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  • #481
  • Edited 7:24pm Jun 4, 2008 7:05pm | Edited 7:24pm
Quoting BillyRayValentine
Long USD/JPY 104.71 - 104.66

I'm not sure if I'm wasting my breath on this one, but this is the no brainer setup for this pair. When I say wasting my breath because I'm uncertain to price getting back down there. It has to basically take out todays spike, which is unlikely anytime in the near future. But here it is.
We're up to +81 pips on this, waiting to see what happens at 105.56/8. I think its going to fight it not just because its the local high but becuse historically its got some good significance. So it might be good profit taking time before the weekend arrives.

Remember: highs and lows dont mean jack squat if they dont carry any historical impact.
  • #482
  • Jun 4, 2008 7:26pm Jun 4, 2008 7:26pm
Hello BRV,

Do you think UJ will come down below 104 ? Cause it's going to that direction prior to Mr. Ben speech.

Cheers.
  • #483
  • Jun 4, 2008 8:11pm Jun 4, 2008 8:11pm
I preface this with "Please don't listen to me!" I've only been trading for a year. But at the moment it seems like the usd/jpy is at a point of resistance @ 105.48 with the stochs pointing down on the 15min 30min, and 1hr. Would you think this to be a good short for at least 20-30pips sometime tonight? Just curious to see what the pros think : )
Thanks guys!
  • #484
  • Jun 4, 2008 8:23pm Jun 4, 2008 8:23pm
Quoting outofajam
I preface this with "Please don't listen to me!" I've only been trading for a year. But at the moment it seems like the usd/jpy is at a point of resistance @ 105.48 with the stochs pointing down on the 15min 30min, and 1hr. Would you think this to be a good short for at least 20-30pips sometime tonight? Just curious to see what the pros think : )
Thanks guys!
Actually yeah I was just speaking about it a couple of posts ago in regards to 105.58. But its already moved about 12 pips down from the level.
  • #485
  • Jun 4, 2008 8:24pm Jun 4, 2008 8:24pm
Quoting hdarmawan
Hello BRV,

Do you think UJ will come down below 104 ? Cause it's going to that direction prior to Mr. Ben speech.

Cheers.
I'm overall long biased on this pair. Dont see it happening anytime soon but then again anything is possible. News, etc.
  • #486
  • Jun 4, 2008 8:27pm Jun 4, 2008 8:27pm
Quoting renegade7
Hey Billy,

Fantastic thread!
I was wondering how long you wait after announcements to take trades, from the statement I've quoted.

Thanks!

Theres no real rule of thumb. It depends on what the news is, what the deviation is between the real vs. expected number, what kind of interest there is out there in regards to the news, and how it impacts current expectations of the market (total shocker or not).

I know some guys generalize and say 30 minutes before and after, but I've been able to profit enough times during this strech, including once this week that I remember. It varies ultimately.

Basically protect yourself at the time of the announcement; dont bet on news making your trade ream profits.
  • #487
  • Jun 4, 2008 10:13pm Jun 4, 2008 10:13pm
Quoting BillyRayValentine
Long EUR/JPY 161.43 area

Its been a strong deterrent for price over history, just use caution on this pair in a wild market. Also pay attention to EUR and JPY pairs and s/r levels at the time of this approach. Otherwise, looks clean historically and should provide some pips. EURJPY can get a little wild sometimes so be sure to manage risk properly.
Hi everyone! Is there another thread where newbies can collect settings such as parameters, indicators or EAs, ideas, already-installed MT4 indicators, etc related to this thread to obtain the best graphic setup (such as Billy´s, which seems to be very simple, yet does the job)? Great thread, by the way! Thank you!!
  • #488
  • Jun 4, 2008 10:16pm Jun 4, 2008 10:16pm
Perhaps you could get someone to upload their template, that always helps a bunch!
  • #489
  • Jun 4, 2008 11:32pm Jun 4, 2008 11:32pm
Quoting BillyRayValentine
We're up to +81 pips on this, waiting to see what happens at 105.56/8. I think its going to fight it not just because its the local high but becuse historically its got some good significance. So it might be good profit taking time before the weekend arrives.

