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  • #361
  • Dec 17, 2007 6:03pm Dec 17, 2007 6:03pm
Drats... and I'm bored and can't find a thing to trade.... I am very jealous of the CAD thing... can't figure out why it went down... can some one please tell me...


Quoting mike w
I've added another long to my Gbp/Jpy positions at 228.49.

Today's close will be a huge factor in my thought for this pair. Overall, nothing has changed in terms of my thoughts regarding this pair. I think we will move upwards to that 220-232 area. I would be looking for a reversal anywhere in between those points, and then I would also look for a lot of shorts to be triggered there as well. This would fuel the downmovement that I have justification for thinking will come about as well.
  • #362
  • Dec 17, 2007 6:08pm Dec 17, 2007 6:08pm
OK, if you think GBP/JPY is going up... what about USD/JPY ???
  • #363
  • Dec 18, 2007 12:53am Dec 18, 2007 12:53am
Quoting Tiki Trader
OK, if you think GBP/JPY is going up... what about USD/JPY ???
I think, now, for the short term it's going to be moving up too. What do you think? Like you said way back when- 114 looks to be a good level to get to.
I dream, therefore I become.
  • #364
  • Dec 18, 2007 1:06am Dec 18, 2007 1:06am
I've just placed a short term short position based on the 4 hour Eur/Jpy chart. We saw a pin bar off of resistance. This, to me, looks like a good trade for the shorter term. Looking longer term, this could play out well too. The weekly bar close was indecisive last week and this could be the shorting opportunity being played out from that.
I dream, therefore I become.
  • #365
  • Dec 18, 2007 6:22am Dec 18, 2007 6:22am
And I still have my trade open and insist that 114.40 is reached... been waiting for days now... wish we could get on with it !!!

Quoting mike w
I think, now, for the short term it's going to be moving up too. What do you think? Like you said way back when- 114 looks to be a good level to get to.
  • #366
  • Dec 18, 2007 12:06pm Dec 18, 2007 12:06pm
This is my reasoning for shorting the eur/jpy.

Oh and Tiki, make sure you have a stoploss in place to protect your gains. This is losing it's steam and starting to look indecisive. It's bounced off of support again, though, which makes me think that we could still retain the upmovement.
Attached Image (click to enlarge)
Click to Enlarge Name: eur jpy downtrendline and le system at work..gif Size: 12 KB
I dream, therefore I become.
  • #367
  • Dec 18, 2007 4:07pm Dec 18, 2007 4:07pm
We have an excellent selling opportunity on the Eur/Jpy now as it tested the trendline and is currently failing to break. This has very little to almost no risk for a great reward. I look to make at least a few hundred pips on this.
I dream, therefore I become.
  • #368
  • Dec 18, 2007 4:49pm Dec 18, 2007 4:49pm
There is a 4 hour pin bar on the way to further my ideas for this pair. With that in mind, once we get a clear break below 163.00 I doubt we will have any problems moving to a much lower price.

The weekly timeframe chart is also coinciding with the thoughts for a drop in the pair as we had a pin bar on last week's closing price. With that, this could turn into a longer term short that could last a few weeks into the mid 150's. 156 looks to be a great support and so that could be a good longer term target.
I dream, therefore I become.
  • #369
  • Dec 19, 2007 12:18am Dec 19, 2007 12:18am
I think we are now going to see some movement for the Eur/Jpy trade. The trendline is, more or less, going to create lower and lower resistance levels for the pair.
I dream, therefore I become.
  • #370
  • Dec 19, 2007 12:08pm Dec 19, 2007 12:08pm
Hello Mike,
What source do you use for your s/r and pivot levels?.. or do you simlpy draw horizontals at the reaction highs and lows.

I am watching the E/J pair closely.
  • #371
  • Dec 19, 2007 12:33pm Dec 19, 2007 12:33pm
Quoting rosssurf
Hello Mike,
What source do you use for your s/r and pivot levels?.. or do you simlpy draw horizontals at the reaction highs and lows.

I am watching the E/J pair closely.
Hey Ross, I just draw out horizontals on my charts. Trust me on this, you want to do everything on your own because sources come and go and sometimes could be incorrect. If you do it on your own, you also are learning in the process.
I dream, therefore I become.
  • #372
  • Dec 19, 2007 12:46pm Dec 19, 2007 12:46pm
My Gbp/Jpy trades got closed out at yesterday's ending. The bar looked bearish. I didn't create short positions for some awful reasons however lol.
I dream, therefore I become.
  • #373
  • Dec 19, 2007 4:02pm Dec 19, 2007 4:02pm
We are making another test of the trendline now on the hourly. The 4 hour chart confirms that we should get a downmove very soon, even if it's only for a few pips. If we break through the trendline, I would wait for the next 1 or 2 bars to confirm the break and then enter long perhaps. For now, I am short until I see such a break.
I dream, therefore I become.
  • #374
  • Dec 19, 2007 9:15pm Dec 19, 2007 9:15pm
Ok, the Eur/Jpy is still hugging that trendline. We've had several great selling opportunities now on every small rise. A smaller downtrend is forming on the hourly and we should be on our way to wave 3 down. This will push us away from the trendline. After this, we'll have another upmove only to add to the short positions already posted.
I dream, therefore I become.
  • #375
  • Dec 20, 2007 2:29am Dec 20, 2007 2:29am
Shorts are looking good on the Usd/Cad short term. We've seen price action reverting away from a resistance level on the hourly charts.
I dream, therefore I become.
  • #376
  • Dec 20, 2007 5:41am Dec 20, 2007 5:41am
Quoting mike w
Shorts are looking good on the Usd/Cad short term. We've seen price action reverting away from a resistance level on the hourly charts.
Now, that's a good little loony.
I dream, therefore I become.
  • #377
  • Dec 20, 2007 6:22am Dec 20, 2007 6:22am
G/J still looks to be to the short side as well. I just posted a few shorts actually. Along with the Eur/Jpy, I think these will all end up around 100 pips deeper into profit by the end of the day.
I dream, therefore I become.
  • #378
  • Dec 20, 2007 6:25am Dec 20, 2007 6:25am
As I said previously in the journal, I still have the same thoughts for the Usd/Cad. I think this has the potential to turn into a longer term short trade once we get a clear break down at the end of this week.
I dream, therefore I become.
  • #379
  • Dec 20, 2007 9:18pm Dec 20, 2007 9:18pm
Now that the retracements are over, we have good opportunities on a few pairs- namely the Gbp/jpy and Gbp/usd. I think the movement created by sellers off of the areas of resistance will create a pin on the gbp/jpy pair 4 hour chart. This, in turn, will entice sellers into the market. With that, I'm looking to see a fall of at least 150 pips from this point.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: yen quixote.gif Size: 10 KB
Click to Enlarge Name: gbp usd opp.gif Size: 10 KB
I dream, therefore I become.
  • #380
  • Dec 21, 2007 1:59am Dec 21, 2007 1:59am
Hey... it's past your bedtime !!! Don't worry, your trades will be fine... you have class tomorrow... so get back to bed !!!
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