USD/JPY Trade Plans Discussion

[Ricky Tse]

Hi,

Using Joe's trade alert from May 4 evening, here are my trade plans for USD/JPY for May 5, 2009:

Plan A: Buy Break 99.67 and clear 100.07

Currency Pair: USD/JPY
Entry: 99.67 Buy
SL: 99.42 25 pips 99.48 Bias
T1: 99.97 30 pips 10 pips below 100.07 that needs to be cleared
T2: 100.17 50 pips 1 to 2
BE+1: 99.68
R/R ratio: 2 to 1
(gravy train) (monthly goal)

Plan B: Sell Break of 98.32 and clear 98.12

Currency Pair: USD/JPY
Entry: 98.32 Sell
SL: 98.52 20 pips 1 to 1
T1: 98.12 20 pips 98.12 Key
T2: 97.82 50 pips 97.78 Bias
BE+1: 98.31
R/R ratio: 2.5 to 1
(gravy train) (monthly goal)

Please comment.

Thanks,
Ricky - E, P, S, Y

Update: I have tracked the result. No breakout trade in the trade plan has been executed due to the pair oscillating between tight channel.

[Ricky Tse]

I have attached a screenshot for May 5 price action of USD/JPY.

[sarath]

Leave the plan open; it might come around to hit a buy or a sell.

The 'Sell' rate looks good and the current price (9 PM ET) is closer to the 'Sell' levels in your plan. TP1 is safe level as it can also get support there. I see good pips if it were to fall to your TP2 levels


sarath

E, P, Canadian, JPY Crosses

[Ricky Tse]

Thanks, Sarath. It has hit my TP1 30 minutes after your posting (9:30 p.m. EST). :)

[Ricky Tse]

Here are my trade plans for USD/JPY based on Joe's trade alert:

Plan A: Buy Break 99.67 and clear 100.07
Currency Pair: USD/JPY
Entry: 99.67 Buy
SL: 99.42 25 pips -- 99.48 Bias
T1: 99.97 30 pips -- 10 pips -- below 100.07 that needs to be cleared
T2: 100.17 50 pips -- 1 to 2
BE+1: 99.68
R/R ratio: 2 to 1
(gravy train) (monthly goal)


Plan B: Sell Break of 98.32 and clear 98.02
Currency Pair: USD/JPY
Entry: 98.32 Sell
SL: 98.52 20 pips -- 1 to 1
T1: 98.02 30 pips -- 98.12 and 98.00 Key
T2: 97.82 50 pips -- 97.78 Bias
BE+1: 98.31
R/R ratio: 2.5 to 1
(gravy train) (monthly goal)

Basically, it is the same plan from yesterday. Please comment.

Thanks,
Ricky - E, P, S, Y

[sarath]

Ricky

TP2 level has good support and hence it has to break for some downward momentum.

Your Buy plan is good; it needs some upward momentum to reach there. I would buy around 98.65 with a SL of 98.25; little bit aggressive and ahead of other entry points

Good Luck

Sarath

E, P, Canadian, JPY

[Goshen]

Good trade plan Ricky. I had the same plans as yours but our stops different. I presume you were taken out @ 98.52 on this your last trade but my stop was @ 98.62 and I somehow survived. I added another short trade @ 98.52 and closed both trades at 98.25 when I noticed some resistance @ 98.20. I learnt a painful lesson yesterday (previous session) in the GBP/USD - I bought @ 5040 and placed my stop @ 5018 (the M3 #) but was taken out. The market reached 5016 and went back up, reaching as high as 5156. If I had placed my stop at least 30 pips below my entry (5010) instead, I would have been in that trade for about 100+ pips. I therefore decided 30 pips minimum stop loss in any trade.

I repeated exactly the same trade overnight, with a trailing stop of 40 pips and woke up this morning to 40 pips in the kitty. The market went as high as 5120 before turning back. My trailing stop moved from 5010 to 5050 when the market reached 5080, and when it hit 5120, the trailing stop moved again to 5080 where I was stopped out. I don't know the significance of using a 30 pips minimum stop loss but it seem to have worked in my last 2 trades and I just wanted to share that in case it helped someone.

George Olu
All Majors, Loonie, EUR/JPY & GBP/JPY

[Ricky Tse]

Hi George,

Thanks for your 30 pips advice. I usually keep my S/L to a few pips above or below a key support/resistance number or recent swing low or high.

