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USD/JPY Discussion

  • #1,481
  • Aug 1, 2007 11:50pm Aug 1, 2007 11:50pm
Quoting jasonowl
Since couldn't get into the long.
Short at 118.79.
Will take a small profit!

I'm going to wait for the long..Retracement is going to happen to the daily pivot which is around the 61.8 fib line...

(I hope)
  • #1,482
  • Aug 1, 2007 11:51pm Aug 1, 2007 11:51pm
Quoting s3padrian
Time to look towards the central pivot?
retrace could go back to the pivot.... it already had travel the 50% but I won't get in on the retrace because I have know idea how many pips that will be..... It could 5 or could be 20 or more..... But I'm not getting in to find out how many.
The Dove - Forex Trainer
  • #1,483
  • Aug 1, 2007 11:52pm Aug 1, 2007 11:52pm
I'm not shorting.. I want another long position.. My last one was kind of high
  • #1,484
  • Aug 1, 2007 11:53pm Aug 1, 2007 11:53pm
That's where I plan to take profit and possibly reverse my trade.
But let's see the price action...


Quoting s3padrian
I'm going to wait for the long..Retracement is going to happen to the daily pivot which is around the 61.8 fib line...

(I hope)
Chances favour the prepared.
  • #1,485
  • Aug 1, 2007 11:54pm Aug 1, 2007 11:54pm
Quoting dove_alliance
retrace could go back to the pivot.... it already had travel the 50% but I won't get in on the retrace because I have know idea how many pips that will be..... It could 5 or could be 20 or more..... But I'm not getting in to find out how many.
Hmm...118.68...118.60..or 118.51 to long..hmmm
  • #1,486
  • Aug 1, 2007 11:58pm Aug 1, 2007 11:58pm
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.

i agree dove. as im a daily trader i place my trade at the close of the previous candle. i dont forget about it just observing the situation. the greatest fear that i have is losing out on a retracement. but have to trust the indicators thats set in. thanks for the help.. by the way im short from the opening of the next candle. still waiting hope it goes my way.
  • #1,487
  • Aug 2, 2007 12:01am Aug 2, 2007 12:01am
Quoting treadline
i agree dove. as im a daily trader i place my trade at the close of the previous candle. i dont forget about it just observing the situation. the greatest fear that i have is losing out on a retracement. but have to trust the indicators thats set in. thanks for the help.. by the way im short from the opening of the next candle. still waiting hope it goes my way.
Well, Like I just said.... I do not trade on retraces because you never know how many pips are there. But in this case you may be alright. We will see.
The Dove - Forex Trainer
  • #1,488
  • Aug 2, 2007 12:03am Aug 2, 2007 12:03am
I don't like the idea of shorting...MacdDema is showing that we're going up so I'm buying on retraces.


I hope you'll give a confirmation on the next long Dove.

Your teachings have helped me a lot...unlike Ausawhatever.

Thank you,
Adrian
  • #1,489
  • Aug 2, 2007 12:08am Aug 2, 2007 12:08am
Quoting s3padrian
I don't like the idea of shorting...MacdDema is showing that we're going up so I'm buying on retraces.


I hope you'll give a confirmation on the next long Dove.

Your teachings have helped me a lot...unlike Ausawhatever.

Thank you,
Adrian
This is more and likely retracing back to the daily 118.50 but I will let you know when it turns again.
The Dove - Forex Trainer
  • #1,490
  • Aug 2, 2007 12:11am Aug 2, 2007 12:11am
Quoting dove_alliance
This is more and likely retracing back to the daily 118.50 but I will let you know when it turns again.

Again...I see a 61.8 fib for retrae at 118.50. I'm thinking of getting in about 118.5(4-0)ish
  • #1,491
  • Aug 2, 2007 12:11am Aug 2, 2007 12:11am
I'd be happy with 56, 50 is a bonus... haha
As u said a retrace is challenging to trade...

Quoting dove_alliance
This is more and likely retracing back to the daily 118.50 but I will let you know when it turns again.
Chances favour the prepared.
  • #1,492
  • Aug 2, 2007 12:16am Aug 2, 2007 12:16am
Quoting jasonowl
I'd be happy with 56, 50 is a bonus... haha
As u said a retrace is challenging to trade...
Yep - it sure is - if I had the magic bullet on knowing how many pips in a retrace then I would really be happy./
The Dove - Forex Trainer
  • #1,493
  • Aug 2, 2007 12:16am Aug 2, 2007 12:16am
You're playing dangerous.. but I think you'll get it I would of shorted also but I'm not that confident in my abilities yet.
  • #1,494
  • Aug 2, 2007 12:19am Aug 2, 2007 12:19am
That's the thing with ranges, they're always approximate and every trader has to judge what their proper entry is.
Patience + Humility + Study = Success
  • #1,495
  • Aug 2, 2007 12:19am Aug 2, 2007 12:19am
Well, like I said, all indication is the retrace back to the daily..... But, one never knows on a retrace.
The Dove - Forex Trainer
  • #1,496
  • Aug 2, 2007 12:21am Aug 2, 2007 12:21am
Quoting dove_alliance
Well, like I said, all indication is the retrace back to the daily..... But, one never knows on a retrace.
I believe you.. You got 2 more years experience than me with usd/jpy
  • #1,497
  • Aug 2, 2007 12:28am Aug 2, 2007 12:28am
This is my thinking on retrace..... Lets take this scenario:

When I pulled out on the retrace I had placed 20 pip profit in my account.... Now why would I jeopardize that profit by taking a chance on a retrace that may or may not give me 20 more pips..... So, I just wait for the end of the retrace and jump back in for another 20 or more pips. This way I keep the profit and it becomes a win win situation.
The Dove - Forex Trainer
  • #1,498
  • Aug 2, 2007 12:33am Aug 2, 2007 12:33am
I'd love to get on a carry trade.
  • #1,499
  • Aug 2, 2007 12:33am Aug 2, 2007 12:33am
117.00? It's not for the faint of heart, though it is fun to go all out. No risk, no reward. I like rewards. sell GBP, sell EUR, and buy JPY.

oh and buy USD if it is against the GBP and EUR. peace out
Fear is the mind killer.
  • #1,500
  • Aug 2, 2007 12:36am Aug 2, 2007 12:36am
Wow...I don't see that happening....
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