Confessions of a Forex Trader

Slow market isn’t it?

Anyway, last week I mentioned that I will only look for long opportunities on the USDJPY, and here are the levels that the market needs to break in order to start looking for long opportunities:

Once the USDJPY breaks the top of the range, I’ll start looking for long opportunities, and hope the BOJ intervenes again

By the way, did you see what the minister of finance of Japan said (I quote): “I have become more concerned about the worsening of the yen’s one-sided movements. I will take bold action if necessary and won’t rule out any possible options”.

Scary isn’t it?

Trade Safe!

Raul Lopez
Forex Training
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I wouldn’t go short on the USDJPY, and you know why, there is always the possibility to get caught during a BOJ intervention, and if you use tight stop loss order as I do, you are going to get caught…

So, my plan for the USDJPY is to wait for it to be in a bullish market condition. When would this be? Take a look at the next chart:

• If it breaks the bottom of the range (lower green level) it will be trading in a bearish condition, but I wouldn’t do anything here because of a possible BOJ intervention, so I’ll be on the sidelines if this happens.
• If, on the other side, it breaks the top of the range (upper green level) it will be trading in a bullish condition and long opportunities will be in play, and of course I’ll look to enter here. What happens if the BOJ intervenes? It will be on my direction, it will actually help my trade reach faster my take profit order.

Remember though, we need to wait for the USDJPY to break the top of the range before looking for any trade opportunity.

Trade Safe!

Raul Lopez

Forex Training
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Earlier this morning the EURUSD broke through the ST resistance level triggering a bullish market condition:

As long as the USDJPY trades above 81.83 I will be looking for long opportunities.

Trade Safe!

Raul Lopez
Forex Training

We’ve been talking about the USDJPY and the BOJ interventions. Whenever the USDJPY is trading in a bearish market condition I hesitate about going short because of possible interventions, but when it is in a bullish market condition, if the BOJ intervenes, it will be in the direction of our trade. And that’s the case today, it is in a clear bullish market condition.

The Dollar-Yen is trading in a bullish market condition, last Friday it broke through an important resistance level and today it is trading above every important level in the short term charts:

I’d like to see how it behaves around the closes ST support level around 84.17, if I get something significant with upward pressure I’ll definitely go long.

Trade Safe!

Raul Lopez
Forex Courses

The USDJPY broke through an important LT & ST resistance level triggering a bearish market condition. I’d feel perfectly comfortable going long here, because of we see a possible intervention of the BOJ, it would be in the direction of my trade. This is how my short term chart looks like:

As long as the USDJPY trades above 83.55 I will be looking for long opportunities in the dollar-yen.

Trade Safe!

Raul Lopez
Forex Training

The USDJPY is trading near a LT important level :

I wouldn’t feel comfortable if the USDJPY breaks this range for the downside, the BOJ has been intervening around these levels. However, if it breaks the upper green resistance level, I would look for long opportunities (and if the BOJ intervenes, it will be in the direction of my trade).

Trade Safe!

Raul Lopez
Forex Training

I can’t recall the last time I wrote about the USDJPY… Anyway, it is trading in a bearish market condition and short opportunities are in play:

he next LT support level is at 83.45 (where all TP orders should we set).

Be careful though, remember the BOJ recently intervened and made the USDJPY go from 82.86 to 85.74 in just one day.

Trade Safe!

Raul Lopez
Forex Training

Earlier this morning, the USDJPY reached the bottom of the short term range, and apparently it is being rejected from that level:

USDJPY

We might get a trip to the top of the range… what do you think?

We need to adapt to the market conditions, if the USDJPY is ranging, lest trade a range bound strategy (we cant trade it as if it was trending right?)

Please let me know your thoughts.

Trade Safe

Raul Lopez
http://www.straightforex.com/

The USDJPY is trading near a LT, and since in the ST it isn’t well defined, we’ll have to wait for the USDJPY to break the range before looking for any trade opportunity:

USDJPY

If the USDJPY breaks the upper green resistance level, it will trigger a bullish market condition and only long opportunities will be in play.

If the USDJPY breaks the lower green resistance level, it will trigger a bearish market condition and only short opportunities will be in play.

Trade Safe!

Raul Lopez
http://www.straightforex.com/

The USDJPY is another clear opportunity to go long:

USDJPY

Just broke through an important ST resistance level triggering a bullish market condition, therefore only long opportunities are in play in the USDJPY.

The next LT resistance level for the USDJPY is at 89.15

Trade Safe!

Raul Lopez
http://www.straightforex.com/

The USDJPY just broke through an important ST resistance level, triggering a bullish market condition. I’ll start looking for long opportunities:

USDJPY

I’ll wait for the USDJPY to move up and retrace back to where I have my upper green resistance level, and if I see upward pressure at that place I’ll trade it.

Do you agree with me? Feel free to comment.

Trade Safe!

Raul Lopez
http://www.straightforex.com/

The USDJPY just broke through the short term support level triggering a bearish market condition:

USDJPY

As long as the USDJPY keeps trading below 91.05 I will be looking for short opportunities. Notice also the 91.00 is always a good psychological barrier.

All long opportunities will be ignored.

Trade Safe!

Raul Lopez
http://www.straightforex.com/