Looks technically set to break now at 115.92....test to 115.00-114.79 area support...however this is currently ahead of the BOJ rate announcement later tonite...this could be a simple factoring in of the news...couldf settle in to previous range unless the BOJ us hawkish with their comments.,..which is common for them... Short looks potentially good tho right now...

trade carefully...

-w

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Short has not materilized yet. I waited and waited and then took a nice long nap. So here I am still waiting. And now the news is probably going to be a factor. The good thing is we know when the news is coming out.

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0212 GMT [Dow Jones] Further gains in USD/JPY, EUR/JPY may be limited for
now, says trader at major European bank; notes "the dollar/yen rose on
expectations that the BOJ will keep rates unchanged and may temporarily rise a
tad after the decision is announced" if BOJ does keep rates on hold, but such a
rise may be limited as players waiting to take profit, Japanese exporters also
lurking. Tips USD/JPY resistance slightly above today's session high so far of
116.08; pair last at 115.92 on EBS.

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Looks like the price was built into the news or shorts coving all day not sure. But going to try a short here. at 115.89 USD/JPY.

I am in this trade in a short position. It is a short term trade unless the hour chart confirms which it hasnt.

MACD on 30 15 and 5 are negative. 1 min chart somewhat bullish. I have .80 of a pip and may add if other conformations show up.

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+20 on the short hit my TP

Missed the move up. It wasn't my fault I was watching the Di Vinci Code for the first time. WOW what a movie. I forgot about everything else.

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Here is one of my plays when a JPY is moving up and down. Alot of times before a nice move they will make a lot of smaller moves up and down. Or sometimes after a big move. I call this wick in and wick out because it usually has a wick outside the bollie.

Its on the 5 minute chart and I am not shy about taking profits no matter how minimal. Also to be noted: keep an eye on the oveall picture as the bigger move could be near.

Entry and exits are the key feature to this. I dont hesitate. I am also watching the tick chart when I pull the trigger.



Good luck and I hope you have as much fun with this as I do.

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Watch the middle bollie for a play they can be nice moves.

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I call the 1 minute chart kamizee trading. But it is in fact a nice way to make pips while otherwise waiting for long positions to unfold. The one thing to rember is that it is a 1 minute chart and can be volitile.

To lessen the kamizee style I employ use the 5 minute chart to set up the 1 minute chart. To do this use the RSI 14. Only go long on the 1 minute chart if the RSI is above 50 on the 5 minute chart. Only go short if the RSI is below 50 on the 5 minute chart.

The 5 and 1 minute charts are my boredom beater. But you have to be in front of the computer watching these plays because they can be fast. Stop losses and TP can also be employed. TP=Take Profit.

PRATICE, pratice pratice first on a demo account. Here a charts of the 5 and 1 minute charts showing entry and exits. I had to squesse the 1 min chart in to show the entry points but it is easy seen on your own charts.
Remember having a Quick Trigger is a must. To stay in for the big moves keep an eye on the 1 hour down to 5 minute chart and learn how they react.
Good Luck and happy Forex Trading.

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FWIW...the hourly chart for this pair is showing an apparent bollinger band squeeze IMO....break out of this pair of the bands should signal a move and a potential trade.. Keep an eye on it...could be for some good pips..

For those not familiar with a bollinger band squeeze trade--its when the Bollinger Bands tighten up in a close range significantly over a long period of time. Typically you wait for a 1hr candle to CLOSE outside the bolinger band and take a position in that direction long or short.. (if it closes outside the bottom band--you go short, if it closes outside the top band, you go long.). A 1hr candle that does not CLOSE outside the band is not a trigger to enter...candles can venture outside but unless it closes--not a validation. Gain is about 25-55 pips typical for average potential..or target the next two levels of support or resistance... Stoploss typically goes just outside the opposite bollinger band from entry...

Enjoy...

FXW

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If anyone else tried this--the pair fell overnite after closing below the bollinger for a max gain around 30-35 pips....typical median amount for a trade against the trend, but still a trade with potential for a pip gain if played close to the support areas...and the levels it touched were the recent support lines..a very technically easy play.

US housing NEWS this morn has sent the pair back up almost 90 pips to move with the trend...

FXW

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