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USD/JPY Discussion

  • #981
  • Jul 26, 2007 1:16pm Jul 26, 2007 1:16pm
Quoting DutchTrader
I jumped in above 119, at 119.15 seeing where it goes.
GL my friend. This market has no mercy today. I'm targeting potential entry at the 61.8% fib of the rise from 115.15 - 124.14 @ 118.59.

edit- also the trendline at 118.50. Why I refuse to short this thing all day is beyond me..
  • #982
  • Jul 26, 2007 1:26pm Jul 26, 2007 1:26pm
Quoting Trader KGB
GL my friend. This market has no mercy today. I'm targeting potential entry at the 61.8% fib of the rise from 115.15 - 124.14 @ 118.59.

edit- also the trendline at 118.50. Why I refuse to short this thing all day is beyond me..
Yeah I've got a tight 10pip trailing stop on. We shall see, US session's almost closed, IF Asia buys back the crosses I wouldn't be surprised.
Patience + Humility + Study = Success
  • #983
  • Jul 26, 2007 1:28pm Jul 26, 2007 1:28pm
Quoting Trader KGB
Why I refuse to short this thing all day is beyond me..
Don't doubt yourself, I am long multiple JPYs ... have been for months. This is eating away all my profit (because of lot size differences) but I am not worried. If this is the "great unwinding", it is just getting started. There will be 2 - 3 years or more of trend in the other direction you can make your profits on. If not, any long position ... even those down a couple hundred pips are perfectly fine. So long as you are not in too heavy of course.

I have not even considered shorting, I have a target that I will hedge my positions at and wait for the storm to die down ... thinking that if it does something like this tomorrow it will get to that point

Anyway, Carry Trade still the King of Forex until he dies on his thrown. Any indications taken from history is that tyrants always live too long.
The market is my nation. Traders, my family. Hello, brothers and sisters!
  • #984
  • Jul 26, 2007 1:29pm Jul 26, 2007 1:29pm
Quoting DutchTrader
Yeah I've got a tight 10pip trailing stop on. We shall see, US session's almost closed, IF Asia buys back the crosses I wouldn't be surprised.
So were you stopped out at 119.05 then? I agree on crosses, the Japanese housewives might have a buying spree tonight.
  • #985
  • Jul 26, 2007 1:32pm Jul 26, 2007 1:32pm
Quoting StockKJay
So long as you are not in too heavy of course.
I'm worried the "big guys" are in too heavy, and the banks are having a field day intensifying their pain.

Wow we were briefly 20 pips off the low!
  • #986
  • Edited 1:45pm Jul 26, 2007 1:34pm | Edited 1:45pm
Quoting Trader KGB
I'm worried the "big guys" are in too heavy, and the banks are having a field day intensifying their pain.

Wow we were briefly 20 pips off the low!
Haha, yeah ... that is a worry. If the big guys are in too heavy, that could be a problem. Money being made today, or stolen!

Quoting DutchTrader
For every big guy bailing out, there's a bigger guy seeing value. Don't believe for a second that Euro, US and Asian banks aren't waiting to buy value.

The interest rate differential is enough to have the big dogs lappin at the trough soon enough.
Totally agree. Although conditions may not support the carry trade, as analysts are always reminding us of, the fact is that RBNZ just raised interest rates again. That is 7.75%+ that someone is getting just holding on to the NZD/JPY pair. That is still looking really nice to me.
The market is my nation. Traders, my family. Hello, brothers and sisters!
  • #987
  • Jul 26, 2007 1:40pm Jul 26, 2007 1:40pm
For every big guy bailing out, there's a bigger guy seeing value. Don't believe for a second that Euro, US and Asian banks aren't waiting to buy value.

The interest rate differential is enough to have the big dogs lappin at the trough soon enough.
Patience + Humility + Study = Success
  • #988
  • Jul 26, 2007 1:50pm Jul 26, 2007 1:50pm
feb 27 2007 all over again...

i have a trend line at 118.2 lets see what happens.
slowly but steady is the answer.
  • #989
  • Jul 26, 2007 1:55pm Jul 26, 2007 1:55pm
The good thing, for those who didn't get any action today, is that these pairs have way more ground to cover before the word "panic selling" should actually be used.

