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USD/JPY Discussion

  • #681
  • Jul 18, 2007 9:12am Jul 18, 2007 9:12am
121.00 is targeted
Patience + Humility + Study = Success
  • #682
  • Jul 18, 2007 9:57am Jul 18, 2007 9:57am
Well, my CCI call was correct, but since it was overnight I couldn't really take advantage of it to its fullest. Price dropped as far as 121.58 (I got in the short at 121.87) before retracing all the way plus some more. When I woke up to to check the London open, price was around 121.75. I decided to let the trade run its course because I felt price was just rebounding and once it hit the 122 level, would drop again. Unfortunately, the bounce to 122.20 level took out my stop and now we're seeing it go back down again.
  • #683
  • Jul 18, 2007 9:58am Jul 18, 2007 9:58am
Quoting thegunslinger
Well, my CCI call was correct, but since it was overnight I couldn't really take advantage of it to its fullest. Price dropped as far as 121.58 (I got in the short at 121.87) before retracing all the way plus some more. When I woke up to to check the London open, price was around 121.75. I decided to let the trade run its course because I felt price was just rebounding and once it hit the 122 level, would drop again. Unfortunately, the bounce to 122.20 level took out my stop and now we're seeing it go back down again.
We have to test the 120.79 trendline again before a bounc to 125. I plan on going long at that level.
Patience + Humility + Study = Success
  • #684
  • Jul 18, 2007 10:46am Jul 18, 2007 10:46am
Bagged 50pips from the bounce a while ago,
too bad the price didn't hit my sell limit at 122.35,....
Planning on buying dip again,...
Maybe I will fish at 121.60 area,...
  • #685
  • Jul 18, 2007 11:12am Jul 18, 2007 11:12am
Gold is up yet
  • #686
  • Jul 18, 2007 6:29pm Jul 18, 2007 6:29pm
Quoting DutchTrader
We have to test the 120.79 trendline again before a bounc to 125. I plan on going long at that level.
hey man i think the pair will rebounce at between 121.00 and 121.15 i currently got trades already posted at 121.05 with a st at 120.50 ....anyway currently im sellin at 122.00 toward the 121.00 ranges...

what do you think about this...???
DISCIPLINE IS THE KEY TO SUCCESS!!!:nerd:
  • #687
  • Jul 18, 2007 7:56pm Jul 18, 2007 7:56pm
It's really tough to say. There is no clearly defined short term trend on the UJ. Price is bouncing between a progressively narrower channel on the 1h/4h charts over the last several days. I'm just going to sit on the sideline and wait until it makes a decisive move to one side or the other.
  • #688
  • Jul 18, 2007 8:03pm Jul 18, 2007 8:03pm
Just released a Long (121.75) at 121.98...
Trading volumes have seem to thin for the last couple of hours.

Not too sure if there's going to be a definitive breakout, but certainly look forward to some "better" action.

Standing by as usual.
Chances favour the prepared.
  • #689
  • Jul 19, 2007 1:28am Jul 19, 2007 1:28am
See some one level 121.00 today?
  • #690
  • Jul 19, 2007 3:22am Jul 19, 2007 3:22am
Quoting kariunas13
See some one level 121.00 today?
actually I am aiming for a swing trade 121.78 and 122.21
  • #691
  • Jul 19, 2007 3:36am Jul 19, 2007 3:36am
also I am long at 121.87... got in a few pips late.. Had to enter around 121.82
  • #692
  • Jul 19, 2007 7:55am Jul 19, 2007 7:55am
Looks like a tasty setup coming our way being quite ripe at 122.2,

The narrowing channel's upper trend line just about broken waiting for bar to close and reach aforementioned entry point. profit taking at 122.75, 123.2 (fibs of the big swing) and leaving the last part without a TP, it'll be real sweet if it runs.

Note: for very conservative trading it is probably best to wait for a clean break of last week's high (after the drop) of 122.61


Good luck.
  • #693
  • Jul 19, 2007 8:43am Jul 19, 2007 8:43am
the pair might bounce down from 122.11

Check the graph in my site if you want... I might go short from 122.20

I am not confident for this trade now...

I already closed my long.
  • #694
  • Jul 19, 2007 9:19am Jul 19, 2007 9:19am
Quoting Alfa159
the pair might bounce down from 122.11

Check the graph in my site if you want... I might go short from 122.20

I am not confident for this trade now...

I already closed my long.
There's a range being traded, nothing to breakout either way at this point. Unless Bernanke comes out and says "Ladies and Gents, we're fucked. Subprime is a huge pain in our ass and we're toast". Since we know that ain't happening, I will wait for a test of 121 or a serious breakout to the topside past this 122.20 barrier.
Patience + Humility + Study = Success
  • #695
  • Jul 19, 2007 9:27am Jul 19, 2007 9:27am
This pair is one annoying piece of crap for a long time already. However, it can just POP 100 pips up out of nowhere...

That being said, keeping even a small long for the run, preferrably at the 121.70-121.90 area, is likely to reward sometime.

Dow Jones is strong today - so far, which could inspire UJ upwards later this session....
  • #696
  • Jul 19, 2007 9:43am Jul 19, 2007 9:43am
Argh looks like it's going sour now, should not have entered at 122.2, maybe .25 would have been more solid. -17pips now and looks like a small pinbar going south.

Got my stop loss at 121.9, think it'll be hit?

Im not taking that chance, Position CLOSED.
  • #697
  • Jul 19, 2007 9:48am Jul 19, 2007 9:48am
Quoting bobblong
Argh looks like it's going sour now, should not have entered at 122.2, maybe .25 would have been more solid. -17pips now and looks like a small pinbar going south.

Got my stop loss at 121.9, think it'll be hit?

Im not taking that chance, Position CLOSED.
you did the best... I favor a short position. But don't want to enter right now... The range in my chart is getting tight...
  • #698
  • Jul 19, 2007 9:58am Jul 19, 2007 9:58am
  •  dado26
  • | Joined Mar 2007 | Status: Plan your trade and trade your plan | 180 Posts
I see it as bouncing in triagle now from 122.05 to 121.80.... possible brakeout? We ll see.....
  • #699
  • Jul 19, 2007 10:00am Jul 19, 2007 10:00am
Quoting dado26
I see it as bouncing in triagle now from 122.05 to 121.80.... possible brakeout? We ll see.....
Yep, ascending range. Those are the worst.
Patience + Humility + Study = Success
  • #700
  • Jul 19, 2007 10:00am Jul 19, 2007 10:00am
Quoting dado26
I see it as bouncing in triagle now from 122.05 to 121.80.... possible brakeout? We ll see.....
my chart shows the triangle as well... I believe a breakout might occur after the Australian Market open up and than fasten up in the Japanese session
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