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USD/JPY Discussion

  • #2,261
  • Aug 8, 2007 8:11am Aug 8, 2007 8:11am
Quoting dove_alliance
One thing traders should also learn about is scalping..... With the right indicators and using the 5 minute chart you can get in and get out with 7-10 pip profit for each entry. This is what I have been doing while we are waiting for 30+ pip movement on the pivots...... By scalping I have made my 21 pip limit and everything from here is gravy. Right now we still have the 50% retrace due to it getting above the central..... This is one of the reason I try to stay out of trading between the central and daily when it is less than a 30 pip spread.
Hey Dove,

If possible would you be able to post some further details on your scalping method.

Whenever I look to trade short term scalps, unless the trade is supported by a nice candlestick formation I often find that most of the move within the range bound area is over if you wait for confirmation by traditional indicators.

Your method sounds robust and I think others would appreciate your assistance on trading markets when they are in the ranging phases.

Thanks for your help.

G-Man
  • #2,262
  • Aug 8, 2007 8:14am Aug 8, 2007 8:14am
Quoting dove_alliance
As you have notice in the past, as it is doing now, a constant retrace for the pivot in which it will continue until the indicators are sync for the turn.
What indicator?
  • #2,263
  • Aug 8, 2007 8:36am Aug 8, 2007 8:36am
Quoting G-Man
Hey Dove,

If possible would you be able to post some further details on your scalping method.

Whenever I look to trade short term scalps, unless the trade is supported by a nice candlestick formation I often find that most of the move within the range bound area is over if you wait for confirmation by traditional indicators.

Your method sounds robust and I think others would appreciate your assistance on trading markets when they are in the ranging phases.

Thanks for your help.

G-Man
HEY G HAVE YOU DONE ANY TRADE NOW?
  • #2,264
  • Aug 8, 2007 8:40am Aug 8, 2007 8:40am
Quoting bksujal
HEY G HAVE YOU DONE ANY TRADE NOW?
Been standing aside on JPY today as GBP has really been the mover.

Would be interested in Dove's scalping method though as there are more markets that are rangebound than trending.

G-Man
  • #2,265
  • Aug 8, 2007 8:55am Aug 8, 2007 8:55am
Hi ,

they believes that it comes back the 118?
regards,
felipe
  • #2,266
  • Aug 8, 2007 11:28am Aug 8, 2007 11:28am
Price has moved more than 100 pips breaking all resistance levels. US interest rate remain unchanged, is carry trade coming back?
  • #2,267
  • Aug 8, 2007 11:40am Aug 8, 2007 11:40am
hey am i right pls tell me
i think it should start coming down from here am i rite?
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  • #2,268
  • Aug 8, 2007 12:01pm Aug 8, 2007 12:01pm
bksujal-I think you may be on to something here. I have watched it move about 40 pips in 5 hours. It may start dipping before hitting R2. I'm going to wait another 6-7 hours to futher define the movement. I'm sure as you know this, but this pair can move very very fast in either direction.
  • #2,269
  • Aug 8, 2007 12:39pm Aug 8, 2007 12:39pm
Possible reversal?

Usually wave A equal wave C. Wave A from 117.18 to 119.12 takes wave C from 117.97 to 119.91 which put the fibo 0.382 right there also.
  • #2,270
  • Aug 8, 2007 2:21pm Aug 8, 2007 2:21pm
Stopped dead in its tracks at the 38.2 fib (119.84) from the 124.12-117.19 correction. A good scalping entry, as it just retraced back to the R1. The 200-day SMA is also at the 38.2 fib, but the technicals on the daily chart are looking their best since mid-June.
  • #2,271
  • Aug 8, 2007 2:28pm Aug 8, 2007 2:28pm
Dow lost all of it's gains
  • #2,272
  • Aug 8, 2007 2:33pm Aug 8, 2007 2:33pm
Quoting Trader KGB
Stopped dead in its tracks at the 38.2 fib (119.84) from the 124.12-117.19 correction. A good scalping entry, as it just retraced back to the R1. The 200-day SMA is also at the 38.2 fib, but the technicals on the daily chart are looking their best since mid-June.
So KGB, do you think we're going further south?
  • #2,273
  • Aug 8, 2007 2:52pm Aug 8, 2007 2:52pm
Quoting mirdaniel
So KGB, do you think we're going further south?
Intraday, you'll have to ask dove, he's the master there. On the longer term, there may be further consolidation with an upward bias. The February correction took about a month to clear the 200-day SMA and 38.2 fib (with many headfakes along the way).
  • #2,274
  • Aug 8, 2007 2:55pm Aug 8, 2007 2:55pm
Quoting Trader KGB
Intraday, you'll have to ask dove, he's the master there. On the longer term, there may be be further consolidation with an upward bias. The February correction took about a month to clear the 200-day SMA and 38.2 fib (with many headfakes along the way).
Thanks, Dove should be here in any minutes now.
  • #2,275
  • Aug 8, 2007 3:12pm Aug 8, 2007 3:12pm
Is this a setup for a fall or a continuation to the upside?
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  • #2,276
  • Aug 8, 2007 3:16pm Aug 8, 2007 3:16pm
Hello fellow traders and blessings –
This will be my last post as I now need to move on to other things I need to do…. But, before I leave I would like to give each of you a word of wisdom.

