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USD/JPY Discussion

  • #3,461
  • Aug 17, 2007 11:07am Aug 17, 2007 11:07am
Is it over for the week? It's slowed to a crawl...
  • #3,462
  • Aug 17, 2007 11:45am Aug 17, 2007 11:45am
dove what time is it safe to trade this market to 'cos this is friday
  • #3,463
  • Aug 17, 2007 12:07pm Aug 17, 2007 12:07pm
Hey everyone, I just wanted to show you what I saw on the $/yen weekly chart. Price bottomed out exactly at the 138 ext.
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  • #3,464
  • Aug 17, 2007 12:23pm Aug 17, 2007 12:23pm
Quoting southernmind
Hey everyone, I just wanted to show you what I saw on the $/yen weekly chart. Price bottomed out exactly at the 138 ext.
Thats why there was such a reaction at the low today. That fib extension and S1. I remember one of my early educators always talking about confluences and that was a perfect example.

The retracement off the high today also fell bang on the 50% of todays move as well. I should have noticed as I went short on support break just before it hit it and bounced.

Gonna concentrate more next week.

G-Man
  • #3,465
  • Aug 17, 2007 12:26pm Aug 17, 2007 12:26pm
currently long a/j looking for crazy breakout after this positive dow session. Above 13000 Carry Grant has entered the building.
Patience + Humility + Study = Success
  • #3,466
  • Aug 17, 2007 12:28pm Aug 17, 2007 12:28pm
Quoting DutchTrader
currently long a/j looking for crazy breakout after this positive dow session.
Careful with these 500 pip swings. Your buddy out of his monster short?
  • #3,467
  • Aug 17, 2007 12:33pm Aug 17, 2007 12:33pm
Quoting G-Man
Thats why there was such a reaction at the low today. That fib extension and S1. I remember one of my early educators always talking about confluences and that was a perfect example.

The retracement off the high today also fell bang on the 50% of todays move as well. I should have noticed as I went short on support break just before it hit it and bounced.

Gonna concentrate more next week.

G-Man

I end up missing good trades often by not taking a look at charts on the larger timeframes due to being so focused in on the smaller ones and the trade itself. I must do better as well. However, I won't gripe about it too much because I'm up 561% on the week.
  • #3,468
  • Aug 17, 2007 12:37pm Aug 17, 2007 12:37pm
Quoting Trader KGB
Careful with these 500 pip swings. Your buddy out of his monster short?
Yep, cashed out at 87.34 then went long at 88.04. I'm currently long at 89.75 and looking for 92.00

Trader, You gotta get in on that pair. Makes u/j look like childsplay. I mainly monitor u/j because a/j sort of mirrors it. BTW the us dollar is on its deathbed.
Patience + Humility + Study = Success
  • #3,469
  • Aug 17, 2007 12:37pm Aug 17, 2007 12:37pm
Quoting southernmind
However, I won't gripe about it too much because I'm up 561% on the week.
Enjoy your position while it lasts southernmind.

That 561% return is going to be mine next week!!

G-Man
  • #3,470
  • Aug 17, 2007 12:39pm Aug 17, 2007 12:39pm
Don't know how much I'm up percentage wise, all I know is that I have a nice warchest. Feels good and gentleman, and ladies of course, it's not over yet. This overnight rate cut isn't going to get rid of all the bad paper out there. I wouldn't put an Asian/European smackdown out of the question.
Patience + Humility + Study = Success
  • #3,471
  • Aug 17, 2007 12:42pm Aug 17, 2007 12:42pm
I think you're right, I'm goin long and waiting a day on it.
  • #3,472
  • Aug 17, 2007 12:51pm Aug 17, 2007 12:51pm
Quoting DutchTrader
Trader, You gotta get in on that pair. Makes u/j look like childsplay. I mainly monitor u/j because a/j sort of mirrors it
I know.. I've held off on the crosses due to IB's inept margin system. Both sides of a cross are treated separately, so crosses are 25:1 (instead of 50:1). However, IB's maintenance margin is the same as initial, so you can't effectively use even the 25:1. To allow room for your stop, you get down to 20:1 or lower. After all that, P&L is recorded in the foreign currency (regardless of account base), and swaps just add to the hassle further. Don't forget the 17:00 - 17:15 close cycle, lack of NZD, etc.. The problem is finding a suitable spot AND futures broker to replace them.
  • #3,473
  • Aug 17, 2007 12:55pm Aug 17, 2007 12:55pm
Quoting Trader KGB
I know.. I've held off on the crosses due to IB's inept margin system. Both sides of a cross are treated separately, so crosses are 25:1 (instead of 50:1). However, IB's maintenance margin is the same as initial, so you can't effectively use even the 25:1. To allow room for your stop, you get down to 20:1 or lower. After all that, P&L is recorded in the foreign currency (regardless of account base), and swaps just add to the hassle further. Don't forget the 17:00 - 17:15 close cycle, lack of NZD, etc.. The problem is finding a suitable spot AND futures broker to replace them.
one word:

gftforex.com

Thank me later
Patience + Humility + Study = Success
  • #3,474
  • Aug 17, 2007 2:16pm Aug 17, 2007 2:16pm
Don't know if any of you guys are still out there but USDJPY bounced off the central pivot at 113.84.

More reinforcement for Doves methods.

G-Man
  • #3,475
  • Aug 17, 2007 2:26pm Aug 17, 2007 2:26pm
Quoting G-Man
Don't know if any of you guys are still out there but USDJPY bounced off the central pivot at 113.84.

More reinforcement for Doves methods.

G-Man
Oh I'm around alright. Did you get pipage?
Patience + Humility + Study = Success
  • #3,476
  • Aug 17, 2007 2:32pm Aug 17, 2007 2:32pm
look at my last post

http://www.forexfactory.com/showthre...69#post1542669
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Pipology 101 student
  • #3,477
  • Aug 17, 2007 2:45pm Aug 17, 2007 2:45pm
nothing like forexfactory.

They deserve the best.

I hope they make money somehow
Pipology 101 student
  • #3,478
  • Aug 17, 2007 2:59pm Aug 17, 2007 2:59pm
Quoting G-Man
Don't know if any of you guys are still out there but USDJPY bounced off the central pivot at 113.84.
Saw that but was away, nice clean test good for 50-70 pips. Did you take it?
  • #3,479
  • Aug 17, 2007 3:00pm Aug 17, 2007 3:00pm
TraderKGB,

on the A/J we bounced off the 92.00 level which was a fibo retrace, makes for an interesting sunday setup.


Quoting Trader KGB
Saw that but was away, nice clean test good for 50-70 pips. Did you take it?
Patience + Humility + Study = Success
  • #3,480
  • Aug 17, 2007 4:37pm Aug 17, 2007 4:37pm
Quoting Trader KGB
Saw that but was away, nice clean test good for 50-70 pips. Did you take it?
Yes and no. Scalped off it for a few pips then realised that it was the central and could have gone for more.

I know this week has been exceptional in terms of volatility and ranges, but looking at Doves methodology it shows how there can be many more pips in a day than the daily range. I guess we all knew that but here seems a reliable and consistant way to profit from that.

See you guys next week.

Take care and here's to Monday morning, (for me anyway)

G-Man
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