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Japanese Breakout?

Discussion in 'Beginners Bootcamp' started by tristach, Jan 4, 2010.

  1. tristach

    tristach Recruit

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    Hello All:

    I am new to Forex. I enjoyed Survive and Prosper, particularly the UK breakout trades. My questions are as follows:

    -I reside in Japan, and have to work during the UK breakout (which is 17:00 my time Tokyo).
    -Is there a similar phenomenon that happens with the Japanese market opens (maybe a aud/jpy cross, or something similar)?
    -I cannot make buy or sell price orders as I have to leave for work around 14:00, so miss the highs and lows of the market.

    Thoughts?

    Thanks.
     
  2. cowmadagan

    cowmadagan Sergeant

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    First, yes and no. The beginning of the Japanese trading day is entertaining on Monday morning, but every other day of the week the change from the US day to the Asian day is usually sleepy.
    Second, don't forget that you can use technical analysis to make stop entries. That means that you can say, if it gets here I want to get involved and these are the reasonable s/l points.
    Here's a trick I figured out: If your trading platform allows If OCO orders you can do take profits and reentries when you're not even there. If you set them at likely support and resistance levels then it's like you're there. The only problem is that if it spikes out your trend reentry and then goes back to your stop you'll lose more than if you didn't do it at all, but if it hits your profit take and then reenters at the antitrend you'll lose less than your initial guess because of the distance between the take profit and reentry. The good part is that's obviously less likely.
    Use your money management skills and this won't matter.
     

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