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USD/JPY Discussion

  • #1,881
  • Aug 6, 2007 2:26am Aug 6, 2007 2:26am
Quoting dove_alliance
Yea, that is the only currency I trade... One thing I had to learn in the long run is stay with one pair and know it like the back of your hand.
Good strategy to have........I watch 8, yet mostly trade 3

Good Luck
Proper Prior Planning Prevents Piss Poor Performance
  • #1,882
  • Aug 6, 2007 2:28am Aug 6, 2007 2:28am
Quoting FxJarhead
Moved my Trailing Stop up to 117.70......stopped out for +14 pips
I'm going take it to the 118.00 and decide from there if I will go for the limit or take profit.
The Dove - Forex Trainer
  • #1,883
  • Aug 6, 2007 2:29am Aug 6, 2007 2:29am
Quoting FxJarhead
Good strategy to have........I watch 8, yet mostly trade 3

Good Luck
You too
The Dove - Forex Trainer
  • #1,884
  • Aug 6, 2007 2:46am Aug 6, 2007 2:46am
For anyone wondering why I would put a 60 pip stop is because I do not anticipate a retrace going that much but I do anticipate a spike going 80 - 100 pips in a heart beat.
The Dove - Forex Trainer
  • #1,885
  • Aug 6, 2007 2:48am Aug 6, 2007 2:48am
Now, if this retrace back to central I will take profit and wait for another entry.
The Dove - Forex Trainer
  • #1,886
  • Aug 6, 2007 2:55am Aug 6, 2007 2:55am
Here is what I see on the daily, the white lines are a rising wedge on the weekly and monthly charts, red lines are pivots that can be targets or resistance levels, hopefully going to 119.49 in the next day or two next target would be 120.75
what do you guys think? I think we hit a good bottom and now its going back up.
Attached Image (click to enlarge)
Click to Enlarge Name: charts.jpg Size: 35 KB
Just Trade It
  • #1,887
  • Aug 6, 2007 2:56am Aug 6, 2007 2:56am
Quoting dove_alliance
Now, if this retrace back to central I will take profit and wait for another entry.
When do you look for your 10 pip trades?
  • #1,888
  • Aug 6, 2007 2:59am Aug 6, 2007 2:59am
Quoting trader07
When do you look for your 10 pip trades?
This was the only good trade that I had the opportunity to get in on since I started after 8:00 pm ET so I will stay with it..... Any other time I would had already got my limit.
The Dove - Forex Trainer
  • #1,889
  • Aug 6, 2007 3:01am Aug 6, 2007 3:01am
Quoting Big Wave Rider
Here is what I see on the daily, the white lines are a rising wedge on the weekly and monthly charts, red lines are pivots that can be targets or resistance levels, hopefully going to 119.49 in the next day or two next target would be 120.75
what do you guys think? I think we hit a good bottom and now its going back up.
I'm looking for about the 123.00 before the of the week..... Provided the numbers are right on the US announcement coming Tuesday. Won't know that until after the announcement.

I shouldn't say by the end of the week..... but it will move in that direction if the US can hang on to that announcement.
The Dove - Forex Trainer
  • #1,890
  • Aug 6, 2007 3:05am Aug 6, 2007 3:05am
Quoting dove_alliance
This was the only good trade that I had the opportunity to get in on since I started after 8:00 pm ET so I will stay with it..... Any other time I would had already got my limit.
How do you decide to stick with a trade or take the 10 pips?
  • #1,891
  • Aug 6, 2007 3:09am Aug 6, 2007 3:09am
Quoting trader07
When do you look for your 10 pip trades?
During the week I trade between 15:00 and 17:00 when the US is shutting down their trades..... During that period you can catch somewhere between 25 - 50 pips.
The Dove - Forex Trainer
  • #1,892
  • Aug 6, 2007 3:17am Aug 6, 2007 3:17am
Quoting trader07
How do you decide to stick with a trade or take the 10 pips?
This trade is very unstable because of the central pivot at the 117.54 and a long term pivot at the 117.60..... This is why I got in below the central as it turn into a long term.... Now, because of the instability, if this should get back to the central pivot I will take profit and wait until the next move up.... Generally, this instability is not common but it does happen now and then.
The Dove - Forex Trainer
  • #1,893
  • Aug 6, 2007 3:24am Aug 6, 2007 3:24am
One thing everyone should always be focus on..... Never go chasing a trade.... Be patient and wait..... Don't be anxious or greedy because the trades will come your way..... There are always opportunities. If you miss one then just wait for the next. If you get tired then stop and walk away and get refreshed..... Because if you loose focus, you will loose your money.
The Dove - Forex Trainer
  • #1,894
  • Aug 6, 2007 3:30am Aug 6, 2007 3:30am
Quoting dove_alliance
One thing everyone should always be focus on..... Never go chasing a trade.... Be patient and wait..... Don't be anxious or greedy because the trades will come your way..... There are always opportunities. If you miss one then just wait for the next. If you get tired then stop and walk away and get refreshed..... Because if you loose focus, you will loose your money.

