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USD/JPY Discussion

  • #84,161
  • Nov 10, 2021 1:58pm Nov 10, 2021 1:58pm
Here are my studies with Ichimoku Kinko Hyo. This time around, clear signals were presented for the upward movement that occurred earlier on the Daily and Weekly timeframes. It seems that there is still bullish potential as well. Would love to hear your guys' thoughts!

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Trying my best.
  • #84,162
  • Edited 9:22pm Nov 10, 2021 2:06pm | Edited 9:22pm
4Hr, Leg 1 seems done, now for a pullback to 113.5 area for leg 2. Once confirmed buying at 80% area of this move. The 62% rejection should at least send it back to the recent high in the event this continues south, but I believe this to be leg 1 of 5 leading to the completion of a higher tf wave 5 completion near Monthly rage highs


I stand corrected. no pullback on the 4hr. onward.
Don't compare your trades to others. Most often the masses are the asses
  • #84,163
  • Nov 10, 2021 3:01pm Nov 10, 2021 3:01pm
Quoting OBsayMkMoney
4Hr, Leg 1 seems done, now for a pullback to 113.5 area for leg 2. Once confirmed buying at 80% area of this move. The 62% rejection should at least send it back to the recent high in the event this continues south, but I believe this to be leg 1 of 5 leading to the completion of a higher tf wave 5 completion near Monthly rage highs
Just watching 114.70 at this point.
"A true speculator tries the market small." - Jesse Livermore
  • #84,164
  • Nov 10, 2021 3:28pm Nov 10, 2021 3:28pm
Quoting Jgcole83
{quote} Just watching 114.70 at this point.
We will break that this time
You have to have an IQ higher than 90 to interact with this user.
  • #84,165
  • Nov 10, 2021 4:15pm Nov 10, 2021 4:15pm
Watching this push up, profit taking for the shorts.

UTC +1 (3 hours from this post) market will retrace. 112 some where.

Have fun,
Learn, a forex trader must, unlearn and relearn he will.
  • #84,166
  • Nov 10, 2021 4:25pm Nov 10, 2021 4:25pm
Quoting COGSx86
Watching this push up, profit taking for the shorts. UTC +1 (3 hours from this post) market will retrace. 112 some where. Have fun,

<iframe width="475" height="250" src="https://vclock.com/embed/set-timer-for-3-hours/#theme=0&ampm=1&sound=xylophone" frameborder="0" allowfullscreen></iframe>
Don't compare your trades to others. Most often the masses are the asses
  • #84,167
  • Nov 10, 2021 4:25pm Nov 10, 2021 4:25pm
Buckle up and enjoy the ride fellas.

2016 highs incoming.
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"A true speculator tries the market small." - Jesse Livermore
  • #84,168
  • Nov 10, 2021 4:46pm Nov 10, 2021 4:46pm
Mark my words.

Rate hikes anytime between now and sometime in the first quarter of 2022.
"A true speculator tries the market small." - Jesse Livermore
  • #84,169
  • Nov 10, 2021 5:01pm Nov 10, 2021 5:01pm
Quoting COGSx86
Watching this push up, profit taking for the shorts. UTC +1 (3 hours from this post) market will retrace. 112 some where. Have fun,
So this was short profit taking you say? Well, there's no problem besides the "profit taking" part being bigger than the shorting part
You have to have an IQ higher than 90 to interact with this user.
  • #84,170
  • Nov 10, 2021 9:14pm Nov 10, 2021 9:14pm
Quoting COGSx86
Watching this push up, profit taking for the shorts. UTC +1 (3 hours from this post) market will retrace. 112 some where. Have fun,
I think you are right. Just a little early. What makes you think that?
Don't compare your trades to others. Most often the masses are the asses
  • #84,171
  • Nov 11, 2021 1:24am Nov 11, 2021 1:24am
It is all set for a little correction towards 113.8ish and then a fully loaded bullish impulse may be there.
WARNING: This post warps space and time in its vicinity.
  • #84,172
  • Nov 11, 2021 9:37am Nov 11, 2021 9:37am
some potential resistance here, 4hour also looking a little bearish perhaps....
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Get the Lag out
  • #84,173
  • Nov 11, 2021 10:00am Nov 11, 2021 10:00am
Quoting ZeroLag
some potential resistance here, 4hour also looking a little bearish perhaps.... {image} {image}
Looks to me like consolidation with a potential bull flag forming on the 4 hour chart.
"A true speculator tries the market small." - Jesse Livermore
  • #84,174
  • Nov 11, 2021 10:07am Nov 11, 2021 10:07am
This was my USDJPY GAME PLAN

wasn't a bad trade but I was upside down on my first 4 positions tryna catch the swing

