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USD/JPY Discussion

  • #82,761
  • May 19, 2020 2:41am May 19, 2020 2:41am
expect 107.60 defenses to be toppled
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  • #82,762
  • May 19, 2020 6:11am May 19, 2020 6:11am
Quoting dondealova
My View {image}
PA has moved above 107.60 area, now I am waiting for BreakOut confirmation at 107.85 level
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  • #82,763
  • May 19, 2020 8:44am May 19, 2020 8:44am
Quoting dondealova
{quote} PA has moved above 107.60 area, now I am waiting for BreakOut confirmation at 107.85 level
Out My Long...Wait a retrace i'll Build Long again but before i'll wait how PA respon price 107.80
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  • #82,764
  • May 20, 2020 9:21am May 20, 2020 9:21am
Quoting tehnoob
Not a nice candle to see on the 30min, after a modest uptrend. Such "bullish engulfing" candles after uptrends tend to be signs of reversal. But it's only the 30min chart, so may be just a pause. In any case, my stops are now raised to 107.20, locking in some 50 pips. I should add that I'm out of index longs that I entered into on last Friday's fakeout dive. Posting thse in my thread, as not USD/JPY related {image}

I like this as an indicator. Found the pattern on the 4hr. Sure enough....

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Don't compare your trades to others. Most often the masses are the asses
  • #82,765
  • May 20, 2020 12:32pm May 20, 2020 12:32pm
Quoting OBsayMkMoney
{quote} I like this as an indicator. Found the pattern on the 4hr. Sure enough.... {image}
Yes something like this. I'd prefer the engulfing candle to be larger in relation to those to its left, and for it to be at the top of a longer uptrend than the one I can see in the photo, and I'd prefer it to be at or near an important level, like a previous day/week/month high, range high , or smth like that. The more choosy you become, the less opportunities that you can take, but the deadlier you accuracy

I expect USD/JPY to still take out those highs above 108.20ish but may it will languish around here and there for a week, then maybe spike once more by another 200-250 pips before it stumbles big again. Typical Yen..

There is more volatility on some of the other majors right now
  • #82,766
  • May 20, 2020 1:44pm May 20, 2020 1:44pm
I actually like it more as an exit indicator. Took the short though when other things pointed south. This is not THE trigger, but one of many. It stand out for me though because I enjoy mind games, and an engulfing candle at the edge of a trend is definitely a mind fuck. The kind to make one think that price has cleared a level of resistance. I especially like it next to a previous attempt at price. Keep the 12 years of tips coming please

Drawing a fib from the recent lows to the recent high above 111, and 108 shows up as the 61.8. Same for the Bullish Total Harmonic that is on the daily chart. If we close a 4hr, or better yet a daily above it I will abandon my shoot down first theory as it relates to the 101-105 area. I too think we will be here for a bit though. We were in a range for a long time before that spike up and down. Makes sense to me we will be again. One thing to look out for is that industry traders are about to take vacation in the next 30 days or so. Having worked on a trade floor (as IT) I know these folks tend to leave in June, and come back in August or so as they flock to their summer homes. So I foresee some big orders in the next few weeks. I hope by then we will have reached an extreme on the weekly pendulum. Interestingly enough.. 161.8 is 118. So within range..
Don't compare your trades to others. Most often the masses are the asses
  • #82,767
  • May 20, 2020 2:18pm May 20, 2020 2:18pm
Yes it's just as good as an exit or at least stop tightening/lock-in profits indicator

True, many traders will take their mandatory 2-week or longer breaks in the summer. Still, some summers hide surprises. Like 2008. I still remember taking a break at lunch with office work mates to watch the beginning of the Beijing Olympics ceremony on 08/08/2008, unaware that a huge storm was about to be unleashed on the markets.

By then, I had already long left the trading floor but let's just say that not all investment banks were caught unaware. The movie "Margin Call" is very close to the reality I experienced. Too close for relying on automated indicators and mechanical approaches.

