hey mate, when asking someone something, so as to be clear, put the @symbol before their name so we know who you are talking to
at least put their name.
so… if you are asking me, i would say this…
firstly i don’t trade this currency… but ok, let’s have a look
After the US said that they will increase interests rate several times this year, I believe long term traders are buying USD.
USD/JPY is one of the best pairs to buy in the long term because BOJ has an interest rate of -0.1% and the FED has an interest rate of 1.5% (that will go higher on the next few months).
My technical analysis says sell but fundamentals stop me!
@Hikaros
Are u from Japan? U know currency war
Now is starting. Increasing rates in fact
hurts country economic.
Yes Usa increase and increase rates.But
u see Usdjpy Not bull upside.
Maybe devaluation is a good strategy for most country even Usa.
correct me if i’m wrong, but dont’ you mean SUPPORT
i’m assuming you are referring to the pink line under the green 1.22255
that would be a support line… right ?
or are you talking about the resistance at 1.23472 ??
either way, if you are buying at this point and your T/P is at the Pivot, i think you’ll be good
i think you could even lower your S/L but hey… it’s your Risk calculation, once you place a trade, stick to it
ok, well S/L … calculate is so you can put it on S2 instead of S1 if possible
basically you find the first support point then find the one below it and put it there. but again this is not a hard and fast rule. it depends on the instrument and how it behaves, but to begin with , you can use this rule
T/P - there’s 2 ways to approach it
Way 1 - don’t put it too far off
so… see that big drop of red candles… well. MEASURE HALF WAY and put your T/P anywhere you like between the entry and that Half way Point
which you have and it HAPPENS TO BE THE PIVOT POINT
and IT’S THE PIVOT POINT FOR A REASON… as well
so what you’re doing is correct
You see mate, even if it goes low again, and if you have your S/P as S2 there is a very good chance that you can break even, so what you’re doing here is good
Now
WAY 2. You let price get up a bit , say about half way to the T/P then move your stop loss line to be 1 pip in profit or 2 pips if you like
when you do this… you have no risk
before you this… YOU HAVE RISK
the idea is… to miniize risk wherever possible
so let’s now go back to this…
so… am i now changing the plan ?
NO… NOT REALLY
you see when people say, put a S/L on and don’t move it
they mean DON’T INCREASE IT
there is nothing wrong with decreasing the risk
so if you want to start a strategy, use that HALF WAY RULE if you like
and you use that 2 levels lower rule or higher (Depending on what applies) for the stop loss
No… don’t set them AT PIVOT LINES
offsett it off the line by around 15 pips or so, Never go right on the line
Same goes for T/P
the idea is… if it hits the pivot point and it likely will, you don’t want to get stopped out when it’s gonna bounce off the line
but … if it goes 15-20 pips through the line… THAT’S DIFFERENT, that’s a loss
as with T/P what if it doesn’t reach the line by 2 pips, so… set your T/P around 10 pips off the lline, Below it if buying.
as for Risk to Reward hehe
don’t get too hung up on the whole 1:1 thing minimum ok
you could have 3 times the risk and 1 part reward and all you need to do is make sure that you get 4 trades before you get a loss
so let’s say you have a take profit of 30 pips
and a stop loss of 90 pips
well . it’s more likely that it will hit the 30 pips before the 90 even after 5 or 6 trades
so keep that in mind as well
ok… so, you’re saying you would sell here , is that correct ?
do you what you think is correct.
My opinion is , i would buy
now… you asked this…
Short answer… Experience Tells me i should.
i don’t trade this pair and i don’t watch it everyday, but just looking at this Daily chart, my experience tells me Buying the way to go
but, you do what you think is right at the end of the day.
the Truth is… ON THIS ONE TRADE, either one of use could be correct, it doesn’t mean anything to be honest
Now… on the other hand,
if me and you were to sit down and trade together over like 100 trades and let’s say i was to pick 90 out of 100 correctly, then clearly i would be right and you’d be wrong
if you however picked 90 out of 100 then i’d have to admit that you are right and i’m wrong
but on one or two trades… it means nothing
so at the end of the day, follow your system , because that’s what you are developing
if you are wrong, you’ll learn it in due course, but i should not interfere with the learning process
if you are right, then you shouldn’t listen to me anyway
so… do what you think is right and what your system and experience tells you you should do , that’s all you can do at the end fo the day.