I have been with you now for 3 weeks and I have come to find that a very few of you will make it in this market and the rest will not. All the traders, world wide, which comes into this market only 5%, will make it…. As for me, through the blessings and the grace of my Lord Jesus, I am one of the 5%.

There are many of you that are trading live and by no means, should you be trading a live account because you are not ready….. You get in on a trade, not knowing what to do, and every once in awhile you get lucky and get out with a few pips; and then on the next trade you lose those pips and much more.

Day after day you are asking other traders on this forum what to do on a trade which indicates you know nothing of this market…. You listen to technical traders who analyze and also know nothing of this market.

In order to make it in this market you must be educated and eventually have your own system…. You cannot use some others system and depend on it that it will work for you, because it won’t.

What I have taught you in these last 3 weeks is the use of indicators along with trend lines and mostly pivots. And even today, most of you have not listen but was only on the forum to get some free pips. And that was o.k. but you should have also taken advantage to learn from someone who knew what he was doing.

I highly recommend that all you traders who are using a live account to shut it down now and begin using a demo. Start learning about indicators, especially moving averages and daily pivots….. Learn about parameters of those moving averages and put them to use. Practice with a demo until you are able to see your entry, time and time again, flawless. Because the entry is the most important execution you will make on any trade. Practice on getting 10 pips per entry until you can do it time and time again. Then, and only then, are you ready for a live account…. I also recommend that you set a limit for how many pips you are going after per day….. And make that maximum very little –10 to 20 pips. This way you will learn discipline. Also, learn how to be patient or otherwise you will never become focus.

Take care and may the Blood of Jesus and The Holy Spirit be with you all.



The Dove Alliance
The Dove - Forex Trainer
  • #2,277
  • Aug 8, 2007 3:37pm Aug 8, 2007 3:37pm
Quoting dove_alliance
Hello fellow traders and blessings –
This will be my last post as I now need to move on to other things I need to do…. But, before I leave I would like to give each of you a word of wisdom.

I have been with you now for 3 weeks and I have come to find that a very few of you will make it in this market and the rest will not. All the traders, world wide, which comes into this market only 5%, will make it…. As for me, through the blessings and the grace of my Lord Jesus, I am one of the 5%.

There are many of you that are trading live and by no means, should you be trading a live account because you are not ready….. You get in on a trade, not knowing what to do, and every once in awhile you get lucky and get out with a few pips; and then on the next trade you lose those pips and much more.

Day after day you are asking other traders on this forum what to do on a trade which indicates you know nothing of this market…. You listen to technical traders who analyze and also know nothing of this market.

In order to make it in this market you must be educated and eventually have your own system…. You cannot use some others system and depend on it that it will work for you, because it won’t.

What I have taught you in these last 3 weeks is the use of indicators along with trend lines and mostly pivots. And even today, most of you have not listen but was only on the forum to get some free pips. And that was o.k. but you should have also taken advantage to learn from someone who knew what he was doing.

I highly recommend that all you traders who are using a live account to shut it down now and begin using a demo. Start learning about indicators, especially moving averages and daily pivots….. Learn about parameters of those moving averages and put them to use. Practice with a demo until you are able to see your entry, time and time again, flawless. Because the entry is the most important execution you will make on any trade. Practice on getting 10 pips per entry until you can do it time and time again. Then, and only then, are you ready for a live account…. I also recommend that you set a limit for how many pips you are going after per day….. And make that maximum very little –10 to 20 pips. This way you will learn discipline. Also, learn how to be patient or otherwise you will never become focus.

Take care and may the Blood of Jesus and The Holy Spirit be with you all.



The Dove Alliance
Thanks for everything Dove... May God Bless You...
  • #2,278
  • Aug 8, 2007 4:50pm Aug 8, 2007 4:50pm
Quoting dove_alliance
As for me, through the blessings and the grace of my Lord Jesus, I am one of the 5%.
dove, you certainly have given a whole new meaning to the phrase "holier than thou"

Thanks for the info on pivots. It's interesting how we share such differing viewpoints on timeframes. My system (profitable the past few years) is predicated on the daily timeframe. I have found much consistency & clarity from a daily perspective, whereas your method has shown near flawless consistency on the intraday level. It has certainly opened me up to exploring more closely the pivot relationships. I'm always looking to improve the intraday entries for my system, and after further research, will look to employ your strategies as part of this refinement.

Good luck in your trading. Don't be a stranger if/when your endeavors might allow you to return. God bless
  • #2,279
  • Aug 8, 2007 9:21pm Aug 8, 2007 9:21pm
Hey Dove, wherever ur at or whatever ur doing right now.
Good luck.

Do hope you return someday.
Now back to business....
Chances favour the prepared.
  • #2,280
  • Aug 8, 2007 10:44pm Aug 8, 2007 10:44pm
This thread will not be the same without dove alliance. The only thing that we can do right now, to whom d.a. was a good instructor, is unite and share what we have learned in the past 3 weeks and continue trading with jpy the same way as we did.

Thanks d.a. you've tought me a lot.
slowly but steady is the answer.
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