This forum seemed to have gone quite. I see some good opportunities for swing trading. FxNewbie, your stop seemed to be quite far. Isn't it too risky? Did the trade turn up well.

Hi Nevets,

I set up a new thread and post my current live trades, its annoying to go back and forth the pages and easy for me to manage.

The thread is called FxNewbie Trades, under the EUR section. As you can see when the trade was in profit over 130 pips I had moved my stop to break even at 196.60. Unfortnately stopped out and are looking to go long again as I feel there is JPY weakness across the board, especially USD/JPY, if it can hold above 106.60 then we could see 108/9 soon.

What is your view on GBPJPY?

FxNewbie.

Hi FxNewbie,

I will look at the new thread from now on.

I do agree with you that there is a general weakening of the Yen. But the April Trade Balance showed Yen890 bln compare with Yen1116bln I do not know what is the impact of that. And there is the Bank of Japan Monetary Meeting Minutes on 25th May 05 at 1.00 am. Again I do not know the impact. I had just taken a buy position at 196.42 s/l 195.90 and limit 197.

I have not taken any position for USDJpy

Excellent play Nevets, I am also long @ 196.30, tp open, stop 195.50.

FXNewbie, if you are still holding that long from 196.30 it is now 100 pips in profit, I would recommend closing that soon or at least moving your stop loss way up to protect profits.

I would also recommend always setting a limit, or target, on your trades. The reason is that the biggest problem for people if forex is overcoming fear and greed. Setting a limit will help you overcome greed because you wont hold a position hoping for just a little more.

based on the attached 1 hr chart i would see 197.20/30 area as a good support and i would place my limit there. No need to get greedy for 198 or anything, 100 pips gain is a superb trade!

Attached Images

 

Hi jwebber,

Thank you for your advice. In my demo trading I found that when I kept my profit target open, I gained more pips overall(especially for this cross) I will mive my stop to 196.50 and still keep profit open, close half the position at 200.00 and the rest at 202.00. The reason being is that it has taken out yesterdays high and will close above yesterdays high, which is bullish. I feel we may see a break on the upside and if so get some gap filling to 202.00.

Hi FxNewbie,

I had came off the position at 196.80 yesterday and had not taken any position since. The reason being I had to work so could not monitor it and I didn't want to keep it open. I am not aiming for 100 pips but as long as it is profitable. Thanks for your excellent advice.

Can you share on the indicators that you use. I am based in London. Where are you? Do you have a number I can call?

Nevets,

I tried to e-mail you through the forum, but failed. What is your e-mail? I have no problem sharing my info with you. You have to also understand I am not a po at this and still learning...

FxNewbie.

FxNewbie,

You can email me anytime at stevenchai77@hotmail.com. I am based in London, but have to work shift now and again so do not have a regular time to monitor my forex.

Would like to hear from you.

Playing the recent range 195.80 - 197.80

Long 196.50, sl, 196.10, tp 197.50

sl hit -50 pips.

Long @ 195.45, Sl 194.90, tp 197.50.

On the 4hr looks oversold, a rebound is looming.

Stopped out -55pips

short @ 196.50, sl 197.00, tp @ 194.80

Attached Images

 

closed position @ 195.60, +90 pip profit.

Long @ 195.60, sl @ 195.10, tp open.

Bullish divergence on daily charts. Need a clear break above 196.65 to confirm.

closed position @ 196.00 +40 pips.

Sidelined until clear sirection develops. Choppy due to greenie speech.