My central is at 115.96. The open candle of 5pm ET today?
Ignored
Nice the pair just hit the daily central near 115.90ish and is heading back downwards. I also have to add, that their is a bollinger band squeeze occuring on the 4hour charts. Possibly indicating a break to one side. Seems to be very uncertain based on the 4hour charts because RSi is going upwards, and possibly through 50 RSI. Stochastics is trending downwards but not in oversold territory, however a possible intersection may be occuring. On the 1 hour time frame, there is almost the same situation occuring like the 4hour charts. I am not to sure on going long or short wiht this trade, what do you guys think on the Mid term perspective.
Thanks
"Don't work for your money, but let money work for you."
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Joined May 2007
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Status: In for the long run
|385 Posts
Really hard to trade this thing right now.
Since yesterday, have only been able to pull in small pip profits.
The risk-reward ratio is pretty flat right now.
My charts are still biased for the Long (but ever so slightly)
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Joined May 2007
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Status: In for the long run
|385 Posts
Got 3 main EMAs.
Right now the 5 and 12 is still above the 55.
Its all closing in for a move certainly.
Trade what you see, and be prepared to reverse ur position if required.
Got 3 main EMAs.
Right now the 5 and 12 is still above the 55.
Its all closing in for a move certainly.
Trade what you see, and be prepared to reverse ur position if required.
Definitly true, there is some undecisiveness going around in this pair at the current moment. I too am in favor of going long, however a reversal for this pair is already being prepared for.
"Don't work for your money, but let money work for you."
Sir..........i will like your assistance sir, please how can i get software for my trading.
Ignored
Hello Victa123, sorry not able to answer you before. There is tons of software out there for technical analysis, as well as some for fundamental analysis to. Not sure what you are looking for, but your broker should provide you with the most common technical analysis, then it is up to you to figure out if you need anything more. Talking for myself, I use various models for trading, and one of these (newly introduced to me by Dove! ) is pivot points. This is simply said support and resistance areas drawn based on the previous day (or week or month) of trading. There is many pivot point calculators you can find on the internet, you broker might have one to. Remember, it is not the software, but you that decide the trades (unless you have a auto trading program). So the human factor is as important, or more, than any analysis software package out there. Good trading to you ! (-:
In 7 minutes next hourly candle will close and we will see how it looks. I always enjoy this last minutes before candle close. People (with some money) are trying to make it look as best as they want.
GFSignals team provides a week forecast for USD/JPY
The fluctuations range is getting narrow. The course has not changed too much for the last week trading in the range between 114.00 and 117.00. Technically it is a testing of the supports levels broken earlier and the uptrend line from January 2005. A picture is still correcting and both up and down trends are possible.
Last week our first script was fulfilled (30%): Correction fluctuations in the range of 114.00-117.50.The pair did not reach the broken out July's support level at 117.00/50 and retraced to 113.90 the last week's low. The broken out January's 2005 uptrend line projection at 116.50 also exerts certain pressure, now as a resistance.
Now the pair may easily achieve higher levels because the current 500-pip correction does not reach even 50% of the whole decline from 124.10 to 111.60. For example the local August's supports/resistances at 118.50 and 119.90 may be reached, so as the broken out May's 2006 uptrend line projection in the same region.
Though keep in mind that the 2005-2006 rising trends are broken below for now, and the pair is keep on trading below them, what tells about a high possibility of the further decline towards May's 2006 low region at 109.00. A break below the 111.60/114.00 is needed for this decline.
Script 1 (30%): Correction fluctuations in the range of 114.00-117.00/50.
The pair has consolidated at the levels achieved for now and may stay there for more than a week. Though, the range of the fluctuations may gain in breadth till 111.60/112.00 below and till 118.50/119.00 above.
Script 2 (40%): A decline towards 111.60 level.
It is quite possible a course decline again hitting the August's low at 111.60. But after that a rebound and rising up towards 117.00 is possible again. Though it is very possible a further decline towards the 109-shape area where May's 2006 low is. A break below 111.60 is needed for such decline.
Script 3 (30%): A recovery up to the 119-shape area.
It must not be ruled out a higher upside correction movement hitting the broken out the August's high at 119.90. But after any of such correction rising there is a high possibility for the next decline towards the support achieved at 111.60 and even further.
Resistances
116.50 - the line trend projection from January 2005.
117.00/50 - the broken out July's and August local supports.
118.50 - the broken out May's trend from 2006.
119.90 - August's high.
Supports
114.10 - the lowest day close level in August.
111.60 - the local low and 2007 low.
109.00 - May's 2006 low.
101.70 - the longstanding lows in 2004-2005.
Read more Forex news and forecasts at our Forex blog.
Seems to me like piviots are working, we don't know only directions. Form S2 to S1 (touched), and now slightly down. Took long from 115.45, now i will modify SL to BE.
usd/jpy: Large option Expiry Pressuring Greenback higher New York Sept 4th.
London dealers report large usd/jpy 116 expires rolling off at the New York cut that are pressuring USD/JPY higher the ammount is slated to be half a yard (500 million) and is thought to be giving the greenback an added boost.
So I say to myself how is technical analysis supposed to work when
orders like this occur?
So I say to myself how is technical analysis supposed to work when
orders like this occur?
Ignored
In my opinion, technical analysis is no good without monitoring fundamentals and unexpected news. The best entry time is when fundamentals and technicals agree.
"Luxury is one of the basic needs", (c), Don Corleone
