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USD/JPY Discussion

  • #1,361
  • Aug 1, 2007 6:28pm Aug 1, 2007 6:28pm
Quoting s3padrian
Looks like at Open we're going south What do you say Dove?
Looks like it but I will wait until Tokyo comes in takes over.
The Dove - Forex Trainer
  • #1,362
  • Aug 1, 2007 6:42pm Aug 1, 2007 6:42pm
Same.. I learned my lesson from last time.
  • #1,363
  • Aug 1, 2007 6:54pm Aug 1, 2007 6:54pm
To let everyone know this thing is down and Tokyo should be following suite.
The Dove - Forex Trainer
  • #1,364
  • Aug 1, 2007 6:59pm Aug 1, 2007 6:59pm
I see possibilty of a 4hr pin bar coming up... this means we might have a chance to go down some...

I HOPE SO, because price came down and set off a SHORT trade I had waiting... then of coarse price shot back up...
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  • #1,365
  • Aug 1, 2007 7:11pm Aug 1, 2007 7:11pm
I got in at the 98 with a limit set for the 50..... The reason why because at the 98 the crossing of one of my indicators had happened. The reason why I haven't said anything is because the first rule of learning is patience. You must learn patience or you will only hurt yourself.
The Dove - Forex Trainer
  • #1,366
  • Aug 1, 2007 7:16pm Aug 1, 2007 7:16pm
one thing the usd/jpy is famous for is retraces back to the pivot. So always be on the look out for those retraces..... Don't be afraid of taking profit and then getting back in at the pivot again at the end of the retrace.

This is something you must focus on because you don't want to take profit too soon.
The Dove - Forex Trainer
  • #1,367
  • Aug 1, 2007 7:21pm Aug 1, 2007 7:21pm
One other thing..... NEVER, NEVER trade against the trend or trade in the retrace. Another way of losing it all.
The Dove - Forex Trainer
  • #1,368
  • Aug 1, 2007 7:32pm Aug 1, 2007 7:32pm
Uh..which way is the trend...it's still down right?
  • #1,369
  • Aug 1, 2007 7:33pm Aug 1, 2007 7:33pm
Quoting s3padrian
Uh..which way is the trend...it's still down right?
Hopefully.. I just shorted .. the markets tend to move opposite to my trades as soon as I enter. I must exert quite an influence.
  • #1,370
  • Aug 1, 2007 7:34pm Aug 1, 2007 7:34pm
a rule of thumb for retraces is 50% of pips between pivots... Now, it could also go with 3 to 5 pips of the pivot it is heading for and then turn around go back from where it came from - to shut the door - and then turn around again for the pivot. This why you will witness actions like this from time to time.
The Dove - Forex Trainer
  • #1,371
  • Aug 1, 2007 7:35pm Aug 1, 2007 7:35pm
Yes, what is really the trend...? I say long term is still up...

I had a short order waiting because of the huge daily bearish bar a couple of days ago... after that price came down and just nicked it to open the trade...

If you get a chance, please PM with more info on trading the pivot points.. THX

And I assume you mean pivot point on daily time frame...
  • #1,372
  • Aug 1, 2007 7:35pm Aug 1, 2007 7:35pm
Quoting VishalJ
Hopefully.. I just shorted .. the markets tend to move opposite to my trades as soon as I enter. I must exert quite an influence.
just be patient, it will come back..... Try to learn getting in from the top for the short and the bottom for the long.
The Dove - Forex Trainer
  • #1,373
  • Aug 1, 2007 7:35pm Aug 1, 2007 7:35pm
Next level is 118.50 right dove? So if it does go to that level.. it would encounter some resistance.. and try to retrace..
  • #1,374
  • Aug 1, 2007 7:36pm Aug 1, 2007 7:36pm
Quoting dove_alliance
just be patient, it will come back..... Try to learn getting in from the top for the short and the bottom for the long.
I'm trying believe me.. I'm always a little too late. Thanks for the words of encouragement
  • #1,375
  • Aug 1, 2007 7:39pm Aug 1, 2007 7:39pm
Quoting Tiki Trader
Yes, what is really the trend...? I say long term is still up...

I had a short order waiting because of the huge daily bearish bar a couple of days ago... after that price came down and just nicked it to open the trade...

If you get a chance, please PM with more info on trading the pivot points.. THX

And I assume you mean pivot point on daily time frame...
Long term will not take place for another day or two. Go back to about page 80 of the post and start reading everything I have posted about pivots.
The Dove - Forex Trainer
  • #1,376
  • Aug 1, 2007 7:41pm Aug 1, 2007 7:41pm
Quoting VishalJ
I'm trying believe me.. I'm always a little too late. Thanks for the words of encouragement
Remember, once it starts for a pivot it will continue until it reaches it mark. Not saying there will be retraces on the way because there will be.
The Dove - Forex Trainer
  • #1,377
  • Aug 1, 2007 7:43pm Aug 1, 2007 7:43pm
Quoting VishalJ
Next level is 118.50 right dove? So if it does go to that level.. it would encounter some resistance.. and try to retrace..
I don't foresee it going any further than 118.50. Not saying it won't but if it comes to a dead stop at that pivot then it will consolidate for the return trip for the central...... I'll let you know when it gets there because even I, do not know what will happen it reaches the mark.
The Dove - Forex Trainer
  • #1,378
  • Aug 1, 2007 7:44pm Aug 1, 2007 7:44pm
waiting for a close below 118.60 to go further south... downtrend still intact.
  • #1,379
  • Aug 1, 2007 7:45pm Aug 1, 2007 7:45pm
Quoting Alfa159
waiting for a close below 118.60 to go further south... downtrend still intact.
Have fun with it.
The Dove - Forex Trainer
  • #1,380
  • Aug 1, 2007 7:46pm Aug 1, 2007 7:46pm
Quoting dove_alliance
I don't foresee it going any further than 118.50. Not saying it won't but if it comes to a dead stop at that pivot then it will consolidate for the return trip for the central...... I'll let you know when it gets there because even I, do not know what will happen it reaches the mark.
Right, I am also waiting for the UK interest rate decision tomorrow. Never know if they'll hike.. but if they don't and give some comments the markets doesn't want to hear.. GJ might slide down and drag UJ with it.
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