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USD/JPY Discussion

  • #1,021
  • Jul 26, 2007 7:04pm Jul 26, 2007 7:04pm
I think anything we are seeing right this minute is some retrace from earlier today and the last couple of days...

Of coarse I am no one to say much, but I am short with my profit target set along the red trend line.
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  • #1,022
  • Jul 26, 2007 7:06pm Jul 26, 2007 7:06pm
Quoting dove_alliance
This trend started Friday morning at 04:00 ET..... It busted the trend after 12 this afternoon. It is now working it ways back into the trend and will continue up as it has now gone over 80 pips on the upside.
Looks like a retrace to me.
Patience + Humility + Study = Success
  • #1,023
  • Jul 26, 2007 7:08pm Jul 26, 2007 7:08pm
Quoting Trader KGB
GT. TP?
pending.
BAM BAM BOOM! -bravado
  • #1,024
  • Jul 26, 2007 7:19pm Jul 26, 2007 7:19pm
Quoting DutchTrader
Looks like a retrace to me.
If it bust the 118.87 it will no longer be a retrace.
The Dove - Forex Trainer
  • #1,025
  • Jul 26, 2007 7:22pm Jul 26, 2007 7:22pm
Quoting dove_alliance
If it bust the 118.87 it will no longer be a retrace.
We shall see, I'm long anyway, but not convinced
Patience + Humility + Study = Success
  • #1,026
  • Jul 26, 2007 7:26pm Jul 26, 2007 7:26pm
Quoting DutchTrader
We shall see, I'm long anyway, but not convinced
One other thing.... It is now above the central pivot which is 118.68, which is now the support.
The Dove - Forex Trainer
  • #1,027
  • Jul 26, 2007 7:31pm Jul 26, 2007 7:31pm
Quoting dove_alliance
One other thing.... It is now above the central pivot which is 118.68, which is now the support.
Well then I'll stay long a bit longer
Patience + Humility + Study = Success
  • #1,028
  • Jul 26, 2007 7:36pm Jul 26, 2007 7:36pm
Speaking of retraces, 118.84 happens to be the high U/J retraced to on 2/28 (after a 275 pip drumming the day before). This one day retrace preceded 3 subsequent days of sell-offs of over 350 pips down to a low of 115.16. Not saying history may repeat, just food for thought.
  • #1,029
  • Jul 26, 2007 7:42pm Jul 26, 2007 7:42pm
Quoting Trader KGB
Speaking of retraces, 118.84 happens to be the high U/J retraced to on 2/28 (after a 275 pip drumming the day before). This one day retrace preceded 3 subsequent days of sell-offs of over 350 pips down to a low of 115.16. Not saying history may repeat, just food for thought.
Not surprised at all, last time this happened there wasn't just an automatic buy back. Risk aversion doesn't just dissappear after one session. I'm fully prepared for a further selloff in late Asia/Early Europe or NY sessions.
Patience + Humility + Study = Success
  • #1,030
  • Jul 26, 2007 7:52pm Jul 26, 2007 7:52pm
Quoting DutchTrader
Well then I'll stay long a bit longer
I got in at the 118.10 and my target is 119.30
The Dove - Forex Trainer
  • #1,031
  • Jul 26, 2007 8:15pm Jul 26, 2007 8:15pm
Nobody in this thread responds to their PM's. Anyways.. I'm thinking it's going to climb to about where Dove is at and we'll see another huge drop.

EDIT: The 50fib line is what you're aiming for correct?
  • #1,032
  • Jul 26, 2007 8:20pm Jul 26, 2007 8:20pm
Trendlines im looking at shows usdjpy to 119.50 - 120.00. we will see what happens
  • #1,033
  • Jul 26, 2007 8:20pm Jul 26, 2007 8:20pm
Quoting s3padrian
Nobody in this thread responds to their PM's. Anyways.. I'm thinking it's going to climb to about where Dove is at and we'll see another huge drop.

