Shorting the ¥ here. I'm joyous about the weakening US$ here and just scanning for short entry points. The ¥ bounced recently but that's following a huge run up that no one convincingly accounted for:



The 50-period EMA is a good entry on this chart as there is a precidence, though it's only one. The trend is down on this chart. The chart is not a strong argument here, and I'm not taking a huge position, nothing like on EURUSD. However, this isn't about nailing it. It's about getting in on the 1st retracement which is one of my favorite habits. Half a mil heading south here. No stop just yet though 120.29 would be my recommendation (if you're looking for one).

I don't set stops these days as I'm finding spikes cutting some of my best moves short. Stops are great, and I don't recommend doing what I'm doing, that is keeping a position without a stop. However, if you're checking your positions daily you really don't need one. I've had far too many /Oh shit!/'s with positions that died early that those that ran the other way.