPY position today too

27

Time to bay scalp again ,i hope that was some smart who was holding the short position … where to go out who knows

Adding my losing position 10180 complett lose 2 entry 1 countertrade trade 1 - 13 pips adding position 2 -3 pips

yennnnnnnnnnnnnnnnnn.jpg700×331 29.7 KB

28

Happy in my shorts (so to speak)!

USD/JPY fallen from c. 104.00 to c.102.00 in a relatively short period (less than a month, I think)…

I am happily holding on to my short, raking in the pips, merrily away…

Never mind ‘busting’ those shorts!!

Cheers!

29

[QUOTE=“PipMeHappy;619302”]Happy in my shorts (so to speak)! USD/JPY fallen from c. 104.00 to c.102.00 in a relatively short period (less than a month, I think)… I am happily holding on to my short, raking in the pips, merrily away… Never mind ‘busting’ those shorts!! Cheers![/QUOTE]

Lol bust out the shorts is slang for “break out” the shorts…in other words…go short!! Haha.
Thanks for keeping the comments alive!

30

facepalm oops

31

LOL

I’ll need to use more professional terminology next time around…haha.

32

Just posted an analysis of a USDJPY short I took this week on my YouTube channel…check it out!

It breaks down one of my strategies pretty nicely from A to Z.
I talk about price action, supply and demand zone trading, how we entered and where profit was booked.

Make sure to watch in HD!
Jake

33

Hey guys I’m new to the forum and to forex…Any suggestions as to what just might happen next week with usdjpy up or down??

34

If I had to put a bias on it, I’d be bearish / sideways.
Don’t have a chart in front of me, but I know that 102.75 is a sticky point - just pull up an H4 and drop a line/rectangle.

Keep in mind, NFP is this Friday.
What does that mean: You most likely will see liquidity start to evaporate ahead of the release.

Volatility for this pair has been declining consistently since last July. We’re @ 16 month-lows right now for movement…
Just be smart about setting profit targets.

35

The last time the USDJPY traded through its 200 D1 EMA was Q4 of 2012.
Consider the implications for risk.
S&P pulling back / stuck under 1900…
Investors gobbling up USD 10yr Bonds…