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USD/JPY Discussion

  • #2,081
  • Aug 6, 2007 10:42pm Aug 6, 2007 10:42pm
I'm getting some confusing signals... AUD/JPY looks to go higher... USD/JPY looks to retrace a bit still before returning upward (unless there's a big bottom blow out). What to do... what to do... Always hate to miss moves, but I'm not exactly comfortable.
  • #2,082
  • Aug 6, 2007 10:44pm Aug 6, 2007 10:44pm
Quoting Trader KGB
Affected to what degree? 10 pips off eur/usd's high is alarming? I see a small blip on all the majors. Not the effect of an assassination or bombing.
I was just kidding about the bombing and stuff but something did happen and could well been in the market somewhere.
The Dove - Forex Trainer
  • #2,083
  • Aug 6, 2007 10:48pm Aug 6, 2007 10:48pm
Quoting RobKnight6
I'm getting some confusing signals... AUD/JPY looks to go higher... USD/JPY looks to retrace a bit still before returning upward (unless there's a big bottom blow out). What to do... what to do... Always hate to miss moves, but I'm not exactly comfortable.
Well, I'm targeted to pick up 28 profit for the daily pivot and that is all I'm going to worry about until then......
The Dove - Forex Trainer
  • #2,084
  • Aug 6, 2007 11:00pm Aug 6, 2007 11:00pm
Quoting dove_alliance
Well, I'm targeted to pick up 28 profit for the daily pivot and that is all I'm going to worry about until then......
AT WHAT PRICE DID YOU ENTER
  • #2,085
  • Aug 6, 2007 11:01pm Aug 6, 2007 11:01pm
Quoting dove_alliance
Well, I'm targeted to pick up 28 profit for the daily pivot and that is all I'm going to worry about until then......
I'm going to TP my long AUD/JPY between 102.00 and 102.10 depending on the momentum and take a USD/JPY short somewhere around 118.75/80. Looking a little over bought, and market seems nervous, look to test 118.00. Hopefully some good news out of the US will allow for more longs after that.
  • #2,086
  • Aug 6, 2007 11:01pm Aug 6, 2007 11:01pm
Quoting dove_alliance
Well, I'm targeted to pick up 28 profit for the daily pivot and that is all I'm going to worry about until then......
Dove,
Are you still in? From entering at 68...
  • #2,087
  • Aug 6, 2007 11:07pm Aug 6, 2007 11:07pm
Quoting trader07
Dove,
Are you still in? From entering at 68...
Got back in at the 68 when my trend had made the crossing. Sometime before morning it will get there.
The Dove - Forex Trainer
  • #2,088
  • Aug 7, 2007 12:08am Aug 7, 2007 12:08am
OK - Took me out on the hedge now to see if it will bust or turn around and make its way back to the daily.
The Dove - Forex Trainer
  • #2,089
  • Aug 7, 2007 12:11am Aug 7, 2007 12:11am
This was the retrace that finally finished up..... Usually it does not take this long.....But things happen.

I'm still in for the Daily.
The Dove - Forex Trainer
  • #2,090
  • Aug 7, 2007 12:18am Aug 7, 2007 12:18am
So everyone knows what I did - about 1:30 it bounced off the fibos support at the 118.57 and instead of closing the trade I did a full hedge and waited to see if the retrace would finish up and set the limit for the central..... It close the hedge at the central and as of right now it is making its turn for the Daily which I still have a limit set for the 37.
The Dove - Forex Trainer
  • #2,091
  • Aug 7, 2007 12:22am Aug 7, 2007 12:22am
Short at 118.75 (Not the best location considering the most recent move).

But failure to break the 61.8 Fibo at 118.87 (Central Pivot) area on the previous 1H bar (current 1H not complete, but also failed to break), says something about the move.

Gotta watch the 70 area, as that has some "invisible" support...
Chances favour the prepared.
  • #2,092
  • Aug 7, 2007 12:24am Aug 7, 2007 12:24am
With this type of scenarios when you are mid stream on a trade in which you are not sure which way it is going and you are between two pivots. Then it is wise to do a full hedge because one way or the other you will make the profit. Usually the retrace off the pivot can take you close to your entry of the trade you are still in and able to close it if you need to.
The Dove - Forex Trainer
  • #2,093
  • Aug 7, 2007 12:26am Aug 7, 2007 12:26am
Quoting jasonowl
Short at 118.75 (Not the best location considering the most recent move).

But failure to break the 61.8 Fibo at 118.87 (Central Pivot) area on the previous 1H bar (current 1H not complete, but also failed to break), says something about the move.

Gotta watch the 70 area, as that has some "invisible" support...
There is a pivot at the 70 but it is without power.
The Dove - Forex Trainer
  • #2,094
  • Aug 7, 2007 12:27am Aug 7, 2007 12:27am
hi mr and mrs
i am a new member in this forum.
help me until be succed
thanks
  • #2,095
  • Aug 7, 2007 12:28am Aug 7, 2007 12:28am
Also - the daily trend is down....
The Dove - Forex Trainer
  • #2,096
  • Aug 7, 2007 12:35am Aug 7, 2007 12:35am
I've love to hedge, but with the way Interactive brokers work, I can't hedge. There isn't an option to open multiple positions of the same Pair in opposite directions. Tks for the input thou.

Quoting dove_alliance
With this type of scenarios when you are mid stream on a trade in which you are not sure which way it is going and you are between two pivots. Then it is wise to do a full hedge because one way or the other you will make the profit. Usually the retrace off the pivot can take you close to your entry of the trade you are still in and able to close it if you need to.
Chances favour the prepared.
  • #2,097
  • Aug 7, 2007 12:36am Aug 7, 2007 12:36am
Quoting jasonowl
Short at 118.75 (Not the best location considering the most recent move).

But failure to break the 61.8 Fibo at 118.87 (Central Pivot) area on the previous 1H bar (current 1H not complete, but also failed to break), says something about the move.

Gotta watch the 70 area, as that has some "invisible" support...
Good Call!
  • #2,098
  • Aug 7, 2007 12:38am Aug 7, 2007 12:38am
One thing to keep in mind is that the bouncing between the central and the daily happens only between these two pivots.... Once it breaks one or the other it will continue on to next pivot and when it arrives it will either bust it or spent the rest of the time on that pivot..... And that can last 12 hours or more. There is no more bouncing from there.
The Dove - Forex Trainer
  • #2,099
  • Aug 7, 2007 12:39am Aug 7, 2007 12:39am
Quoting jasonowl
I've love to hedge, but with the way Interactive brokers work, I can't hedge. There isn't an option to open multiple positions of the same Pair in opposite directions. Tks for the input thou.
Then you need to find a new broker....
The Dove - Forex Trainer
  • #2,100
  • Aug 7, 2007 12:43am Aug 7, 2007 12:43am
Haha.. yes that has crossed my mind, but I'm still managing okay for now. Movever the pip spread is very tight (1 pip for UJ), and it trades directly to the ECN. (But I have to pay a comm for transacting)

Quoting dove_alliance
Then you need to find a new broker....
Chances favour the prepared.
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