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USD/JPY Discussion

  • #7,041
  • May 22, 2008 10:27am May 22, 2008 10:27am
Quoting Warren Forex
The HIGH in USD/JPY is at 104.099 and The Dow is UP 57 again and I get a sense that the Market wants to feel good again and take a RUN at Dow UP 100 and if it does USD/JPY will break 104.10

Time will tell as Oil is now down $1..26 again at $131.91

Oil is now more important as a indicator SINCE Thanks To CNBC and their NEW Headline "America's Oil Crisis" next to the price of Oil, ALL the Focus is there.

The FED could INTERVENE at anytime and SELL Oil Futures so BE VERY CAREFUL now...

HIGH EVENT RISK in my Opinion...

Bruce

You can always get back in at a higher level if this happens. I am not saying it will but you need to be aware that it is very possible. They have the firepower and the motives so they just might do the CRIME of Market Manipulation.

Please Be Aware At Present Time We Do Not Trade In Free Markets Short Term but Longer Term Gold will BE ABOVE $1000 No Matter What The FED and the PPT Group does...

Isn't this FUN ?

I think it is especially if you can earn a living by understanding what is going on. The BEST Job in the World with No Boss except maybe your Wife or Lady Friend or Maybe your Secret Lover !

Where is Elliot Spitzer Today ? The Devil Made Me Do It !

Never lose your sense of humor. I am a 64 year young bachelor with no children always looking for my better half.

We are coming up to the Lunch Hour In North America and the closing of European Markets...

Stay Tuned Folks

Bruce
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  • #7,042
  • May 22, 2008 10:29am May 22, 2008 10:29am
Closed all my long positions
+202 pips
  • #7,043
  • May 22, 2008 10:31am May 22, 2008 10:31am
Quoting Warren Forex
I am not sure how to use 4 Hour Charts though I understand. My Charts can do 1 Minute and 5 Minute and 15 Minute and of course 60 Minutes and Daily BUT where can I get 4 Hour Charts and Why are they effective ?

Thank You


Bruce

USD/JPY now at 103.90 Bid
I don't trade off from 4 hour charts myself. I tend to look at the daily and 1 hour charts. I just noticed that price had stopped... DEAD, and I wondered why.

The 50% retracement is pretty significant, and can be a turning point.

Like you I take everything into consideration to make my decisions. Multiple time frames, Long term trend, Short term trend, Fib levels, Support and Resistance, Retracements and now I'm trying to learn the Fundamentals, thanks to you.

Ron.
  • #7,044
  • May 22, 2008 10:34am May 22, 2008 10:34am
Quoting pepbullish
Closed all my long positions
+202 pips
Fantastic. I always like to hear good news.
  • #7,045
  • May 22, 2008 10:47am May 22, 2008 10:47am
Quoting Warren Forex
You can always get back in at a higher level if this happens. I am not saying it will but you need to be aware that it is very possible. They have the firepower and the motives so they just might do the CRIME of Market Manipulation.

Please Be Aware At Present Time We Do Not Trade In Free Markets Short Term but Longer Term Gold will BE ABOVE $1000 No Matter What The FED and the PPT Group does...

Isn't this FUN ?

I think it is especially if you can earn a living by understanding what is going on. The BEST Job in the World with No Boss except maybe your Wife or Lady Friend or Maybe your Secret Lover !

Where is Elliot Spitzer Today ? The Devil Made Me Do It !

Never lose your sense of humor. I am a 64 year young bachelor with no children always looking for my better half.

We are coming up to the Lunch Hour In North America and the closing of European Markets...

Stay Tuned Folks

Bruce
It sure is fun, especially when the pips come your way. I don't trade for a living yet, but working towards it. I agree with you on this, still plenty of mixed signals. I have a short position at the moment, but I won't hesitate to close it if price breaks higher.

In fact I'm thinking that I will just close it out now actually. There is no upside to holding it at the moment. Probably better to wait and see which way the wind blows after the news release.

It seems that we are stalled until after the news, and unfortunately after consulting the crystal ball, I couldn't see anything that would indicate which way the news may fall, so I guess we wait and see.

Ron.
  • #7,046
  • May 22, 2008 10:54am May 22, 2008 10:54am
Quoting Ron3226
It sure is fun, especially when the pips come your way. I don't trade for a living yet, but working towards it. I agree with you on this, still plenty of mixed signals. I have a short position at the moment, but I won't hesitate to close it if price breaks higher.

