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USD/JPY Discussion

  • #6,621
  • May 16, 2008 8:01am May 16, 2008 8:01am
buckle your seatbelts, it's going to be a bumpy ride!!!
  • #6,622
  • May 16, 2008 8:04am May 16, 2008 8:04am
May 16, 2008 8:59 AM

I am NOT telling anyone to do this but in my trading style. Now that it has broke 105.00 I would scale in one position of 100K with a Stop about 25 PIPS above. If it goes to 105.10 I would put on a 2ND position. Has everyone OPENED a Demo Account with FXCM set at $50,000 US so that We can Demo together. Please Do It if you have not. I will try to get everyone here making 10% return a month on the $50,000 Demo account.

I traded Demo from September 2003 until March 9, 2006. I still USE Demo accounts to try different Strategies.

See How It JUST Dropped BELOW 105.00 again. Use The Technicals now both 1 minute and 5 minute.

Are we having FUN ?

Bruce
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  • #6,623
  • May 16, 2008 8:16am May 16, 2008 8:16am
Quoting DutchTrader
Lookes to be headed towards 106.00 by way of 105.71 which was the previous high. Depending on the survey number we could see two way action btw 104/105
Please Keep in mind that the technicals can be misleading. At times 4Cast one of the BEST Fundamental and Technical Services can change their technical call 2 or 3 times a day.

Just to make my point on ONLY this currency Pair. The TECHNICALS NEVER include the FACT that a 250 Dow UP day or a Dow 250 Down day will CHANGE the Technicals because of the 100% FACT that USD/JPY is a Carry Trade Currency.

Only Use Technicals to see the Support and Resistance levels using a 1 minute, 5 minute and 15 minute chart if you are day trading. For longer term use longer term charts.

Do NOT forget this is STILL a Market Place for the BIG BOYS and BIG Woman to BUY their INVENTORY which is MONEY.

How much will the Exporters Pay. How Much will the Hedgers Pay.

They do not care Diddly for the Technicals except they know where to TRIP it to cause themselves to get a better price.

We are in the MIDDLE of this Business. Go with the short term winning side and you win.

Most of the 95% FX losing Traders trade using only technicals. Any wonder why they LOSE ?

Knowledge is POWER. Unused or unapplied Knowledge is worth 0

Good Trading To You. Keep giving us your support and resistance levels when you are able. They are very helpful. Charts are great.

Bruce
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  • #6,624
  • May 16, 2008 8:22am May 16, 2008 8:22am
" Most of the 95% FX losing Traders trade using only technicals. Any wonder why they LOSE ?"

where u get this facts? sorry, no offence though..

coz it means alot to me..
Swinger Club
  • #6,625
  • May 16, 2008 8:30am May 16, 2008 8:30am
Mr. Warren, what do you mean by scaling in? What is also meant by averaging down? Sorry, I'm not good with these terms.
  • #6,626
  • May 16, 2008 8:32am May 16, 2008 8:32am
Gold is nearly at $900 again. Oil is UP to The SKY... UP $3.11 Today. The US Dollar Index is Weak. Things are BAD in the Economy. The Housing Numbers are Still AWFUL and the Dow is FLAT...

Nothing New All NOISE So Short USD/JPY and GET RICH...

Bruce
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  • #6,627
  • May 16, 2008 8:39am May 16, 2008 8:39am
Quoting lowyat82
" Most of the 95% FX losing Traders trade using only technicals. Any wonder why they LOSE ?"

where u get this facts? sorry, no offence though..

coz it means alot to me..

Not My Facts... 95% of ALL Forex Traders Lose.

What Percentage of them BOTH Professionals and Amateurs trade FX mainly using Technicals ?

I would say at least 75%

Then take the other 25% who do not have the Pyschology down pat. They trade the FX market through their bias whichmeans their FEARS, their GREED and last but NOT LEAST, their EGO.

What Do You Think about these points ?

My Comments are my opinion based on my observations. If I am wrong then please correct me using common sense and logic which is the only thing that my little brain understands.

Not to RUB things in BUt I LOVE USD/JPY at 104.79

Bruce... You Are the BEST :-)

You See I did that last remark on purpose. It is FUN to be right. I do not make 20% a month by accident, folks, friends and doubters.

Bruce
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  • #6,628
  • May 16, 2008 8:52am May 16, 2008 8:52am
Quoting Qwert
Mr. Warren, what do you mean by scaling in? What is also meant by averaging down? Sorry, I'm not good with these terms.

Say you take my suggestion and open a $50,000 US Dollar Demo Account with FXCM where I am a IB (Introducing Broker) Now with $50,000 you NEVER trade more than 20% of your capital. That means the most money at risk is $10,000 US out of $50,000 US

If we have $10,000 in then WE control One Million USD/JPY

However WE BUY or SELL in units of 100K so we can SCALE in our price.

Let us say that when everyone started to SEE 106.00 because of the GREAT (BAD) Housing data at 8:30 AM, You Sold One Position at 105.00 and a 2ND at 105.10 and a 3RD at 105.20 and stopped. You got the average of the three but each unit is a separate trade unit within the Trade Plan of only risking 6% of your capital on this trade Plan with a 25 PIP stop loss so your MAXIMUM LOSS was $750 VS The Profit at 104.72 if you still have open positions.

Is that clear to you and MY BUDDY of YESTERDAY that Got The HECK out of DODGE because He Does not Like Me or My Posts.

He can always return and no apology is necessary. I did it again. If he is still reading this thread and he probably is then I guess it was not nice to read that. I can be wrong. I am NOT so smart to think I know it ALL. Please Teach me some things folks as I have lots to learn as well.

Michigan FED out soon. Be ready for 65 or 62 pr 63... Just Be Ready...

