I saw that, ganging up on me and trying to run my stops, I'm getting on the phone my mate GS! This is why I like scalping, that trade was good for an 8 pips scalp, could have been out, taken profit, and onto the next one. I don't know how you guys have the patience and confidence to sit on these longer term trades once they're in profit, I've never been able to do it and probably never will.
All I'm doing is buying the support. It's got nothing to do with channels. 1.0300 is just an initial target.
Different strokes for different folks. The big bucks are made in the big moves. And PaulRon - no buy stops. My thinking is that you're going to see some serious unwinding of yen pretty soon. Of course I could be wrong - it's happened many times before, as my wife likes to remind me.
No follow through in dollar-yen on that massive equity short-covering rally. I assume we'll drift a bit higher in Asia, but tomorrow should see 107.60.
I see an opportunity shaping up in the Eur/Usd for a short term trade, however the charts are a little to muddy for my taste at the moment.....GGGRRRrrrr I must be patient and wait for the setup.....just in case of a retest of support......i'll post my trade upon my system confirmation.
I like the USD/JPY shorts going into the European session. That strong oil is not going to lose steam overnight here, and the S&P looks bearish for open in NY tomorrow. The USD/JPY shorts held on and there was no panic covering, they'll be adding to positions today. This little bull run did not change the overall direction, and on my 60 minute chart it looks like a bearish breakout of trendline support. Plus, the SMA right now at 5, 10, 15, 30, and anticipating 60 with MACD agreement says SELL. If it breaks 107.50 (25% chance probably) on the downside it will probably touch 106.90 (200 day MA) before the bounce. Kanzei ps - if it doesn't drift higher (SOON) during the Asian session, we could see a serious drop in Europe.
So how many of those big moves would you trade per month, on average? What would your average return be per month in pips or %? What is the average target in pips and the average time scale of each trade? Bigger moves require bigger stops and so smaller positions, I'm not so sure there's that much difference in $ terms overall is there?
Since there's some talk of the yen I thought I'd post this chart... as you can see the 108 level is huge for the Yen and any move away from here can determine the next big move. Because of the dollar rally I see coming though I am leaning to the long side. <img src="http://www.tradingthecharts.com/phpBB/uploads/public/2008-06/usdjpy_-_08-07-25.gif">
Price now 108.25 so may as well move stop to break-even as US GDP is due out in 90 minutes. Target for the long still 108.45, then short from 108.65 and 108.95 if seen (average price 108.80), stop loss 109.20 and target for the short 108.40, 1:1 There's talk of 103 by the end of the year!