Should still see upside soon imo
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  • #84,175
  • Nov 11, 2021 11:10am Nov 11, 2021 11:10am
Quoting T721
This was my USPY GAME PLAN wasn't a bad trade but I was upside down on my first 4 positions tryna catch the swing Should still see upside soon imo {image}
Careful my friend. Catching the swing when the chart isn't rangebound is an easy way to blow your account. I know from experience. Try instead to catch the retracement OFF of that first swing. The probability is a little higher. Once price leaves a swing it retraces a bit to it (Leg1 +2). Place a trade above that retracement and let it engage you on the way back up. If it is NOT the swing price will crash through the previous support and, leave your trade untouched. If it is.. you will have caught a nice run through legs 2 3, 4 and possibly 5. Just a suggestion.
Don't compare your trades to others. Most often the masses are the asses
  • #84,176
  • Nov 11, 2021 11:26am Nov 11, 2021 11:26am
Quoting OBsayMkMoney
{quote} Careful my friend. Catching the swing when the chart isn't rangebound is an easy way to blow your account. I know from experience. Try instead to catch the retracement OFF of that first swing. The probability is a little higher. Once price leaves a swing it retraces a bit to it (Leg1 +2). Place a trade above that retracement and let it engage you on the way back up. If it is NOT the swing price will crash through the previous support and, leave your trade untouched. If it is.. you will have caught a nice run through legs 2 3, 4 and possibly...
Thanks pal, appreciate your reply. How long have you been trading if i may ask ?
  • #84,177
  • Nov 11, 2021 12:07pm Nov 11, 2021 12:07pm
Quoting T721
{quote} Thanks pal, appreciate your reply. How long have you been trading if i may ask ?
Total 10. 5 in forex. Wait.. 6 now. In that time I went through almost every system. The most profitable ones I have seen have been Elliot wave, and Harmonics. Both take some time to study, so if you are greedy like I was taking the time to study while all that money is being made will drive you nuts, but it is worth it in the end. Turtle vs the Hare. Harmonics just wasn't for me though. EW has changed my whole approach. Only wish I had tried it earlier although knowing a bit about the other systems makes for confluence of signals. I know one thing for sure. I sleep much better now, and my stops are blown now because I put them too close. If you want more advice on what NOT to do.. I'm here lol


Greed makes a gambler
Patience makes a trader
Don't compare your trades to others. Most often the masses are the asses
  • #84,178
  • Nov 11, 2021 12:28pm Nov 11, 2021 12:28pm
Quoting OBsayMkMoney
{quote} Total 10. 5 in forex. Wait.. 6 now. In that time I went through almost every system. The most profitable ones I have seen have been Elliot wave, and Harmonics. Both take some time to study, so if you are greedy like I was taking the time to study while all that money is being made will drive you nuts, but it is worth it in the end. Turtle vs the Hare. Harmonics just wasn't for me though. EW has changed my whole approach. Only wish I had tried it earlier although knowing a bit about the other systems makes for confluence of signals. I know...
I use EW also. This month is my 29th year trading, lost over 100k gbp in yhe first 5yrs or so. Stuck at it and been trading full time ever since
Also I like using channels with EW, very helpful
  • #84,179
  • Nov 11, 2021 12:39pm Nov 11, 2021 12:39pm
Quoting T721
{quote}I use EW also. This month is my 29th year trading, lost over 100k gbp in yhe first 5yrs or so. Stuck at it and been trading full time ever since
Nice!!! Congrats on the full time!! Ok.. so you understand EW. Good. Try this. Wait for an edge. Wait for it to turn.. then mark the first sign of "trouble". A candle end.. doji.. etc. Then wait and see if price retraces there. I have found that the 62% - 50% area where wave 2 starts pops up a lot before confirmed. Then have the trade waiting at the 70% when the turn for wave 2 starts, and put your SL under the beginning of wave 1. If it pops... minimal loss.. if it catches though.. It's something I saw a few months back and am still testing, but so far it seems to work. It catches the trend in infancy, but still has some confirmation that it is in fact a trend. You then at minimum get the 30% pips back to wave 1 top most times. Let me know what you think.
Don't compare your trades to others. Most often the masses are the asses
  • #84,180
  • Nov 11, 2021 12:43pm Nov 11, 2021 12:43pm
Quoting T721
{quote}I use EW also. This month is my 29th year trading, lost over 100k gbp in yhe first 5yrs or so. Stuck at it and been trading full time ever since Also I like using channels with EW, very helpful

There is a guy on Youtube who uses channels to find Wave 4. He envelopes wave 1 and sends the channel up (or down if bearish), and low and behold wave 4 kept bouncing off of it. How do you use them? Do you find that wave 3 stays in the channel?
Don't compare your trades to others. Most often the masses are the asses
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