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USD/JPY Discussion

  • #76,101
  • Apr 30, 2018 2:25am Apr 30, 2018 2:25am
Higher price broke, 15 min chart

Market closed, in Japan, forming a flag, I see on the 4 hour.
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Click to Enlarge Name: USDJPY89.jpg Size: 216 KB
Learn, a forex trader must, unlearn and relearn he will.
  • #76,102
  • Apr 30, 2018 4:17am Apr 30, 2018 4:17am
Guys, what's your take on USDJPY right now. Looks like a clean divergence in H4 and also in M15, Fibo ret just hit 61.8. (pic below)
I think we can safetly expect a down trend now.
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  • #76,103
  • Apr 30, 2018 6:25am Apr 30, 2018 6:25am
No divergence to me. Hit 61.8% and had small reaction though. But fib retracement by itself and even with divergence still needs more confirming factors such as other fib price levels/time/pattern.
  • #76,104
  • Apr 30, 2018 6:54am Apr 30, 2018 6:54am
5MIN chart

have to wait, no sign of reverse, so its better wait and see how it climbs at top of consolidation area.
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  • #76,105
  • Apr 30, 2018 7:19am Apr 30, 2018 7:19am
Quoting COGSx86
Higher price broke, 15 min chart Market closed, in Japan, forming a flag, I see on the 4 hour. {image} {image}
COGS, I love your charts, thank you for sharing!

I have two questions.

#1) How many pairs/instruments do you follow?

#2) What is your default time frame when watching charts? Do you normally leave your charts on the 1H unless things get interesting and then you drill down? Do you have another time frame you default to?

Thank you!
  • #76,106
  • Apr 30, 2018 8:02am Apr 30, 2018 8:02am
Quoting saoshyant
Guys, what's your take on USDJPY right now. Looks like a clean divergence in H4 and also in M15, Fibo ret just hit 61.8. (pic below) I think we can safetly expect a down trend now. {image}
bad idea to look at low time frame charts and believe in fib lines, that is how people lose lots of money on this forum and then never come back to Forex

trend is still bullish unless under 108.5
Don't Worry Be Happy
  • #76,107
  • Apr 30, 2018 8:27am Apr 30, 2018 8:27am
Quoting MrPresident
{quote} bad idea to look at low time frame charts and believe in fib lines, that is how people lose lots of money on this forum and then never come back to Forex trend is still bullish unless under 108.5
I`m still Bullish and observed that your observations are pretty good.
  • #76,108
  • Apr 30, 2018 8:31am Apr 30, 2018 8:31am
Quoting MrPresident
{quote} bad idea to look at low time frame charts and believe in fib lines, that is how people lose lots of money on this forum and then never come back to Forex trend is still bullish unless under 108.5
Yeah... about that, I think I'm about to get screwed.
  • #76,109
  • Apr 30, 2018 8:41am Apr 30, 2018 8:41am
Bad idea to give general advice. To each their own what works and doesn't regarding fibs and short time frames. Fractals are on all time frames.
  • #76,110
  • Apr 30, 2018 9:47am Apr 30, 2018 9:47am
Quoting SunTrader
Bad idea to give general advice. To each their own what works and doesn't regarding fibs and short time frames. Fractals are on all time frames.
what works is what makes your account balance grow
Don't Worry Be Happy
  • #76,111
  • Apr 30, 2018 10:21am Apr 30, 2018 10:21am
As one of those sitting out here reading and learning, the "bad idea" is to take any single statement without a tub of salt. Trust but verify it works for oneself.

That being said, this learner thanks all for the information provided. Okay, back to skulking in the shadows...
  • #76,112
  • Apr 30, 2018 11:13am Apr 30, 2018 11:13am
Quoting unlv_tj
{quote} COGS, I love your charts, thank you for sharing! I have two questions. #1) How many pairs/instruments do you follow? #2) What is your default time frame when watching charts? Do you normally leave your charts on the 1H unless things get interesting and then you drill down? Do you have another time frame you default to? Thank you!

Like my charts, you do, see something you must.