In fact I'm thinking that I will just close it out now actually. There is no upside to holding it at the moment. Probably better to wait and see which way the wind blows after the news release.

It seems that we are stalled until after the news, and unfortunately after consulting the crystal ball, I couldn't see anything that would indicate which way the news may fall, so I guess we wait and see.

Ron.

You and your crystal ball
  • #7,047
  • May 22, 2008 10:58am May 22, 2008 10:58am
Dow going down...
  • #7,048
  • May 22, 2008 11:14am May 22, 2008 11:14am
Quoting Küster
Dow going down...
The last two hours should decide the direction. 2:30 PM to 4:00 PM

The Action Hours...Off To Lunch...Later Folks

Bruce
{Promotion Removed}
  • #7,049
  • May 22, 2008 11:17am May 22, 2008 11:17am
Quoting ehcydotcom
Wow....It break 104.04......But i think it will retrace soon....Short @ 104.04 juz now.....Now i have two position of short, 1st at 103.80, 2nd at 104.04.
I have a few shorts too .... and I might have to go into short sale if UJ keeps climbing ...
  • #7,050
  • May 22, 2008 11:22am May 22, 2008 11:22am
Quoting Poocher
You and your crystal ball
I'll ask the crystal ball: Bah! Still undecided. LOL!
Attached Image
  • #7,051
  • May 22, 2008 12:26pm May 22, 2008 12:26pm
Quoting Küster
Dow going down...
Will UJ go with it ??????
  • #7,052
  • May 22, 2008 12:31pm May 22, 2008 12:31pm
Quoting Warren Forex
Off To Lunch...Later Folks. Bruce
... someone now calling himself Lincoln2008 1st post in another forum has started a thread just for you!

You'll guess where. Sir, have a great afternoon and I trust you'll have a nice lunch.
Do not focus on making money; focus on protecting what you have.
  • #7,053
  • May 22, 2008 12:53pm May 22, 2008 12:53pm
Quoting Schminner
Will UJ go with it ??????
I hope so...I`m still holding some shorts
  • #7,054
  • May 22, 2008 1:03pm May 22, 2008 1:03pm
it seems wanting to break the trendline to the upside
  • #7,055
  • May 22, 2008 1:12pm May 22, 2008 1:12pm
DOW falling. and USDJPY rising
  • #7,056
  • May 22, 2008 1:12pm May 22, 2008 1:12pm
Following charts shows how Technical traders look to trade probabilities.
It was not hard to confirm the short term direction looking at the clues on chart. It is all about hard work and patience, and most importantly: no bias about the direction. Let the chart tell us.

1st clue : Trendline break (and retested)
2nd Clue: Divergence
3rd clue: Head & shoulder formed on 15 min (a reversal pattern)
Attached Image(s) (click to enlarge)
Click to Enlarge Name: UJ CHART ONE.jpg Size: 118 KB
Click to Enlarge Name: U-J CHART TWO.jpg Size: 132 KB
Never Trade without a defined risk, never, never, never.
  • #7,057
  • May 22, 2008 1:14pm May 22, 2008 1:14pm
Trend veri very strong.
  • #7,058
  • May 22, 2008 1:31pm May 22, 2008 1:31pm
Quoting emda
DOW falling. and USDJPY rising
So much for the Dow Jones and UJ correlation ......
  • #7,059
  • May 22, 2008 1:35pm May 22, 2008 1:35pm
Quoting MackS10
Long opportunity to 104.50.
Good call ...

Bad for me ....
  • #7,060
  • May 22, 2008 1:42pm May 22, 2008 1:42pm
Quoting Why Oh Why
... someone now calling himself Lincoln2008 1st post in another forum has started a thread just for you!

You'll guess where. Sir, have a great afternoon and I trust you'll have a nice lunch.

Thank you for the information and the comment on my lunch. In case you are wondering why with the Dow only up 28, USD/JPY hit a high of 104.395

Look at a 1 minute chart of USD/JPY and EUR/JPY from 2:00 PM on.

You will see that it was the trading of the cross currencies that caused it. The run up in both currency pairs is identical.

What to do ? Look at the charts of EUR/JPY to find out where the next resistance is. When EUR/JPY reverses it will help USD/JPY reverse as well.

Why ? The Run up was Selling of JPY to buy EUR.

Just be aware of it so that you can factor it into your trading. Oil is down and Gold is down BUT Dow is NOT UP that much considering it all.

US Dollar Index up to 72.29 now from near 72.00 earlier today.

Any comments or questions please post them on this thread.

Bruce
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