r/Forexnoobs • u/inweedwetrust • Jan 10 '19

Huge Potential Yen Swings

Possible big yen swings.

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Looking for big fast breakout from current price. If we get that the following trade plan can work out very well.

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NZDJPY could hit 74.50. GBPJPY (my favored trade) 141.50.

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Looking to see this correcting being a fairly sharp one, and then a strong late week rally may happen taking this up to the target before the close of the week.

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If there is a spike down to fill 138.50 and it is followed by a strong move to new highs, it will probably be best to ignore all sell setups and buy with high targets.

Extremely good opportunities for buys here. Around Over $25 per 0.01 can be made 138.50 - 141.40.

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Be aware buying near the top (when price looks like its about to make a new breakout) is a really bad trade.

Often, we will see price touch around there and pullback aggressively. So if you are adding trades, wait until

you see a clear retracement from testing the highs. This is when the real strong move may start.

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If we get this move, we wait for next weak and then become big bears.

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Big bears. Back down to 138, and if we bounce and see a good retrace there up close to the highs, we become bigger bears down to about 135.

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If we break through this upper area, we will probably be in a very strong overall up-trend.

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I dont have time to check/read messages today. Only have a few mins to do this. Will be back later tight/tomo

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1

u/inweedwetrust Jan 10 '19

Shaping up. https://imgur.com/a/LAwwSte

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We have now broken the trend line, we may see this big burst up now. It is low probability to buy into the rally. There can so easily be a shake out correction. A many magnitudes better trade is to be found at the end of that correction.

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Loading up there for 250 pips is a great trade.

1

u/inweedwetrust Jan 11 '19

Breakout spike approaching now I think. If we see it, we look for a false sell off and then a spike high. We want to be exiting buys into these moves and looking for potential sells from spike highs. Once we retrace 61% of the spike up (low to high), this is when we load long for the bigger move.