Plan B: Sell Break of 98.32 and clear 98.02
I got T1 in the overnight Asian session last night. I reviewed the 15m USD/JPY chart and I identified 5 more entry opportunities but they were all bounced back around 98.20 area. 98.27 was S2 for this pair so it's actually would have been nice to play bounces back up to go long from there.

Thanks,
Ricky - E, P, S, Y

[Ricky Tse]

Here are my trade plans for USD/JPY based on Joe's trade alert. Please comment. :-)

Plan A: Buy Break 99.23 and clear 99.55

Currency Pair: USD/JPY
Entry: 99.23 Buy
SL: 98.93 30 pips -- 7 pips below 99 Key
T1: 99.53 30 pips -- 5 pips above 99.48 Bias
T2: 99.83 60 pips -- 4 pips below 99.87 Key
BE+1: 99.24
R/R ratio: 2 to 1
(gravy train) (monthly goal)

Plan B: Sell Break of 98.02 and clear 97.78

Currency Pair: USD/JPY
Entry: 98.02 Sell
SL: 98.27 25 pips -- 5 pips above 98.22 - a line of S/R on 15m chart; 15 pips above 98.12 Key
T1: 97.77 25 pips -- 1 pip below 97.78 Bias
T2: 97.52 50 pips -- 4 pips below 97.56 M1
BE+1: 98.01
R/R ratio: 2 to 1
(gravy train) (monthly goal)

Thanks,
Ricky - E, P, S, Y

[Ricky Tse]

Using Joe's report, here was my trade plan for USD/JPY on May 8. Please comment.

Plan A: Buy Break 99.48 and clear 99.85
2 entries - close out after NFP for a loss
Currency Pair: USD/JPY
Entry: 99.48 Buy 99.48 Bias
SL: 99.18 30 pips -- 1 to 1 R/R
T1: 99.78 30 pips -- 2 pips above 99.76 ST21 Hi
T2: 100.08 60 pips -- 8 pips above 100 Key
BE+1: 99.49
R/R ratio: 2 to 1
(gravy train) (monthly goal)

Plan B: Sell Break of 98.77 and clear 97.50
1 win hitting T1 and T2; gravy train opens (Friday); GT gets knocked-out on Sunday Asian session - sell it again @ 98.77 on Sunday opening of Asian session
Currency Pair: USD/JPY
Entry: 98.77 Sell 98.77 Key
SL: 99.07 30 pips -- 4 pips above 99.03 PP
T1: 98.37 40 pips -- 4 pips above 98.33 ST21 Lo
T2: 98.17 60 pips -- 5 pips above 98.12 Key
BE+1: 98.76
R/R ratio: 2 to 1
(gravy train) (monthly goal)

Thanks,
Ricky - E, P, S, Y

[Ricky Tse]

Using Joe's report, here's my trade plan for USD/JPY for May 11, 2009. Please comment.

Plan A: Buy Break 99.08 and clear 99.48

Currency Pair: USD/JPY
Entry: 99.08 Buy
SL: 98.83 25 pips -- 2 pips below 98.85 MT CTR
T1: 99.48 40 pips -- 99.48 Bias
T2: 99.78 70 pips -- 9 pips below 99.87 Key
BE+1: 99.09
R/R ratio: 2.8 to 1
(gravy train) (monthly goal)

Plan B: Sell Break of 97.75 and clear 97.45

Currency Pair: USD/JPY
Entry: 97.75 Sell 1 pip below 97.76 M1
SL: 98.00 25 pips -- 98 Key
T1: 97.50 25 pips -- 3 pips below 97.53 S2; 5 pips above 97.45 - a number to be cleared
T2: 97.15 60 pips -- 3 pips above 97.12 Key
BE+1: 97.74
R/R ratio: 2.4 to 1
(gravy train) (monthly goal)

Thanks,
Ricky - E, P, S, Y

Update:
Plan A was not triggered.
Plan B: Sell Break of 97.75 and clear 97.45
3 entries; Stop out twice before a win --> 35 pips S/L or above 98.12 Key number would have prevented the other 2 trades from stop out

[Ricky Tse]

Working off from Joe's potential trade recommendation, here's my trade plans for USD/JPY on May 12.

