JPY Bandits

Good Evening / Morning Dynamic Traders

"Better to have tried and failed, than not tried at all"

Cross = USDJPY : Day chart below.

Good evening guys, The last couple of blogs we have shared 3 of my trades that are risk free in the market and the confluence of events which took me into those trades. I am happy to say all 3 are still in progress and providing 1400+ pips between them as we write.

I am sure you will know that not every trade does as you want it to, there fore I thought I would share with you one that is doing its own thing at the moment. This trade should have been risk free by now as it breathed on my limit order but never triggered it. This would have given over 300 pips profit and put me risk free in the trade. Granted after moving my stop, I would now be out of the trade. However I am still in the trade at a loss as I write. I do have a number of things in my favour which you will see from the chart below and I must be patient.












Price is remaining between the trading channel as drawn and we have the VI, together with our resistance line hovering above price. Will this produce enough force to drive price back down ?

You can see the Entry (BLUE) taken and the Stop (RED) placed on the trade. Profit would have been taken on breaking below support, however price has remained in the comfort of its trading range.

Having assessed the trade before entry, you must not change your rules to suit. Trade your plan till the end which should be no more than 3-4% risk. Real Madrid, Manchester United or Tiger Woods do not always win. What they do is stick to there game plan and so should you.

Please do your own analysis before entering a trade.

Trade with Passion

John Maher
Forex Analyst

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Japanese Yen

Good evening Forex Traders,

I hope your trading is going well this week, and if you are in any positions, you are managing them in accordance with your 'Trading Plan'.

Tonights chart is one to keep a close eye on, the USDJPY.

The weekly chart has hit a similar position to where the daily chart could be heading, that is our 123886. At the moment the daily is a step up from this, but with the nearly OS Stochastic and the numerous confluences, including the convergences that position could soon be reached, which also coincides with the RN.

The fudged trendline on the chart below has been broken, but price has now retraced back below. Wait for your confluences to all tie in and execute your trade accordingly.

As always please do your own analysis before taking any trades.

Charts courtesy of TradeStation.

Good luck with your analysis and trading.

Clayton Farnworth.