Yen pairs, love hate relationship! But they’ve been my go to’s.
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Crazy price action right now on JPY and USD pairs. Anybody watching?
I closed out a 36 pip profit on U/J a while ago.
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tldr; guys etsimated reading time is 386 minutes. I am looking to go about acquiring the most impactful gems out of this highly rated thread. So I guess I need to ask the following: What are the basics of approaching trading according to this discussion on this thread after almost 4k replies?
Hi Constadino.
Can I ask what type of trading interests you most (scalp, swing, counter trend)?
My personal trading style has “evolved” since starting the thread and I use a few styles myself.
Usd/Jpy reached a resistance level on D1
Price could break through it, but I closed out with 26 pips profit and will wait for a pullback in order to get back in.
Here is some of what I’m doing:
Counter Trend
Use very small entries on candles that close outside of Blue VHP Channel and close them when price returns to the channel midpoint (or 200ema if its closer than the midpoint line).
It doesn’t take that long. 
You should at least go back a couple months. That’s the most fresh discussion anyway. Heck, you could go back less than 2 weeks to get the indicators used, along with the settings and Keys to Success.
Or read the entire thread. Part of the experience is trying everything along the way to see if it works for you. Because @americantrader could (is) give you the entire system, how and when to trade it, and it still doesn’t work for you.
i religioiusly go with the trend , m15+ charts. However I would like to build on the success of higher timeframes and zoom in down the scalping charts for whenever I have some time here and there to replace doom scrolling
Here’s a M15 chart. Its good for all time frames.
The way I see it, at the middle left of the chart the candles are touching or going outside of the lower channel. If I make an entry, or entries there, going long, I am going with the trend and counter trend trading. The closing point for me would be the channel midpoint line or the 200EMA, whichever it hits first.
The heiken ashi indicator shows it would have been ok to stay in longer, but I like to win every trade (I don’t). So I take the high probability profit. There is always another setup coming soon.
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This morning’s scalping
I close at the blue dashed channel midpoint line. I even set the TP there so all my entries close out there. But there are times I let price go all the way from the channel bottom to the top or the top to the bottom. I just don’t let it be a loser.
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We have nice pullbacks to work with today.
Its already been a really good week.
I’m only $101 away from my monthly goal. It should be playtime starting Monday.
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Beautiful pullbacks!
The market creating opportunities for great profits.
Yen doing yen things when I’m going the other way. Friday’s seem the day. Maybe the MOF tries to make moves while Asia sleeps?
Caught some good moves right around support and thought we’d bounce. On no… Down and down we go!
So many. I just need a bigger account!
Hang in there.
It’s times like these that are the reason I’ve been using smaller entries so I can just ride it out until price turns around.
That has allowed me to go back to price averaging again and to not have to freak out on days like this.
I saw on the weekly chart that USD/JPY was already up to my channel midpoint so a pullback there was expected anyway. Then it drags everything else down with it. I decided to stay in and see what happens.
I expect ALL 8 open trades to result in profit as they are all with the weekly and even monthly trend.
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Today’s closed trades provided me 74 pips profit.
All trades still open should eventually provide 600 pips, but could take weeks to get there.
The strategy is to leave some pairs available for scalping while I wait out the profits on the current trades.
Each trading day provides profits. Each trading day I can decide if I want to close an open trade running negative (since its a small lot size, I have nothing that is so negative I couldn’t recover in a couple of days).
While I wait for open trades to go into profit, I like to see if I can earn profits daily from short-term trades. For my small account (thousands) I’m currently down around $400 between all open trades. So no stress.
I get so caught up in the lower time frames. Like you said, had I looked at the weekly, zoomed out some, the USDJPY flip would have been so easy to see. There were some other support zones I drew out, but man, yen just plowed right through them.
Now worries, I’ll manage it. I’m back up a 1/3 of what I lost the other week, so I’m feeling better about that.
Smaller position size is a great tip. It’s just hard in the moment to not get caught up in the fast moving market.
I need to get better at closing losers quicker.
Yea I had some JPY trades going the opposite direction. Profited on both. Justed need to wait for the pullback in JPY on one, closed for profit. The other trade caught up, also closed in profit.
It worked this time.
Sometimes I get caught with a long above price on pair A and a short below price on pair B, and they both share USD or JPY. So it’s just a waiting game for price to pick a direction.