USD/JPY Discussion

Quoting Warren Forex

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How Did We Do ? Did Everyone Lock In Their Profits ? Market quiet for the moment. Time for Supper. Be around. Any Questions or Comments ?

Bruce

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Quoting norrismp

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Hey all,

I'm looking for support at 105.4 (former strong resistance) to hold. Pair is currently consolidating above and I'm looking for a 80-110 pip rise despite overbought hourlies.

My charts and analysis here:
http://piphut.com/2008/05/technical-...rise-expected/

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Quoting abanglong

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Still holding my [email protected], TP@ 105.00

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Quoting Küster

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Isn't it 105.40?

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Quoting abanglong

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yup. sori.. Holding Entry @ 105.40, TP @ 106.00

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Quoting Warren Forex

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How Did We Do ? Did Everyone Lock In Their Profits ? Market quiet for the moment. Time for Supper. Be around. Any Questions or Comments ?


Bruce

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Quoting sikacek

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sell 105.60 hit my SL 105.60 - just minus swap
sel 105.77 hit my SL 105.60 - +17 pips ($160.98)

not bad at all

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Quoting Warren Forex

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http://www.forexfactory.com/showthre...92#post2027292


Bruce

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Quoting damonl

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Here is my technical analysis....

1. no buyer sell-off on friday
2. closing above major resitence @ 105 area
3. bounced up off major resistence area @ 105 on friday
4. if we do not close below 105 area on monday let's go up to 108

Attachment

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Quoting cvarnado

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Sounds good to me.

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Quoting Warren Forex

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http://www.financialsense.com/fsu/ed...2008/0530.html

Week Ahead In US Financial Markets
Monday 10:00 AM ISM Manufacturing (May)
The manufacturing sector still looks to be struggling under the combined pressure of weak aggregate demand in on the domestic side of the equation and the surging costs of basic inputs which look to provide an outsized risk going forward to global economic stability. Our forecast implies that the headline-manufacturing index would arrive in territory signaling economic contraction for the fourth consecutive month and the fifth time in the past six surveys. Our forecast of 48.1 carries significant downside risk specifically in both the prices paid and new orders categories that look to bearing the brunt of the current down cycle in the domestic economy. At this juncture the only positive in the entire series over the past few months has been the external sector and that looks to be cooling after several robust months due to the same pricing concerns that have become paramount in the United States.
Monday TBD Total Vehicle Sales (May)
For quite some time the major problem in the US auto industry was soft demand for the lackluster product put to market by Detroit. However, as the jump in the cost of gasoline and food have eaten away at the real incomes of US consumers, the domestic auto industry is faced with a growing problem that will require far more than gimmicky ad campaigns and the return of invoice pricing. We do not see significant consumer demand for new autos until the domestic price situation begins to stabilize. Many in the auto industry and the broader retail sector had placed significant hope on the potential firepower of the rebate checks that consumers have begun to receive as a means to a temporary bounce in consumer demand. The rise of $4.00 gasoline and $5.00 diesel are in the process of taking whatever wind is left in the sails of the domestic consumer. We are forecasting a monthly sales tally of 10.9mln in domestic auto purchases and a total of 14.5 in overall sales for the May sampling period.
Tuesday 10:00 Factory Orders (April)
A weak month of non-defense aircraft orders and third straight decline in new orders for vehicles and parts should facilitate a -0.1% decline in the April factory orders report. The risk for the month, however, is to the upside with robust external demand driving new orders for electrical equipment by 27.8% in April. The combination of a weak dollar and strong external demand is keeping the economy afloat and offsetting lackluster domestic demand during what is a very painful period of adjustment for the US economy.
Wednesday 8:15 ADP Employment (May)
Although, the ADP model over the past few months is clearly caught on the downside of the current adjustment in the labor market, it still is the best overall survey of the payroll landscape and does retain the power to move the market upon its release. Our forecast of a -40K print is based on the continuing outsized retrenchment in manufacturing, construction and goods producing jobs that is well underway in the economy. We anticipate that the ADP survey will continue to undershoot the first cut payroll number released by the BLS, but will make statistical adjustments along the way that will put it very close the longer term real data and position it for calling a turn in the labor market once the economy works of the inventory in the housing sector, works through the credit crisis and adequately deals with the inflation problem in the pipeline.
Wednesday 8:30 Non Farm Productivity (Q1’08)
The major narrative inside the non-farm productivity report for the first quarter of 2008 is the fact that unit labor costs have come to a full stop. With the rise in headline costs begging provide a deleterious impact on core costs, the last line of defense in the Fed’s assumption that costs will remain contained is that unit labor costs will remain fairly muted concomitant with a decelerating economy and sagging labor prospects. We expect that productivity will increase 2.5% and unit labor costs will advance a modest 1.9% for the final estimate of Q1’08.


Bruce

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Quoting damonl

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all this information may be good information to you as you appear to be a fundamentalist trader. i have for the past two years just been trying to get comfortable with my charts, a feat that i think i have accomplished. to me, these figures are very confusing to me because i do not know exactly what they mean or how to apply them.

so......how does a person take this fundamental information and start turning it into profit?

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Quoting Warren Forex

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You obviously have skills and knowledge as I do. I see that you are a technical trader with knowledge of this business. You are aware of the fundamentals though you are not sure how to take advantage of the insight that they give as it does for my trading results.

With that as background how about if you and I put together a plan to increase your monthly profits by adding to your skills and creating a WIN WIN situation for the both of us.

I am trying to spend most of my posting time on the "KNOWLEGE IS POWER" thread so perhaps we could post there and also here from time to time as I myself do. What are your normal FX trading hours when you are online ?

Please reply as to your interest and then we can formulate a game plan if you are interested in my idea.

Have a good weekend and I will look for your reply on this USD/JPY thread.


Bruce

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Quoting damonl

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well...this is a tough one to answer. i am from Wisconsin and have a full time day job. I also make a few trades at 0:00 GMT and then I try to go to sleep(which doesn't always work out). then I try to wake up about 6:00 GMT for London, but sometimes i don't make it especially later in the week as i am beat.

So, if I were to say, london would be best, when I have about 4 - 5 hours before i need to get ready for work. after work i try to spend some time with the family. Time is limited, but that is where I am at at the moment. someday i hope to trade for a living, but i think i have a lot to learn yet.

How does that work for you?

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