Jump to content

USDJPY reversal to the Downside


jbtrader

Recommended Posts

Daily reversal yesterday suggests further weakness.

 

A few of the pairs look weak as well such as AUDJPY, NZDJPY, EURJPY, CADJPY

 

Take your pick - the chart pattern on all looks similar and it is showing weakness

 

Cheers,

 

JB.

 

 

Link to comment

Yeah I'm not sure I can be either accused or credited with trying to drum anything into anyone...  Especially those who day trade, which I specifically do not and therefore my analysis and trading strategy is not relevant to day traders.

 

If you trade off higher time frames than that used for day trading (e.g. hourly) and use even higher time frames to identify trends and turning points then you must by definition have wider stops than a trade off a 5 min chart.  To make that work you also need a smaller bet size of a larger account.  However the points available on the higher time frame traders are also greater so for example a £2 position can net a 500+ points haul with, say, a 100 point stop.  Personally I seek a minimum of 3:1 reward/risk ratio and actually ideally even higher than that for high likelihood, low risk turning points. 

Link to comment

Exactly right on the competing with robots thing.  I find I do much better when I spend less time watch the market moves constantly.  One thing that walking away does do for you is helps avoid those Bull/Bear traps you highlighted in your turtle soup post.  If you are not watching the candles as they unfold you are not tempted to jump in.  Cold refection at a later stage then helps make the correct call.

Link to comment

Archived

This topic is now archived and is closed to further replies.

  • image.png

  • Posts

    • MON Protocol aims to be a leading developer and publisher of blockchain-native IPs and games. Their vision extends beyond traditional gaming ecosystems, as they seek to bring games and gaming characters onto the blockchain. MON is an ERC-20 fungible token that powers and governs fractionalized IP ecosystems.   30% of the total supply is allocated for community claims, emphasizing community-driven initiatives. While 29% of the total token supply is dedicated to fostering growth and sustainability within both the Pixelmon and MON Protocol communities. All one billion tokens will be fully unlocked within 48 months of the token generation event (TGE), which is anticipated to take place in Q1 2024. This gradual release underscores MON Protocol's commitment to transparency and ecosystem development. Will MON Protocol's unique approach to IP governance, combined with Bitget's strategic listing, positions it as a frontrunner in fostering community engagement and sustainable ecosystem growth?
    • Another reason I prefer DAX to other markets is that I am able to use my own profitable method on it, which I call "Reverse Trades." In it's simplest form it is a good Entry Point, which is used repeatedly for trades, for as many times as the market price returns to this Entry Point.  This is illustrated in the chart below for 22nd May. The best Reverse Trades occur when the market beats the Entry Price and then re-crosses the Entry Price. If this is not clear, feel free to write to me and I will explain in greater detail.
    • The gaming industry is one of the industries that has effectively leveraged the efficiency of blockchain technology to drive growth. A fiercely competitive sector, it takes unique innovative Ideas to stand out. When analysing the chances of infant GameFi projects to reach the heights, one project seems to have staked a claim to be soon held in the same breath as the leading projects– Param Labs. Param Labs, an AAA game and blockchain development studio is dedicated to creating top-tier blockchain-integrated games with player-owned digital assets, and is developing a modular gaming ecosystem, comprised of games and infrastructure.  Already a trending project thanks to the widespread participation of its airdrop, Param has gone on to strike partnership with Animoca Brands, a frontrunner for advancing digital property rights within gaming and the open metaverse; highlighting its wildfire-esque spread. While the buzzing community anticipate their airdrop reward, the news that it will launch on Bitget on 29th May amongst other exciting listings has spiked the anticipation. If you can relate, how excited are you with the imminent launch and what Param Labs brings to the gaming industry generally?
×
×
  • Create New...
us