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USD/JPY Discussion

  • #69,221
  • Oct 4, 2017 7:08am Oct 4, 2017 7:08am
what a beautiful bounce that was from the 112.2 area today

USD is king!
Don't Worry Be Happy
  • #69,222
  • Oct 4, 2017 8:01am Oct 4, 2017 8:01am
H1 pinbar, looks like it all will get reversed.

EW on H1 shows wave 4 should be complete. Wave 5 underway. Which should then complete at some point later wave 5 of wave C on H4 as well W2 on daily.
  • #69,223
  • Edited 8:49am Oct 4, 2017 8:38am | Edited 8:49am
Quoting MrPresident
what a beautiful bounce that was from the 112.2 area today USD is king!
It was also the 38.2 fib ray, a very strong support in a bull market like this.
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  • #69,224
  • Oct 4, 2017 8:50am Oct 4, 2017 8:50am
Quoting SunTrader
H1 pinbar, looks like it all will get reversed. EW on H1 shows wave 4 should be complete. Wave 5 underway. Which should then complete at some point later wave 5 of wave C on H4 as well W2 on daily.
Do you have any skin in the game?
  • #69,225
  • Oct 4, 2017 9:55am Oct 4, 2017 9:55am
Quoting nealpek
Any opinions?
A fake out above 113 around yellen then down seems likely in my opinion.
  • #69,226
  • Edited 10:17am Oct 4, 2017 9:59am | Edited 10:17am
Thinking it at least wants to grab the liquidity above. Sounds about right!! 2 different reasons for the same conclusion, maybe good confluence factors!!
  • #69,227
  • Oct 4, 2017 10:41am Oct 4, 2017 10:41am
Quoting Nicholishen
{quote} Do you have any skin in the game?
Not ATM - how about you? Waiting on wave 5 of Wave C completion. It was a close one holding to wave 4 limits (lower timeframe 5 minute):
Attached Image (click to enlarge)
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  • #69,228
  • Oct 4, 2017 11:05am Oct 4, 2017 11:05am
Hello everybody,

I come to you with a big question about the forex market.

I've talked with some long term successfulls traders over the past weeks and almost all told me to avoid forex.

Their principal arguments are:

-The forex is not regulated, your chart can have a weird big candle hitting your stop that doesnt appear on other broker's charts. You can complain about it but your broker doesn't care, you have no leverage against him (contrary to a regulated market).
-You don't have acces to the real forex market, the forex market is accessible only for HUGE compagnies (to cover their ass on a potential value loss on a currency, convert currencies to export products etc...). So at the end, home-traders represent nothing in this giant liquid market and you just trade on a mini-micro-market replication made by your broker (scary no?).
-Some of them traded in hedgefunds, they told me even hedgefunds dont touch at forex, to risky for them, and there is no very well-known trader that succeded trading forex (but they may be hiding )
-The massive publicity fishing amateurs for their little $$$.
-Lastly they (almost) don't know anybody trading forex for a living in the long term (most of them blowed their account at some point for different reasons).

Of course the forex market has a LOT of advantages on paper, but when you look at all those arguments, it makes me wonder:
Is it so risky to trade the forex for a living (imagining I have the required skills and a "honest" broker)? Do you know a lot of long term successfull forex trader? What's your opinion about forex?

Please share your opinion Im realy curious of what you guys think of this!
Climbing step by step
  • #69,229
  • Oct 4, 2017 11:18am Oct 4, 2017 11:18am
"Opinions are like azzholes, everyone has one".
  • #69,230
  • Oct 4, 2017 11:23am Oct 4, 2017 11:23am
Quoting YouPi
Hello everybody, I come to you with a big question about the forex market. I've talked with some long term successfulls traders over the past weeks and almost all told me to avoid forex.
Hi bro.
We are in. Your longterm successfull traders too. You are not.
What else to say? Try ask on the kitchen.
Forcemeat can not be unrolled back...
  • #69,231
  • Oct 4, 2017 11:49am Oct 4, 2017 11:49am
Quoting SunTrader
{quote} Not ATM - how about you? Waiting on wave 5 of Wave C completion. It was a close one holding to wave 4 limits (lower timeframe 5 minute): {image}
Yes. I'm long since 112.36 which was the touch of the 38.2 fib-ray, as per the trading plan I posted yesterday. I would have taken a much larger position, but I'm currently over-leveraged in a mega-short I took on bitcoin @ 4400.
  • #69,232
  • Oct 4, 2017 11:54am Oct 4, 2017 11:54am
Quoting Nicholishen
{quote} Yes. I'm long since 112.36 which was the touch of the 38.2 fib-ray, as per the trading plan I posted yesterday. I would have taken a much larger position, but I'm currently over-leveraged in a mega-short I took on bitcoin @ 4400.
be interesting to see your bitcoin position

Ps - mega short and over leveraged so you must be in profit significantly... so why not risk more on your UJ long and just adjust your bitcoin stop to cover the loss in UJ..?
  • #69,233
  • Oct 4, 2017 12:08pm Oct 4, 2017 12:08pm
Quoting Don96
{quote} be interesting to see your bitcoin position Ps - mega short and over leveraged so you must be in profit significantly... so why not risk more on your UJ long and just adjust your bitcoin stop to cover the loss in UJ..?
We are getting off-topic, but I need margin to sell the BTC rallies and cover draw-downs. I'm short to ~4100... have to wait and see how price behaves, but I think that's where it will retrace.

Quoting Don96
{quote} be interesting to see your bitcoin position Ps - mega short and over leveraged so you must be in profit significantly... so why not risk more on your UJ long and just adjust your bitcoin stop to cover the loss in UJ..?
Something on-topic, this was my short-scalp getting into my longer-term long position this morning.
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  • #69,234
  • Oct 4, 2017 12:21pm Oct 4, 2017 12:21pm
Quoting SunTrader
"Opinions are like azzholes, everyone has one".
+1
  • #69,235
  • Oct 4, 2017 1:20pm Oct 4, 2017 1:20pm
Now, i can confirm 114 target.
Forcemeat can not be unrolled back...
  • #69,236
  • Oct 4, 2017 1:29pm Oct 4, 2017 1:29pm
maybe it won't drop to the 112.2 area again next trading session
Don't Worry Be Happy
  • #69,237
  • Oct 4, 2017 1:54pm Oct 4, 2017 1:54pm
seems like kinda a range on the 4hr, will look at buying near 112.12 during London for a cheap ticket...
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Look Sharp/Trade Tight
  • #69,238
  • Oct 4, 2017 2:37pm Oct 4, 2017 2:37pm
Quoting PayTheLimit
seems like kinda a range on the 4hr, will look at buying near 112.12 during London for a cheap ticket... {image}
Hopefully you'll get your order, however lately, big upward moves have been happening in the asian session.
  • #69,239
  • Oct 4, 2017 6:47pm Oct 4, 2017 6:47pm
long term wise, this train still obey the bear and has not breached the weekly trendline. so to all, be wise guys. don't just follow others.
  • #69,240
  • Oct 4, 2017 10:11pm Oct 4, 2017 10:11pm
Quoting Dapsychopath
long term wise, this train still obey the bear and has not breached the weekly trendline. so to all, be wise guys. don't just follow others.
Long term speaking UJ is neither. It's a mean reverting pair.
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