Potential breakout on the USD/JPY

[xelite777]

Quote from tradingjournals:

Congrats to you!

If it is appropriate to ask, who is your broker/brokers, how long have you been trading, any short list of books that have shaped your trading? Please feel free not to answer any of these questions. I respect people's right to their privacy to their right not to answer any question.

Hi TradingJournals

Just like everybody here I guess, I first started trading stocks (back in the 70's). I failed miserably.

Then one day I received a booklet in the mail from a certain Ken Roberts, the guy with the cowboy hat. He said the price of sugar was at a historic low or something like that. I was hooked (at that time the idea of making money buying and selling sugar was completely foreign to me) and started trading the Futures market, with some limited success.

When Forex was finally made available to retail traders in the early 90's I immediately stopped my Futures activities and switched to FX because I liked the huge leverage that the brokers offered.

Some books that I like:
The Compleat day trader by Jake Bernstein, one of the few books that show you profitable, back-tested trading systems, complete with their TradeStation code.

The Perry Kaufman books, "Trading Systems and Methods" in particular.

The Steve Nison books, a must read if you want to harness the power of candlesticks.

"Encyclopedia of Candlestick Charts" and "Encyclopedia of Chart Patterns" by Thomas Bulkowski

 

[tradingjournals]

Very interesting Xelite77! In relation to pairs, I currently like Minus EUR/NZD.

In relation to leverage, US brokers are limited to 1:50. I noticed a post of yours in a section of this forum, and I agreed with it. It was the idea that leverage is a great asset if used to compound winning positions.

With rare exceptions, like yourself, I do not think people, in general, understand leverage well.

My best wishes to you!

 

[xelite777]

Quote from tradingjournals:

Very interesting Xelite77! In relation to pairs, I currently like Minus EUR/NZD.

In relation to leverage, US brokers are limited to 1:50. I noticed a post of yours in a section of this forum, and I agreed with it. It was the idea that leverage is a great asset if used to compound winning positions.

With rare exceptions, like yourself, I do not think people, in general, understand leverage well.

My best wishes to you!

Thanks TradingJournals, the same to you.

USD/JPY is now at 104.64, 54 pips above my initial long position, thanks Tokyo, keep up the good work
http://www.bloomberg.com/quote/USDJPY:CUR

 

[xelite777]

Quote from tradingjournals:

In relation to pairs, I currently like Minus EUR/NZD.

Well, here is the thing: on the 1h chart, the EUR/NZD is forming a textbook triangle formation, but it's hard to say which way it will break.

But I guess we will find out soon, when the retail Forex brokers reopen their store at 2AM (New York time), a few hours from now.

Personally I will also be watching the EUR/NZD, see if I can extract some money from that wild beast...

PS: Here is a neat little Windows trick: click and hold the CTRL button while moving the mouse little wheel (if you have one), this will make the image/text bigger or smaller.

 

[xelite777]

Quote from xelite777:

Buying USD/JPY again, this time at 104.20 (previous long USD/JPY position was initiated at 104.10 and closed at 104.35)

Selling at 104.80, total profit = 25 + 60 = 85 pips on that Yen trade ($850 per standard lot)

 

[VictorS]

Quote from xelite777:

Selling at 104.80, total profit = 25 + 60 = 85 pips on that Yen trade ($850 per standard lot)

Awesome. Great job. Going to subscribe to this thread (although I don't trade forex).

 

[Visaria]

Well done, v decent trading.

Didn't realise you were an older chap, thought you were a 20 yr old kid.

Can i ask you about your money management in terms of how much you risk etc?

 

[xelite777]

Quote from xelite777:

Short NZD/USD at 0.8185

+30 pips ($300 per standard lot), moving the stop to break-even.

Be right back to answer some of your questions, EUR/NZD is moving...

 

[xelite777]

The expected breakout on the EUR/NZD (1H chart) did occur, I have a limit buy order at 1.6780.

Hope I am not too late to the party...

 

[xelite777]

Quote from xelite777:

The expected breakout on the EUR/NZD (1H chart) did occur, I have a limit buy order at 1.6780.

Hope I am not too late to the party...

EUR/NZD is almost near my buying point (1.6780), come on boy, keep moving down, you are almost there, kitty kitty kitty...