Plan A: Buy Break 98.77 and clear 99.00

Currency Pair: USD/JPY
Entry: 98.77 Buy -- 98.77 Key
SL: 98.47 30 pips -- 2 pips above 98.45 R1
T1: 99.00 23 pips -- 99 Key
T2: 99.40 63 pips -- 2 pips below 99.42 R2; 8 pips below 99.48 Bias
BE+1: 98.78
R/R ratio: 2.1 to 1
(gravy train) (monthly goal)

Plan B: Sell Break of 96.88 and clear 96.58

Currency Pair: USD/JPY
Entry: 96.88 Sell -- 96.88 S1
SL: 97.15 27 pips -- 3 pips above 97.12 Key
T1: 96.58 30 pips -- 96.58 M1
T2: 96.28 60 pips -- 96.28 S2
BE+1: 96.87
R/R ratio: 2.222222222 to 1
(gravy train) (monthly goal)

Please comment.

Thanks,
Ricky - E, P, S, Y

[dcantin]

Here is my trade plan based on Joe's May 11 report.
The pair I stalk is the EUR/USD
Buy Break of 98.27 and clear 99.

Buy at 98.80
SL 98.27
TP1 99.05
TP2 99.30
GT
BE+1 98.28
R:R 2:1

Sell Break of 96.88 and clear 96.58
Sell 96.88
SL 97.65
TP1 96.60
TP2 96.33
BE+1 96.87
R:R 2:1
Goal 200 current - 1155

Well guys another lesson learned. I only sold 2 at the above and because I enter each lot separately I forgot to enter the 3rd lot and missed a gravy train.
I am happy that this trade hit TP1 and TP2 for +73 pips.
THanks
Denise EUR/USD

[Ricky Tse]

I took a short break for the last few days from trading but here's what I have for USD/JPY based on Joe's recommendation for May 15.

Plan A: Buy Break 96.05 and clear 96.35

Currency Pair: USD/JPY
Entry: 96.05 Buy --
SL: 95.80 25 pips -- 1 pip below 95.81 Key
T1: 96.35 30 pips -- 96.35 - a number to be cleared; w pips above 96.33 R2
T2: 97.00 95 pips -- 8 pips below 97.08 R3; 97 Key
BE+1: 96.06
R/R ratio: 3.8 to 1
(gravy train) (monthly goal)

Plan B: Sell Break 94.90 and clear 94.67

Currency Pair: USD/JPY
Entry: 94.90 Sell --
SL: 95.15 25 pips -- 4 pips above 95.11 SM Lo
T1: 94.67 23 pips -- 94.67 Key
T2: 94.10 80 pips -- 1 pip above 94.09 Bias; 94.10 S3
BE+1: 94.89
R/R ratio: 3.2 to 1
(gravy train) (monthly goal)

Thanks,
Ricky - E, P, S, Y

[dcantin]

Pair I stalk EUR/USD

Last night I placed the following orders for USD/JPY
buy 96.55
SL 96.05
TP1 96.80
TP2 97.05
GT
BE+1=06.56
R:R 1:1
order has not triggered.

Sell 95.60
SL 96.10
TP1 95.35
TP2 95.10
GT
BE+1= 95.59
goal 200

I was stopped out on all 3 and replaced the order this morning for
Sell 95.40
SL 95.92
TP1 95.15
TP2 94.90
GT
BE+1= 95.39

TP1 and 2 have been met and I have moved the SL to 95.39 for my GT.

Thanks,
Denise

[dcantin]

Buy US/JPY 95.86
SL 95.43
TP1 96.18
TP2 96.43
GT
BE+1=95.87
R:R1:1

This trade hit TP1 and 2 and GT is running.

Sell 95.01
SL 95.51
TP1 94.76
TP2 94.50
GT
BE+1= 95.00
R:R 1:1

Denise

[dcantin]

Today is an M2-M4 day and the current price is 96.70.
The price has moved past M4 (95.86) and is now approaching R3.
Our trade for buy at 95.86 has hit TP1 and TP2 and the gravy train is running and up by 70 pips.

USD/JPY seems to be in a weak uptrend.
Great call Joe.

[dcantin]

HI,
Order from yesterday was trigerred for a sell at 95.65
SL 95.95
TP1 95.35
TP2 95.00
BE+1= 95.61
R:R 2:1
This pair doesn't seem to be doing much at the moment.
Denise

[ForexJoe]

Greetings,

USD/JPY continues to stay above 97.78 and once again bounced during this session

London Close

Try a buy at 98.12 with Tp1 at 25 pips due to pair only moving 77 pips in session

should work with stop loss at 97.77 in practice regimen account

enjoy

11:25 pm central / 12:25 eastern