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USD/JPY Discussion

  • #4,261
  • Aug 27, 2007 9:59am Aug 27, 2007 9:59am
Quoting wheelsut
Has the trend changed or are we still in a waiting period???
It looks like we can't get pass the daily pivot, 4h chart setting up for short longer term..... I will go short from here, with a stop just over daily pivot, profit target s2.
Kjellik74
  • #4,262
  • Aug 27, 2007 10:54am Aug 27, 2007 10:54am
My Office
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  • #4,263
  • Aug 27, 2007 11:54am Aug 27, 2007 11:54am
Quoting dove_alliance
The indicators I have will not work for you...... The charts I use are not to be found anywhere..... So I will not give out something that will put you in jeopardy.
I thought you use AccuCharts, which can be found here with a demo account

http://www.fxsol.com/getting_started...nfirmation.asp

  • #4,264
  • Aug 27, 2007 12:49pm Aug 27, 2007 12:49pm
I've not been around much today but I have left my support and resistance levels on one chart from Friday and it seems that much of the action today has obeyed these levels quite strongly.

G-Man
  • #4,265
  • Aug 27, 2007 12:54pm Aug 27, 2007 12:54pm
Quoting G-Man
I've not been around much today but I have left my support and resistance levels on one chart from Friday and it seems that much of the action today has obeyed these levels quite strongly.

G-Man
Just been hanging around the daily of 116.13, trying to figure out which way it will go!
creating wealth one pip at a time.....
  • #4,266
  • Aug 27, 2007 1:18pm Aug 27, 2007 1:18pm
Quoting wheelsut
Just been hanging around the daily of 116.13, trying to figure out which way it will go!
Looks like the yen crosses are all stalled at the major fibs - U/J at the 38.2 and G/J, E/J, A/J, C/J at the 50. Interesting to see where this will play out.
  • #4,267
  • Aug 27, 2007 1:34pm Aug 27, 2007 1:34pm
I think we've sufficiently gone through the pivot to the upside. Now we have to break those three levels @ 37, 41, and 44 (although they were a minor stumbling point on the way down last night) before we can resume course to R1.
  • #4,268
  • Aug 27, 2007 4:10pm Aug 27, 2007 4:10pm
well it just hit the S1 daily of 115.78 but now it is 5;00 PM
and Dove does not recommend trading between 5:00 PM and 8:00 PM
  • #4,269
  • Aug 27, 2007 4:18pm Aug 27, 2007 4:18pm
Quoting Trader KGB

R3 117.92



R2 117.03
R1 116.43
Pivot 116.14
Central 115.84
S1 115.54
S2 115.25
S3 114.36

Hey Trader, what platform do you get your numbers from?
  • #4,270
  • Aug 27, 2007 4:20pm Aug 27, 2007 4:20pm
Quoting PipSnatcher
Hey Trader, what platform do you get your numbers from?
MT4. But those figures above are from AccuCharts, so that dove wouldn't scold me for being off a pip.
  • #4,271
  • Aug 27, 2007 4:21pm Aug 27, 2007 4:21pm
Wow, free fall straight through the weekly pivot to the daily S1. Finally some action after that relatively quiet Monday.
  • #4,272
  • Aug 27, 2007 4:24pm Aug 27, 2007 4:24pm
Quoting Trader KGB
Wow, free fall straight through the weekly pivot to the daily R1. Finally some action after that relatively quiet Monday.
Yeah it stalled at 115.78 for awhile and then it blew through it
so does that mean it will go to S2?
  • #4,273
  • Aug 27, 2007 4:28pm Aug 27, 2007 4:28pm
Quoting Trader KGB


R3 117.92
R2 117.03
R1 116.43
Pivot 116.14
Central 115.84
S1 115.54
S2 115.25
S3 114.36

Trader what was your High Low Close Open? Because I got 117.31 for R3...
  • #4,274
  • Aug 27, 2007 4:33pm Aug 27, 2007 4:33pm
Quoting trader07
Trader what was your High Low Close Open? Because I got 117.31 for R3...
I also have different S3 and R3 but I believe it is due to calculation of those 2 pivots (he calculated it using PP-RANGE*2 for S3 and PP+RANGE*2 for R3)

Ours are calculated using LOW-2*(High-Pivot Point) for S3 and High+2*(Pivot Point-Low) for R3

Mine R3 is 117.34 and S3 is 114.64

Though others are almost the same.
  • #4,275
  • Aug 27, 2007 4:38pm Aug 27, 2007 4:38pm
Quoting moneypip
so does that mean it will go to S2?
I've backtested the pivots on U/J and found no statistically significant evidence that if one pivot level is broken, the next pivot must be hit. Even though recent history might suggest otherwise, I could show you 100 intraday charts where the first S/R pivot level was broken and nothing came of it.

In this case, we haven't broken the S1 on the 5-minute. Visually, pivot touches that lead to reversals appear to occur more often than would otherwise be deduced as random behavior. I haven't yet been able to program a backtest simulation for these rules, so I'm not comfortable to state anything conclusively.

Looking at the current chart, I'd say the S2 is possible. We weren't able to eclipse last Wed's high, and we're only a few pips above last Thur's low. If this cycle of lower highs and lower lows continues, then probability will favor the bearish side.
  • #4,276
  • Aug 27, 2007 4:40pm Aug 27, 2007 4:40pm
Quoting PolishTrader
I believe it is due to calculation of those 2 pivots (he calculated it using PP-RANGE*2 for S3 and PP+RANGE*2 for R3)
You're right, sorry for that.
  • #4,277
  • Aug 27, 2007 5:01pm Aug 27, 2007 5:01pm
well it stopped at 115.55 which doesn't look like a daily or weekly
pivot or 50% retracement
  • #4,278
  • Aug 27, 2007 5:03pm Aug 27, 2007 5:03pm
Quoting moneypip
well it stopped at 115.55 which doesn't look like a daily or weekly
pivot or 50% retracement
It's the daily S1..
  • #4,279
  • Aug 27, 2007 5:13pm Aug 27, 2007 5:13pm
Quoting moneypip
well it stopped at 115.55 which doesn't look like a daily or weekly
pivot or 50% retracement
  • #4,280
  • Aug 27, 2007 5:16pm Aug 27, 2007 5:16pm
Quoting moneypip
well it stopped at 115.55 which doesn't look like a daily or weekly
pivot or 50% retracement
You have to recalculate your pivots daily at 17:00 EST...
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