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might as well put in my 2 cents as I've been long yen also. The current high this am is exactly at a 62% FIB on my 60 min charts. 9275 (futures), looks like a bit of a wall to me. I'm out (at 9271). I need to see a decisive break here to go long again. I may even fade it for a quickie short. short euro to previous lows. Jay
I only day trade 4 markets (euro, pound, yen, spoos). What do you mean? I rarely have positions in more than two at any given time. With multiple screens, its pretty easy to follow lots of stuff. Jay
OK, so we've got the same position here. I've been long JPY/USD since Monday as well, it's up about 210 pips ($2,625 per contract) right now, but I might take at least a third off here. Not too sure yet, eyes glued to the tapes...
Well, that's exactly what I'm looking at, too. What worries me though is the good selloff in the Euro and the decent buying that has come in in the Yen just then! I think I may just hold here, maybe drop a little bit off at higher levels. Unless we see the Europe currencies recover a bit, I see no reason why Yen shouldn't rally a bit more. That said though, if you look at the daily, it's really a pretty good point to sell and short the yen, in terms of R:R. The prior fall on the daily was pretty convicted and this could just be the first retracement... The EUR just sold 10,000+, total volume climax, I think it needs to retrace a bit before going for new lows. That said though, I'm holding 1/3 of my EUR short here. Also, just taken 1/2 off my GBP short at the 60% ret level, which got me out +50 pips.
Hi Kicking, No, I did not take it. I had to do some thinking and testing about the RSI problem. I will now - as an test - trading my system without RSI and 10 pips as a filter. The filter should protect you in a trading range, but it's more easy just to look at the charts - and not trade.
Scientist, You trade VERY similar to me. I haven't faded yen yet, and don't think I will, at least for awhile, depends on volume and other markets. I'm looking at a down channel on euro (30 or 60 min). How do you see what types of prints are going off? I get size via IB, but I have no idea what type of trade it was (mkt, lmt, etc). Jay