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USD/JPY Discussion

  • #1,101
  • Jul 30, 2007 6:23am Jul 30, 2007 6:23am
Quoting Trader KGB
So what's everyone's move if/when this breaks 118? (seems practically inevitable any moment now)
UJ took several weeks in May to crack 118 on its way up. I'm also looking for 118 to go today and if this happens, no reason why not 116.00/50 in the upcoming days.

A lot of swings in the meanwhile just to make our days harder, as usual for this pair. But I'm gonna aim for 116s.

Currently short 118.30, SL 119
  • #1,102
  • Jul 30, 2007 6:28am Jul 30, 2007 6:28am
Quoting Trader KGB
So what's everyone's move if/when this breaks 118? (seems practically inevitable any moment now)
for right now everything is on hold going sideways.... probably waiting on NY to come in.
The Dove - Forex Trainer
  • #1,103
  • Jul 30, 2007 6:29am Jul 30, 2007 6:29am
Quote
One thing for sure...... This yen is oversold and have been since the 26th....
I hope you're right I dunno why I keep trying to pick buttoms
  • #1,104
  • Jul 30, 2007 7:01am Jul 30, 2007 7:01am
here comes newyork open
dammit just move you stupid pair !! :
  • #1,105
  • Jul 30, 2007 7:26am Jul 30, 2007 7:26am
long long, place long one, it is near bottom of the uptrend channel that start from 2004.... no?
  • #1,106
  • Jul 30, 2007 8:04am Jul 30, 2007 8:04am
up up up
  • #1,107
  • Jul 30, 2007 9:48am Jul 30, 2007 9:48am
"Telling myself" - Hang on.. Hang on.. no trade yet...

If it doesn't break 118.75-80 in the 2-3 Hour bars.. time to SHORT again...
Chances favour the prepared.
  • #1,108
  • Jul 30, 2007 10:18am Jul 30, 2007 10:18am
jasonowl I was talking short term I made 25 pips on that retracement and If I hadn't move the sl it would have hit my 50 pip tp but I'm not complaining
  • #1,109
  • Jul 30, 2007 12:23pm Jul 30, 2007 12:23pm
Well traders, today is a perfect example of using pivots..... It was not going to break the 118.00 which means it was going to turn around and head for the daily pivot for 45 pips. It hit the pivot and then turned around for the central pivot...... there are 17-20 pip profit between these two pivots. It turned around each time on these pivots 4 times while going side ways. And, it is turning around again. This is called consolidation for a new trend.
The Dove - Forex Trainer
  • #1,110
  • Jul 30, 2007 1:04pm Jul 30, 2007 1:04pm
Quoting dove_alliance
Well traders, today is a perfect example of using pivots..... It was not going to break the 118.00 which means it was going to turn around and head for the daily pivot for 45 pips. It hit the pivot and then turned around for the central pivot
At what level was the central pivot located?

Also, if 118 were to break, what are your initial targets (based upon daily/weekly pivots)? If the opposite occurs and the trend you mentioned comes to fruition, what are your targets in that scenario?

You made some excellent calls last week based upon these pivots, so I'm inclined to take a closer look (I've used pivots extensively in stocks/indices, but haven't yet applied them to FX).

I'm also not sure if QuoteTracker is calculating the correct pivot levels for currencies. Let me know what value you have for the daily pivot. QT has two sets of pivot indicators (standard and Woodie's). I'm showing the daily pivot at 118.55 and 118.64 for the two indicators, respectively.
  • #1,111
  • Jul 30, 2007 1:14pm Jul 30, 2007 1:14pm
Quoting Trader KGB
At what level was the central pivot located?

Also, if 118 were to break, what are your initial targets (based upon daily/weekly pivots)? If the opposite occurs and the trend you mentioned comes to fruition, what are your targets in that scenario?

You made some excellent calls last week based upon these pivots, so I'm inclined to take a closer look (I've used pivots extensively in stocks/indices, but haven't yet applied them to FX).

I'm also not sure if QuoteTracker is calculating the correct pivot levels for currencies. Let me know what value you have for the daily pivot. QT has two sets of pivot indicators (standard and Woodie's). I'm showing the daily pivot at 118.55 and 118.64 for the two indicators, respectively.
The central pivot is the opening of the 17:00 ET candle which it opened yesterday at the 118.43.... I truly believe it will not break the 118.00 because my 2 hour chart is showing a turn around in which the 119.15 is the target for the long up until 17.00. You are right about QT being off a few pips.... I have 118.58 for the daily.... In this case, his daily is 118.63 and I have been using the QT daily for my turn arounds.

I should say, my entries and exits.
The Dove - Forex Trainer
  • #1,112
  • Jul 30, 2007 1:19pm Jul 30, 2007 1:19pm
Quoting dove_alliance
The central pivot is the opening of the 17:00 ET candle which it opened yesterday at the 118.43.... I truly believe it will not break the 118.00 because my 2 hour chart is showing a turn around in which the 119.15 is the target for the long up until 17.00. You are right about QT being off a few pips.... I have 118.58 for the daily.... In this case, his daily is 118.63 and I have been using the QT daily for my turn arounds.

I should say, my entries and exits.
Looks like equities, in NY, settled down, we might see a leg down in Asia.
Patience + Humility + Study = Success
  • #1,113
  • Jul 30, 2007 1:23pm Jul 30, 2007 1:23pm
Quoting DutchTrader
Looks like equities, in NY, settled down, we might see a leg down in Asia.
Nothing is for sure in this market.... I never think but only follow indicators.... When Asia comes in at 20:00 the decision will be made on the daily trend at that time.
The Dove - Forex Trainer
  • #1,114
  • Jul 30, 2007 1:32pm Jul 30, 2007 1:32pm
Quoting dove_alliance
Nothing is for sure in this market.... I never think but only follow indicators.... When Asia comes in at 20:00 the decision will be made on the daily trend at that time.

I think and follow indicators Works for me.
Patience + Humility + Study = Success
  • #1,115
  • Jul 30, 2007 1:47pm Jul 30, 2007 1:47pm
In this scenario, the candle busted the daily pivot at the 63, retraced twice to hit the pivot and now getting ready for the trip up.
The Dove - Forex Trainer
  • #1,116
  • Jul 30, 2007 1:57pm Jul 30, 2007 1:57pm
Heading up, heading down or ready to break out? wait and see
Attached Image (click to enlarge)
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Just Trade It
  • #1,117
  • Jul 30, 2007 1:58pm Jul 30, 2007 1:58pm
To help you a little bit on these pivots use a 5 minute chart.... lay out your pivot lines (118.43 for the central) and (118.63) for the daily and then look at how the candles use these pivots for the turn around.
The Dove - Forex Trainer
  • #1,118
  • Jul 30, 2007 2:00pm Jul 30, 2007 2:00pm
Quoting Big Wave Rider
Heading up, heading down or ready to break out? wait and see
If you know it or not, It had already busted that wedge on the up side.
The Dove - Forex Trainer
  • #1,119
  • Jul 30, 2007 2:13pm Jul 30, 2007 2:13pm
there is a wall at the 119.00 so watch out for that.
The Dove - Forex Trainer
  • #1,120
  • Jul 30, 2007 2:25pm Jul 30, 2007 2:25pm
If you did not take your profit at the 119.00 then I suggest you do so now and wait to see if it goes beyond that wall, if so, then you can get back in for the rest of the trip to the 119.15.
The Dove - Forex Trainer
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