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Intra Day Yen - Naked

  • #721
  • Apr 8, 2008 6:51am Apr 8, 2008 6:51am
PipHitMan,

Are you monitoring the USDJPY, GBPUSD, before you make your GBPJPY trade, or are you going it alone based on your Fib analysis? Thanks.
  • #722
  • Apr 8, 2008 7:47am Apr 8, 2008 7:47am
The lower high at o4:15 GMT under the falling gann line was the first sign to look for a short entry. This was just inside this DZ and under the 204 level, so a sell on the break of the green 200 ema provided a nice entry and the poor UK housing data accelerated the move. Well over 200 pips were available as cable had a big drop - more than 100 pips greater than its average daily range.

Hope you guys got some of it http://www.forexfactory.com/images/icons/icon12.gif
Attached Image (click to enlarge)
Click to Enlarge Name: apr 8 gj 5m 0900.gif Size: 15 KB
Trading Levels with WRBs
  • #723
  • Apr 8, 2008 8:35am Apr 8, 2008 8:35am
Quoting Rialto
PipHitMan,

Are you monitoring the USDJPY, GBPUSD, before you make your GBPJPY trade, or are you going it alone based on your Fib analysis? Thanks.
As PipH is sleeping now, I'll comment. I watch USDJPY and GBPUSD whilst primarily trading GBPJPY and I'll have the same analysis on all three - apart from fibs, these include the 50 and 100 levels and the daily pivots from the 5pm EST close.

Thus I can see which of the 2 major pairs is moving and thus causing GJ to move and I'll be prepared for any news due out in the UK or US.

Today, at the London Open, UJ was flat to slightly down and cable was falling - so GJ was following cable down. The poor UK housing data accelerated GJs fall and the UJ started to fall as well. With UJ and cable both falling GJ fell hard and fast and by watchin how UJ and cable were falling and when UJ stopped - much earlier than cable - it helped to decide how to trade GJ.

I hope that helps.....
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  • #724
  • Apr 8, 2008 8:53am Apr 8, 2008 8:53am
Thanks Islander. It's really something how you've "tamed" the supposedly super- "noisy" 5m charts. I've been doing well with Bobokus' thread and I've been nicely suprised by the results following your thread while utilizing the lower timeframes. Thanks again for the info.
  • #725
  • Apr 8, 2008 8:53am Apr 8, 2008 8:53am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting Islander
As PipH is sleeping now, I'll comment. I watch USDJPY and GBPUSD whilst primarily trading GBPJPY and I'll have the same analysis on all three - apart from fibs, these include the 50 and 100 levels and the daily pivots from the 5pm EST close.

Thus I can see which of the 2 major pairs is moving and thus causing GJ to move and I'll be prepared for any news due out in the UK or US.

Today, at the London Open, UJ was flat to slightly down and cable was falling - so GJ was following cable down. The poor UK housing data accelerated GJs fall and the UJ started to fall as well. With UJ and cable both falling GJ fell hard and fast and by watchin how UJ and cable were falling and when UJ stopped - much earlier than cable - it helped to decide how to trade GJ.

I hope that helps.....

Islander,

Your thread has been very enlightening to me, thank you.

Still working my way through Skunny's and Bobokus's threads...

Regarding what you say above... I have chosen to focus on EJ to the exclusion of all others... Getting, what others on various parts of this forum speak of as, a 'feel' for a single pair...

Am I wasting valued learning time by not watching related pairs - as you talked about above?... Or is it best to just focus on one pair initially?


Regards,

Magnus
  • #726
  • Apr 8, 2008 11:20am Apr 8, 2008 11:20am
Quoting Rialto
Thanks Islander. It's really something how you've "tamed" the supposedly super- "noisy" 5m charts. I've been doing well with Bobokus' thread and I've been nicely suprised by the results following your thread while utilizing the lower timeframes. Thanks again for the info.

You're welcome - Bobokus is The Master here and I've only "borrowed" some ideas and adapted them to my current style of trading....http://www.forexfactory.com/images/icons/icon7.gif
Trading Levels with WRBs
  • #727
  • Apr 8, 2008 11:28am Apr 8, 2008 11:28am
Quoting Yuppie
Islander,

Your thread has been very enlightening to me, thank you.

Still working my way through Skunny's and Bobokus's threads...

Regarding what you say above... I have chosen to focus on EJ to the exclusion of all others... Getting, what others on various parts of this forum speak of as, a 'feel' for a single pair...

Am I wasting valued learning time by not watching related pairs - as you talked about above?... Or is it best to just focus on one pair initially?


Regards,

Magnus
Hi Magnus - I dont trade EJ, and as we know, the EURUSD is a slower moving
pair than cable, so I'd keep an eye on USDJPY as that will normally be the faster mover in this cross.

If you are fairly new to trading Forex I'd stick with just watching EJ and just take a note of the US news so that you can exit or reduce size in front of the "big" numbers - I'm talking of my day-trading style here, rather than a long term position.

Watching all 3 can be confusing, so get some experience before deciding to try it - its not for everyone!

Good luck

Issy
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  • #728
  • Apr 8, 2008 11:37am Apr 8, 2008 11:37am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Thank you Issy...

I get the impression that it really doesn't matter too much what you trade initially...

I'll stick to EJ just now... If there is not much progress, beyond that which I have made so far, I'll take a step back and re-approach.

