EUR/JPY Intraday Bid and Ask Scalping.

[dkny919 10]

I just wanted to start a discussion group thread that is based on watching price action for the Eur/Jpy pair with like-minded traders that also use an ECN. I think this particular pair has it's advantages for scalping including a relative low spread and it has nice price action during the New York open. I will not be listing trades. What I am hoping for is just ideas such as updates on support and resistance. Thanks in advance.

Edited March 10, 2009 by dkny919

[dkny919 10]

I guess I will start.

 

I look for support and resistance break-outs. But usually I try to sell double tops and buy double bottoms. I try to keep a different approach when these lvls are near 00's and 50's price areas. I won't get into MM only in PM. I also forgot to mention that I use a 1min line chart for secondary reference, and a market depth watch price window as my primary reference.

Edited March 10, 2009 by dkny919

[dkny919 10]

12 winnings trades over the last 2 days. looking good.

[hrokling 10]

I've been trading the exact same pair a lot and would find such discussion interesting. I trade it on IDEALPRO, although lately (whilst changing accounts and taking care of some backoffice-stuff that's dragging on) I haven't been trading it quite as heavily.

 

I also appreciate the volatility vs the spread - and tend to watch the EURUSD as well as the USDJPY to gauge the EURJPY and where it might be heading. I also watch the EURGBP and GBPUSD as Euro and Cable are so closely tied together that Cable movement affects EURJPY.

 

I scalp, but the big money is identifying and catching those 100-200 pip trends that take place 2-5 times each week. And catching the reversals as well. Usually, these trends stem from a move in the Euro and/or Yen generated from a change in the willingness to take risks in bonds/equities - with the dollar not wanting to strengthen or weaken. Usually this creates a huge move that sooner or later reverses. I hate when the dollar is moving by itself, as the EURJPY gets a somewhat boring tradingrange and also has fake breakouts that can be devious and dangerous for your account.

 

I trade a combination of discretionary and systems - looking for 5-30 pips for the most part (except for when I tag onto a super move). Watching the charts but also listening to a news service (RANsquawkFX) during the day.

 

I am not really up for posting trades or anything, as I see that as pretty useless on a forum - I think it's more suited for general talk about where the pair is heading in the long term - which is kind of offtopic regarding the title of the thread.

[kingtodd 10]

Hello Hrokling

 

Which Broker do you use with IDEALPRO? I am new to Forex. Been in Equities with the Q's (qqqq) option trading. I sent a long post to Bootstrap today if you get a chance to see where I am in trading.

 

Thank you

[kingtodd 10]

Hello dkny919

 

Definately want to participate. A little down the road for me.

 

what system are you using for EUR/JPY Intraday Bid and Ask Scalping?

 

Who is your broker and what trading platform do you use?

 

I sent a lot of info about me and resources I use to Bootstrap today. Not sure how to link it.

 

Thank You.

[hrokling 10]

IDEALPRO is the ECN-offering of Interactive Brokers (usually referred to as IB). If you're looking for an ECN I can definitely recommend it, but at the same time I have to admit that I haven't looked into the ECN-offerings of dealing desk FX-companies like FXCM. Several of these have moved into ECN as of late, and for all I know they might be very tight if you're not trading very large size.

 

IB is pretty good for what I'd call medium size - from 125k up to about 2-4m per trade.

 

Also, the word is that HotSpot FX' retail operation closed down, and that all their retail accounts now can trade on the institutional FXi-platform. If that's right then that's also a very good venue for most major pairs.

[dkny919 10]

Hello dkny919

 

Definately want to participate. A little down the road for me.

 

what system are you using for EUR/JPY Intraday Bid and Ask Scalping?

 

Who is your broker and what trading platform do you use?

 

I sent a lot of info about me and resources I use to Bootstrap today. Not sure how to link it.

 

Thank You.

 

 

I am not really using a system to trade but rather support and resistance throughout the (new york open) day. I use MBTrading for trading, and IBFX for charts. It be nice if you can link through.

[dkny919 10]

I would have to say in the short term we would probably be looking for a trend reverse on this pair. I do also have the occasional position running over night.

[zdo 20]

Most days, I trade the FX intraday on Currenex for an hour or so and while the EJ charts still have the easiest technical signature for me, I’m seeing the bid ask get pushed wider and wider as if a lot of players are moving to something else. For the last couple of weeks have been doing more and more turns on GBPUSD instead of EJ

Note to self … ‘volatility’ on the BP seems to have settled down a little bit from the old days, however … keep reminding myself those BP boys can play rough.

[Pipnetter 10]

I've been trading EJ for several months now. A favourite set up is Asia open, price makes a quick run to the daily pivot ( NY close calculated), and bounces off in the other direction, often for the remainder of the session. Bonus if the pivot coincides with a fib level or other S/R. It doesn't happen every day of course, and doesn't always work, but often enough that I find it worth watching for.

 

Good trading.