Trade Closed: 2008-12-07 11:50
1st Half: +100 pips
2nd Half: +400 pips
Total: +2.5% gain
Trade Adjustment: 2008-12-04 17:36
What’s Up! Looks like its been a good week for my trade as we continue to see USD selling in USD/JPY. With the pair hitting lows just above 92.00, it’s time to make adjustments ahead of tomorrow’s US Non-Farm Payroll reports.
So, holding for now, and I expect more risk aversion as we may see more weak employment data out of the US. We see tons of fast market action around this report, so please be cautious when making trades around this news event. Stay tuned!
Trade Update: 2008-12-03 00:21
It has been a slow start for the month of December as volatility remains low so far this week in the USD/JPY. This may be attributed to a few factors such as US jobs data coming up and the fact we’re also going into the holiday season. I have a feeling a lot of traders are on the sidelines, away from the desks on holiday and probably avoiding taking any more risk before the end of the year.
We do have ADP jobs and ISM services data coming up in the US session, but with data already expected to be pretty bad, I don’t see any major break outs unless we see a huge surprise.
I look to continue to hold my remaining open position for now fur fundamental and sentiment reasons. We may see a breakout eventually, but that may not come until the end of the week when we see US Non-Farm payrolls data on Friday.
Trade Adjustment: 2008-12-01 09:36
Good morning! I hope everyone had a great weekend. I sure did seeing friends and family over the holiday, but it’s time to get back to work! I looks like traders are back as well as we saw more selling in USD/JPY at the beginning of this week’s trading. The market actually hit a low around 93.55, before retracing back above 94.00. I have decided to keep it open and adjust my stop.
Adjusting stop on remaining position to 94.60 to lock 200 pips. Will continue to trail stop by 100 pips.
Stay tuned and have a great trading week!
Trade Update: 2008-11-25 13:11
Good afternoon friends! Well we saw weak US GDP data push the Greenback lower against the Yen this morning, enough to hit my first profit target at 95.60. Half of my position was closed and now it’s time to move some stops around.
I’ll make a decision if my trade hits 94.00, on whether I’ll keep it open and try to ride it lower. Stay tuned!
Trade Idea: 2008-11-24 20:46
Looks like we only have time for maybe one trade this week as we approach “Turkey Day” here in the US and USD/JPY may be a winner. Quite a few technical setups going on indicating we may see a reversal back to the downtrend. Let’s take a look.
First, we have the doji candle forming at the last four hour candle, indicating indecision and maybe a possible reversal. Also, the stochastics are indicating that the pair maybe in overbought conditions; another possible reversal signal.
Fundamentals are still in the dumpers across the globe, especially in the US as existing home sales disappoints once again. So, I expect today’s rally in risk to be another opportunity for the USD/JPY bears. I think I’ll play along with them too. Here’s what I’d like to do:
We’ve got the Bank of Japan monthly report and US GDP data tomorrow, so it should be a lively day in the currency markets. Be cautious as we head into the holidays as liquidity dries up and price action tends to get choppy. Stay tuned!