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USD/JPY Discussion

  • #78,981
  • Nov 8, 2018 2:05pm Nov 8, 2018 2:05pm
114 is the super resistance point.
short at full leverage.
  • #78,982
  • Nov 8, 2018 5:11pm Nov 8, 2018 5:11pm
Usd/Jpy risk remains on the upside, next immediate resistance can be seen as last month high at 114.54, the pair is in the position of retesting the level.
  • #78,983
  • Nov 8, 2018 5:13pm Nov 8, 2018 5:13pm
Quoting forgotlogin
114 is the super resistance point. short at full leverage.
I agree, highly unlikely to ever see 115 again in my life time.
a definite short back to 112
  • #78,984
  • Nov 8, 2018 5:14pm Nov 8, 2018 5:14pm
Quoting forgotlogin
114 is the super resistance point. short at full leverage.
Quoting csc2009
Usd/Jpy risk remains on the upside, next immediate resistance can be seen as last month high at 114.54, the pair is in the position of retesting the level.
...
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If you're gonna be a bear, be a grizzly
  • #78,985
  • Nov 8, 2018 5:49pm Nov 8, 2018 5:49pm
As for me, I'd wait for ~114.35 to go short.
Amor Fati--F. Nietzsche
  • #78,986
  • Nov 8, 2018 7:13pm Nov 8, 2018 7:13pm
Well it has some promise. I've got smaller lots, hoping to get some bigger pips, but cautious. and not above reducing exposure. Risking $120 ( $30 by 4) atm. I'd like to see another lower high. I tend to hate trading Fridays as I find it range bound and lethargic at the end of the week. I'm not sure how the elections will affect the weeks end. As always all 1 can do is manage risk / exposure. Is it too much to expect a trend turn now ???
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  • #78,987
  • Nov 8, 2018 7:18pm Nov 8, 2018 7:18pm
An H4 hanging man would be nice. We shall see.

https://cdn.fxdayjob.com/wp-content/...ick-signal.jpg
  • #78,988
  • Edited 9:47pm Nov 8, 2018 7:29pm | Edited 9:47pm
It hit TL / 50 SMA/ hard and bounced, and then my service dropped. TP 1st trade 113.909 to limit risk

NB TP 2nd trade 113.872, now only risking $60. It broke through the TL but has found support at 113.839. I was hoping it would touch 100SMA for 15min, or 50 sma for 30min but no, hence reduction of position with upward move. I'm hoping 113.963 is new upper resistance.
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  • #78,989
  • Nov 8, 2018 9:39pm Nov 8, 2018 9:39pm
I missed out on potential profits on its way up, but am capitalizing on this current down trend. I'm watching carefully in case this decides to turn around - will set a trailing stop loss before heading to bed.


1m chart:
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If you're gonna be a bear, be a grizzly
  • #78,990
  • Nov 8, 2018 9:53pm Nov 8, 2018 9:53pm
Quoting warrensapp
I missed out on potential profits on its way up, but am capitalizing on this current down trend. I'm watching carefully in case this decides to turn around - will set a trailing stop loss before heading to bed. 1m chart: {image}

Good luck with the trailing SL, what have you got it set to? I haven't pursued using one after a couple of attempts when I got stopped out with increased spread spikes and typical PA !!. I do like the idea but execution can be tricky ????
  • #78,991
  • Nov 8, 2018 10:01pm Nov 8, 2018 10:01pm
Quoting hellsbells
{quote} Good luck with the trailing SL, what have you got it set to? I haven't pursued using one after a couple of attempts when I got stopped out with increased spread spikes and typical PA !!. I do like the idea but execution can be tricky ????
It's funny you should ask that - I am in the process of testing out and trying different stop losses I feel comfortable with. Some wider than others. My biggest gripe with forex.com, is you can't set your trailing stop by percentage(%), it has to be by a specific pip amount.

My sell entries average to 113.94 and the current price is at about 113.90 right now. So assuming I am going to bed this moment (which I am not), I would try setting it at 3-10 pips. That way it has some room to move down without selling to soon.