Remember: highs and lows dont mean jack squat if they dont carry any historical impact.
Some big daddy order pumpin' on EUR tonight! Careful!
  • #490
  • Jun 4, 2008 11:45pm Jun 4, 2008 11:45pm
Many thanks for the answer BillyRay!
  • #491
  • Jun 4, 2008 11:50pm Jun 4, 2008 11:50pm
Wow, no kidding on the Eur/jpy!!^^
  • #492
  • Jun 5, 2008 12:21am Jun 5, 2008 12:21am
Hi,
Heres an idea I use for finding S/R levels.
When using Candle or Bars, I find it hard to locate the major S/R levels, so I switch to a line chart mode. on this mode, the things look much clearer and it is simple clear.
After drawing the S/R lines on the chart, i switch back to candles chart for fine tunning the position.
hopefully you will find this idea usable.
BR
Dani M.
Attached Image (click to enlarge)
Click to Enlarge Name: sr lines.gif Size: 27 KB
  • #493
  • Jun 5, 2008 1:26am Jun 5, 2008 1:26am
Quoting BillyRayValentine
Hahaha, no sweat but we're not into slapping around here. This is an anti-slap thread, dedicated to building brains only.

Here's some of what we were looking at for you to get an idea. I tried to circle some of the major points; the retracement was from the last major wave up....also if you zoom in on an hourly you can see some things that arent on here over time. Regardless we were off by about 9 pips or so. Oh well....sometimes too close to call. But hope this helps.

Also looking at this chart, 1.0219 looks to be about the next best place for a sell. But still contemplating. Next couple of days are flooded with big news events for the loonie.
I agree, I'm generally so totally not into slapping, but especially not when it comes to my S/Ls

Thanks for the chart, it makes a lot of sense to me. The pic you attached shows the somewhat larger time frame of reference that I seem to loose as I get bogged down and focus only on more immediate and minute movements after a couple of good trades.
Nice one Billy Ray, thanks and glad to call this thread my home sweet home.
Be like a post stamp! Stick to it until you get there!
  • #494
  • Jun 5, 2008 1:42am Jun 5, 2008 1:42am
hi brv i have been viewing your thrad for a month, and have been demo trading since, tanx for ur ideas it has been needfuul, i just went live today lond on gbp/jpy and i am =20 pips now,

pls wat do you think of going long on gbp/usd .9401
  • #495
  • Jun 5, 2008 2:15am Jun 5, 2008 2:15am
Quoting pastork
hi brv i have been viewing your thrad for a month, and have been demo trading since, tanx for ur ideas it has been needfuul, i just went live today lond on gbp/jpy and i am =20 pips now,

pls wat do you think of going long on gbp/usd .9401
I'm still trying to come up with some definitive answers on GBP. I know its a popular pair because of its volatility, but also because of that volatility, picking levels on it is rather hard. On GBP Fibonacci retracements seems to be my best tool, confirming with support/resistance.

Anyway, I think the .9400 area should pay out something, but not sure how long it would last; I really cant say. Maybe take partial around 30 or 40 pips if you get it and let a little of the rest go. Historically it has held up pretty well.



PS...You picked a pretty a whacky day of trading to go live

Oh well, c'est la vie.
  • #496
  • Jun 5, 2008 2:23am Jun 5, 2008 2:23am
hi billy ray valentine pls wat trades do i watch out fr in the coming days
  • #497
  • Jun 5, 2008 2:26am Jun 5, 2008 2:26am
Quoting BillyRayValentine
Long USD/JPY 104.71 - 104.66

I'm not sure if I'm wasting my breath on this one, but this is the no brainer setup for this pair. When I say wasting my breath because I'm uncertain to price getting back down there. It has to basically take out todays spike, which is unlikely anytime in the near future. But here it is.
I'm back to shorting this thing again with an order at 106.14.

+152 pips max; I'll take my bow now. So much for wasting my breath. Yen could continue to get pummeled, but there seems to be the buying interest showing up again today. Either way good enough.
  • #498
  • Jun 5, 2008 3:11am Jun 5, 2008 3:11am
Quoting BillyRayValentine
I'm back to shorting this thing again with an order at 106.14.

+152 pips max; I'll take my bow now. So much for wasting my breath. Yen could continue to get pummeled, but there seems to be the buying interest showing up again today. Either way good enough.
Well so much for that attempt . I should have known better.
  • #499
  • Jun 5, 2008 3:18am Jun 5, 2008 3:18am
Why short USD/JPY?
History is written by the victors.
  • #500
  • Jun 5, 2008 3:31am Jun 5, 2008 3:31am
How are you? You insight always accurate! I shorted $/YEN early. Could please let us know why you shorted at 106.14 I was thinking of closing my shorts with a loss . Please comment if possible .........Ty very much
BANDA333
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