Usd/jpy

Deptrai · Dec 12, 2005

Quote from Chood:

From your remark, I gather you are bullish the dollar at the high it reached at the start of this week, aprox 121.35-.40 spot. (It was at that point that I posted my first Yen buy order.) How much more of a loss are you willing -- or would be willing -- to take in that long dollar position? And when will the rising dollar trend you mention resume?

No. I don't have a position in USDJPY. I do have a position in NZDUSD though. It is OK that you don't have a lot of experience in forex. We all have to start somewhere.

I remember 10.5 years ago I had joined this currency trading firm after my 24th birthday. How time flies by so fast.

Ivanovich · Dec 12, 2005

This is clearly a case of the market getting ahead of itself (yet again). These type of extreme emotional swings always moderate. And people who joined the stampede late get stomped on.

Chood · Dec 12, 2005

Quote from Deptrai:

No. I don't have a position in USDJPY.

Does this mean you are swallowing your dollar trend tout of last week? Today's price action would give you reason.

Ivanovich · Dec 12, 2005

Today's price action is nothing more than year-end speculation gone amuck, Chood.

Deptrai · Dec 12, 2005

I am aware that the trendline was broken today in USDJPY. I see 119.50 as key support.

Chood · Dec 12, 2005

Through this afternoon, the trade below, entered last Friday, is above water by 58 ticks, from an avg.-in of 8304, after riding out drawdown overnight of 37 ticks.

Quote from Chood:

. . . Overnight and this morning, I have taken multiple long positions in the YEN near month, bought between .008310 and .008300, with stops to be set at just under .008200.

Deptrai · Dec 12, 2005

Quote from Chood:

Does this mean you are swallowing your dollar trend tout of last week?

I never said to buy USDJPY. You have to be careful how you interpret what people say. Let me give you an example from history that applies to forex. This will show the importance of interpreting people correctly. Back in the mid 90s, the U.S. had a strong dollar policy. So when the Secretary Treasurer Robert Rubin felt that the dollar had appreciated enough he held a press conference. He said, "The dollar has appreciated for quite some time." Then he paused and repeated the words "quite some time" again.

I was working for a forex trading firm in San Francisco at that time and remember watching him on TV.

Chood · Dec 12, 2005

Through this afternoon, the trade below, entered (and posted) last Friday, is above water by 58 ticks, from an avg.-in of 8304, after riding out drawdown overnight of 37 ticks.

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Quote from Chood:

. . . I have taken multiple long positions in the YEN near month, bought between .008310 and .008300, with stops to be set at just under .008200.
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Deptrai · Dec 12, 2005

Long NZDUSD at .7030 from late Friday afternoon. Reason? I love "Lord of the Rings".

paradox · Dec 12, 2005

Quote from roberk:

The yen was at 133 four years ago- what happened to the "line in the sand" then?

Good point. I guess the "line in the sand" shifted.

Covered the USD/YEN short here.