USD/JPY Discussion

Quoting petehnm

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{quote} The rulers SUCK!!!...lol...but I agree with you for the longest time I've been trying to put together the right or at least the best possible chart configuration..support and resistance lines along with volume seems to help keep me in the game, could use a couple more to help out.

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Quoting unlv_tj

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Nealpek, just taking a guess, but it appears you trade based on price action, no indicators, on lower time frames. You probably only follow a few pairs while doing this. I could be completely wrong, and if you are not comfortable answer that is fine. But that is what I sort of gather looking at your charts. If so, that is very encouraging, it is how I like to trade/view the markets.

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Quoting nealpek

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MrPresident, not quite sure what irked your pickle a while back with the 4 hr chart target. You are obviously doing well, so just curious why the insults were necessary a while back?

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Quoting nealpek

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{quote} Price action and Market Structure. The truth is you only need to focus on one market. Aside from tiny nuances, they all trade and function exactly the same way. If i put 10 different markets on my screens, I'll just get confused and won't be able to focus properly on what's happening. I do glance at the big picture, daily weekly, or even 4hr for guidance on broad direction. But I primarily keep an eye on the 60, 30 ,and 15 for market structure confirmation between them. All I need is the ability to draw horizontal lines. That's it! No other...

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Quoting MrPresident

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{quote} what insults? i looked at your chart and it didn't make sense and then you wrote about tight stops, that didn't make sense either because the market is volatile 10-15 pip stops on USD/JPY almost always guarantees a loss but a wider stop below support or above resistance levels gives you a bigger probability to win

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Quoting unlv_tj

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{quote} Awesome, thank you so much. I talked with a group of guys who do price acting trading based more on 1H set-ups on 10 to 15 different pairs. I have tried for years, I see what they point out, but I lose focus on it. I think just following two pairs (EU and UJ) and then deciding which one will offer the most obvious price action for the day (chop v. decent moves) and trading that pair on the 15M and lower suits my personality. But when I bounced this idea off those guys, they thought it was a bad idea. But seeing you do just that gives me...

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Quoting nealpek

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{quote} What's comfortable for one, isn't for others. I only need to trade one market well to profit from. In the NY session which I trade, it's hard to remember a day that at least 40-60 pips couldn't be extracted from the market. With the right trade size and risk, it's enough for me! Pick any market you are comfortable with and trade it efficiently. For me it's much more relaxing to focus on one market and follow my methods than to split up my focus and scramble to look for entries, exits, and set up limit orders for each, but that's just my...

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Quoting M3csl

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I am long, tp1 109.32 at the moment..

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Quoting COGSx86

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{quote} Very nice observation on my technical side, alot of things happened today, which overcame the flag pattern that presented itself. My bias is derived from the fundamental side of Treasury yields, but does that mean the market follows exactly with treasury yields? Of course not, but the market will eventually see the light. In todays example, yields have shot up, most likely responding to NFP from last week, with stupid money chasing the DOW and S&P, followed by smart money leaving the markets and waiting on the sidelines. My whole trading...

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