I'm going to post here some trade ideas I have in mind. If you have any suggestions, feel free to follow up.

I'm paper trading it to see if there's a successful trading system hiding somewhere in the charts . I prefer paper trading instead of demo trading since it helps me to keep track with the trades and serve as a trading journal. If it goes well, I will switch to live account with small trade sizes (I prefer to avoid a demo account).

Here's the first trade:

Short trade. SL is above the last high, TP is at 1.3900. Let's see how it develops.

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Ok, was stopped for -52 pips.

I've noticed a higher-high and a higher-low forming, which might indicate a break of the channel. The price hit the previous support which is my entry point.

This is a buy trade, with a stop loss at the previous low. Target is still open but probably the resistance of the new channel forming.

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Short trade, excellent opportunity to enter the down trade. The price has returned to a previous support. Stop above the last high, which happened before the break. Target is still open, probably the bottom resistance.

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speki posted:
    Yeah, they say it's all in the charts ... 'I feel there is a line of sell orders' below the former support levels ... but if you check the news, when CBs are on the bid, you don't wanna be short, do you? Would be like playing chicken with CBs

http://www.forexlive.com/174290/all/forexlive-morning-warp-market-sees-concerted-g7-intervention

http://www.forexlive.com/174299/all/federal-reserve-and-bank-of-canada-selling-yen

http://www.forexlive.com/174361/all/nomura-estimates-ecb-bought-around-5-yards-of-eurjpy


Question is, if the intervention will actually stop the free fall? If not, then at some point it will only speed it up as more stops will be hit along the way..

compounder posted:
    Few months ago Japan intervened as well and what good did that do - None whatsoever

it lasted for less then a week before yen re-gained (fell on the charts) to where it had before intervention

I've been watching forex charts for long enough now to notice history repeating itself over and over and over in same patterns and my bet is that we'll see Yen at the lows it was this week very soon.


Exactly.

As to my last trade - I'm thinking of a target@79.00. Let's see how the day develops.

Although I can start looking for other trade opportunities, I don't like having more than one trade opened at a time as it helps to concentrate at one trade at a time. Also, due to possible correlation between pairs, I don't see any reason to open more trades to minimize exposure and risk.