USD/JPY Trade Review

Hi guys,
Today the markets were a pretty choppy. That is why I coundn't blog in real-time, while I was trading. But never the less here is my trade in USD/JPY. I went short @ 107.28 with a target @ 106.93 = 35 Pips Profit. My initial Stop-Loss were set @ 107.40. My Risk/Reward Ratio was: 2,9.

Let's look at the charts:


You can see a double top in the Asian-Session. The overall trend was down, so the only way I would enter a trade was short. I decided to short at the pullback of the break-out.

The "real"pullback never came. But there was a good opportunity for a short. The price pauses at M2 (107.28) That was a good opportunity to get into the short position. And the overall trend was down too.

Let's look what happened: The USD/JPY fell to S1 @ 106.93. Where I put my take profit order.

This was a stress free nice 35 Pips Move! Yes, indeed I am a very conservative trader. But capital preseravtion is one of my trading goals, because I want to trade even in 100 years.

Happy stress-free trading.

USDJPY + 50 Pips

Overnight I made 50 Pips on the USDJPY Long Trade.

correlations between JPY,S&P and CHF

High correlations are seen between JPY, S&P and CHF. On the daily chart we see a possible double-bottom in the S&P Future. USDJPY is after the pull-back near the break-out level. So there is a good opportunity for a USDJPY long trade with a low risk high reward ratio. That's why I did the following trade @ 1800 GMT:

USDJPY Long @ 107.80 with tight stop@ 107.45 Target: 108.30

Stopped Out at EUR/NZD with more than 200 pips profit

The daily high was at 1.8593 . If you are not stopped out by your broker, close the current position.

Update EUR/NZD

New Stop-Loss at 1.86 plus Spread!

Newstrading

This is the USDCAD on 08.02.2008 12.00 GMT after the release of the unemployment figures in Canada. The USDCAD dropped within milliseconds more than 70 pips. So be aware of news releases.

Update EURNZD

I expected an upside-breakout, but there was a nice downside break with a pull-back and an good entry point 1.8716! Up to now I have a nice profit of approx. 300 pips profit and EURNZD is still moving downwards.