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USD/JPY Discussion

  • #6,881
  • May 21, 2008 7:32am May 21, 2008 7:32am
Quoting Ron3226
I wish you all of the best, but I am Short, Short, Short, and will be adding to it if it reaches 103.42


Good luck to you.

Ron
so 103.42 reached.. you add short?? I thing it's bullish right now...
Veni, vidi, vici...
  • #6,882
  • May 21, 2008 7:38am May 21, 2008 7:38am
Quoting sikacek
so 103.42 reached.. you add short?? I thing it's bullish right now...

Yep I shorted at 103.42... looks like I might have been off by 5 pips as price reached 103.47.

I'm going to have to work on that entry....

Ron
  • #6,883
  • May 21, 2008 7:53am May 21, 2008 7:53am
Quoting Ron3226
Yep I shorted at 103.42... looks like I might have been off by 5 pips as price reached 103.47.

I'm going to have to work on that entry....

Ron
...good job, bro... and you scalping or you keep trade for a while??
Veni, vidi, vici...
  • #6,884
  • May 21, 2008 7:58am May 21, 2008 7:58am
Quoting sikacek
...good job, bro... and you scalping or you keep trade for a while??
I think it wants to head to 102.60 eventually. I'll be holding it for a while.

Ron.
  • #6,885
  • May 21, 2008 8:16am May 21, 2008 8:16am
Figures. Price moved higher. Well, I still am holding out for the short position.

Good luck traders.


Ron.
  • #6,886
  • May 21, 2008 8:17am May 21, 2008 8:17am
103.60 looks like dbl top...
Veni, vidi, vici...
  • #6,887
  • May 21, 2008 8:23am May 21, 2008 8:23am
Quoting sikacek
103.60 looks like dbl top...
Good Call. I think. Still a bit too early to call it, but it looks like it might hold.
  • #6,888
  • May 21, 2008 8:28am May 21, 2008 8:28am
Quoting sikacek
103.60 looks like dbl top...
It's not a double top until it goes down from the peak.

Predicting double tops will end will get u burn badly.

I see it go up more.
  • #6,889
  • May 21, 2008 8:32am May 21, 2008 8:32am
Quoting uncleforex
It's not a double top until it goes down from the peak.

Predicting double tops will end will get u burn badly.

I see it go up more.

Yeah, you should never really try to pick the top or the bottom.

Words of wisdom there for sure.

Ron.
  • #6,890
  • May 21, 2008 8:33am May 21, 2008 8:33am
Here is the chart.

I see today's candle has made it's low. So no point holding shorts.

My opinion is that it will form a green hammer with the high (yesterday's daily candle open price)
Attached Image (click to enlarge)
Click to Enlarge Name: uj daily.gif Size: 23 KB
  • #6,891
  • May 21, 2008 8:36am May 21, 2008 8:36am
Quoting uncleforex
It's not a double top until it goes down from the peak.

Predicting double tops will end will get u burn badly.

I see it go up more.
I was thinking than 10.60 will be resistance...and potencionally dbl top... i am a newbie... still in progress.. and what about now..should we call 103.60 as dbl top?? (price at 103.52)
Veni, vidi, vici...
  • #6,892
  • May 21, 2008 8:39am May 21, 2008 8:39am
Quoting sikacek
I was thinking than 10.60 will be resistance...and potencionally dbl top... i am a newbie... still in progress.. and what about now..should we call 103.60 as dbl top?? (price at 103.52)
personally i think it will go up higher.

Based on the H1 candle formation so far.
  • #6,893
  • May 21, 2008 8:40am May 21, 2008 8:40am
Quoting sikacek
I was thinking than 10.60 will be resistance...and potencionally dbl top... i am a newbie... still in progress.. and what about now..should we call 103.60 as dbl top?? (price at 103.52)
Unfortunately no. We would have to wait quite a while to see if this is a true double top, because it can still retrace and later break it.

For that matter it can still break it with this candle.


Hope that helps.

Ron
  • #6,894
  • May 21, 2008 8:43am May 21, 2008 8:43am
Quoting uncleforex
personally i think it will go up higher.

Based on the H1 candle formation so far.
so call dbl top make sence on higher TF?? (1HR and more) coz I am watching 5 min TF (for scalping)..

Thanks for your answers..
Veni, vidi, vici...
  • #6,895
  • May 21, 2008 8:45am May 21, 2008 8:45am
103.60 is still holding with strong resistance, higher oil prices touching 130 should be interesting to see how dow reacts. I think we are looking down to 103.25 by days end.
creating wealth one pip at a time.....
  • #6,896
  • May 21, 2008 8:49am May 21, 2008 8:49am
Quoting sikacek
so call dbl top make sence on higher TF?? (1HR and more) coz I am watching 5 min TF (for scalping)..

