Comments on: USD/JPY: Going to keep stopping everyone out

By: Sean Lee

Sean Lee — Thu, 04 Jul 2013 08:43:41 +0000

Yes perhaps Papillon but I think maybe bit more downside scope in short term? 12650 even??

By: Papillon

Papillon — Thu, 04 Jul 2013 07:46:27 +0000

Good evening Sean,

You suggested 97/101 range for USD/JPY. What it your range view for EUR/JPY ? Probably [131/128] (see chart)

http://img822.imageshack.us/img822/6834/diwq.jpg

By: gus

gus — Thu, 04 Jul 2013 05:38:20 +0000

Charles, same here also a struggling trader. I actually had the same plan like the one you described. I went in at 99.94 looking for 99, hoping that 100 would provide the strong barrier. Even after 100 got broken, I stayed with the trade since that might have been just another stophunt. I waited until after London close before finally cutting it since there was no retrace. If I may know, why you picked 100.70 as entry level instead of 99.90?

By: Sean Lee

Sean Lee — Thu, 04 Jul 2013 04:40:54 +0000

Hi Gus, Charles makes a lot of sense. I would also add that its a long-term plan, not get-rich-quick as many would claim. Every trader is different and will operate best with different strategies so you need to find what works best for you

By: Charles

Charles — Thu, 04 Jul 2013 04:10:46 +0000

Gus, I’ll throw in my 2 cents. I’m still sort of struggling as a trader but I shouldn’t be at all. I usually see the big moves coming before they happen. My problem has been blowing out accounts from not managing money properly. Also trading too much intraday. Best advice I could give you would be to look for bigger moves in markets. Don’t make your stops too tight. Make sure it makes sense from a risk/reward perspective. You’ll usually want at least 2:1.. For example shorting USD/JPY at 100.70 with a 101.10 stop loss and a profit target of at least 99.90.

Now, if you can make plays like that and catch 300-500+ pip moves, then you’re really in good shape.

By: gus

gus — Thu, 04 Jul 2013 04:07:11 +0000

Thanks Sean 🙂 Do you think survival in the forex world means keeping your stops tight and hoping the next dice throw goes your way?

By: Sean Lee

Sean Lee — Thu, 04 Jul 2013 03:54:04 +0000

Yes Gus, only remedy is to forget about it and move on. Best to reduce position sizes if you are having a rough trading period and keep small until yu start seeing the moves more clearly.

By: gus

gus — Thu, 04 Jul 2013 03:35:22 +0000

Hi Sean, got stopped out of UJ short at 99.94 before watching it falling to 99.30 the next day 🙁 Any advice on handling these painful losses? Or just sucking it up and moving on is the name of the game?

By: Charles

Charles — Thu, 04 Jul 2013 03:18:18 +0000

Agree here, Sean. I sold the 100.70 level and did nicely. I think we’re going to break lower in coming week. Could definitely go below 97 🙂 Momentum seems to be overbought and just about ready to give in to the sellers… and we have come close to the bottom of the major bull channel that usd-jpy fell off of.

By: Sean Lee

Sean Lee — Wed, 03 Jul 2013 23:53:44 +0000

Many years of painful losses James have taught me how these mkts look 🙁

By: James

James — Wed, 03 Jul 2013 22:42:03 +0000

Good call! I didn’t understand what you meant when you said it would stop everyone out the other day. I now do!