Nice spike on opening, took out my TP right away. Even better, I received slippage: the trade closed at 66 while the original TP was at 28. That was fair I guess, as I received about 80 pip negative slippage some time back (also on GBP/JPY after the weekend) I'm out of the market at this time.
fantastic! yes, i saw the spike up last night. it's much stronger than i anticipated trading just over 238 overnight...insane! anyway, i'm glad to see you got limited out and then some...can't beat positive slippage...hahaha. talk to you again soon. GL & GT.
regardless of the pair, i always trade off of a daily chart with cross analysis on a 4-hour chart. my stop is based on logical levels i see on the daily chart...so there is no one typical size. it's whatever the chart shows me where my stop should probably be. i then size my trade accordingly relative to that stop so that the total Dollar loss it represents is appropriate relative to my account size. i hope that answers your question.
For me it's about the same. Regardless of the pair, I look at the daily and 3 hour charts. I try to get a sense of trend and momentum. I don't try to guess any support / resistance levels. For me this would just be arbitrary, as I really don't have a feeling if a top, bottom or fibo retracement has any significance. Momentum could easily push the rate right through like the level never existed. So what I do is apply a 100 SL and TP. Or sometimes extend this to 200 for pairs with great volatility like GBP/JPY.
Well, the US took an all time seven-week high againts the yen on friday. Word of caution, for all the yen traders out there, I would not bet to heavily on the yen weakness...Japan's economic recovery is on track.
I agree this is a great currency to trade. Possibly the reason this currency continues to climb is because of all the carry traders profiting off of the interest difference. Must have made people filthy rich holding this pair for so long. But it is likely to unwind. When is not certain but when it does you can be damn sure it is going to fall like a rock.
The market closed above the River level at 236.51, so short trades continue to be aggressive and we continue to hold longs. Long Strategy If you are long from the 236 area, stay long. Risk would be a failure to close above 238.87 which we are testing now. If we do not overcome this level exit. Final target above this level is 241.21 where all longs should exit. Traders can look to set longs on a move down to 236.53. Risk would be an hourly close below River at 236.23. If this occurs, traders should exit. You can always re-enter if we move back above. Targets are 238.87/239.16, then 241.21 where all longs should exit. Short Strategy (Higher Risk) Traders can enter new shorts if we do not close above the 238.87 area. Look to enter on an hourly close below this level. Risk is an hourly close above 239.16. Target is 236.53. Cover completely here.