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USD/JPY Discussion

  • #1,621
  • Aug 2, 2007 7:49pm Aug 2, 2007 7:49pm
Quoting s3padrian
News reports since April have been "duds" to say the least. At least in terms of movement.

I guess people aren't news trading as much anymore?

We may get around 118.25 if it goes down but that's just from taking the current wave up and looking at the 61.8 fib line.

Then I would think of major buying potential at that entry because I see the down trend ending. This is only speculation from my limited knowledge about E. Waves

Adrian
You are still using the down trend fibo is no longer any good.
The Dove - Forex Trainer
  • #1,622
  • Aug 2, 2007 7:56pm Aug 2, 2007 7:56pm
trying to bust through the 25 had haven't done it yet.
The Dove - Forex Trainer
  • #1,623
  • Aug 2, 2007 7:57pm Aug 2, 2007 7:57pm
Quoting dove_alliance
trying to bust through the 25 had haven't done it yet.
I exited at 119.24 with 5 pips profit - and now it started moving :
  • #1,624
  • Aug 2, 2007 7:58pm Aug 2, 2007 7:58pm
Actually I'm using the fib line from the low hit 3 days ago to the current high hit yesterday.

So around 118.30 would be that 61.8 fib line.

Then I have a fib line from yesterday's low and high. giving me 118.72.

I've noticed that 61.8 fib is a very common retracement target for USDJPY.

A good buy signal comes from price moving below the 61.8 and then showing price action move up.

(Note: I have been sucking at trading ever since the "unwind" so don't take anything I say as real advice to trade.)

That will be my signal to get in on the retrace, but also dependent on what you see as well Dove.
  • #1,625
  • Aug 2, 2007 8:00pm Aug 2, 2007 8:00pm
Quoting s3padrian
Actually I'm using the fib line from the low hit 3 days ago to the current high hit yesterday.

So around 118.30 would be that 61.8 fib line.

Then I have a fib line from yesterday's low and high. giving me 118.72.

I've noticed that 61.8 fib is a very common retracement target for USDJPY.

A good buy signal comes from price moving below the 61.8 and then showing price action move up.

(Note: I have been sucking at trading ever since the "unwind" so don't take anything I say as real advice to trade.)

That will be my signal to get in on the retrace, but also dependent on what you see as well Dove.
Which chart are you using a fibo on?
The Dove - Forex Trainer
  • #1,626
  • Aug 2, 2007 8:01pm Aug 2, 2007 8:01pm
I don't know anything about technicals.. but it looks like the nikkei is currently in +ve territory.. where that goes, jpy pairs will follow.
  • #1,627
  • Aug 2, 2007 8:03pm Aug 2, 2007 8:03pm
I have my dailies "boxed" so I can see complete price movement on daily in 30m-4h very well.

I have them mapped on my 30/1h/and4h.. I don't go below that really. I Look for trend on Daily/Weekly.

I believe the low you said is the low and now we're climbing up, but this is just from a 61.8 retracement pattern on the weekly I found.

But..NOTICE (I'm an idiot) I should put that in my signature. I see price retracting now to around 119.14
  • #1,628
  • Aug 2, 2007 8:07pm Aug 2, 2007 8:07pm
Quoting VishalJ
I don't know anything about technicals.. but it looks like the nikkei is currently in +ve territory.. where that goes, jpy pairs will follow.
I don't know absolutly nothing of technicals and I will never care about them.... Indicators are more accurate than any technical advise that anyone could give..... for the simple reason, you never know what will happen in a moments notice.... All it takes is some banker being in a bad mood and then all hell break loose.
The Dove - Forex Trainer
  • #1,629
  • Aug 2, 2007 8:10pm Aug 2, 2007 8:10pm
Quoting dove_alliance
I don't know absolutly nothing of technicals and I will never care about them.... Indicators are more accurate than any technical advise that anyone could give..... for the simple reason, you never know what will happen in a moments notice.... All it takes is some banker being in a bad mood and then all hell break loose.
What platform are you using dove? I wish we could see what orders are being placed on a level 2 system.. I'm on currenex.. but i'm not on an interbank level.
  • #1,630
  • Aug 2, 2007 8:12pm Aug 2, 2007 8:12pm
Quoting s3padrian
I have my dailies "boxed" so I can see complete price movement on daily in 30m-4h very well.

