dennis gartman just said he doesn't know how the japanese economy functions with usdjpy under 125 and that it is a beach ball under water. I was just playing a fundamental hunch and an ascending trendline on the 4 hr into a level that had been bought up into for days. if I was a smarter man I'd have been jobing the range over and over all this time but I'm waiting to get my stop hit or rip through 100. yen stuff can be orderly, but I like that its different and slightly less correlated. nothing like putting on a euro short, then thinking cable is a long, and euro sterling making no sense so you second guess. with yen I feel much more comfortable taking an opposite dollar position from something else I have on.
Usually I wait till I see the thing is trending in the proper direction (or get out if not) put a stop and go to sleep. Not going to happen today. It is essentially 1:00 am eastern and I am not anywhere closer to knowing which way it will break.
that's how I do things now, set it and forget it. sometimes if it doesn't hold ill have an opposite entry stop if I think its gonna break hard if it goes the other way. I was doing intraday during london hours form the east coast till 3 weeks ago and realized it was ruining my life. swing trading is much nicer and so far I'm actually better at it. there's nothing like waking up to 200 ticks. funny you can tell by 10pm. 10pm is no mans land for me. tokyo lunch or something.
If this thing closes below 98.50 on an hourly chart we may see some fireworks. Same for 99.50 on the upside. It is official, this by far the slowest moving day for a currency I have ever seen. It does not want to move anywhere. It is as if it stuck.
Missed my 1st profit target overnight by 2 ticks, to sell half and lock in a scratch trade in case we get a good bounce off of 100, which we did.
lol you think today is slow? Wait til 2-3 hours before NFP tomorrow. Euro has provided plenty of volatility [opportunities]. Dollar yen has a 9 count sell on the 30M--a close below 99.16 on 30M confirms a reversal. We traded below it but we haven't closed below it on 30M basis-notice how we closed last 30M just above it and it has acted like support for current 30M candle.
I scaled out of a third at 99.66 and moved stop to my entry at 98.95. I have orders to scale out of the rest all the way up to 101.50. I was really tired of watching this one while an aussie long I thought about taking at .68 ripped and ripped without me. I didnt take it because I have had a ridiculous win streak and thought I was starting to think I had the midas touch, which is where I give some back usually.
you guys are too funny. Yen just cross over its 200sma(99.37) on daily chart, super resistance at 100 mark, so from 99 to 100 every pip can be a resistance.