Like I said, just playing around with SL now to get a feel for it.
If you're gonna be a bear, be a grizzly
  • #78,992
  • Nov 9, 2018 1:55am Nov 9, 2018 1:55am
Quoting SPATrading
{quote} A decisive breakout on the H4 indeed in place. However H4 is 6 time less reliable than the daily thus it is crucial to wait and see the closing of the day and more important the closing of the week tomorrow. There is enough ADR for price to reach the 114.04 ish primary resistance and see the price action around that area... The EX resistance and NOW support level marked in yellow requires close monitoring... With current facts sellers are nowhere to be found... {image} {image}
The daily candle yesterday drastically breakthrough the critical level marked in yellow and managed to close above a weekly secondary & primary resistance levels as well as just above the round number 114.00.

The price action around the level marked in yellow is very interesting to see how the market participants will behave.

Yesterday, I sold all my $ and I will attempt to buy them back at a discount price using a touch trade risking a small partial of the pair's profits.
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Every so often wrong and sometimes right but always honest. MV
  • #78,993
  • Nov 9, 2018 4:06am Nov 9, 2018 4:06am
Came home and decided to close my last 2 shorts, Full bullish hour candle, 30 min hammer with 2 bullish 30min candles and back above 50 SMA. Finished for the week
  • #78,994
  • Nov 9, 2018 6:47am Nov 9, 2018 6:47am
Gonna like this, Harmonic traders are, pretty evident, hmm
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Learn, a forex trader must, unlearn and relearn he will.
  • #78,995
  • Nov 9, 2018 11:03am Nov 9, 2018 11:03am
Quoting SPATrading
{quote} The daily candle yesterday drastically breakthrough the critical level marked in yellow and managed to close above a weekly secondary & primary resistance levels as well as just above the round number 114.00. The price action around the level marked in yellow is very interesting to see how the market participants will behave. Yesterday, I sold all my $ and I will attempt to buy them back at a discount price using a touch trade risking a small partial of the pair's profits. {image}
Touch trade was filled. Risk 133€ & targeting the 114.74 price level. Touch trade is highly risky and thus a tight stop loss is vital.

Still price did not gave me the chance to break even the trade.
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Every so often wrong and sometimes right but always honest. MV
  • #78,996
  • Nov 9, 2018 2:34pm Nov 9, 2018 2:34pm
USD/JPY dropped to 113.70 as Wall Street suffered heavy losses and despite the broad-based greenback’s strength, the pair lost its traction in the second half of the day and fell below the 144.00 handle. Seems like the safe-haven flows helped the Japanese Yen finding some emand ahead of the weekend.
  • #78,997
  • Edited 5:39pm Nov 9, 2018 2:49pm | Edited 5:39pm
Quoting COGSx86
Gonna like this, Harmonic traders are, pretty evident, hmm {image}
But what happens next and how does completion of the pattern affect your bullish bias ?? Its a bearish pattern with right top lower than left top.. Have you opened/ closed trades based on it ?
Cheer h
  • #78,998
  • Nov 9, 2018 2:53pm Nov 9, 2018 2:53pm
If it closes above / below 113.8 will that give us the direction for next week ? Amazing how often i think well lets see how the hour closes for a better idea, and it will close sitting on the fence !
  • #78,999
  • Nov 9, 2018 3:03pm Nov 9, 2018 3:03pm
Quoting hellsbells
{quote} But what happens next and how does completion of the pattern affect your bullish bias ?? Have you opened/ closed trades based on it ? Cheer h
I don't know how he use it , but i use the point XB for to confirm the pattern.

.
Together we can be strongest
Vantage Return This Month: na
  • #79,000
  • Nov 10, 2018 12:07am Nov 10, 2018 12:07am
I'm so keen to short UJ ( unsure of this pathology other than a basic contrarian nature), and hopeful that 1 day I can long EU ( again contrarian nature) and yet given the tweezer top on daily EJ looks like I'm hoping UJ is going to absolutely tank (which I don't think is likely). So I guess next week I'm looking to short EJ ( as a sensible logical reaponse).. but always looking at options. This may or may not make sense

So next week EU will rise from the ashes on open and those waiting for a 1.13 flat entry will miss out, UJ will open gap down and not recover, ... excellent plan, cant wait.
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