When I was young, Japan was always our favourite vacation destination. It was only hours flight from my home town Taiwan, with delicious Japanese foods, great shopping districts, entertainment, natural scenes, hot springs and etc….
But perhaps the most impressive part has always been the people. Unlike other asians, they are the most hardworking, cultural, advanced, polite and just so different overall than the rest of us back then.
Now after I got into trading years ago, I really had a whole new prospective for Japan.
They’re still the country with delicious foods, great hot springs and shopping district, but moreover, they’re really a country with strong backbone, high spirit of nationalist, and hard rock attitudes of winners.
Yes, the safe heaven currency, regardless of their debt, regardless of the deflations, regardless of the earthquakes, lack of resources…etc
Japan is the safe heaven currency because of the people.
The global risk off sentiment continues today, and will probably continue for quiet some time.
There weren’t any significant datas today, and the global sentiment is still the same with JPY highly bought.
I placed few pending orders to sell commodity currencies against JPY, with a very large stoploss as this is more a techinical retrace point with fundamental view, i tend to put a large stoploss because i don’t trust technical too much - which is ironic since I was all about “technical trading’” before...
The FOMC minute might be another event to trade, but I probably not going to be there because i want to go out and enjoy the nice weather today - always schedule trading mourned your life - not the other way around. What’s the point of making money but working 24/7?
The only commodity pair we’re in now is AUD/JPY with large SL and profit target, so not to worry about it.
I’m cancelling all other pending orders except my GBP/USD as the FOMC meeting minutes might give me a chance to be filled at retrace, again, large stoploss for this kind of technical point entry.
The only daytrade i had today was out of expectation, for US manufacturing data.
Since FOMC minutes is coming out, i wasn’t prepared to trade, but only planned to jump in if the result is a surprise. If negative, sell USD/JPY and if positive, sell GBP/USD
the result was a positive surprise, so i got in GBP/USD
But the pair did not react and actually went against me for 10 pips, again, when scalping, I tend to be very careful and senstive for the price action because if market is not reacting to my plan, i always get out right away.
Especially GBP/USD is already in a oversold area and now everything is a bit indecisive, trades want to short but are waiting for retrace, other traders are waiting to buy but want it to fall further before they do.
It finally went down 10 pips and we moved our SL to 30 pips, then at 30 pips profit we took half off, was expecting it to touch 1.2850 but then it went up to test 1.29 and then further to stop us out at BE.
So that’s the only trade we have, plus AUD/JPY is still in.
Hope FOMC minute can give me a nice GBP/USD entry.
short at 75.08
SL at 77
add on at 77
further SL at 79
large 200 pips stoploss with 2 entries to scale in
so far 80 pips against us
short at 1.2915
took half at 1.2881
the other half BE