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  • #501
  • Jun 5, 2008 3:44am Jun 5, 2008 3:44am
I think that Bill's reason for shorting is the 15M chart -
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  • #502
  • Jun 5, 2008 3:48am Jun 5, 2008 3:48am
brv did u mean i shud go short on usd/jpy on 106.14, pls clarify cos there is strong resisitance on 106.38, wat shud i do.thanks
  • #503
  • Jun 5, 2008 3:49am Jun 5, 2008 3:49am
billy do u mean ishud go short on 106.14,thankspls reply
  • #504
  • Jun 5, 2008 3:52am Jun 5, 2008 3:52am
Dan thank you for the chart and for insight
BANDA333
  • #505
  • Jun 5, 2008 5:25am Jun 5, 2008 5:25am
Also if you look back to end of February you will notice the break down of a support level that has then gone untested until now. The S/R zone is a little hard to define clearly though.
  • #506
  • Jun 5, 2008 5:38am Jun 5, 2008 5:38am
brv my slhas been nockedoff do u see the usd/jpy sustainig the long trend
  • #507
  • Jun 5, 2008 5:38am Jun 5, 2008 5:38am
This is a key area to watch
Energy and persistence conquer all things! Ben Franklin
  • #508
  • Jun 5, 2008 5:40am Jun 5, 2008 5:40am
Sorry!
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Energy and persistence conquer all things! Ben Franklin
  • #509
  • Jun 5, 2008 5:51am Jun 5, 2008 5:51am
The gap down from sunday was 207.33. GJ just tagged it from below on news spike. This is a watch area. If it holds it is a fade from here. It lines up with the USDJPY (106.15) sell as well (as yen crosses often do)
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Energy and persistence conquer all things! Ben Franklin
  • #510
  • Jun 5, 2008 6:08am Jun 5, 2008 6:08am
Hi BRV,
Following your thread with interest.......demoing with varying degrees of success, learning more with each trade. Also, trying several trades with penny sized lots on Oanda until I get more confident and skilled.

Had placed a penny trade with Oanda EU @ 1.53650 last night following your observation, saw the price come down to 1.53654 before shooting up above 1.5454 some ten minutes or so ago, wow! Even though I just missed out by just 0.4 pip on the massive gain of 95pennies(!), I am impressed with your ability to call the turns so precisely.....

Great thread!
AT
  • #511
  • Edited 7:41am Jun 5, 2008 7:31am | Edited 7:41am
This is a great thread!!! If I understand how to draw S/R correctly, it looks like the GBP/USD is coming up to a major support on the Daily chart. It's been hit 4 times already. I'm wondering what others think will happen if it hits a 5th time?
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  • #512
  • Jun 5, 2008 8:02am Jun 5, 2008 8:02am
I'm looking at the EUR/JPY, and think I see a good place to short.

p.s. Would these novice observations be better some place else? I really enjoy this thread, and don't want to dilute it.
Thanks!
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  • #513
  • Jun 5, 2008 8:18am Jun 5, 2008 8:18am
Long euro at 1.5500
  • #514
  • Jun 5, 2008 8:25am Jun 5, 2008 8:25am
Finswin, I am short ej at 164.89 that level looks strong, but I have been badly wrong on two previous levels today, and broke my rule of not trading on days like today, anyway in for a penny.....
  • #515
  • Jun 5, 2008 11:39am Jun 5, 2008 11:39am
Quoting Paj
Finswin, I am short ej at 164.89 that level looks strong, but I have been badly wrong on two previous levels today, and broke my rule of not trading on days like today, anyway in for a penny.....
Yeah, I've been stumbling my way through this learning process. This thread has me hooked though, and I thinking I'm beginning to get it.

This trade seems to be working out well so far. I'm targeting the 164.20-164.25 area for TP, and then maybe to 163.90, but I'm still trying to figure out how to properly exit. Those look like two possibly relevant areas of recent resistance.
  • #516
  • Edited 4:23pm Jun 5, 2008 12:02pm | Edited 4:23pm
Quoting BillyRayValentine
FYI this trade that never got hit from a few weeks back could be good for some cash on a move lower on EUR. Just a heads up. 1.5365 looks to be the magic number.

http://www.forexfactory.com/showpost...0&postcount=15
I think I underestimated this one myself. ECB moved the market just a little bit off of this level .

It hit 1.5364/5 (depending on your broker) dead on and went for its +235 pip ride. Good stuff....
  • #517
  • Edited 7:05pm Jun 5, 2008 12:09pm | Edited 7:05pm
Quoting pastork
brv did u mean i shud go short on usd/jpy on 106.14, pls clarify cos there is strong resisitance on 106.38, wat shud i do.thanks
Hi pastork, I was just looking to find the top here, but didnt have anything set in stone as far as when to go; dont think I should have posted that.

If I see something good I'll let you know but that was just an intraday move for me that got stopped out at breakeven.

Please read through the thread and try to see how I trade here. There is a lot of valuable info available from me or other members. The idea is to enter these trades right at key reversal points; no sooner, no later.

To all: I'm not a trading advisor here and I'm not perfect. Just please be aware that anything you take is your own doing and not mine. These are just observations.
  • #518
  • Edited 12:35pm Jun 5, 2008 12:12pm | Edited 12:35pm
Quoting attictrader
Hi BRV,
Following your thread with interest.......demoing with varying degrees of success, learning more with each trade. Also, trying several trades with penny sized lots on Oanda until I get more confident and skilled.

Had placed a penny trade with Oanda EU @ 1.53650 last night following your observation, saw the price come down to 1.53654 before shooting up above 1.5454 some ten minutes or so ago, wow! Even though I just missed out by just 0.4 pip on the massive gain of 95pennies(!), I am impressed with your ability to call the turns so precisely.....

Great thread!
AT
Hi attictrader, thank you for following. 65 was just the most recent local low here. you can see it from any chart to the left of today's price action.
  • #519
  • Jun 5, 2008 12:15pm Jun 5, 2008 12:15pm
Quoting finswin56
I'm looking at the EUR/JPY, and think I see a good place to short.

p.s. Would these novice observations be better some place else? I really enjoy this thread, and don't want to dilute it.
Thanks!
Hi finswin56.....this is a very strong area. I'm just hestitant due to the enormous move made today on the pair and if it would overshoot or not.
  • #520
  • Jun 5, 2008 12:41pm Jun 5, 2008 12:41pm
Quoting BillyRayValentine
Hi finswin56.....this is a very strong area. I'm just hestitant due to the enormous move made today on the pair and if it would overshoot or not.
Thanks. It did overshoot a bit trying to bust through 165, and then dropped about 40 pips, but just shot right back up and through 165, so there goes that lol.
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