Pick of the Day: USD/JPY – Close Trade

Close Trade: 2008-02-08 09:57

It has been a slow day for the USD/JPY, and with the weekend quickly approaching, I’m going to close out our position at break even.

Close at breakeven (107.40).

Total: +00 pips

So, we missed the long trade to avoid event risk, and our short trade was a scratch as well. It was kinda expected with the lack of news reports. Next week should provide plenty of fun with inflation data and trade data for some of the major currencies. Stay tuned and have a great weekend!

Trade Update: 2008-02-08 00:53

Our short position was entered earlier today as USD/JPY rallied higher to the sell zone on our chart. After making a higher around 107.80, the pair has dropped lower giving us a few pips of profit at the moment.

We will continue to hold this position, as originally planned, and see if the pair retraces a bit further from today’s rally. No major economic events coming from the US or Japan, so technicals should play out to close out the week. Stay tuned for further updates….good luck!

Trade Update: 2008-02-07 08:07

No trades triggered during the morning European trading session, and as stated in the trade idea, we will close orders to go long USD/JPY at 106.00 ahead of the initial claims data and pending homes sales report.

Close open orders to go long. Leave short orders open at 107.00

We will continue to watch. Stay tuned for further updates!

On a side note, some of our bloggers have been out for a bit, but they will be back very soon!! Look for normal blogging to resume next week!

Trade Idea: 2008-02-06 23:50

PoD Chart

What’s up everyone! Tonight, I’d like to play USD/JPY during the European trading session. The pair has been ranging since the end of January, and without any major news during the Asia/Euro overlap, I am looking to play support and resistance levels.

On the chart, I have drawn the support and resistance levels we will play. Our orders will be good until the US sessions starts as we have US pending home sales and Initial claims data out at 8:30 am EST (1:30 pm GMT). If our long order has not triggered by the start of the US session, I will post an update to close our buy orders. I will keep the short orders open and if we are in a short position, we will keep it open as I am short bias on global risk aversion, as well as I expect housing data to continue to be weak.

Long USD/JPY at 106.00, stop at 105.50, pt1 at 106.50, pt2 at 107.00

or

Short USD/JPY at 107.40, stop at 107.90, pt1 at 106.90, pt2 at 106.00

Remember to never risk more than 1% of your account on any single trade. Adjust position sizes accordingly.

Stay tuned for updates and adjustments. Good luck and good trading!

  • gadamj

    Thanks for this one, needed a little boost after a wacky week. I probably closed the long trade a tad early but was pleased with my 55 pip gain.

  • gadamj

    got back in again for another risky 62. thanks again.

  • JB89

    Thanks for this excellent advice! Nearly perfect entry level and limit predictions, I’m amazed! Thanks again.

  • gadamj

    Thanks for this one, needed a little boost after a wacky week. I probably closed the long trade a tad early but was pleased with my 55 pip gain.

  • gadamj

    got back in again for another risky 62. thanks again.

  • JB89

    Thanks for this excellent advice! Nearly perfect entry level and limit predictions, I’m amazed! Thanks again.

  • uncletrumpet

    That is really nice of you, It was very good trading this as the short trade hit my target and I am richer now. Thanks a millions times.

  • uncletrumpet

    That is really nice of you, It was very good trading this as the short trade hit my target and I am richer now. Thanks a millions times.