Intra Day Yen - Naked

This thread is for students from Skunny's Thread who wish to walk the fibs on 5 min and 15 min charts of USDJPY, GBPJPY and GBPUSD.

I will be using a simplified fib tool that has been called IFibs and will keep updated active charts throughout the European Session and hope that the others that join me will update the US and Asian Session.

For those that are not familiar with Skunny's thread - here's the link:
http://www.forexfactory.com/showthread.php?t=60272 and also Bobokus's Thread from which compliments Skunny's:
http://www.forexfactory.com/showthread.php?t=50767

Thanks to both for their hard work and for sharing with all of us here in FF.

All the answers about this methodogy are found in those threads, so please do your homework before asking basic questions - and lets also please keep negative posts and ones about other ideas off the thread - thanks.

So lets continue our journey and hope that we might catch sight of the Moley Quail.....

Islander.

Edit:Three months on and I realise that I made some incorrect assumptions and that it is more accurate to say that Bobokus is the Master Teacher - and a VERY experienced trader. Skunny learned from Bo as his "pupil" and has his own cryptic ideas.

The ideas in this thread owe far more to Bo than Skunny - plus some ideas of my own.

Aptil 2009 I'm posting here again - although now mainly on GBPUSD - aka cable. Also, I've added the Sweet Spots - aka physc levels - and also daily pivots as this is the way I now trade. The indicator window is NOT an indicator - its Volume - the vital part of trading that few know about or use - check here if you want more info: http://www.forexfactory.com/showthread.php?t=157629

After the lower highs on Friday and yesterday showed weakness off the 15m charts we got the sell off after the Frankfurt Open....

As cable had been sideways during the early part of the Asian Session - Japan has another holiday! - GJ was following UJ's fall.

Once GJ failed to rally out of the top of the DZ on the 5m chart,there were several opportunities to sell on the exit from the lower edge of the DZ or as price bounced down off it. That fall was finally some 230 pips from the bottom of the DZ! That's a nice start to the week - and the thread! http://www.forexfactory.com/images/icons/icon12.gif

I've been watching the I-Fibs since their introduction in Skunny's thread. I really like the way you've applied the DecisionZone and combined that with watching the base pairs (USDJPY & GBPUSD) for GBPJPY. This is good stuff for beginners as well as advanced traders.

I'll be following closely. Great trade this morning! This is the real deal.

MB

Just to complete the picture - looks like a fakeout at the Frankfurt Open....

Thanks MB for your support.

I find it helpful to keep an eye on the base pairs to see which is behind GJs move and its possible targets - and sometimes, when the base pairs are moving in opposite directions, GJ will go sideways. Then trading one of the base pairs is more profitable....http://www.forexfactory.com/images/icons/icon12.gif

Congrats Islander,

Great job getting the I-fibs thread going, looking forward to it.

Izzy

Do you want us to set up our charts like yours, or does it matter?

Now lets see if we get the retrace.....I could be early walking the fib, but I would not want to chase a push below 206.80 until we see a bounce.

So far we have a European Range of 194 pips and that's around the average for the whole session, so caution is now in order.

Hi GM - thanks for popping in - please use what ever you're happy with - mine are KISSified to help me trade

http://www.forexfactory.com/images/icons/icon7.gif

Issy

Thanks Pip - and I'm looking forward to your contributions...http://www.forexfactory.com/images/icons/icon12.gif

Arrrrrrg! I can only idly watch you guys make money as FXCM is having technichal difficulties. I was short on GBP/JPY on the breakout of the range but had to exit prematurely due to platform problems. I was also short GBP/USD but again, only 16 pips due to platform problems. At least I got out safely though. I would place an order and it wouldn't register for 10 min! At least when it did it was filled where I placed it. Strange, FXCM has been great and I have never had this problem in the past.

Oh, sorry about the negativity. Other then that it is a great day!

It must be a season of platform problems - I've had to remove and reinstall MT4 on 2 'puters.....http://www.forexfactory.com/images/icons/icon8.gif

There has been some really nice play (ala John McEnroe vs Bjorn Borg) between the fib levels on the 5 minute chart when the fib is placed at the top of the current retracement. Thoughts?

Big bounce in cable after better than expected UK PPI - UJ's continued falling - result, GJ sideways for now....

watching closely......waiting to see if the larger fib on UJ is going to retrace or break........maybe by NY start??

I see it, that's a < 60 pip range, so far me I'd be down to the 1m chart IF I was going to try to trade it - and the higher low at 08:32 GMT would have suggested a long....but I'm using 80 pips range as my minimum for walking the 5m, so I'll pass

The positive PPI data in the UK caused cable to retrace all of its earlier fall.

That has helped GJ into its DZ for a possible sell on the exit with a tight stop.

I'm not going to be greedy and so will wait for clarification as I'm also thinking that UJ is due for a retrace.....

Edit: The lower dashed yellow line is not the actual low - which was exactly at 1.9400...what a surprise a 100 line again!

Hello

Nice thread! I spent all weekend reading through Skunny's Thread but man it's long!

Can you please give me any hints where to look to learn more about your Fib set up with the trading decision zone and the T1, T2 and T3?

Thanks