I have been waiting for the last 8 hours ( well I did go to bed for 6 of those hours) But I will continue to wait until this market tells me which direction it wants to go. I am finished scalping, I loose too much, stress too much and did I say I loose too much? Anyways just waiting for the long term trends to start back up.
Just Trade It
  • #1,895
  • Aug 6, 2007 3:36am Aug 6, 2007 3:36am
Quoting Big Wave Rider
I have been waiting for the last 8 hours ( well I did go to bed for 6 of those hours) But I will continue to wait until this market tells me which direction it wants to go. I am finished scalping, I loose too much, stress too much and did I say I loose too much? Anyways just waiting for the long term trends to start back up.
It's up, just waiting for it to take off.
The Dove - Forex Trainer
  • #1,896
  • Aug 6, 2007 3:37am Aug 6, 2007 3:37am
Its a habbit you have to break yourself, at first I only looked at 4hr and up, but then the GREED of quicker, easier money was tapping me on my shoulder telling me to go and trade off of the 15 and 5 minute charts and use high leverage and big lots and I could make alot more alot faster. But every single ''scared money trade'' I made I lost. So now I am back to the 4hr and up charts, but every now and then that little monster will come back out and force me against my will to take a peak at the 1hr chart. ooooooh HORRIBLE.
Just Trade It
  • #1,897
  • Aug 6, 2007 3:44am Aug 6, 2007 3:44am
Quoting Big Wave Rider
Its a habbit you have to break yourself, at first I only looked at 4hr and up, but then the GREED of quicker, easier money was tapping me on my shoulder telling me to go and trade off of the 15 and 5 minute charts and use high leverage and big lots and I could make alot more alot faster. But every single ''scared money trade'' I made I lost. So now I am back to the 4hr and up charts, but every now and then that little monster will come back out and force me against my will to take a peak at the 1hr chart. ooooooh HORRIBLE.
It's too bad you don't have a 2 hour chart.... It would make a lot of difference in your trading.
The Dove - Forex Trainer
  • #1,898
  • Aug 6, 2007 3:49am Aug 6, 2007 3:49am
Quoting dove_alliance
This trade is very unstable because of the central pivot at the 117.54 and a long term pivot at the 117.60..... This is why I got in below the central as it turn into a long term.... Now, because of the instability, if this should get back to the central pivot I will take profit and wait until the next move up.... Generally, this instability is not common but it does happen now and then.
Hi Dove

Good morning and good trades for all!

Can you say me what method do you use to calculate pivots? What do you call long term pivot? Is a weekly pivot? And central pivot? I have an pivot indicator (auto pivot) that gives me as Daily pivot 117.27, weekly pivot at 117.95. Iīm trying to see your levels but no one is just on my indicator. Well your level 117.59 is R2 of Daily pivot. If you donīt mind put a chart here. Thank you very much.
  • #1,899
  • Aug 6, 2007 3:51am Aug 6, 2007 3:51am
I am still waiting for this break out just like many of yourselves on this board...It is stuck in this frustrating range and I dont want to trade without my indicators pointing in the right direction...but any views
  • #1,900
  • Aug 6, 2007 3:52am Aug 6, 2007 3:52am
Quoting dove_alliance
It's too bad you don't have a 2 hour chart.... It would make a lot of difference in your trading.
I would prefer a 3 hr chart and a 5hr chart then the daily,weekly, monthly. Why 3 and 5? Fibo superstition.
Just Trade It
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