Thanks for your answers..
I can't really comment on 5 minute charts. To me (a short term to mid term trend trader) 5 minutes is a hiccup.

I will say, you will have to have nerves of steel to stay on 5 min charts, and while I won't say it's impossible to survive trading them, I will caution you that it will be extremely hard.

The spread will kill you at that level.

Good Luck, Still holding out for a short.

Maybe I'm insane. LOL.

Ron.
  • #6,897
  • May 21, 2008 8:56am May 21, 2008 8:56am
Quoting wheelsut
103.60 is still holding with strong resistance, higher oil prices touching 130 should be interesting to see how dow reacts. I think we are looking down to 103.25 by days end.
London time?
  • #6,898
  • May 21, 2008 8:59am May 21, 2008 8:59am
Quoting Ron3226
London time?
Dow looks to be heading down, watching for this pair to follow the Dow today.
creating wealth one pip at a time.....
  • #6,899
  • May 21, 2008 9:16am May 21, 2008 9:16am
First of all if you are guessing then please srop trading FX unless you can afford to keep losing your money and other's if that is where it is coming from.

As long as Oil goes UP over $130 or near it and there is no NEW news and the Dow goes down FORGET your Charts. This is a Carry Trade Currency for the moment and it will go down. Does anyone know there is IMPORTANT energy news about inventory being released at 10:30 AM or in 25 minutes ?

If you do not know how can you really be a serious FX trader. That result could IMMEDIATELY effect the price of Oil and probably the Dow and therefore this FX currency pair.

I hope you understand why 95% lose because they either refuse to do the work needed or just do not understand or know or whatever. Then nFOMC at 2:00 PM can change things short term.

Now on to the charts that I use to trade intra day with.

Use the following;

(1) Bollinger Bands
(2) EMA (Expodential Moving Average)
(3) Parobolic Sar
(4) MACD
(5) RSI

Run a One Minute and Five Minute Chart LIVE at ALL times. It is safer to Short if you are playing USD/JPY at the Top of the 5 Minute Chart BUT if you are GOOD you can use the 1 Minute chart.

Trade in blocks of 100K as I hads explained before. So if you want to Short 1 Position at 103.42 then you can short a 2ND one at 103.60 if it goes against you. The Trade Plan. Know the RESISTANCE and SUPPORT levels. Enter STOP LOSSES 25 PIPS above in case things change like a BULLISH FOMC or whatever FUNDAMENTAL NEW Data will chanhe things short term. Has anyone opened a Demo Account ? Am I wasting my time trying to teach when it appears some are not investing the time to study and learn ?

Regardless that is the way I see it.

Good Trading.

Bruce
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  • #6,900
  • May 21, 2008 9:20am May 21, 2008 9:20am
Quoting Warren Forex
First of all if you are guessing then please srop trading FX unless you can afford to keep losing your money and other's if that is where it is coming from.

As long as Oil goes UP over $130 or near it and there is no NEW news and the Dow goes down FORGET your Charts. This is a Carry Trade Currency for the moment and it will go down. Does anyone know there is IMPORTANT energy news about inventory being released at 10:30 AM or in 25 minutes ?

If you do not know how can you really be a serious FX trader. That result could IMMEDIATELY effect the price of Oil and probably the Dow and therefore this FX currency pair.

I hope you understand why 95% lose because they either refuse to do the work needed or just do not understand or know or whatever. Then nFOMC at 2:00 PM can change things short term.

Now on to the charts that I use to trade intra day with.

Use the following;

(1) Bollinger Bands
(2) EMA (Expodential Moving Average)
(3) Parobolic Sar
(4) MACD
(5) RSI

Run a One Minute and Five Minute Chart LIVE at ALL times. It is safer to Short if you are playing USD/JPY at the Top of the 5 Minute Chart BUT if you are GOOD you can use the 1 Minute chart.

Trade in blocks of 100K as I hads explained before. So if you want to Short 1 Position at 103.42 then you can short a 2ND one at 103.60 if it goes against you. The Trade Plan. Know the RESISTANCE and SUPPORT levels. Enter STOP LOSSES 25 PIPS above in case things change like a BULLISH FOMC or whatever FUNDAMENTAL NEW Data will chanhe things short term. Has anyone opened a Demo Account ? Am I wasting my time trying to teach when it appears some are not investing the time to study and learn ?

Regardless that is the way I see it.

Good Trading.

Bruce
yes I did.. also rod all your reccomended website, but I asked you, how to trade Bolinger's Bang.. so it's possible get the answer?? THX
Veni, vidi, vici...
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