More on the USD/JPY Short

I went over this earlier today and stated that I rarely trade this pair...but I feel the US stock market will be headed lower soon, which will impact the USD/JPY which trade in similar fashion.  Secondly and most importantly, we have a nice downtrend on the daily/hourly with 107 being the point of resistance.  We've made lower lows and I look to see this continue.

My first entry was at 106.35.  I've staggered a second limt at 106.85 or so and may place another in between.  My S/L currently is set just above 107.2 and I'm targeting the low 105's.  I may pull the entire position at that time, may cut half and let the rest ride or simply adjust my stop and let the entire position run. 

The charts show the daily and then the hourly...you can see the resistance and support levels as well as the downtrend that the trade is based upon.

Thoughts?

Good evening :)

Short USD/JPY, wide S/L, going for 150+pips

I'll add charts later.

I like the idea of a USD/JPY short...

...but will hold off for now. Looks like a nice little downtrend on the daily, we're right about at resistance and I BELIEVE the US market will be done with this little 4 day rally and be ready to continue on with the dump. However, the USD/JPY honestly scares me and is known for it's voilently quick moves, something I'd rather stay away from at least until I feel more comfortable with the pair.

It should be fun to watch :)

On the NZD/JPY, we're flirting with the 96 mark right now...looks like we want to go lower but will continue to watch for now.

Good morning :)

GBP Gap Closed...well, almost

With a nice bounce off the previous low (1.9907), we were able to come back and just about close the gap. I had my T/P set about 10 pips below the actual gap close price, just in case we had another AUD/USD run like last week (almost closing). This turned out to be similar as we only came close to filling...but my T/P's were hit and all was good.



The screenshot sort of goes over what happened...balance received an increase just shy of 1%. Not bad for a Sunday evening :)


We're up +8.6% for 2008.