I have them mapped on my 30/1h/and4h.. I don't go below that really. I Look for trend on Daily/Weekly.

I believe the low you said is the low and now we're climbing up, but this is just from a 61.8 retracement pattern on the weekly I found.

But..NOTICE (I'm an idiot) I should put that in my signature. I see price retracting now to around 119.14
Actually don't hold me to that yet. I need to watch the 15 minute candle close..then the 30 minute candle close..then I'll be confident about 119.14ish
  • #1,631
  • Aug 2, 2007 8:15pm Aug 2, 2007 8:15pm
Getting through the NY High at 119.38 will be interesting
Patience + Humility + Study = Success
  • #1,632
  • Aug 2, 2007 8:16pm Aug 2, 2007 8:16pm
Ah, see, I'm glad I made that statement, so now I'll learn to wait for the close. I didn't wait for the candle to close and now it's close with price action moving up.


I'm still learning and trying to stay to my rules. I don't know why that's so hard.
  • #1,633
  • Aug 2, 2007 8:20pm Aug 2, 2007 8:20pm
Waiting waiting to Buy on the dip.
Next 2 - 3 15mins bars will help me decide...
Chances favour the prepared.
  • #1,634
  • Aug 2, 2007 8:36pm Aug 2, 2007 8:36pm
What you traders don't understand is this market (The 4X) belongs to the bankers of the world..... When they first open this market minimum deposit for a banker was 1 million USD.... Eventually they open it up to the rich and still it cost 1 million USD.... as the years progress it open up for the public but still, the Bankers control this market..... I have seen it time and time again when some trader for one of the banks had a bad night with his woman would sit down at the computer and take his aggression out on the market. Believe me, it had nothing to do with the economy, announcement, because there was none or any other technical reason for it to spike 60 pips or more the other direction of the trend.
The Dove - Forex Trainer
  • #1,635
  • Aug 2, 2007 8:40pm Aug 2, 2007 8:40pm
Quoting VishalJ
What platform are you using dove? I wish we could see what orders are being placed on a level 2 system.. I'm on currenex.. but i'm not on an interbank level.
I'm with FX Solutions - Global Trading System
The Dove - Forex Trainer
  • #1,636
  • Aug 2, 2007 8:43pm Aug 2, 2007 8:43pm
Quoting dove_alliance
What you traders don't understand is this market (The 4X) belongs to the bankers of the world..... When they first open this market minimum deposit for a banker was 1 million USD.... Eventually they open it up to the rich and still it cost 1 million USD.... as the years progress it open up for the public but still, the Bankers control this market..... I have seen it time and time again when some trader for one of the banks had a bad night with his woman would sit down at the computer and take his aggression out on the market. Believe me, it had nothing to do with the economy, announcement, because there was none or any other technical reason for it to spike 60 pips or more the other direction of the trend.
I think it's all based on "crowd psychology," but yes..the bankers make up for the majority of the crowd
  • #1,637
  • Aug 2, 2007 8:45pm Aug 2, 2007 8:45pm
Tonight may be very slow with it going sideways because of the announcement in the morning.
The Dove - Forex Trainer
  • #1,638
  • Aug 2, 2007 8:46pm Aug 2, 2007 8:46pm
Yea I think I may go back to sleep and wake up sometime in the moring to see about possible entries. Do you trade on Friday's Dove?
  • #1,639
  • Aug 2, 2007 8:47pm Aug 2, 2007 8:47pm
Dove, I now know what to do when I get mad at my wife.. sell 100,000 usd/jpy and make a 1 pip dent in the market :

Seriously though, it's the folks who have connections at banks (friends, employees, etc) who can see where the markets are going to go .. what the orders are going to be like and so on.. while we'll keep trading with our fingers crossed!
  • #1,640
  • Aug 2, 2007 8:55pm Aug 2, 2007 8:55pm
Quoting s3padrian
Yea I think I may go back to sleep and wake up sometime in the moring to see about possible entries. Do you trade on Friday's Dove?
I use too, at one time, get in on the announcements but no longer for the simple reason they are never right. I usually give up my trading on Fridays when NY opens.
The Dove - Forex Trainer
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