Discussion in 'Forex Trading' started by killthesunshine, Oct 13, 2008.
What pairs are most active during which time frames?
what pairs are good for scalping RIGHT NOW?
USDJPY and EURUSD
maybe EURJPY long
Some setups are definitely coming now ... 16:10 CET.
what kind of spreads you have on these pairs? i want to compare them with mine.
these spreads don't seem as tight as futures. i'm used to one or two ticks and i'm in the money.
give me some loving on these 'K'
what's your spreads like?
What I am seeing right now is more repatriation effects - where USD is strengthening and JPY is strengthening even more.
I would think that some incentive from BoJ will move the JPY significantly, and they did have an extraordinary meeting earlier today.
Japanese exporters will be suffering from a too strong Yen, and that will certainly be something of a concern to BoJ.
But these are longer-term considerations - maybe also medium-term ... short term, we are seeing uncertainties and relieves chopping the markets.
EURJPY 139 to 141 seems a pretty safe bet - but it could need some significant wide stop-loss too...
Just be conscientious that the US RTH are drawing towards a close and uncertainty sets in... Asian session might relieve this.
Should be interesting to watch the Asian open tonight.
The EUR/JPY had some strong moves today. I sat out most of the day from 10 a.m. EST after that CHF debacle
I was monitoring the touch on 138.50 and wanted to get in at a double touch of that - even contemplated mid around .60 .. but I was a cheap bastard, but it's better to be safe than sorry. It's always good to secure some minimal profit as well - when it moves comfortably ahead of the entry - so that no matter what - you don't lose on a scalping trade.
It looks like it can do 141 - but it will need babysitting for getting in at a less optimum level above 139, as well as deciding on "fire & forget" - or - constant babysitting and trailing with a smart stop loss adjustment. I prefer babysitting really, but 141 might be well into the Asian session - which means late hours, therefore a sane small profit stop and 141 topside - or maybe even better - but it will probably be "two-timing touch and broken bones" (The Hives), so if it passes 141 it will trace back at some time too.
Right now - it needs to explode in a move through 139.50 to convince further. With only a few minutes to the US close, that seems unlikely right now - hence the need for a good entry to safe in profits and make a trade into "fire & forget".
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