Intra Day Yen - Naked

Its all about practicing on vhands and then starting with small lots till you gain confidence.

Steve - yes, 15 pips is close and I'm only saying that for the 5m chart in choppy conditionds. Here, the range of the fib might only be 70 or 80 pips and not giving the wider trend type moves. Experiment - you might prefer 25 pips or behind one of the other fib levels - its all personal and I'm just making the point about trying to keep positive pips - they're slippery things!!

GJ - I took a buy on the bounce of DZ & m4 on the 329pip range m15 ifib. Price went up nicely 60 pips to 50% of the narow range ifib. It needs to keep above r2 and break 207 level and were in for a nice ride.

UJ took off after the big yellow m15 152pip range ifib's DZ bounced and went up 30 pips. Price now inside the smaller ifib - m5 80pips range- DZ. Needs to stay above r1 to go up.

EJ took off the r2 but i bought on the bounce from the DZ on the 180pip range m5 ifib. Went up 50 pips to m5. Needs to stay above the r2 to travel up.

140 total pips on these *yen pairs

edit: total of 230 pips was achieved by time

Just posting my cable chart for you guys to see how well the fibs and the

pivots get along

Im ready for tommorows action, hope we will have a better day then today

but worse then tommorow LOL

ps. orange ifib is 245pip range m15 and yellow is 150pip range m5 ifib. notice

how pivots line up with ifib's levels yourself



GN everyone see you on FO/LO

Cheers!

GM Yall.

Early sell on the touch of DZ on this geppy m5 132pip range ifib. Closed +40

Stopped on the yellow m15 336pip range ifib's upper DZ on the left. Are we

going up already? Time will tell. Watching UJ and GU closely right now.

edit: broke down nice, position would be up 70points...though its closed

OK, news was as expected and we are good to go.

Buy of the 50% exploded just a few mins after the news.

1st target r1 208.33

2nd target 209.50

hi PHM, after reading manytimes i close to understand about the level. but i'm still comfused about the rule to OP/entry. should i put buystop at 0.618DZ and sellstop at 0.382DZ?
and what is the meaning off AL?
please guide me
many tq

Sflanwr,

I believe the "AL" has the meaning of "Alert!." Some traders enter at the "DZ" (deternination zone) area; some at the "AL" (alert!) area. I think I am correct with regards to the meanings.

I would not put a buy stop or sell stop on any of these 5M trades, 5M not a very friendly set it and forget it type of trade IMO. I want to be right in front of my computer watching price.

Example: If you are looking at a possible short position then you are waiting for price to break below and stay below the lower DZ area, it may be one candle, it may be 5 candles it just depends on your personal taste. (all the while you must be watching price action on Cable and UJ too)

Once price has made it below and is staying below the DZ area then that is a higher probability short signal ready for an entry, or if you want to be more conservative you may want to wait to enter after price has broken below and is staying below the AL "alert line" area. I prefer to try and get in after the break of the DZ area so if the trade goes the other way on me I take less of a drawdown on a SL.


****EDIT: example of a 5M chart I am currently watching right now for a clean break of the DZ before going short, price has penetrated the DZ a few times but UJ seems to have hit bottom at 102.84 and may be heading upwards and Cable is just kinda ranging in a narrow price range. It looks like UJ will go up and Cable may come back down a bit which may just negate each others price action. If cable stays in it's narrow range and UJ shoots back up, this potential trade can turn into a long position quickly......patience is the key now****

Hi guys, hows going?

Heres my GJ m5 chart ive traded of today

1. I took a big buy on the 50% bounce of the yellow m15 335pip range ifib. Closed for 180pips.

2.I took a short of the touch of the yellow 96pip m5 fib on the right. Closed for 80pips.

Not too bad

well done belekas,

I had a wrong fib on my 5M, It was way too large a pip range, I should have seen all 4 of those support hits right at the 206.65 line and placed my 5M support line there. That range was a perfect 5M range too right at a 100 pip range.....

Thanks Piphitman

so does the usdd/jpy go up or down after release tomorrow?

Sorry, cant help you with them news, im pure 100% technical trader mate Also here were trading yen naked, Islander's style.

UJ is headed for the basement, already broke Jan 2005 support at 102.37, next level 101.60

Yes, UJ is going to its s1 pivot @ 102.01 . Hope news today will settle some direction to the market. Piphitman whats your view for today?

Belekas,

you seem to be raking in those pips. Do you just shoot for the T1 area once in a trade or do you trail behind swing points? Is your stop behind the opposite AL line?
Just wondered how you manage the trade once you are in it?

Steve

short.........

Major support area area on weekly charts down to from here to 101, must bounce? Also how low will the bank of Japan allow it to go? 101 would be a 10+ year low. They have defended levels before so care needed, although this is $ weakness rather than JPY strength.

Gordon

Well im not using stops, im using pivots and they are really helpfull when it comes to exits, entries as well, in market like this its better take n run trading like islander mentioned, aim for some pips, reach your goal take them and leave the trade.