Bruce
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  • #6,629
  • May 16, 2008 8:53am May 16, 2008 8:53am
Quoting Warren Forex
Not My Facts... 95% of ALL Forex Traders Lose.

What Percentage of them BOTH Professionals and Amateurs trade FX mainly using Technicals ?

I would say at least 75%

Then take the other 25% who do not have the Pyschology down pat. They trade the FX market through their bias whichmeans their FEARS, their GREED and last but NOT LEAST, their EGO.

What Do You Think about these points ?


Bruce

ic... u r correct ab d 3 points... but how do u control all of them... i mean its in human itself... happenin from time to time

i failed to control them all the time...
Swinger Club
  • #6,630
  • May 16, 2008 8:57am May 16, 2008 8:57am
Just Trying My Best To Help People Make Money and Understand the Rules of the Business and the Game.

Look at the Price of Oil. Look at the price of Gold. That means INFLATION.

Look at the Dow trying to break 13,000. It CAME IN at 59.5 YES

Why Too Go ....

Bruce
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  • #6,631
  • May 16, 2008 8:58am May 16, 2008 8:58am
Quoting Warren Forex
Not My Facts... 95% of ALL Forex Traders Lose.

What Percentage of them BOTH Professionals and Amateurs trade FX mainly using Technicals ?

I would say at least 75%

Then take the other 25% who do not have the Pyschology down pat. They trade the FX market through their bias whichmeans their FEARS, their GREED and last but NOT LEAST, their EGO.

What Do You Think about these points ?

My Comments are my opinion based on my observations. If I am wrong then please correct me using common sense and logic which is the only thing that my little brain understands.

Not to RUB things in BUt I LOVE USD/JPY at 104.79

Bruce... You Are the BEST :-)

You See I did that last remark on purpose. It is FUN to be right. I do not make 20% a month by accident, folks, friends and doubters.

Bruce
20%/month is a lot of profit. Assuming you start with just $1000 and you compound your earnings every month, in five years you would have made almost $56m. Now that is what I call good trading!
  • #6,632
  • May 16, 2008 8:59am May 16, 2008 8:59am
Thanks for the explanation Mr. Warren.
  • #6,633
  • May 16, 2008 9:09am May 16, 2008 9:09am
First target 104.2
Final target 102.9

I want to know your opinions
  • #6,634
  • May 16, 2008 9:11am May 16, 2008 9:11am
Quoting Warren Forex
Just Trying My Best To Help People Make Money and Understand the Rules of the Business and the Game.

Look at the Price of Oil. Look at the price of Gold. That means INFLATION.

Look at the Dow trying to break 13,000. It CAME IN at 59.5 YES

Why Too Go ....

Bruce
The Preliminary Michigan Fed was release early at 59.5

4Cast got it RIGHT at 60

You pay the Money BUT get the BEST.

The Market Will now REACT BUT be Careful as the FED always is ready to INTERVENE. The CLUE is the Price of Oil and Gold.

Now just be patient and look for a good trade opportunity and please keep those cards and letters coming.

I am off for awhile as I did not even have my breakfast as I wanted to share my trading skills live with all of you this morning.

You are very welcome. It has been my JOY and pleasure to spend this time with you here on Forex Factory.

Look at it now at 104.57 USD/JPY

Use The Technicals now for Support and Resistance points. Watch EUR/JPY and WATCH the Dow...

Gold Up 17.6 US Dollars

The FED cannot RAISE and They Still Need to CUT if the TRILLION in losses come to the Banks.

Poor Benny... Greenie Got Out of Town Rich and Happy. He is coming to Montreal soon to give a speech. I would not PAY a PENNY to hear more of his BS since it is his BUBBLE...BABY

He Kept Interest Rates at 1% for WAY TO LONG...

Welcome Housing Bubble and Welcome 104.31 USD/JPY

Thank You For Your Interest In My Postings

G-D Bless
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  • #6,635
  • May 16, 2008 9:14am May 16, 2008 9:14am
Double top formation!
CHARTS ARE TALKING!
short U/J
Attached Image
  • #6,636
  • May 16, 2008 9:20am May 16, 2008 9:20am
Invincible support is found at 104 SL 103 TP 115.
Wave 5 of this bearish move is being exhausted.
greed+gluttony+self-indulgence+craving= success
  • #6,637
  • May 16, 2008 9:20am May 16, 2008 9:20am
Quoting netizensurf
Double top formation!
CHARTS ARE TALKING!
short U/J
Thanks, I am and GJ too!.

Sure looked like a "Buy the Rumour, Sell the News" type of move - and it was http://www.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #6,638
  • May 16, 2008 9:38am May 16, 2008 9:38am
I have 103.55 as the next major support once we break 104.03
Patience + Humility + Study = Success
  • #6,639
  • May 16, 2008 9:39am May 16, 2008 9:39am
Quoting OwningSoros
Invincible support is found at 104 SL 103 TP 115.
Wave 5 of this bearish move is being exhausted.
Have You Factored In A 1000 Point Drop In The Dow ?

Your Charts CANNOT predict the FUTURE. The FACTS will. Your Waves are just that. Waves and they come and go. We will SEE 100 before WE see 110

You can count on that. I suggest you enroll for our Fundamental Trading Course given on this thread at Forex Factory.

The cost is your time. My comments are not personal towards you. You do not need to defend your views. Your views are just wrong.

Then again what do I know ?

RESPECTFULLY

Bruce
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  • #6,640
  • May 16, 2008 9:42am May 16, 2008 9:42am
Quoting DutchTrader
I have 103.55 as the next major support once we break 104.03

I am taking a break for a few hours. It was fun here this morning. Have a great Weekend. Fundamentally with you.

Bruce
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