Watch many pairs, trade very few, USDJPY, EURUSD, GOLD. Important ones I follow 3-month treasuries (investing.com), DXY, OIL.

Default timeframe, how can you pick just one? Each chart shows the same thing, zoom out, look at the whole market, I do. Zoom back in looking at the 1 min chart you see the markets reaction.

Important patterns, wedges, flags, pennants ( https://www.mql5.com/en/code/13704). This code does very simple timeframes, but the idea still stands strong using the linear regression of the market. The markets reaction with regards to linear regression, is very strong. But not this linear MA or the linear lines that float around, highs/lows based on really data, the market uses.
Learn, a forex trader must, unlearn and relearn he will.
  • #76,113
  • Apr 30, 2018 11:48am Apr 30, 2018 11:48am
Also to add, trade many directions with many timeframes, big small all sizes.
Learn, a forex trader must, unlearn and relearn he will.
  • #76,114
  • Apr 30, 2018 12:00pm Apr 30, 2018 12:00pm
Quoting COGSx86
{quote} Like my charts, you do, see something you must. Watch many pairs, trade very few, USDJPY, EURUSD, GOLD. Important ones I follow 3-month treasuries (investing.com), DXY, OIL. Default timeframe, how can you pick just one? Each chart shows the same thing, zoom out, look at the whole market, I do. Zoom back in looking at the 1 min chart you see the markets reaction. Important patterns, wedges, flags, pennants ( https://www.mql5.com/en/code/13704). This code does very simple timeframes, but the idea still stands strong using the linear...
Yes, I very much appreciate the wisdom you share from your charts. Other new guys, take note and ask questions, lots of great advice from some senior fellows in this thread.
  • #76,115
  • Apr 30, 2018 12:06pm Apr 30, 2018 12:06pm
Not sure if u guys are following the Iranian storm brewing up in Syria.My problem is Israel shoots first asks questions later so things might get out of hand.
Your friendly neighbourhood Sith
  • #76,116
  • Apr 30, 2018 12:08pm Apr 30, 2018 12:08pm
UJ is going up in a jiffy since good times dont last long
Your friendly neighbourhood Sith
  • #76,117
  • Apr 30, 2018 12:42pm Apr 30, 2018 12:42pm
USD/JPY started the new week trading within tight range above 109.00. It seems that the pair is awaiting Fed to set direction.
  • #76,118
  • Apr 30, 2018 12:48pm Apr 30, 2018 12:48pm
Quoting darthPip
Not sure if u guys are following the Iranian storm brewing up in Syria.My problem is Israel shoots first asks questions later so things might get out of hand.
I saw Israel bombed a Iranian base in Syria overnight and killed like 26 people. I am not sure if all that was confirmed or not. Did something else happen? This whole situation with Russia and potentially China backing Russia could be the biggest story of our lifetime.
  • #76,119
  • Apr 30, 2018 1:14pm Apr 30, 2018 1:14pm
Quoting unlv_tj
{quote} I saw Israel bombed a Iranian base in Syria overnight and killed like 26 people. I am not sure if all that was confirmed or not. Did something else happen? This whole situation with Russia and potentially China backing Russia could be the biggest story of our lifetime.
I read that too.

Last month I read Israeli news that Israeli were testing their brand new F35 within Iranian air space

Unfortunately fake news CNN likes to talk only about Mueller,Cohen,Comey and other legal mumbo jumbo.Why legal? no one really understands legal.
Your friendly neighbourhood Sith
  • #76,120
  • Apr 30, 2018 1:22pm Apr 30, 2018 1:22pm
Quoting darthPip
{quote} I read that too. Last month I read Israeli news that Israeli were testing their brand new F35 within Iranian air space Unfortunately fake news CNN likes to talk only about Mueller,Cohen,Comey and other legal mumbo jumbo.Why legal? no one really understands legal.
They are trying to sell to that they will get Trump impeached and give hope to the Trump haters. Maybe they will. None of it matters if Israel attacks Iran and Iran responds or worse yet Russia backs Iran and/or Syria and world war 3 breaks out.

Huge news event that could impact all of us in our personal day to day lives, while Mueller, Comey, Cohen is gossip crap.
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