|

Currency market: USD/JPY, day trade time change, ACI

Week 15 and 1875 pips to USD/JPY's weekly trades. Week 15 results run into the first problem. The trade as follows: Short 115.30 and 115.42 to target 114.59. USD/JPY now trades 116.74 and 132 pips off entry. USD/JPY for the week rose with EUR/USD but failed to drop when EUR/USD fell.

Now the question is what's the next move. My recommended option is add 1 lot and trade to entry or to target. Trade to entry results in + 132 pips and exit the first lot. Trade to target results in 2 lots at +215 pips and 83 pips.

Remember 2 trades past when entry was off 80 and 95 pips. Both trades added 1 lot and both trades achieved target perfectly. The added lot was unexpected but the result was more pips to the week than expected. The best part was trading without losses.

If a loss was realized then week 16 begins at 1775 pips. If a voting public existed then I would accept a majority opinion but what I see is these articles achieve front page status for 10 minutes then discarded into the dungeon and lost to eternity. Why bother posting articles is my question. The result is time lost and zero consequences and despite a huge huge following.

If I was in this 24 hour a day thing and living strange hours for followers then a psychiatrist is required. Subscriptions and assistance is the only offer. If either drops then I'm gone as I have many more passionate interests to pursue. Much is going on in my state legislature and a short distance to travel.

Far more gains and assistance exists to traders by youtube posts if I use my whiteboards to draw and teach many many concepts not known or understood in the written word. Plus I offer trades. The highlight this week so far is the GBP/USD, EUR/JPY and USD/CAD relationships. The commonality is same supports levels yet different targets for 3 trade combos.

Overall, are we worried about 100 pips for USD/JPY when Sunday's post highlighted long EUR/USD and EUR cross pairs. EUR/USD alone traded 200 pips higher as well as EUR cross pairs. The result is 1000 ish pips with ease.

The current 3 to 6 month period is a trading dream for massive profits. Remember posts from long ago in relation to long-term targets. Every 2 years, currency prices are so far gone and off track, trade results to targets are in the 3 -6 and 800 pips vicinity. EUR/USD to 1.1300's for example.

USD/JPY currently trades in the overbought richter scale and minimum target is located at 115.78 and 115.51. Think about this. Short Anywhere for next week as we are short anyway.

Next week's time change means day trades run 9:30 pm est to 2:30 am est then 2:30 am to 10:00 am est.

Lastly, ACI for FX certification to the New Version exam exists in the United States but traders must travel to Cleveland. If a member of a trading firm then ACI works out a secure link through the firm to allow traders an opportunity to take the exam.

Independents such as me are in a bad position as $300 for the exam and travel expenses to Cleveland is not worth my trouble for certification. So far, I'm out to certification as this secure link option is not working well as of this writing.

Not only is Inside the Currency Market recommended as a study guide for the exam but I could write the exam questions. Que sera sera as they say in Barcelona.

Author

Brian Twomey

Brian Twomey

Brian's Investment

Brian Twomey is an independent trader and a prolific writer on trading, having authored over sixty articles in Technical Analysis of Stocks & Commodities and Investopedia.

More from Brian Twomey
Share:

Editor's Picks

British Pound surges against US Dollar ahead of US NFP data

The British Pound trades 0.5% higher to near 1.3340 against the US Dollar during the European trading session on Thursday. The GBP/USD pair reflects strength as the US Dollar underperforms its peers ahead of the United States Nonfarm Payrolls data for June, which will be published at 12:30 GMT.

EUR/USD pops to multi-day highs above 1.1450 post-NFP

EUR/USD gains traction and surpasses the 1.1450 mark, reaching a fresh multi-day peak on Thursday, amid a marked correction in the US Dollar. Meanwhile, the pair leaves behind two consecutive daily pullbacks as investors continue to gauge the latest US NFP data.

Gold climbs  above $4,100 following US Payrolls

Gold maintains its bullish momentum on Thursday, surpassing the $4,100 per troy ounce mark. The precious metal’s marked rebound comes on the back of the US Dollar’s retracement and higher US Treasury yields following the release of a softer-than-expected NFP report.

Crypto Today: Bitcoin, Ethereum, XRP steady rebound as US and Iran conclude positive talks in Doha

The cryptocurrency market broadly rises on Thursday, reflecting improvement in risk sentiment following an extended period of selling pressure. Bitcoin is back above $60,000 after testing support at $58,000 earlier in the week.

The market may no longer be giving the Magnificent Seven a free pass
For much of the past three years, investing has felt surprisingly simple. Whenever markets stumbled, investors knew where to look. Apple, Microsoft, Nvidia, Amazon, Alphabet, Meta and Tesla repeatedly led Wall Street higher, shrugging off inflation fears, higher interest rates and geopolitical shocks.
Kevin Warsh offers no policy clues: Why markets still got their answer

Financial markets came to Sintra looking for clues about the Federal Reserve's (Fed) next move. They largely left with confirmation that Fed Chair Kevin Warsh intends to make those clues much harder to find.