Dollar Yen where's it gonna base??

[bedsit]

This time BOJ spent around $20 billion (first intervention since 2004). They may continue intervening and it would be tempting to short yen. Only thing - BOJ acted unilaterally, so there is a possibility for US to intervene which could make trading Yen challenging.

 

[bedsit]

Agree, they have stated that they intend to intervene again IF IT BECOMES NECESSARY and have said that they would do so as early as today's US session.

Absolutely gutted tho' if I'd left the trade on I'd be close to being back to BE on account equity (I'm 6 months into my second account and clearly still learning).

Cheers...

There was talk about BOJ's possible intervention, but a bit difficult to predict when. Also there is not much discussion about possible US intervention. I guess the best thing is to stick to the system and if the rules are to exit at a certain time then the trader should do it every time (without lamenting afterwards).

Regards

 

[jon1971]

It's just held under the daily 50, which in my book (very broadly speaking) means the down-trend remains intact...

It will be interesting to see how this pans out, especially so with the Fed making noises about further QE.

Agree tho' trading Dollar/Yen is a tricky proposition at the moment, what with overnight moves of 200 to 250 basis points.

Still gutted that I missed last night's move, but slowly getting over it... AT LEAST I'M NOT ACTUALLY DOWN ON THE DAY!!

 

[jon1971]

There was talk about BOJ's possible intervention, but a bit difficult to predict when. Also there is not much discussion about possible US intervention. I guess the best thing is to stick to the system and if the rules are to exit at a certain time then the trader should do it every time (without lamenting afterwards).

Regards

Quite right, it should not be the case that a single trade will either "make or break", instead I should be focussing on finding low risk, high prob., "bread and butter" opportunities.

Thanks Bedsit, you've just put a positive spin on it for me....

Reuters' take on last night's activity:
http://blogs.reuters.com/felix-salm...campaign=Feed:+felix-all+(Felix+Salmon+-+All)

 

[GammaJammer]

Been some light bidding again this morning but nothing large // aggressive.

 

[scose-no-doubt]

same with CHF, GJ?

 

[GammaJammer]

you mean is it intervention?

 

[scose-no-doubt]

no i meant is it light bidding but nothing large/aggressive

 

[GammaJammer]

ah. In that case yeah. No-one seems to be going nuts. Eyes down for the SNB now.....

 

[scose-no-doubt]

F*ckin hell.

Knew I should have bought up that EUR/CHF.

 

[GammaJammer]

UBS look kinda silly. Price action post SNB was pretty lively.

 

[jon1971]

Balls, was long USD/CHF took profit on the retrace back to parity, gotta work on this exit strategy...

 

[scose-no-doubt]

Why? Seems like a nice little trade to me. You didn't know the rates would be held and exited for a profit before the gambling began didn't you?

I've watched many trades go painfully sour by what I would now call gambling on a number using a profit "cushion". Shows indiscipline and is one of the reasons I still don't trade well imo.

 

[jon1971]

Yeah it was a good trade and I exited for good reasons, so as Bedsit puts it, there's nothing to lament.. instead I should be satisfied that I was able to take greed out of the equation and trade the rules.

Still a right p*sser tho' LOL!

 

[scose-no-doubt]

only thing that keeps me going is the knowledge that markets will be there as long as our way of life exists. I have a long time to learn this stuff and there will always be opportunity

Greed=Death see livermore

 

[jon1971]

only thing that keeps me going is the knowledge that markets will be there as long as our way of life exists. I have a long time to learn this stuff and there will always be opportunity

Greed=Death see livermore

Should get that thought framed and put on the wall.

There's a reason ROASO is one of the most recommended books in the industry...

 

[jon1971]

Possible BoJ activity again this morning, trying to make their intervention stick perhaps?

 

[JRP2891]

Possible BoJ activity again this morning, trying to make their intervention stick perhaps?

Trying their best

 

[scose-no-doubt]

What is it they're trying to accomplish here? Are they really trying to start a trend reversal or is this meant to purely be for the short term benefit i.e. days?

 

[jon1971]

Focussing on Swissie this morning, possible testing for a bottom, supply has been pretty thin last hour or so... BUT I COULD BE WRONG!