Usd/jpy

I just added for the last time. At my equity/risk limit levels.

113.90

This is it for me. A solid close below these levels and I am out and will take my lumps. Targets still way above.

DRT.
 
For the record, I am not in agreement with DRT about the direction. I believe that he is correct that we are near the resistance levels, but at the moment it looks as though we are beginning to breakout. The daily chart had bearish divergence 5 or 6 days ago which was the place to get short and yesterday's action was a bearish RSI breakout pattern. If the close stays near where it is today, this is a bearish pair in my view.
 
This my friend is a ridiculous comment. How can you possibly make a statement like this without any facts. I will make no further comment as I will not allow myself to get caught up in this kind of crap.

I am perfectly capable of managing my risk/reward level. Thanks for your guidance though.

If I reach my threshold on this, I will exit. I make about 10,000 trades per year and my equity is doing just fine thank you.

Let's see how things work out next week. If I am wrong, I will exit and move on to the next trade.

Today was a bunch of noise and nothing else in my opinion but a buying opportunity.

DRT



Quote from myminitrading:

Your response to being wrong about your trade is typical of an armature.

Before you place the trade you should have known were you would admit you were wrong and end the trade.

You are making a classic mistake by staying with your now loosing trade. You may end up getting out near breakeven, but you are just reinforcing a terrible habit that will eventually end your career.
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By the way.....why not give me an explanation of why the YEN will grow in value in the next year. Don't tell me why the dollar will lose value, tell me why I should buy Yen at these expensive levels.

DRT
 
The mini dude poster really got me thinking. I come here to interact in a virtual space with fellow traders. I have no alterior motives other than that. I like seeing what everyone else is thinking and sharing my ideas with you also. I am in no way making any recommendations on what or how to trade. You will often find me on the other side of trades on days when we are down/up over 100 points. This is my style. I am not suggesting anyone do anything like I do it.

I like peanut butter. It keeps well. If I find it on sale, I buy some cause I know I will eat it. Sometimes I buy too much and have to eat some to get my supply back to equilibrium before I can replenish again. This is my trading methodology.

I do not consider myself a professional trader like some, although I am trying to achieve what I call Master Trader status. I trade full time. I trade for a living. I have 3 kids I am putting through college, a nice nest egg and some manly toys that I enjoy. With that said, I apologize if my comments are taken otherwise, it is not my intent.

I consider myself very good at managing and accepting risk. This is why I am successful. In this marketspace when there is over-reaction on days like today I will not always run for cover. In general, I do not use hard stops. I use a percentage of my equity as a total risk amount. Some days I give it a little room if I have a strong conviction. I look for value to develop in certain areas over time. If I see it, I may exit once it is confirmed. I do my best to post targets and stop areas, but I do not feel any obligation to honor them just because they are posted here. I do what I deem appropriate at the time.




Just for the record

I am long at

114.91
114.60
113.90


I am buying because I feel that this pair is near its low for the year. Fortunately, I am very low on peanut butter. The chunky kind is my favorite and I bought some today. I may have to eat fast. Besides I have never forgiven them for the Pearl Harbor thing.

DRT
 
In a week Japan may be ending the zero interest rate policy. All bets are open what is going to happen.

If they only rise 0.25% and indicate that they'll do things slowly, we might see 120 levels again due to the interest rate difference.

If they rise immediately to 1% or higher the first stop on the way down could be at 104.

They could be wanting a stronger yen in order to help paying their dollar denominated loans away, they've massive debt. Or they could want a significantly weaker yen in order to boost exports.

Whichever way, I've closed all my positions this week and will not be trading anything yen related until there's some more light on the issue. The potential for a surprise 1000+ pip move down is just too great. And once this move happens it might not come back up anytime soon. I still remember usdjpy 88.
 
Quote from downrivertrader:

Besides I have never forgiven them for the Pearl Harbor thing.

DRT
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Do you think the guys moving the Yen are thinking that? It's crazy talk and should never factor emotions into a position.
 
Yeah I know the feeling, was gonna chase the euro up the second after NFP but I remembered who was behind the holocaust, so figured I should go short instead. But that meant going long the dollar and how could I given a hundred years of insitutionalized slavery. I did the only thing I could, short AUD/CAD since aussies are descended from convicted felons and the canucks never did anything to hurt anyone. That only resulted in a big loss on friday but at least my losses were denominated in US imperialist dollars.
 
My God man...just a little joke. Not meant to be taken seriously.


Quote from Jackjones:

Do you think the guys moving the Yen are thinking that? It's crazy talk and should never factor emotions into a position.
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