No sooner possible intervention in Yen was mentioned, prices bounced, and hard. This is exactly what BOJ hopes to accomplish, without actually committing any money. But make no mistake, this was not an intervention. They look completely different. Out of the blue price start jumping 40, 50 or more pips in single ticks, liquidity dries out, you can not get filled, or it takes few minutes and by the time your trade is confirmed(normally should take a second or two) you are filled 100 or so pips above your intended price. You are getting on the phone to call your broker and scream bloody murder, but the line is busy. This wasn’t it, only nice, orderly market bounce. Granted, the moves were large, about 1600 pips daily range in GBP-JPY, but nothing extraordinary in the light of recent behavior.
I maneged 2 good trades in the beast.

First trade made 120 pips, second 150, after which prices moved another few hundred pips. Needless to say, I didn’t expect it, so there was no more trades. Obviously, I missed on a lot of pips, but using this time frame, 5M, my targets are dictated by the size of most recent swings, that’s why I look for 100-150 pips gains. These are still historically very large objectives. When GBP-JPY behaves in more “normal” fashion, with daily ranges 200-300 pips, my objectives would only be 40-60 pips. However, since this cross is swinging wildly, like a yo-yo in hands of drunken sailor, might as well try to take advantage of it.
I used 1H chart for trade in GBP-CHF. Here things didn’t go exactly as planned.

Trade with an entry at 1.8150 was shaken out rather fast, for a loss of 60 pips. I probably didn’t give it enough breathing room. Regardless, second trade followed at 1.8260. This worked very nicely, one hour trade and 150 pips gain. Overall a good day. I’m looking for more trades  to the upside in GBP-JPY. Price is retreating now.
There is very interesting situation developing in AUD-NZD.

I’m looking at 4H chart. For some time price has been trying to get above 1.1500, without success. With every failure, the chances are increasing for next try at this level to got through. I placed a buy order at 1.1490, with an objective at 1.1900. Since this is a higher magnitude chart, it will likely take longer for this trade to reach target, once it is triggered, so don’t expect quick resolution. Also, this will need more room to ” breath”, probably about 250 pips, but that is very personal and depends on risk tolerance.
I received a large batch of emails today. I’m trying to answer them as soon as possible, but it might take another day. They were all very kind. Thank you.
Mike K.