Magnus
  • #729
  • Apr 8, 2008 5:40pm Apr 8, 2008 5:40pm
Quoting Rialto
PipHitMan,

Are you monitoring the USDJPY, GBPUSD, before you make your GBPJPY trade, or are you going it alone based on your Fib analysis? Thanks.
Rialto,

I think Islander pretty much answered your question.

below is a list of my chart set up that I posted a few pages back.

When I do my set-ups prior to trading here is what I have on my dual screens. I usually keep on my screens about 9 charts open at all time.
on my right hand screen I keep the following 6 open charts
5M USD/JPY with fibs and pivots & 15M USD/JPY with fibs and pivots
5M GBP/USD with fibs and pivots & 15M GBP/USD with fibs and pivots
5M EUR/USD without fibs and pivots because, well............ its the EURO
5M EUR/JPY with fibs and pivots, I will jump into that pair a lot too.


I would never trade the GBP/JPY alone without seeing the other two majors that feed it.
trading naked.......
  • #730
  • Apr 8, 2008 6:06pm Apr 8, 2008 6:06pm
Thanks for the response, PHM. Good Luck tonight.
  • #731
  • Apr 9, 2008 1:05am Apr 9, 2008 1:05am
Updated chart, see the clean bounce off the 50% line 5 candles ago. Price held there for an hour. Now its held at the Daily Pivot and falling gann line.
Attached Image (click to enlarge)
Click to Enlarge Name: apr 9 uj 15m 0600.gif Size: 15 KB
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  • #732
  • Apr 9, 2008 1:12am Apr 9, 2008 1:12am
Here I've used the clearer low for the fibs high to give a slightly narrower range.

The small failed move to new lows will be significant IF price has another failure around the 201 level.

I'm not posting a cable chart as it has been flat ib a very tight range for more than 12 hours
Attached Image (click to enlarge)
Click to Enlarge Name: apr 9 gj 15m 0600.gif Size: 16 KB
Trading Levels with WRBs
  • #733
  • Edited 3:43am Apr 9, 2008 1:18am | Edited 3:43am
Good Morning Issy......

I just woke and saw, UJ was rejecting off of it's pivot, and 5M GJ showing a break of trendlines at around the 50 fib area. Placed a "short" entry on this one.

I may or may not be entering this too early (cable seems to be waking up) but if it turns around on me I don't have a big drawdown if I have to exit.

*** waited for London open, price started heading the other way, took a 10 pip gain before price moving the other way ***
Attached Image (click to enlarge)
Click to Enlarge Name: 50 fib entry.gif Size: 23 KB
trading naked.......
  • #734
  • Apr 9, 2008 1:23am Apr 9, 2008 1:23am
Now to the action.....the high so far is at the Frankfurt Open, on the touch of the lower DZ 15 mins ago.

Will this and the falling gann line hold? - time will tell - also, remember the UK data that's due in two hours.
Attached Image (click to enlarge)
Click to Enlarge Name: apr 9 gj 5m 0615.gif Size: 15 KB
Trading Levels with WRBs
  • #735
  • Apr 9, 2008 2:49am Apr 9, 2008 2:49am
This is another way of using the fibs for scalping off the 5m or even the 1m charts - just run a fixed fib off the 100 levels and the 50 levels Try it out and see if it works for you!
Attached Image (click to enlarge)
Click to Enlarge Name: apr 9 gj 5m 07345.gif Size: 15 KB
Trading Levels with WRBs
  • #736
  • Apr 9, 2008 7:42am Apr 9, 2008 7:42am
This is the same fixed fibs chart updated.

When price made a higher low by bouncing off the 201.50 level for the last time, this was a nice buy signal, followed by a 100+ pip run up to the next 50 level. Placing the fixed 100 pip fib on the 50 levels showed a continuation bounce out of its DZ which then failed and made a lower high. Time to return to the short side......
Attached Image (click to enlarge)
Click to Enlarge Name: apr 9 gj 5m 1230.gif Size: 15 KB
Trading Levels with WRBs
  • #737
  • Apr 9, 2008 10:35am Apr 9, 2008 10:35am
Quoting Islander
This is the same fixed fibs chart updated.

When price made a higher low by bouncing off the 201.50 level for the last time, this was a nice buy signal, followed by a 100+ pip run up to the next 50 level. Placing the fixed 100 pip fib on the 50 levels showed a continuation bounce out of its DZ which then failed and made a lower high. Time to return to the short side......


where can i get same indicator as yours... tq
Patience is the keyword here...
  • #738
  • Apr 9, 2008 10:52am Apr 9, 2008 10:52am
From now on I'll be concentrating on the 1m time frame, with less comments.

The annotations on the charts will high-light the possible entries.

For clarity, only the last fib will be shown.
Attached Image (click to enlarge)
Click to Enlarge Name: apr 9 gj 1m gj 1550.gif Size: 15 KB
Trading Levels with WRBs
  • #739
  • Apr 9, 2008 10:56am Apr 9, 2008 10:56am
Quoting affandiz
where can i get same indicator as yours... tq

There are no indicators as such on the chart, except the sweet spots which just saves me drawing the 50 and 100 levels manually - I've attached it.

Edit: Sorry, I forgot the pivot levels - did you mean those?
Attached File(s)
File Type: mq4 SDX-SweetSpots.mq4   3 KB | 308 downloads
Trading Levels with WRBs
  • #740
  • Apr 9, 2008 12:01pm Apr 9, 2008 12:01pm
Clear moves between the pivot levels and the DZ.

IF cable turns south and joins UJ - watch out below!
Attached Image (click to enlarge)
Click to Enlarge Name: apr 9 gj 1m gj 1650.gif Size: 15 KB
Trading Levels with WRBs
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