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USD/JPY Discussion

  • #73,341
  • Feb 15, 2018 10:17am Feb 15, 2018 10:17am
What is it with the 106.20 and it not breaking!
To Pipccess and Beyond
  • #73,342
  • Feb 15, 2018 2:52pm Feb 15, 2018 2:52pm
Did any manage to trade that move successfully if so please share such divine tactics! I have never seen such a good stop loss hunt play out like so before
To Pipccess and Beyond
  • #73,343
  • Feb 15, 2018 2:55pm Feb 15, 2018 2:55pm
Quoting forexin101
Did any manage to trade that move successfully if so please share such divine tactics! I have never seen such a good stop loss hunt play out like so before
it is very simple, all you have to do is wait until it bottoms out, then look for it to retrace on a 4 hour or daily chart

then sell when you see it get stuck trying to move to the upside

you can do this with other JPY pairs as well because once U/J falls, everything else with a /J will likely do the same
Don't Worry Be Happy
  • #73,344
  • Feb 15, 2018 3:04pm Feb 15, 2018 3:04pm
Market thrusts have not disappointed!
Attached Image (click to enlarge)
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Learn, a forex trader must, unlearn and relearn he will.
  • #73,345
  • Feb 15, 2018 3:11pm Feb 15, 2018 3:11pm
As I predicted, it worked out great (weekly fibo 68 and RSI); traded twice and got 70 pips. (long side) I still think it will hold up from here momentarily. I'm not holding any position now. This may break through 106 tonight pacific time; this has been showing inverse relationship against S&P Index. SPX finished strong in uptrend, so this may fall down tonight... Good luck.
  • #73,346
  • Feb 15, 2018 3:11pm Feb 15, 2018 3:11pm
Quoting forexin101
Did any manage to trade that move successfully if so please share such divine tactics! I have never seen such a good stop loss hunt play out like so before
A well established down trend we had, hmmm? Look for bearish entries you should. Retouch of S/d zones, powerful it is!

What do you see, in the screenshot below?
Attached Image (click to enlarge)
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Learn, a forex trader must, unlearn and relearn he will.
  • #73,347
  • Feb 15, 2018 3:20pm Feb 15, 2018 3:20pm
Got in clean with a bigger position at 108.7 and have been slowly adding as I ride this thing down into the grave. Thinking about taking everything off around 105.7 and waiting for the pullback to sell again
Attached Image (click to enlarge)
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niemals aufgeben
  • #73,348
  • Feb 15, 2018 5:23pm Feb 15, 2018 5:23pm
Quoting MrPresident
{quote} it is very simple, all you have to do is wait until it bottoms out, then look for it to retrace on a 4 hour or daily chart then sell when you see it get stuck trying to move to the upside you can do this with other JPY pairs as well because once U/J falls, everything else with a /J will likely do the same
Quoting COGSx86
{quote} A well-established downtrend we had, hmmm? Look for bearish entries you should. Retouch of S/d zones, powerful it is! What do you see, in the screenshot below? {image}
I was trading the 5 min scalp so I was really shocked to see it be so choppy, as silly as it sounds I forgot to check the higher timeframes for understanding
To Pipccess and Beyond
  • #73,349
  • Feb 15, 2018 6:46pm Feb 15, 2018 6:46pm
Quoting forexin101
{quote} {quote} I was trading the 5 min scalp so I was really shocked to see it be so choppy, as silly as it sounds I forgot to check the higher timeframes for understanding
No! Not silly! Only silly in your mind! As traders we learn everyday, timeframe matters not, understanding the direction of the banks is the true ally and a powerful ally it is. Central Banks create it, banks thrive for it, governments make it grow. Its supply surrounds us and binds us, as traders, seeing where the big money is going, country to country searching for security, between the US, Japan, Europe, everywhere, yes!

Scalping, short term, long term trading, matters not. The direction is created, Trading the direction we must.
Learn, a forex trader must, unlearn and relearn he will.
  • #73,350
  • Feb 15, 2018 6:49pm Feb 15, 2018 6:49pm
Quoting Expo33
First position in sell zone filled. A quick 20 pip rejection. Let's see if we can visit 106. RENKO BRICK SIZE = 10 PIPS (10% of 20ADR) {image}
Booked +48 pips. Now on the sidelines for this pair
Pride always comes before destruction.... -Proverbs 16:18
  • #73,351
  • Feb 15, 2018 6:53pm Feb 15, 2018 6:53pm
Quoting Expo33
{quote} Booked +48 pips. Now on the sidelines for this pair
That's probably the smart move. I should probably do the same, but want to hold because it still feels heavy and the stops below 106 look really juicy, but it's a greedy play for me. I'll wait a bit longer.
niemals aufgeben
  • #73,352
  • Feb 15, 2018 8:20pm Feb 15, 2018 8:20pm
is anyone else looking at 106.00 as a long oppertunity?
  • #73,353
  • Feb 15, 2018 8:32pm Feb 15, 2018 8:32pm
Quoting 4xjunkie
is anyone else looking at 106.00 as a long oppertunity?
Set my buy limit at 106..tp 109..i think some correction is due..
  • #73,354
  • Feb 15, 2018 8:43pm Feb 15, 2018 8:43pm
Quoting acit
{quote} Set my buy limit at 106..tp 109..i think some correction is due..
agreed took it at 106.037
  • #73,355
  • Feb 15, 2018 9:33pm Feb 15, 2018 9:33pm
Quoting 4xjunkie
is anyone else looking at 106.00 as a long oppertunity?
I'm way too nervous to go long, if anything I'll take my profits, but the bearish momentum still seems to be there. It's having real trouble bouncing and I see it breaching 106 if we don't get a significant bid by the start of the London session. But the risk is pretty well defined if that's your style of trading
niemals aufgeben
  • #73,356
  • Feb 15, 2018 10:14pm Feb 15, 2018 10:14pm
Profits booked at 105.7, switching for small long scalp, tight stop at 105.39
niemals aufgeben
  • #73,357
  • Feb 15, 2018 10:19pm Feb 15, 2018 10:19pm
Still waiting for a pop up so I can sell. Or gets to 105.30 area where I will most likely start to build a long position. Fast moves like this usually never hold the level. If it's a slow grind down to 105.30 area, I will stand aside and watch some more.

It's better to be out of a trade hoping to get in than be in a bad trade hoping to get out.
Ecclesiastes 1:9
  • #73,358
  • Feb 16, 2018 1:18am Feb 16, 2018 1:18am
Quoting NovaFX
{quote} I'm way too nervous to go long, if anything I'll take my profits, but the bearish momentum still seems to be there. It's having real trouble bouncing and I see it breaching 106 if we don't get a significant bid by the start of the London session. But the risk is pretty well defined if that's your style of trading
It got brutal fast but did not get stoped out, going to hold it. and short eu.
  • #73,359
  • Feb 16, 2018 2:01am Feb 16, 2018 2:01am
I think this is a pretty good price to go long. Just tight up your SL..
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  • #73,360
  • Feb 16, 2018 3:08am Feb 16, 2018 3:08am
IMO it's not yet time to go long USD/JPY. The bottom of the bullish weekly candle of Nov 6, 2016, is a big target that is likely to be taken out (circled)

Similar situation with GBP/USD but in that case the target is on the long side

Imagine how many longs have their SL at that point.

edit: weekly chart
Attached Image (click to enlarge)
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