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USD/JPY Discussion

  • #73,101
  • Feb 8, 2018 8:52am Feb 8, 2018 8:52am
So that's great as you called that perfectly but what is your target now then out of interest?
I play the trade gamble to feed my Porsche addiction.
  • #73,102
  • Feb 8, 2018 8:58am Feb 8, 2018 8:58am
Funny on my charts it doesn't look like it hit their area yet? Hmmm.
  • #73,103
  • Edited 9:38am Feb 8, 2018 9:05am | Edited 9:38am
Market structure is my compass for direction. The liquidity now rests above the 109.75 area. If price gets there, I can determine next move by the structure created after surpassing this level. 95% of the time, you have a second chance to enter the next move after the strucure for continuation forms and shows itself. It could also peak its head above and reverse sharply, or get stuck at the 109.50 area. It might even revisit the 108.75 level. Can't say which one will occur, but I'm looking for either scenario to occur, and it will be traded when it presents itself.
No need to guess!
  • #73,104
  • Feb 8, 2018 9:10am Feb 8, 2018 9:10am
yields are higher and stocks are negative for the day so far

USD/JPY is choppy and it can swing in both directions, best to stay out
Don't Worry Be Happy
  • #73,105
  • Feb 8, 2018 9:12am Feb 8, 2018 9:12am
Quoting MrPresident
yields are higher and stocks are negative for the day so far USD/JPY is choppy and it can swing in both directions, best to stay out
Spot on. Gold is also choppy af, so yeah, difficult to trade the USD at the moment.
  • #73,106
  • Feb 8, 2018 9:37am Feb 8, 2018 9:37am
US 10 year yield was 2.885 before the market "correction" which sent stocks and USD/JPY sharply lower

the highest US 10 year yield today was 2.884 and it is getting stuck

S&P500, Dow Jones, Nasdaq all coming down
Don't Worry Be Happy
  • #73,107
  • Edited 9:55am Feb 8, 2018 9:45am | Edited 9:55am
Cashed out a small profit. Dow is sucking so far today. Markets flow in the direction of less liquidity. As there is more liquidity above price at the moment, I'm looking for setups in a southerly direction. Their are some juicy levels below that are very attractive around the the 109 area and the 108.75 handles. When the structure tells me, I'll trade it.

EDIT: Of course don't forget possible shutdown garbage. Good drivers to head south. I'm a dumb dumb. Should have held my shorts from above, forgot about government crap. Oh well, just entered short again as structure says it's happening!!
  • #73,108
  • Feb 8, 2018 9:49am Feb 8, 2018 9:49am
Quoting MrPresident
US 10 year yield was 2.885 before the market "correction" which sent stocks and USD/JPY sharply lower the highest US 10 year yield today was 2.884 and it is getting stuck S&P500, Dow Jones, Nasdaq all coming down
  • #73,109
  • Feb 8, 2018 9:49am Feb 8, 2018 9:49am
If the yields are lower, then investors have less trust in the US economic outlook and money will flow to JPY and CHF through USD/JPY and EUR/CHF. People panic and also sell their stocks.

EUR/CHF is getting dumped too with support near the 1.15 level.

If you have money to risk, then maybe you can short USD/JPY with a stop above 109.8 and maybe hope for more downside. I'm crazy so that is what I'm doing.
Don't Worry Be Happy
  • #73,110
  • Feb 8, 2018 9:54am Feb 8, 2018 9:54am
Quoting MrPresident
If the yields are lower, then investors have less trust in the US economic outlook and money will flow to JPY and CHF through USD/JPY and EUR/CHF. People panic and also sell their stocks. EUR/CHF is getting dumped too with support near the 1.15 level. If you have money to risk, then maybe you can short USD/JPY with a stop above 109.8 and maybe hope for more downside. I'm crazy so that is what I'm doing.
*Looks at my status*

Hmmmmmm.
  • #73,111
  • Feb 8, 2018 9:57am Feb 8, 2018 9:57am
Quoting MrPresident
.... EUR/CHF is getting dumped too with support near the 1.15 level...
As are all the commodities currencies against CHF.
  • #73,112
  • Feb 8, 2018 10:16am Feb 8, 2018 10:16am
As of now, based on price at the moment, I would be looking at the 108.75 level as a broad target, but anything could happen of course....
See what I mean? Anyone shooting for the 110's at the moment?
  • #73,113
  • Feb 8, 2018 10:22am Feb 8, 2018 10:22am
Whats the reason for the drop?
To Pipccess and Beyond
  • #73,114
  • Feb 8, 2018 10:34am Feb 8, 2018 10:34am
Quoting forexin101
Whats the reason for the drop?
stocks and yields
Don't Worry Be Happy
  • #73,115
  • Feb 8, 2018 10:56am Feb 8, 2018 10:56am
Attached Image (click to enlarge)
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Don't Worry Be Happy
  • #73,116
  • Feb 8, 2018 11:00am Feb 8, 2018 11:00am
Quoting nealpek
As of now, based on price at the moment, I would be looking at the 108.75 level as a broad target, but anything could happen of course.... See what I mean? Anyone shooting for the 110's at the moment?
I love this price movement especially with positive swaps. Honestly just looking at the floor between 107 and 108. Going to be dangerous if it breaks
A 1 pip gain is better than a 1 pip loss.
  • #73,117
  • Feb 8, 2018 11:02am Feb 8, 2018 11:02am
Quoting aeternum
{quote} I love this price movement especially with positive swaps. Honestly just looking at the floor between 107 and 108. Going to be dangerous if it breaks
lol, Price could go anywhere! If it gets to my target below, I will cash out, and reevaluate the market structure as it develops, a nice profit. It could keep going....but tomorrow is another day. Should be at least one more pop to find the liquidity below!!
  • #73,118
  • Feb 8, 2018 11:06am Feb 8, 2018 11:06am
Quoting nealpek
{quote} lol, Price could go anywhere! If it gets to my target below, I will cash out, and reevaluate the market structure as it develops, a nice profit. It could keep going....but tomorrow is another day. Sould be one more pop to find the liquidity below!!
You are right dear sir, price can indeed go anywhere. It may visit your target or miss it by a pip. Which is why I take my profits small chunks at a time.

I just feel that weekly wanted to bounce, but current price action tells me a test of 107/108 support level. Unless we have a sudden bounce this week, otherwise we're going to have an inside bar bearish trade coming
A 1 pip gain is better than a 1 pip loss.
  • #73,119
  • Feb 8, 2018 11:11am Feb 8, 2018 11:11am
Taking profit on the way down is the correct method. I am confident(biting nails,lol) that price should return to structure. We'll see....
  • #73,120
  • Feb 8, 2018 11:29am Feb 8, 2018 11:29am
Took a small buy, we'll see. If I'm right, i'll add along the way. Hey, that's trading...Always remember, the markets need to and must rotate.
For those just starting out, one of the biggest parts to trading is "beliefs". They are fine as long as they don't over rule "what you see"!
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