When there is no USD/JPY opportunity, what then?
Today, the dollar-yen I am focusing on is not offering any tool-based opportunities.
To be precise, technically you could short for a downward adjustment by discretion, but as a tool-based view, there are no chances yet and it’s a “wait and see” scenario.
For any logic, when such opportunities don’t come, please don't rush to break the rules and take positions.
Having more entry signals does not mean you are a highly skilled trader.
“Waiting is also part of FX.”
So, what do I do in these times?
First, I look at another currency pair.
Which pairs do I look at?
EURUSD or GOLD, which sometimes move opposite to the dollar-yen,
and cross currencies that move in sync with the dollar-yen.
There were several currency pairs that seemed to meet entry conditions, but
I chose EURUSD as the best option this time.
The long-entry condition was met at the vertical line.
This is what is introduced in the manual as the so-called “high-win-rate point.”
If you follow the manual rules, you would already be in profit-taking mode
If you want to extend the profits, you are currently holding with unrealized gains.
Since it’s becoming a range, it is either to close out or move the stop to break-even and potentially ride it for more.
However, EURUSD is in a phase where it has formed a pullback in an hourly downtrend, so it’s wise not to push too hard.
Dollaryen, on the other hand, is in a phase where the hourly chart shows a pullback in an uptrend, so the bias is to aim higher.
When you’re waiting to go long on the dollar-yen but there’s no entry opportunity, you can look at cross currencies that move in opposite directions like EURUSD or GOLD, and for yen pairs moving in tandem, consider GBPJPY or AUDJPY as cross-Yen currencies; those often present entry opportunities.
Recommended.
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