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USD/JPY Discussion

  • #87,021
  • Aug 1, 2023 8:27pm Aug 1, 2023 8:27pm
Buying again.
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  • #87,022
  • Aug 1, 2023 8:55pm Aug 1, 2023 8:55pm
Quoting OBsayMkMoney
{quote} If you don't mind my asking why are you only shorting a bullish run? If you are a counter trader, why not counter trade the areas of consolidation? Especially UJ. When it goes on a run the consolidation areas are small. I am not putting your system down. Just trying to understand.
Great question! The reason I don't trade consolidation zones is because they are zones by which dealers accumulate volume of orders. After all, if the dealer does not establish a volume of willing traders, the market cannot exist. Trading consolidation zones before a move is a conflict of interest, as they are often violated in dealer-driven stop hunts.
Discouragement is the language of the devil. Results over hype.
  • #87,023
  • Aug 2, 2023 4:38am Aug 2, 2023 4:38am
Quoting 1 in 1 out
What I'm watching. {image} {image} {image}

A per my previous post, short taken at EOD Tuesday.
Half profits booked, stop now @ BE

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  • #87,024
  • Aug 2, 2023 6:27am Aug 2, 2023 6:27am
Quoting imjoshbrown
I nailed a couple of shorts on USDJPY - looking for a swing low into the 140.830 area. {image}
I missed UJ's run, got caught up booking pips on CHFJPY. Entered 2.5 hours before the Europe open, and I just closed out before the US open. I accidentally closed out my entry off the peak Still a good day!
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Discouragement is the language of the devil. Results over hype.
  • #87,025
  • Aug 2, 2023 9:29am Aug 2, 2023 9:29am
Quoting imjoshbrown
{quote} Great question! The reason I don't trade consolidation zones is because they are zones by which dealers accumulate volume of orders. After all, if the dealer does not establish a volume of willing traders, the market cannot exist. Trading consolidation zones before a move is a conflict of interest, as they are often violated in dealer-driven stop hunts.

Not quite what I asked. I asked why you are only shorting this market when it is bullish. Why go against the trend when counter trend moves are limited for the most part, and the trend moves fly. You said you were waiting for a shorting opportunity. Why not a buying one, as the market is clearly in buy mode, and willing to let you in every time it retraces. Accumulation zones are a different beast. Tradable.. just lower the time frame and it looks trendy lol.
Don't compare your trades to others. Most often the masses are the asses
  • #87,026
  • Aug 2, 2023 4:15pm Aug 2, 2023 4:15pm
Quoting OBsayMkMoney
{quote} Not quite what I asked. I asked why you are only shorting this market when it is bullish. Why go against the trend when counter trend moves are limited for the most part, and the trend moves fly. You said you were waiting for a shorting opportunity. Why not a buying one, as the market is clearly in buy mode, and willing to let you in every time it retraces. Accumulation zones are a different beast. Tradable.. just lower the time frame and it looks trendy lol.
I’m not the type to chase trends. It’s a very specific context in which I trade that requires a confluence of information rooted in auction market theory, price action, and a handful of technicals.

Mind you, I’m not against trading in-line with a trend, but markets have to breathe; rally and correct, and it’s easy to get caught up chasing trends, breakouts, and not seeing the bigger picture. There are times to follow the trend, and times to trade against it. It just depends.

Not to mention, I received instruction from a retired ECN broker years ago. It’s opened my eyes to the conflicts of interest and enabled me to place trades and protect capital.

hope that clarifies things. Let me know if you need more elaboration.
Discouragement is the language of the devil. Results over hype.
  • #87,027
  • Aug 2, 2023 9:34pm Aug 2, 2023 9:34pm
Quoting imjoshbrown
{quote} I missed UJ's run, got caught up booking pips on CHFJPY. Entered 2.5 hours before the Europe open, and I just closed out before the US open. I accidentally closed out my entry off the peak Still a good day! {image}
I double dipped and caught some pips long
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Discouragement is the language of the devil. Results over hype.
  • #87,028
  • Aug 3, 2023 7:36pm Aug 3, 2023 7:36pm
Current projection for USDJPY - Looking to short off the 200EMA, 15-pip SL outside entry as usual. I'm super cautious about buying back toward any peak formation that develops during the week.

