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USD/JPY Discussion

  • #4,241
  • Aug 27, 2007 1:15am Aug 27, 2007 1:15am
Quoting chady250
I got in long at 116.70. Im still unsure whether to double down on it right now, what do you think???
That's 5 pip short of the R1; any reason why you got in long at that point?
The Dove - Forex Trainer
  • #4,242
  • Aug 27, 2007 1:28am Aug 27, 2007 1:28am
Quoting dove_alliance
That's 5 pip short of the R1; any reason why you got in long at that point?
Lol, I think you might laugh at this, but I thought because the pair closed above 116.40 on Friday, and with the added momentum of the todays opening, I thought it would stand a chance of breeching Pivot Point R1 at around 116.73 ish, (if I'm not mistaken). When I place this trade, I also think I was also psychologically influenced to place this, trade so technically its my error for acting very fast.
"Don't work for your money, but let money work for you."
  • #4,243
  • Aug 27, 2007 1:34am Aug 27, 2007 1:34am
With the UK holiday will we have much of a European session?
  • #4,244
  • Aug 27, 2007 1:35am Aug 27, 2007 1:35am
Quoting chady250
Lol, I think you might laugh at this, but I thought because the pair closed above 116.40 on Friday, and with the added momentum of the todays opening, I thought it would stand a chance of breeching Pivot Point R1 at around 116.73 ish, (if I'm not mistaken). When I place this trade, I also think I was also psychologically influenced to place this, trade so technically its my error for acting very fast.
Should have waited to see if it broke the pivot.
  • #4,245
  • Aug 27, 2007 1:38am Aug 27, 2007 1:38am
Quoting chady250
Lol, I think you might laugh at this, but I thought because the pair closed above 116.40 on Friday, and with the added momentum of the todays opening, I thought it would stand a chance of breeching Pivot Point R1 at around 116.73 ish, (if I'm not mistaken). When I place this trade, I also think I was also psychologically influenced to place this, trade so technically its my error for acting very fast.
Well, I don't give advice on how to trade on an individual account.... But, maybe this will help....

It is staying above the daily pivot and the momentum is up, so far..... the turn is still happening just waiting on a crossing to verify..... it if continues up then the 116.75 is the target..... if it gets below the daily on a drive then the trend will change.
The Dove - Forex Trainer
  • #4,246
  • Aug 27, 2007 1:47am Aug 27, 2007 1:47am
Quoting dove_alliance
Well, I don't give advice on how to trade on an individual account.... But, maybe this will help....

It is staying above the daily pivot and the momentum is up, so far..... the turn is still happening just waiting on a crossing to verify..... it if continues up then the 116.75 is the target..... if it gets below the daily on a drive then the trend will change.
Hey thanks for the advice, another thing that made me feel bad was that I did not put a SL (ahhhhhhhhhhhhhh too much distractions when I made this trade). So I think SL at 116 while a break even PT point will satisfy me for now. Thanks for the advice!
"Don't work for your money, but let money work for you."
  • #4,247
  • Aug 27, 2007 2:11am Aug 27, 2007 2:11am
dove U trade only JPY pair croses?
  • #4,248
  • Edited 7:31am Aug 27, 2007 6:49am | Edited 7:31am
Made some pips last night when those three levels were taken out and the subsequent pullback to them. Now sitting on a market order waiting for price to go back up with R1 as the target...or not. The daily pivot at least seems to be holding fairly well.

edit: Daily pivot broken.
  • #4,249
  • Aug 27, 2007 7:43am Aug 27, 2007 7:43am
placed limit-long order at 15.78.. S1.
  • #4,250
  • Aug 27, 2007 7:53am Aug 27, 2007 7:53am
Quoting invicta79
placed limit-long order at 15.78.. S1.

My limit long came in at 11600.. I'll put another at s1 though.. I hope price will be going up after after retracement... we shall see could retrace further of course...
  • #4,251
  • Edited 8:05am Aug 27, 2007 7:55am | Edited 8:05am
Testing 50% between Weekly and Central Pivot

And the today's low was the 50% of Daily Pivot Point and R1.

Ahh too many FIFTIES to watch out :/
  • #4,252
  • Aug 27, 2007 8:00am Aug 27, 2007 8:00am
Finding support at 116.04, which is the MP of the weekly pivot and central.
  • #4,253
  • Aug 27, 2007 8:08am Aug 27, 2007 8:08am
Quoting thegunslinger
Finding support at 116.04, which is the MP of the weekly pivot and central.
You meant resistance
  • #4,254
  • Aug 27, 2007 8:09am Aug 27, 2007 8:09am
Does Anyone Have The Auto Pivot Indicator For Meta Trader??? Pls Post It
  • #4,255
  • Aug 27, 2007 8:17am Aug 27, 2007 8:17am
Quoting PolishTrader
You meant resistance
nah, support, only up now :-)
"Luxury is one of the basic needs", (c), Don Corleone
  • #4,256
  • Aug 27, 2007 8:21am Aug 27, 2007 8:21am
Quoting PolishTrader
You meant resistance
I'm not looking at my charts, just going off of Yahoo's quotes, but it didn't seem like price visited below 116.04 for very long. Not a move that I qualify as breaking support and turning it to resistance yet.
  • #4,257
  • Aug 27, 2007 8:30am Aug 27, 2007 8:30am
So you read the tape like Jesse Livermore

I guess no big move before Existing Home Sales announcement
  • #4,258
  • Aug 27, 2007 8:36am Aug 27, 2007 8:36am
Quoting bksujal
Does Anyone Have The Auto Pivot Indicator For Meta Trader??? Pls Post It
There are many but as Dove said everything what is automatic is prone to fail.

Besides it isn't very hard to put on the chart - you just need 3 red lines,3 green lines,Daily and Weekly Pivot,Daily and Weekly Central.

Dove provided today all data so it takes max.5 min to put it on the chart.And as for 50% retracement you can write them down on paper (like Dove said) or just use Fib study (you take high as one pivot and low as another and then you can clearly see where the MP is - plain and simple)
  • #4,259
  • Aug 27, 2007 8:49am Aug 27, 2007 8:49am
Quoting PolishTrader
So you read the tape like Jesse Livermore

I guess no big move before Existing Home Sales announcement
I would hardly put myself in the same class as Jesse Livermore.

This move below 116.04 looks more convincing.
  • #4,260
  • Aug 27, 2007 9:36am Aug 27, 2007 9:36am
Has the trend changed or are we still in a waiting period???
creating wealth one pip at a time.....
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