Intra Day Yen - Naked

updated chart of both the 5M and 15M chart of my previous unsuccessful GJ 5M trade.

yet another reason to keep several TF charts of same pair on your screen. I never got back into that short GJ trade, I was too tired and went to bed.
I woke up after NY session was well on it's way and saw how the 5M chart contained inside the larger TF 15M chart showed a great opportunity to go short on the 15M 50 fib. There were 4 price rejections at 200.46 before price finally went down to hit T1 on the 15M
.
Even a trade entered at the AL on the 15M was worth 150 pips.

have a nice weekend everybody.........

15M short news candle, not trading just observing on the GBP PMI news.
T1 hits to the pip.

It amazes me just how often it does that (hit to the pip).

5M GJ, waited for Tokyo Open, price had already touched entry line, then penetrated (blue rectangle), waited for entry on the retrace, took a position at the DZ, had to suffer some draw down but price failed to reach lower lows so I stayed with it.

Hi Pip - nice trade and a super clear chart!

I've added a 34 ema and a 200ema to act as filters on my 5m charts.

Here you could add an additional entry as price again tested the rising 200ema and also bounced at the lower AL

I usually trade in units of 3 and as the upper AL wasnt broken, once price re-entered the DZ I'm looking for it to give me another buy signal - this time it was the 200 ema.

good one Issy, I'm gonna try slapping those filters on my charts as well.

After walking the fib to the latest high, price pulled back into the DZ for more Buys......BUT it then failed to get back to its 204.74 high, so I'd close before taking a loss.

After an unusually quiet Franky Hour, price bot back into the DZ and once again found support at the still rising 200ema - a great confluence of signals to try another buy.

Whilst we show T1 at 205.08, I prefer NOT to be greedy as the pivot R1 level and the 205 level are resistance and would take partial profits here. Its NFP today and we can expect a quiet session till that comes out.

after that peek above R1 I've went ahead and walked up my 5M to a pretty tight 74 pip range.......just gonna sit and watch it from here and see what happens.

playing the NFP.
I had one very small short position in at 204.70 just waiting for NFP to hit. I had a stop loss at 205.06. So my worse case scenario was a $36 loss and I figured that we were going to the short side after the release of these numbers anyway. My SL was hit in the furious action leading up to actual NFP report. I missed being in the safety zone by 6 pips. That's OK, I was able to jump into the waterfall with a larger position @ 203.99 and got out at 203.66 with 33 pips so I was positive on the short.

We just had a wicked 170 pip down move in ten minutes so I waited and drew a new fib knowing we would have at least a 50% retrace. We had a retrace of about 70% before we headed back down again. I placed a new fib on the retrace and traded it from there on my Ikon/Royal demo acct with ridiculously high 8 standard lots for some really good pips.

This was my the first time ever I was actually awake during the NY session to experience the NFP action and to say the least it was very exciting once we came close to the NFP report issuance. Not so sure I would want to trade this infamous news item every month but I had to stay up and see it "LIVE" for myself at least once.

Have a great weekend everybody............

Price is still inside the DZ of this fib drawn from the Feb 26 high to the March 17 low.

This is the fourth hit of magenta falling Trend Line. Price is currently held just above the 200ema and under the TL - lets see what FO and LO bring....

Fridays sell off held just above the DZ on this chart and the bounce in the Asian Session has held - so far - under the long term trend line

Now we can see the action since yesterdays open - a small pull back to close the opening gap and then a 190 pip rally up to 204.22, above the upper DZ. Then a pull back that was held at the 50% line - 203.63.

So will it break up above 204.22 or fall under the 203.60 area support - the action after the Frankfurt Open at 06:00 (GMT) or the London Open an hour later will give us the answer.

nice charts Issy,

I have my 15M setup the same as yours, I was also eyeballing a little different 4H chart for the retrace down to the DZ with an added upward trend line to watch as well.

Also monitoring a 1M channel as well.

will have to wait and see what side of that zone (204.20 / 203.66) price will break to.

So far little action from the Brits after LO - back into the DZ on this narrower fib.

UJ has not been able to break out upwards and given the expected rate cut in cable expected this week, I doubt that we'll see much of a rally there.

I'm still waiting for the 204.22 to 203.60 range to break - guess we'll have to take some patience pills.....

EJ 5M

Set up a couple of trendlines and watched 5M EJ bounce around like a pinball. Finally took a long at the AL, exited early after price stalled then started coming back down. Don't want to get too greedy.

Well I'm bored sitting around watching GJ do nothing............Only pair with some decent action seems to be EUR/USD. Went and took a look, saw there was a nice clean set up for a long trade.

Yesterdays weak rally failed in the lower DZ, holding at the falling gann line.

Now it needs to break under yesterdays low of 1.9830 if it is to continue on down - will the UK House Data due out in an hour provide the trigger?

On the hourly chart, UJ has pulled back into its DZ and remains there. On this chart, It has turned in the lower DZ and is trying to rally, but first has to break its falling gann line. If it does, that will give a buy signal.

Yesterday was an anaemic day - even for the usually quiet Monday.

Whilst price was held by the falling gann line, it is currently still just inside its DZ, waiting for a resolution of the GU / UJ battle.

We'll have to wait for LO and the UK data to see if these will put some life into the market - otherwise it will be another day for scalping off the lower time frames........http://www.forexfactory.com/images/icons/icon11.gif

191 pip drop on GJ..........just like last Friday's NFP report........we wait for the action to settle down and then get on the 1M charts for some quick scalps. Set up some trend lines put up a fib, price rejects off the 50% and heads down. Enter on the AL but get out before T1 because we had a DM1 pivot to contend with.