USD/JPY Discussion

As you can see on this chart (weekly), the big dogs knew where to buy...

111.60 was exactly the point of the blue parallel line !!!

It will take some time for this pair to go higher

2 Reasons Why The Pair Also Went Up Was Due To The Double Bottom And The Positive Divergence Have A Look I Have Circled The Double Bottom And Shown With Lines The Positive Divergence

Looking back, it all makes sense, doesnt it?

entered Long Today At 114 Exact And Earned 120 Pips :d

I Am Off For Today Have A Gr8 Day Guys

Hello everyone,

I just came back from short vacation and I can see that you all had "nice pips party" Oh well - I guess there will be more opportunities in the future like that ! Besides,I could also lose big time as well

I would like to share with you my chart which shows what triggered tha last price action.


http://img444.imageshack.us/img444/5263/usdjpy2aa0.jpg

It is 15 min chart.

As you can see we had symetrical triangle/wedge formed and price broke to the downside.Moreover,candlestick closed below 23.6% fibo which was another confirmation.The price went through Weekly Central Pivot and missed by 2 pips (on my chart) the Daily Central Pivot.

If you switch to the 30 min timeframe chart then you will also see "hangman" and "reversal" pattern (high>previous high,close<previous close)

I stayed with Dove theory and took my profit on Weekly Central Pivot.

However as you can see the next 38.2% fibo level is on 113.99 and if you take triangle height than the price may move to 114.08 area (the orange dotted line)

This good example that the best trades occur when many TA tools show the same direction.

regards

P.S

I posted it to show this to some newbies(like me).I know that for many other traders this transaction was very obvious

PolishTrader,

How do you explain the current reversal?
Do you see more upward momentum building?

I believe at the current rate we are going now, it may be possible for USD/JPY to reach the 116 resistance before heading further downward. Currently I am looking at the daily charts with Stochastics and RSI, which are both near oversold territory. Anyone has an opinion on shorting at this resistance level, or going long at the current price???

Charlinks,

I'm not the expert so you should ask more experienced traders Nevertheless I believe that we should moved to the 114 area and then we will see.We just have had test of 23.6% fib level and it bounced back so I think we may head to 114.

Still,treat it as newbie opinion

Lol no problem, hey everyone has their right to their on thoughts, I appreciates your opinion on this pair.

I think we will see it go further down...

http://i19.tinypic.com/4rasup5.gif

After finding heavy resistance at the daily R1, it gave back the day's gains before finding support at the daily central. Currently vacillating between the daily and weekly central. Looks like it may be staging itself for another attempt on the weekly pivot and daily R1, but waiting to see which way it breaks from the daily/weekly central range first.

Well that didn't take long.

Stopped out at 114.79 when the weekly didn't hold.. +39. Possible short for a test back to the central, not sure what dove would do here.

It's a bit unpredictable with the relationship with US equities still holding (ish) so difficult to say where it is going but my money would be, (and is) on another test of the weekly pivot and a continued move higher.

Asian open may be different of course.

G-Man

I'm going to play devil's advocate here... shorted @ 114.81

TP @ 114.50 (taking only half and the rest a trailing stop w 30 pips range)
SL @ 115.05

Oh, well... RIP! I'm a noob what can I say?

Hmm do you think USD/JPY will test 115.50 again, or will push through 116.00 near the Tokyo open???

the charts will tell you which is more likely, but nobody can predict the future.

but according to dove's teachings, the mission will be completed...so if you wanna know what that means, read the thread.

Does anyone can confirm these pivot points for today ?


OPEN - 114.04
HIGH - 115.48
LOW - 113.66
CLOSE - 114.86


R3 – 117.49

R2 – 116.49

R1 - 115.67

Pivot – 114.67
Central – 114.04

S1 – 113.85

S2 – 112.85

S3 – 112.03