New trade call (& Analysis)

Jarratt Davis

Special Consultant to the FPA
Messages
1,495
Hi Everyone,

I apologise for taking so long in between posts, things have been quite busy here!

OK so here is what I am looking at in terms of trading opportunities:

USD/JPY

This pair has now broken the magical 100.00 level and this means that it is likely to keep pushing higher over the next few weeks.

I have just bought the pair at 101.65, and will be buying it again if it falls down towards 101.00 level. Sentiment is very strong on this pair, with positive US data, along with talk of the Fed scaling back their QE program, possibly this year. This is good for the US dollar, and then we couple that with the ever weakening of the yen due to Japan just starting their QE program, we have a nice recipe for a long move.

You could hold the position up to around 110 if you wanted ..... Or you could wait for a retracement and buy it at each '00' level as it pulls back and retraces. Personally, I am going to hold my current position and then buy it back once or twice if it does pull back. I like to take profits on my trades and bank them, so on this one i'm looking at just past 102 for a possible target (102 - 102.15)

There are a few other things setting up on Euro and GBP but nothing solid to report as yet, so I will be back in a day or two to update on those. I will also update as soon as this current trade plays out one way or the other!

If you have any questions, please feel free to type them in below :)

Thanks
 
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Gfurman

Recruit
Messages
3
Hi Jarratt,

Thanks for the tip. Could you be a little bit more specific on the trade stop loss. I am very new to the Forex and want to try and keep equity management reasonable (ideally I would prefer shorter period trades, but can test this on my demo account). the market is at 101.730 at this point (1100 CET) and I am not sure where would you place the stop (I see the your limit is at 102.15. can you maybe share some information on the Fibonacci levels (where is your A,B and where is your retracement level at this point?

Thanks,

Guy.
 
Messages
180
Your forecast or assertions are very correct. The pair has actually been hovering around the 101 price mark and has been stable today. I'm waiting for a retracement to get a taste of it. Probably i'll use a limit or stop order.
 
Messages
28
Hi Jarratt

Might be being pedantic but just wanted to check - did you mean you just bought at '101.65' as opposed to '100.65' as typed?

Your posts are very much appreciated

Regards
 

Jarratt Davis

Special Consultant to the FPA
Messages
1,495
Hi Jarratt,

Thanks for the tip. Could you be a little bit more specific on the trade stop loss. I am very new to the Forex and want to try and keep equity management reasonable (ideally I would prefer shorter period trades, but can test this on my demo account). the market is at 101.730 at this point (1100 CET) and I am not sure where would you place the stop (I see the your limit is at 102.15. can you maybe share some information on the Fibonacci levels (where is your A,B and where is your retracement level at this point?

Thanks,

Guy.


Hi Guy,

I do not use fixed Stop losses, instead I trade with zero leverage .... Which means that I can sustain hundreds of pips DD and only lose a few % of my account. Trading this way gives me a much more consistent gains, with fewer losses.

It also allows me to get back into the market when the price moves against me, for a better price.

The most important thing is that the fundamentals agree with the trade and sentiment is with me. As soon as that changes I exit the trade and take my losses etc...

As for technical analysis, I do not really use that so much.... My main focus is on the overall bias, combined with Support and resistance levels.

Hope this helps, but if you need any further help, please do not hesitate to let me know :)

Thanks guy
 
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Jarratt Davis

Special Consultant to the FPA
Messages
1,495
Hi Jarratt

Might be being pedantic but just wanted to check - did you mean you just bought at '101.65' as opposed to '100.65' as typed?

Your posts are very much appreciated

Regards

Hey,

You are absolutely correct, and I apologise for the error!

I have edited the post to show the correct entry now...

Thanks for pointing that one out :)

J
 
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