Been so busy haven't really been able to spend any time reading any forums recently. Earlier posts on this thread are quite funny. One thing though, Fxscalper, why would you go long and short in USDJPY at the same time? Even if you came out flat in both, you're paying the spread? Unless you are hoping to take profit on one, and hope the other comes back to make you whole, or go into profit? THAT seems a pretty risky strategy...
OK, last Saturday I posted my indicators showing that yen is ready to rally. Writing, "the rate may fall 100-pips or more." Instead, the USD/JPY rate rose a cent. Nothing to worry about, I'm still calling for a solid crash. Bid is now 113.45. Low/High for the week was 112.10 to 113.69. Notwithstanding, I've switched from position trading to intra-hour skalping both long and short at the same time starting Thursday in the 112.80s. Probably out of impatience. Made out OK for my efforts. Didn't get rich but got some serious mouse-clicking practice in. Some think that the higher USD interest rate, especially against the yen, will keep this pair floating above 112, into the 113s and above since the interest rate (differential) of yen is all but non-existent. But keep in mind that it is when the market focuses on a single item, such as the case now with the USD interest rate, that all hell can break loose in the previously opposite direction - read massive retracement. Because, the forex and the global tradingscape is made up of more than a single principle: Though the lazy trading masses don't like to admit that: They're the ones that usually get wiped. The ones who get hurt are the ones who fail to keep other things built into the big picture. Especially those who don't look beyond their current indicators. theskalper
VisionTrader, I am targeting 117.60 for USDJPY. Here is my thread from another forum. Perhaps I will be moving here to exchange ideas with all of you. learncurrencytrading.com/fxforum/showthread.php?postid=48298#post48298
You don't want to do that, skalper. There is a lack of good traders on that forum. Let me finish with my long USDJPY position. Then I will move here.
I think that most of the people in that forum are new to Forex trading since they take the $500 Forex training course from FXCM and FXCM offers them free membership to that forum for taking the course. I took the training course with FXCM when I first started Forex trading, but the training course they offered was a waste of time. That's a whole nutha thread in itself.