(6J) Yen - My Only Long
Everything covered going into NFP.
If there is obvious trend after 10:30 am EST - maybe I'll join.
The only trade on is the USD YEN (6J) which due for a move its been very quiet.
Like it up at the POC with the target - which is .38 Retrace as well - all about the confluence.
Three POCs above it and one below.
4 Hour Chart
USDJPY1! trade ideas
Simple Strategy follow the COT commercials COT index indicator shows the positions of the commercial traders.
My strategy is to follow changes on that index (high reading = bullish, low reading = bearish)
Its not an entry indicator but a setup indicator, so make sure to enter on traditional signals like double tops or trendline breaks...
I keep an updated list of the major futures instruments with LONG,SHORT,NEUTRAL readings:
www.tradingview.com
Japanese Yen futures short call verticalPure TA.
Oversold territory, so take care of the trendline.
Max profit: $213
Probability of Profit: 72%
Profit Target relative to my Buying Power: 20%
Max loss with my risk management: ~$250
Req. Buy Power: $1038 (max loss without management at expiry, no way to let this happen!)
Tasty IVR: 34 (average at futures)
Expiry: 36 days
Sell 2 !6JM1 Jun4' 0.0093 Call
Buy 2 !6JM1 Jun4' 0.00935 Call
Credit Call spread for 0.90cr each
Stop/my risk management : Closing immediately if daily candle is closing BELOW the box, max loss in my calculations in this case could be 250$. Probability of loss in this way: ~20% .
Take profit strategy: 50% of max.profit in this case with auto sell order at 0.45db. Probability of profit this way: ~80%.
Of course I'll not wait until expiry in any case!
If you liked this article, check my other ideas.
Anyway: HIT THE LIKE BUTTON BELOW , and for fresh option ideas FOLLOW ME( @mrAnonymCrypto ) on tradingview !
JAPANESE YEN FURTURES : PRICE IS FALLING DOW ! ! ! !🔔Welcome back Traders, Investors, and Community!
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