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Forex Junction

Your s/l depends on the currency pair (and your comfort level obviously). For USDJPY 10 pips is too narrow, you could get caught very quickly. I would suggest 50 pips for this pair for conservative trader and 60-100 for those willing to take risks. 10 pips could be ok for pairs that move more in tandem, like EURGBP (used to) or AUDNZD, but even then you run a high risk of being stopped out before the pair moves in your direction.

 

Thanks for the input...

I am so tempted to long USD/JPY @114.00... wish me luck...

Is a 10-pip s/l okay?

 

GBPUSD may climb till 1.9940

USDJPY is in between major support and resistance line, it tradeable however not recommended for newbies in forex. i would recommend to wait for it to break either the major support or resistance to tell u of further direction. furthermore JPY is directly influence by StockMarket in US and Eur thus u can consider to look at stock market for indication..

 

Daily charts indicate USDJPY could drop. Right now it seems to be ranging from 114.5 to 114.00. 114 may be a key support.

Incidentally, GBPUSD long fans may be happy to know that it's moved to 1.987 already. But remember a key resistance around 1.989.

 

 

Anyone trading USD/JPY ?... Is it good to long now, or short?... 

 

It seems there's some resistance around 1.9835-1.9840. But uptrend still likely to continue although some indicators imply an overbought situation is approaching. Nevertheless, daily charts seem to support uptrend hypothesis (doji at end of downtrend, oversold indicators, MACD histogram turning green), till 1.9890 which is a significant resistance (Previous low in Sep 07).

Just my own tech assessment, caveat emptor. I'm writing this as a way to record my own trade judgment for future lessons learnt.

 

Exit Gbpusd just now at 1.9810. Looking to short again.

1.9890 looks like a good point to take profit for Long GbpUsd

I think no forex for me till 2008. Good Luck and trades to those fellow forex traders!

 

I am also holding GBP/USD long, entry at 1.9818. Target 1.9888.

Cheers.

 

Holding GBPUSD long, entry 1.982 target 1.991, then 2.012.

 

From Grace Cheng's Blog... 

"...Trading is not just about winning one trade; it is about getting overall profits over a certain period of time, which could be tracked over a week, a month, six months or even over a year, depending on your own preference. Don't expect to be profitable in every trade, for you will end up feeling disappointed. Even a high-accuracy trading method can churn out losses under different market conditions..."

More Valuable Forex Tips (Click) 

 

still holding on to the short GBPUSD trade.

 

In her introductory writeup for the book "Taming The Lion", by Richard Farleigh, Grace wrote...

"... Richard is more of a trend-following stock investor; he based his trading on both the fundamentals and price action. There are some points that I do not agree with. One of it is "Chartists are just astrologers". In fact, many forms of technical analysis work to a large extent in the currency market as a result of self-fulfilling prophecies, but as I emphasize many times, technical analysis has to be combined with the prevailing market sentiment for maximum success in forex especially..."

That last sentence is what I love about Grace's view...  

 

Grace Cheng writes in her blog (www.GraceCheng.com) ..."... There is no Holy Grail in the search for the perfect method to trade. Follow the wisdom of 'Plan your Trade and Trade your Plan'. A good trading plan should cover your entry, exit and position sizing requirements. My method consists of discretionary trading techniques that combine both fundamental and technical analysis, in addition to my own proprietary automated trading system. Coming up with a good trading plan requires lots of market experience, as you modify, conquer and solidify your trading techniques. Don't be duped by charming salesmen selling get-rich-quick-without-effort secret recipes...."

 

August... :)

Have you seen Phillip's Forex Interface?

It looks good to me and I am almost into signing up with them.

Any hands-on views from other forummers (pros and cons)?...

 

In stocks, we have had quite a few people, at various times, who are willing to tell about their big losses in the stock market.

It will be very educational if those Forex traders who have lost a lot of money will tell us too.Maybe there are none? I don't know... because I am a complete novice to Forex, though I have traded commodity futures (with less leverage than Forex)...

 

Hi, hv anybody tried FXsol  service provider ?

 

good mani, now u will start to know how and what i feel and think when i collected massive library of trading ebooks and systems materials. i have so many that i can read them one by one till i die. at the last i realise one impt lesson. which i will leave u to realise as a true trader test.

 

good that u bought grace cheng ebook. hope to see u post more forex stuff soon.

dun think u should ask ppl if usdjpy is good to long. diff trader will see it differently. i think u should follow what grace system tells u.

 

And I have made Grace's video interview into an MP3 audio file from the original FLV file.

So I can hear her views on the go...  

 

By the way, my books/courses collecting days are almost over... too big a library to handle if I keep on my old buying/collecting  habit..

Nowadays I only buy what I fancy... Latest purchase is "Bird Watching in Lion Country" and Grace Cheng's book (both about Forex)...

 

Has the USD/JPY broken out of resistance yesterday? Good to long now?