Dislikedcan you clear this for me
you will not short usd/yen but wait to buy at 104.36???Ignored
Ask High and Ask Low Indicator 1 reply
DRT's Trading Room 16 replies
Price on charts vs. Bid and Ask price 1 reply
Bid or ask? 3 replies
Dislikedcan you clear this for me
you will not short usd/yen but wait to buy at 104.36???Ignored
DislikedU/J
Long Reversal now at 104.36
E/U
Long Reversal now at 1.5460Ignored
DislikedI was thinking that maybe it would be best to let you know when I actually enter or exit. Since I am watching the market real-time and unfortunately you can not.
I can post updates, but let you know my trades. I know it is confusing in this environment. I think I have some issues with my s/s conversion to spot on the Yen which I will fix tonight.
So right now, I am flat across the board. I am looking for an entry in Yen currently as it is nearest to my entry criteria.
Spot would be a short around 105.85.Ignored
DislikedThanks DRT. Great thread. Thanks for all your patience.
And target for U/J would be 104.32?
cheersIgnored
DislikedTrading Plan for the Asian/Europe Session 5.30.2008
General
Currently, of the 4 majors only 1 is in reversal mode and that is cable. The USDJPY came within a few ticks of balancing today but did not so technically it still needs to move down a bit. Both the Euro and the Swiss Franc still have unfinished business. While this is not a reliable indicator, it does lead me to believe we may continue to see some limited dollar strength into the end of the month. Remember, month end is upon us and flows will likely be heavy.
EURUSD
Distribution Classification = Unbalanced Down
Long Target and Reverse 1.5611
Balance 1.5548
Short Target and Reverse 1.5432
BIAS - Look to set shorts on a push to balance at 5548. Target 1.5432. Reverse to longs at this level.
If the market begins to trade up through balance, cover and go long to 5611. Reverse to shorts at this level.
USDJPY
Distribution Classification = Unbalanced Up
Long Target and Reverse 105.90
Balance 105.25
Short Target and Reverse 104.85
BIAS - Look to set longs on a push down to at 105.25. Target 105.90. Reverse to short at this level.
If the market begins to trade down through balance, cover and set shorts to 104.85. Reverse back to long at this level.
GBPUSD
Distribution Classification = Balanced
Long Target and Reverse 1.9825
Balance 1.9745
Short Target and Reverse 1.9673
BIAS – Stay long above 9745. If price moves below 9745 area then cover. I would not short this pair but aggressive traders can use the 9745 area as a pivot.
If price moves down look to position long at 9673.
USDCHF
Distribution Classification = UnBalanced Up
Long Target and Reverse 1.0554
Balance 1.0459
Short Target and Reverse 1.0419
Bias – Look to set up long on a push down to balance at 1.0459 or before. Target 1.0554 and set up shorts at this level.
If we trade down through balance, exit and look to re-set longs at 1.0419.Ignored
DislikedDRT,
Thanks for your very detailed information. I have a question here:
Should we treat the level "Balance" as "ADV" or "Longest Line" from now?
Trader8686Ignored
DislikedThanks DRT! Great clarity and looks like marked has played out accordingly so far! E/U fell without reacing the balance point though and wonder if this is significant.
Appreciate updates.
cheersIgnored
Dislikedi see usd/jpy got to 105.23 then moved back up to 105.40 area after hanging around at the 105.25 level for awhile. when it does that, it is safe to set longs back to 105.90, right??? as for a push thru the 105.25 level you had set, how far past that level does it have to go to set shorts for the 104 number you had set??? does that mean a close below the 105.25 level???Ignored