EDIT: The 50fib line is what you're aiming for correct?
Barrier at the 119.13 - Yesterdays S3 - once it get past that then 119.30 is it's next stop.

No - todays pivot is the 119.30
The Dove - Forex Trainer
  • #1,034
  • Jul 26, 2007 8:25pm Jul 26, 2007 8:25pm
More good news:

BOJ Less Likely to Raise Key Rate After Stocks, Prices Decline
http://www.bloomberg.com/apps/news?p...zPY&refer=home
  • #1,035
  • Jul 26, 2007 8:26pm Jul 26, 2007 8:26pm
Hmm.. Alright. dove do you have a contact I can reach you at? I liked to ask some questions and get your perspective on USDJPY. I've been 300 pips+ ..but I screwed up like other people in this thread and bought on dips while I was shorting. I ended up losing money in the end. So any help you can provide (such as the indicator) and how to use your help would be great!
  • #1,036
  • Jul 26, 2007 8:37pm Jul 26, 2007 8:37pm
Quoting s3padrian
Hmm.. Alright. dove do you have a contact I can reach you at? I liked to ask some questions and get your perspective on USDJPY. I've been 300 pips+ ..but I screwed up like other people in this thread and bought on dips while I was shorting. I ended up losing money in the end. So any help you can provide (such as the indicator) and how to use your help would be great!
I like to help you but I am not a trainer and what works for me may not work for you..... I have spent over two years on this yen and because of the time I have been on it, I pretty much can determine what it will do..... One thing that will work against a trader is working more than one currency. Pick one of your choice and stay with.
The Dove - Forex Trainer
  • #1,037
  • Jul 26, 2007 8:41pm Jul 26, 2007 8:41pm
I've been stuck on it for awhile now. I'm not asking for a trainer but just your opinion on maybe the trades I feel like I should open and what your perspective is on that. I guess a mentorish type person. People look at things differently, and if you know the motion of the ocean then I want to see your perspective

Just asking. If I don't ask, I don't get. So worth a shot. None of the guys who claim to know a lot seem to want to help new comers get over newbie woes faster.

Is there a USDJPY chat room guys?
  • #1,038
  • Jul 26, 2007 8:48pm Jul 26, 2007 8:48pm
Quoting s3padrian
I've been stuck on it for awhile now. I'm not asking for a trainer but just your opinion on maybe the trades I feel like I should open and what your perspective is on that. I guess a mentorish type person. People look at things differently, and if you know the motion of the ocean then I want to see your perspective

Just asking. If I don't ask, I don't get. So worth a shot. None of the guys who claim to know a lot seem to want to help new comers get over newbie woes faster.

Is there a USDJPY chat room guys?
Let me give you this suggestion.... Learn how to use Pivots.... The usd/jpy is the only currency that bounces off of its pivots. It will come to a dead stop on a pivot and turn right around and go back where it came from.... Pivots is one of the most trusting indicators for the yen.
The Dove - Forex Trainer
  • #1,039
  • Jul 26, 2007 8:52pm Jul 26, 2007 8:52pm
I've been starting to use http://www.actionforex.com/forex_ana..._200603205734/

Good idea?
  • #1,040
  • Jul 26, 2007 8:58pm Jul 26, 2007 8:58pm
Quoting s3padrian
I've been starting to use http://www.actionforex.com/forex_ana..._200603205734/

Good idea?
It would be a start. But you need to know how to use them...... One major pivot that is not there is called the central pivot point which is the open candle at 17:00 ET which has a very prospective indication of the trend for the day..... In other words, where the central pivot and the daily come in will determine the trend.

Lets take the position as it is now....... Right now the candles are between a resistance which is yesterdays S3 119.13 and todays central pivot which is 118.67.... it is heading for the todays pivot which is 119.30 and right now it is in a retrace and it will turn around to knock at the door once again on the 119.13.
The Dove - Forex Trainer
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