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USD/JPY Discussion

  • #1,441
  • Aug 2, 2007 12:03am Aug 2, 2007 12:03am
haha..I'm in long. It did retrace to the 61.8...I just used the wrong high and low
  • #1,442
  • Aug 2, 2007 12:04am Aug 2, 2007 12:04am
My guts say, watch for a quick peek below pivot and then head up north.

of course it might not happen, thats how i feel. make sure your stops are little below pivot. not too low though, don't go crazy low!
  • #1,443
  • Aug 2, 2007 12:14am Aug 2, 2007 12:14am
Quoting m00jiman
My guts say, watch for a quick peek below pivot and then head up north.

of course it might not happen, thats how i feel. make sure your stops are little below pivot. not too low though, don't go crazy low!

MOOOOVEE B*TCH. damn, im gettin tired of this ranging 4 pips
  • #1,444
  • Aug 2, 2007 12:18am Aug 2, 2007 12:18am
Quoting m00jiman
MOOOOVEE B*TCH. damn, im gettin tired of this ranging 4 pips
That's been my most used line these past few days - see I told you guys.. every time I enter.. the market stops. I provide some sort of support/resistance.. it's unbelievable.

Edit - Just exited for 5 pips profit.. let's see if it moves now
  • #1,445
  • Aug 2, 2007 12:20am Aug 2, 2007 12:20am
Quoting VishalJ
That's been my most used line these past few days - see I told you guys.. every time I enter.. the market stops. I provide some sort of support/resistance.. it's unbelievable.

Edit - Just exited for 5 pips profit.. let's see if it moves now
Like I said, the the limit is 118.91.
The Dove - Forex Trainer
  • #1,446
  • Aug 2, 2007 12:30am Aug 2, 2007 12:30am
I'm shooting for 118.82
  • #1,447
  • Aug 2, 2007 12:33am Aug 2, 2007 12:33am
The one thing that will ruin a trader is the fear factor. You cannot fear the retrace or else you will continue to take small profits and never see the rainbow at the end. It is easy to say and I do know where your head is at because I have been there myself...... The one thing that had helped me the most was after I had placed my trade and set the stop and limit, I then tucked that platform to the bar and forget it and place all my concentration on the trade..... You will be surprise how well that works.
The Dove - Forex Trainer
  • #1,448
  • Aug 2, 2007 12:36am Aug 2, 2007 12:36am
Quoting dove_alliance
The one thing that will ruin a trader is the fear factor. You cannot fear the retrace or else you will continue to take small profits and never see the rainbow at the end. It is easy to say and I do know where your head is at because I have been there myself...... The one thing that had helped me the most was after I had placed my trade and set the stop and limit, I then tucked that platform to the bar and forget it and place all my concentration on the trade..... You will be surprise how well that works.
Absolutely agree.. recently I got pretty screwed with gbp/jpy.. with every retracement my heart would stop and I would keep asking myself 'Should i exit now?!' It's because once you've had a massive loss, you tend to be a little nervous
  • #1,449
  • Aug 2, 2007 12:43am Aug 2, 2007 12:43am
Just came back from lunch.. so not in trade.
Looks like its getting there... 118.85+ area
Chances favour the prepared.
  • #1,450
  • Aug 2, 2007 12:44am Aug 2, 2007 12:44am
Quoting VishalJ
Absolutely agree.. recently I got pretty screwed with gbp/jpy.. with every retracement my heart would stop and I would keep asking myself 'Should i exit now?!' It's because once you've had a massive loss, you tend to be a little nervous
I remember when I first started to learn about trading and I thought the GBP/USD was the pair to trade.... Back then retraces were like 60 - 80 pips and the volatility was outrages...... Todays volatility is only a whimp compare to what it was back then.
The Dove - Forex Trainer
  • #1,451
  • Aug 2, 2007 12:44am Aug 2, 2007 12:44am
Quoting dove_alliance
I remember when I first started to learn about trading and I thought the GBP/USD was the pair to trade.... Back then retraces were like 60 - 80 pips and the volatility was outrages...... Todays volatility is only a whimp compare to what it was back then.
Dove,

When did you start? I remember when 100 pip sessions were the norm.
Patience + Humility + Study = Success
  • #1,452
  • Aug 2, 2007 12:45am Aug 2, 2007 12:45am
dove - thanks for all of the help regarding pivots lately, it's been a great education. Unfortunately my pivots in QuoteTracker will always be off since my broker (IB) uses a 15:15 open (closed daily from 15:00 - 15:15). I'm looking into ways to rectify the situation.

Quoting dove_alliance
I love to trade - it is such a challenge. When it broke back across the 118.60 I hedge the trade and will stay with the short for the 118.18 then close the hedge get in for another buy with two trades going up.
I meant to ask you this yesterday. How did this play out? You're saying you established a second long position when it traded down to 118.18, but then it later fell to 117.60. When did you exit out of the two long positions?
  • #1,453
  • Aug 2, 2007 12:47am Aug 2, 2007 12:47am
Quoting DutchTrader
Dove,

When did you start? I remember when 100 pip sessions were the norm.
I got started in April of 05
The Dove - Forex Trainer
  • #1,454
  • Aug 2, 2007 12:50am Aug 2, 2007 12:50am
Quoting Trader KGB
dove - thanks for all of the help regarding pivots lately, it's been a great education. Unfortunately my pivots in QuoteTracker will always be off since my broker (IB) uses a 15:15 open (closed daily from 15:00 - 15:15). I'm looking into ways to rectify the situation.


I meant to ask you this yesterday. How did this play out? You're saying you established a second long position when it traded down to 118.18, but then it later fell to 117.60. When did you exit out of the two long positions?
I stayed with it back to the Daily pivot - in fact, I hedge that trade twice. I finally came out with 132 pip profit with movement.
The Dove - Forex Trainer
  • #1,455
  • Aug 2, 2007 12:57am Aug 2, 2007 12:57am
Does it always come back to the daily pivot??? Is that like something we can really count on?
  • #1,456
  • Aug 2, 2007 12:57am Aug 2, 2007 12:57am
Quoting dove_alliance
I stayed with it back to the Daily pivot - in fact, I hedge that trade twice. I finally came out with 132 pip profit with movement.
So you hedged again when it fell below 118.18? What was your maximum drawdown during the trade? (unhedged unrealized loss) Or were you fully hedged until going long again at 117.70?
  • #1,457
  • Aug 2, 2007 1:02am Aug 2, 2007 1:02am
Can we expect this to fly high? I'd really like about 20 more pips at least :-D
  • #1,458
  • Aug 2, 2007 1:05am Aug 2, 2007 1:05am
if it doesn't break 118.91-92 in the hr... just have to watch out...
Else good place to exit long trade perhaps
Chances favour the prepared.
  • #1,459
  • Aug 2, 2007 1:05am Aug 2, 2007 1:05am
Quoting Trader KGB
So you hedged again when it fell below 118.18? What was your maximum drawdown during the trade? (unhedged unrealized loss) Or were you fully hedged until going long again at 117.70?
I fully hedge on both..... I knew that it was going back all I had to do was stay with it. At one point I was over 89 pips in the hole..... I cleared the stop and did not let it go..... If you know what you are doing you will always be winner.
The Dove - Forex Trainer
  • #1,460
  • Aug 2, 2007 1:06am Aug 2, 2007 1:06am
It doesn't seem to want to get past the 61.8 fib...
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