Mind fucks indeed. They exist!
  • #82,768
  • May 20, 2020 2:41pm May 20, 2020 2:41pm
build long again
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  • #82,769
  • May 20, 2020 10:04pm May 20, 2020 10:04pm
Quoting tehnoob
Yes it's just as good as an exit or at least stop tightening/lock-in profits indicator True, many traders will take their mandatory 2-week or longer breaks in the summer. Still, some summers hide surprises. Like 2008. I still remember taking a break at lunch with office work mates to watch the beginning of the Beijing Olympics ceremony on 08/08/2008, unaware that a huge storm was about to be unleashed on the markets. By then, I had already long left the trading floor but let's just say that not all investment banks were caught unaware. The movie...

Ouch @ 2008. I remember that. Many are comparing this to that.. hmmmm
Don't compare your trades to others. Most often the masses are the asses
  • #82,770
  • May 21, 2020 7:19am May 21, 2020 7:19am
H1 in the pivot line. Will go either way, look for R1 or S1 magical line

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  • #82,771
  • May 21, 2020 7:33am May 21, 2020 7:33am
Quoting miziler
H1 in the pivot line. Will go either way, look for R1 or S1 magical line {image}

Numbers out today. Watch out for 9:45 NYC time. 830 numbers are anticipated to be bad, so "baked in"
Don't compare your trades to others. Most often the masses are the asses
  • #82,772
  • May 21, 2020 8:29am May 21, 2020 8:29am
i'll Buy at 107.45..if drop
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  • #82,773
  • May 21, 2020 8:47am May 21, 2020 8:47am
i'm in Long at 107.73 TP Open...out if 107.45 breakout
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  • #82,774
  • May 21, 2020 11:03am May 21, 2020 11:03am
Long
  • #82,775
  • May 21, 2020 11:43am May 21, 2020 11:43am
Sell - 107.6

SL - 108.2

.
Together we can be strongest
Vantage Return This Month: -97.0%
  • #82,776
  • May 21, 2020 11:53am May 21, 2020 11:53am
Quoting dondealova
i'm in Long at 107.73 TP Open...out if 107.45 breakout
Out i don't like news soon
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  • #82,777
  • Edited 12:40pm May 21, 2020 12:11pm | Edited 12:40pm
UJ is at a full shorting zone for me. I will be targeting it for 107.270. Great area to trade at (Multiple Bearish Engulfings on M15 chart). I might be wrong. Follow your

own plan.

Cheers
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  • #82,778
  • May 21, 2020 4:14pm May 21, 2020 4:14pm
Quoting WizardTrade
UJ is at a full shorting zone for me. I will be targeting it for 107.270. Great area to trade at (Multiple Bearish Engulfings on M15 chart). I might be wrong. Follow your own plan. Cheers

Do you mind defining your full shorting zone, or is the answer in the multiple bearish engulfings? Not challenging you. Just trying to grasp your concepts.
Don't compare your trades to others. Most often the masses are the asses
  • #82,779
  • May 21, 2020 8:48pm May 21, 2020 8:48pm
Quoting OBsayMkMoney
{quote} Do you mind defining your full shorting zone, or is the answer in the multiple bearish engulfings? Not challenging you. Just trying to grasp your concepts.
Nothing wrong in asking about anyone's trade idea. Sharing my Trade plan here in a pictorial form. Sit Tight while I mark and post.
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  • #82,780
  • May 21, 2020 8:56pm May 21, 2020 8:56pm
Quoting OBsayMkMoney
{quote} Do you mind defining your full shorting zone, or is the answer in the multiple bearish engulfings? Not challenging you. Just trying to grasp your concepts.
This is what My initial Trade plan was. I will be tweaking it on the go once the trend line is smoked.

Trade Safe

Cheers

PS: This is not a trade advice. Only for educational purpose. Follow your own plan.
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