What are your thoughts?
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Discouragement is the language of the devil. Results over hype.
  • #87,029
  • Edited 7:46am Aug 4, 2023 6:50am | Edited 7:46am
Buy Limit order
142.5
SL 141.5
TP1 - 144.244
TP 2 -
Don't compare your trades to others. Most often the masses are the asses
  • #87,030
  • Aug 6, 2023 4:44am Aug 6, 2023 4:44am
USD/JPY (Daily): the price has formed a reversal Price Action pattern at the resistance zone.
After breaking through the local support, we may see a downward movement towards the 137.5 support area
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  • #87,031
  • Aug 6, 2023 3:02pm Aug 6, 2023 3:02pm
USDJPY price action on the daily time frame came under bearish pressure after a bullish retest of the 143.00/143.900 horizontal resistance (blue). Although the recent technical patterns of price action on the daily time frame favour bulls, we may still see further bearish pressure, perhaps for liquidity sweep, before a bullish turnaround.

I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
  • #87,032
  • Edited 9:54pm Aug 6, 2023 6:39pm | Edited 9:54pm
My bias is Bullish right now in 15m.
Waiting for pullback to get entry.

Edit #1: Didn't get any confirmation on the pullback and price turn bearish, get a pullback, and get confirmation to continue the bearish trend at 15m candle close (01:30 GMT)

Entry: 141.8
Soft SL: 141.95
Hard SL: 142.1
TP1: 141.65
TP2: 141.50

Edit #2: Get out because 15m candle close above soft SL at 142.05. -25pips (-0.83%)
Soft inside, Hard outside
  • #87,033
  • Aug 6, 2023 10:53pm Aug 6, 2023 10:53pm
I hopped in short off the 15 pip swing high, and got stopped out at the 30 pip swing high. Hopped back in. Dealer appears to be tapping into liquidity pool above Friday's American session, where late sellers placed their stop loss orders, visually appears in price action to be testing 'resistance'.
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Discouragement is the language of the devil. Results over hype.
  • #87,034
  • Aug 7, 2023 4:01am Aug 7, 2023 4:01am
Going for buy on UJ earlier (sorry for late update, btw).

Entry on candle close 15m at 142.18, soft SL at 15 pips below, TP1 at 15 pips too.
Price did hit 13 pips but coming back to entry, so close in BE. Price already hit TP1 now (so sad :' hehe)
not a good day for UJ, but still get some profit from gold today, on to the next trade.
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Soft inside, Hard outside
  • #87,035
  • Aug 7, 2023 7:18am Aug 7, 2023 7:18am
USD/JPY (1H): the price is now forming a reversal setup at the resistance zone, which may indicate a potential downward movement.
Confirmations: breakout, lower low, 0.618 Fib, lower high, Price Action.
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  • #87,036
  • Aug 7, 2023 7:39pm Aug 7, 2023 7:39pm
Looking for buy at UJ, need pullback first and the confirmation to continue the bullish.
Soft inside, Hard outside
  • #87,037
  • Aug 7, 2023 8:48pm Aug 7, 2023 8:48pm
Bought again.
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  • #87,038
  • Aug 10, 2023 9:22am Aug 10, 2023 9:22am
Quoting OBsayMkMoney
Buy Limit order 142.5 SL 141.5 TP1 - 144.244 TP 2 -
Closed.
Don't compare your trades to others. Most often the masses are the asses
  • #87,039
  • Aug 10, 2023 9:24am Aug 10, 2023 9:24am
Quoting OBsayMkMoney
UJ Daily. We appear to be pushing our way up. My first target is 144.244. I chose this target because on the daily this move currently has two option patterns to the upside. Option one. We are in an ABC correction to the DOWNSIDE, and the A has been formed sending us up for the B. My Fib puts that B at 144.244. When my FIB hit that number I remembered it as a number that was targeted previously and did a search of FF looking for it. I found a posting from Oct. 2022 (not mine) where this level was posted as resistance. As much as I want this to fly...



Target hit. Closed Longs. Opening 1 exploratory short.
Don't compare your trades to others. Most often the masses are the asses
  • #87,040
  • Aug 10, 2023 9:34am Aug 10, 2023 9:34am
Quoting OBsayMkMoney
{quote} Target hit. Closed Longs. Opening 1 exploratory short.
Nice, I'm still in. Hoping to see 145 later today or tomorrow. Secured profits.
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