So, there I was, 3AM last night, watching my USD/JPY long trade go higher and higher and higher in profit. After taking numerous pips and re-entering, just to have it go up higher, it occurred to me... sKaLpZ, what happens if you open a USD/JPY short trade...? so I made arrangements with my broker to open a sub-acct in my live trading platform that I funded immediately, opening a short USD/JPY trade. As you know, I called a 650-pip fall in EUR/USD 40-days before it happened and nailed every pip down successfully. Well... I think... I'm gonna do it again. LMAO! Therefore, I present to you, ladies and thugs (especially the ladies *wink*) sKaLpZ' (NEXT) USD/JPY Short Trade. In the same fashion, using a slightly-modified version of the last updated version of my trading system with components of KABIR in it, here are the beginning specs of the trade. Trade pair: USD/JPY. Trade direction: Short. Average Price: 110.34 TP: 500-points. Trade Status: Live. Current Market: 110.56 As usual, I am challenging the globe to try to beat me trading in the open forex market, to try to wipe me out with any trading system before I reach my 500-point TP (or better - lmao), specifically central banks, the biggest banks with all their forex trading teams and the largest institutional funds, including Buffett, Soros and Gates, because I'm the best currency trader on the planet. Global warning: Do NOT try to do the same trading maneuvers as I do because you will most likely blow up your account. Good luck, and may the best forex trader(s) win. *BUSTS UP LAUGHING* The Coin
Ivan, wft?? You're asking for trouble, bro. Going short against the current USD/JPY upswing trend, the market is going to eat you! lmao Good luck! Coinz
Funnymentally, I'm bullish on Yen/USD. And I think a long from here (long 0.009080, or short 110.95 in spot forex terms) is a low-risk trade. Still, price action of Yen on chart last few weeks has been simply awful. And, the Japanese gov/CB have a criminal record of destroying their currency as a store of value, more than most other countries. Actually, I can't understand how there hasn't been a popular uprise of the Japanese workers / savers, back in 2003-2004. (even better the Japanese should have taken their savings and bought gold). Maybe some Japanese trader here could shed light on the situation.
Hey buddy, good post! I was in a USD/JPY trade when it went from 105s to the mid-112s last year. I was short all the way up for about 6 to 8 weeks if I remember correctly. I remember there was a brief moment of time when the central bank of Japan single-handledly highjacking the entire forex market by selling yen. It was well-known. After that, it was pointed out Japan had agreed to the arrangement set by the G7 that manipulating currency prices was prohibited. As soon as it was brought to light, Japan withdrew their hand and USD/JPY collapsed straight down to under 103.
Also, wrt Japan's "competitive devaluation" i.e. depressing the Yen: Instead of pressuring China to reval RMB, USA would gain more (by not losing even more "real" jobs) if the Japanese would let their currency appreciate to 100 or even 90 (i.e. let it appreciate 10-20% from the current level of 111). That way, companies like GM or Ford would stand a chance to survive.
Let me add this: I would NEVER, repeat NEVER, have imagined that the powers that be would be able to prop up USD to these levels of 90. And I admit that I was wrong about their ability to make it happen, regardless of underlying reality and funnymentals (even the skewed one fed to the media). Still, with regard to the JPY/USD trade, I would think this is a good opportunity for Bank of Japan to cash-in either part or whole of its $320bn (=$50 for EVERY PERSON ON EARTH, which it created out of thin air back in 2003-2004 and bought dollars vs Yen). So they could buy back the equivalent of $320bn in Yen (overall maybe even with a profit, at the expense of those who rushed to hedge their USD exposure) and cancel those bonds they issued (internally). And avoid the issue of forex fluctuations creating huge losses for their taxpayers (as if they cared...). Overall, BOJ dollar position had an open (unrealized) loss close to -$100bn by the end of 2004 on that trade. This BOJ position might actually be close to break-even or even in profits right now.