In the C/J, A/J and N/J there is way more ground to cover, so let's see if the housewives are ready
Patience + Humility + Study = Success
  • #990
  • Jul 26, 2007 1:57pm Jul 26, 2007 1:57pm
well if this is not a butt-rape I dont know what is that
Margin call on 1 account and almost 2 other accounts..
  • #991
  • Jul 26, 2007 2:09pm Jul 26, 2007 2:09pm
Quoting Vlad
well if this is not a butt-rape I dont know what is that
Margin call on 1 account and almost 2 other accounts..
Why???
Patience + Humility + Study = Success
  • #992
  • Jul 26, 2007 2:11pm Jul 26, 2007 2:11pm
Well crude, gold, silver & copper are all off 1-2%, and U/CAD, AUD/U & NZD/U are all shining. With all this dollar buying, U/J should be a big beneficiary if/when yen weakens. Have we finally found a bottom at 118.50?
  • #993
  • Jul 26, 2007 2:14pm Jul 26, 2007 2:14pm
Quoting DutchTrader
Why???
greed i guess.
  • #994
  • Jul 26, 2007 2:18pm Jul 26, 2007 2:18pm
Quoting Vlad
well if this is not a butt-rape I dont know what is that
Margin call on 1 account and almost 2 other accounts..
sorry to hear that.
BAM BAM BOOM! -bravado
  • #995
  • Jul 26, 2007 2:39pm Jul 26, 2007 2:39pm
2 hour slow-k says it is time to turn around. The daily candle hit the 38.2% fibo at the 118.55 and got in for the long. For those who want to know, since Sunday, I pulled out 375 pips with this trend down. Learn to stay with it and you will make it.
The Dove - Forex Trainer
  • #996
  • Jul 26, 2007 2:43pm Jul 26, 2007 2:43pm
dove - how tight is your stop on the entry? I'm long from similar levels, but I imagine there's a reasonable chance I'll get stopped out in the overnight.
  • #997
  • Jul 26, 2007 2:54pm Jul 26, 2007 2:54pm
Quoting Vlad
well if this is not a butt-rape I dont know what is that
Margin call on 1 account and almost 2 other accounts..
No stop loss Vlad?
  • #998
  • Jul 26, 2007 2:57pm Jul 26, 2007 2:57pm
Quoting Trader KGB
dove - how tight is your stop on the entry? I'm long from similar levels, but I imagine there's a reasonable chance I'll get stopped out in the overnight.
I never leave my trade..... I am always with it..... I go for 20 pips per day with compounding..... If the trade is good I will stay with it until my indicator says a retrace..... After the retrace I am back in it..... I never, never go against the trend..... I plan for 7 pips profit on each entry, I never let my profit get below the 7 pip profit. Most of the time I'm taking out 25-30 pips per trade.... Follow the trend and you will always be in profit. Set a limit and never let your trade go below it. No-matter what.
The Dove - Forex Trainer
  • #999
  • Jul 26, 2007 3:27pm Jul 26, 2007 3:27pm
Quoting WTB
No stop loss Vlad?

He-he.. No stoploss. But the real reason is greed. I thought it did hit the floor and... it did not.
  • #1,000
  • Jul 26, 2007 3:48pm Jul 26, 2007 3:48pm
Quoting dove_alliance
2 hour slow-k says it is time to turn around. The daily candle hit the 38.2% fibo at the 118.55 and got in for the long. For those who want to know, since Sunday, I pulled out 375 pips with this trend down. Learn to stay with it and you will make it.
I went in a first time too early (too impatient to wait for the full 61.8 retracement...) at 119.02 (market went down till at exactly one pip from my SL lol ). Now I went in again at 118.74 with a SL at 118.50.
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