JPY - intervention

[Gamma_gallus]

Greetings !

Couple of days ago Noda (Prime minister) or Azumi (finance min.) threatened to intervene again on the market if the Yen continue to strengthen ..

Having this in mind, I put some pending buy orders around 75 pips above current price on USD/JPY and GBP/JPY, with a SL of 10 and TL of 10 .. (I do update them couple of times during the day to keep them at a fair distance to the current price)
I'm still testing the CIB module, but couldn't find yet the best settings, that's why I still do use manual pending orders ..

Last time their intervention hit me, so this time i want to be part of the party let's hope they'll act soon .. (yes it's quite boring to modify the orders )

Gamma

[Gamma_gallus]

If you decide to place buy stop orders, keep them far enough from the current price, to avoid being caught in some fake interventions (spikes) - have a look to GBPJPY on 14th Nov (M5) there's been one = 66 pips.
Maybe my current buffer (+ 75 pips above) is too short .. I should change it to a higher one.
Last time Japan played with my nerves, it went up to + 500 pips, so with a bigger buffer I still have some opportunities to grab some pips should that happen again !

[jtpada]

Gamma,

I assume you have set up your orders with a trailing stop? If so, what´s your SL distance for both pairs?

Thanks!

[Gamma_gallus]

I use SL of 10 pips and TL of 10 pips.

Thx
Gamma

[SteveHopwood]

CBI probably takes care of this.

In the meantime, until CBI is proven (i.e. I put it on my live account) here is an alternative. The attached works on any chart. You choose the trade direction, lot, tp etc

The bot places a pending at PendingPips distance from the market. At the start of each new candle, the EA recalculates the fill price, stop and tp in line with the current market.

This should save you a bit of chart-watching GG.

This is an instant-and-dirty EA. No comments and little feedback. Use it or not as suits you best.

[SteveHopwood]

I refined GG a bit, guys. Please see previous post.

[Fate12]

Mm I'm tempted to gamble and throw this on a live account with €100,- and set it up for all or nothing

[Gamma_gallus]

I refined GG a bit, guys. Please see previous post.

Many thanks Steve, that's wonderful, my mind is now in a peaceful mode, no need to worry anymore about my buy stops if they are at a fair distance from the current price !

I put it on my live account with a small lot size : 100 pips distance, SL = 10 pips, TL = 10 pips (using MPTM by comment), so that there's a very small risk if I get caught by a big spike. Just hoping now that BOJ intervenes !!!

Gamma

[SteveHopwood]

Mm I'm tempted to gamble and throw this on a live account with €100,- and set it up for all or nothing

Why not? Go for it.

[SteveHopwood]

I refined GG a bit, guys. Please see previous post.

Many thanks Steve, that's wonderful, my mind is now in a peaceful mode, no need to worry anymore about my buy stops if they are at a fair distance from the current price !

I put it on my live account with a small lot size : 100 pips distance, SL = 10 pips, TL = 10 pips (using MPTM by comment), so that there's a very small risk if I get caught by a big spike. Just hoping now that BOJ intervenes !!!

Gamma

It lives on my live account also. All we have to do is persuade BOJ to dump the yen.

How?

Erm......

Ah yes. I know. Calls for a placard.

DUMP THE YEN. DUMP THE YEN. DUMP THE YEN. DUMP THE YEN. DUMP THE YEN. DUMP THE YEN. DUMP THE YEN. DUMP THE YEN. DUMP THE YEN. DUMP THE YEN. DUMP THE YEN. DUMP THE YEN. DUMP THE YEN. DUMP THE YEN. DUMP THE YEN. DUMP THE YEN. DUMP THE YEN. DUMP THE YEN. DUMP THE YEN. DUMP THE YEN. DUMP THE YEN. DUMP THE YEN. DUMP THE YEN. DUMP THE YEN. DUMP THE YEN. DUMP THE YEN.