|

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:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

EUR/USD struggles for direction amid USD gains

EUR/USD is trimming part of its earlier gains, coming under some mild downside pressure near 1.1730 as the US Dollar edges higher. Markets are still digesting the Fed’s latest rate decision, while also looking ahead to more commentary from Fed officials in the sessions ahead.

GBP/USD drops to daily lows near 1.3360

Disappointing UK data weighed on the Sterling towards the end of the week, triggering a pullback in GBP/USD to fresh daily lows near 1.3360. Looking ahead, the next key event across the Channel is the BoE meeting on December 18.

Gold losses momentum, challenges $4,300

Gold now gives away some gains and disputes the key $4,300 zone per troy ounce following earlier multi-week highs. The move is being driven by expectations that the Fed will deliver further rate cuts next year, with the yellow metal climbing despite a firmer Greenback and rising US Treasury yields across the board.

Litecoin Price Forecast: LTC struggles to extend gains, bullish bets at risk

Litecoin (LTC) price steadies above $80 at press time on Friday, following a reversal from the $87 resistance level on Wednesday. Derivatives data suggests a bullish positional buildup while the LTC futures Open Interest declines, flashing a long squeeze risk.

Big week ends with big doubts

The S&P 500 continued to push higher yesterday as the US 2-year yield wavered around the 3.50% mark following a Federal Reserve (Fed) rate cut earlier this week that was ultimately perceived as not that hawkish after all. The cut is especially boosting the non-tech pockets of the market.

Aave Price Forecast: AAVE primed for breakout as bullish signals strengthen

Aave (AAVE) price is trading above $204 at the time of writing on Friday and approaching the upper boundary of its descending parallel channel; a breakout from this structure would favor the bulls.