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USD/JPY Discussion

  • #7,861
  • Jun 11, 2008 8:14pm Jun 11, 2008 8:14pm
Quoting dwildes
We went all the way up to 107.07 and now back to 106.95.
Maybe going to retest 107.08 and push through?
I cannot predict but only wait for the breakout and then I will start trading...... Do not worry about making 5 pips here or 5 pips there but focus on the movement for the next 8 hours....... This may also stay in the channel..... only time will tell.
The Dove - Forex Trainer
  • #7,862
  • Jun 11, 2008 8:18pm Jun 11, 2008 8:18pm
Quoting dove_alliance
I cannot predict but only wait for the breakout and then I will start trading...... Do not worry about making 5 pips here or 5 pips there but focus on the movement for the next 8 hours....... This may also stay in the channel..... only time will tell.
It's the American way - I want patience and I want it now!
You're right, need to keep the big picture in mind, wait for the break and play accordingly.
  • #7,863
  • Jun 11, 2008 8:23pm Jun 11, 2008 8:23pm
Quoting dwildes
It's the American way - I want patience and I want it now!
You're right, need to keep the big picture in mind, wait for the break and play accordingly.
Smiling ........... you are right, patience is everything.....
The Dove - Forex Trainer
  • #7,864
  • Jun 11, 2008 8:29pm Jun 11, 2008 8:29pm
I can see both Dove and Bruce styles of trading can be profitable... In fact.. I'm more like Dove.. technical trader... and last year learning to scalp or intraday with technical systems... but I also see the potential of fundamentals analysis. The problem in forex.. is only one.. finding the eprfect balance between your timeframe.. your targets and money management.. and your risk/reward ratio. It seems easy but it is not... only trading for some years can give you that experience... the system used doesn't matter if it fits perfectly to that.. and that depends on the traders personality.. one can be more aggresive and can't wait the amrket to move more than 10 pips.. other can wait months to close a position... but all of them can be profitable.

I'll keep learning fundamentals with Bruce... and I would enjoy to see some of dove's charts because as a chartist.. I never get tired of seeing charts..

keep the good work everybody.. and let's make tons of pips
  • #7,865
  • Jun 11, 2008 8:30pm Jun 11, 2008 8:30pm
Quoting dwildes
We went all the way up to 107.07 and now back to 106.95.
Maybe going to retest 107.08 and push through?
108.0 Is more likely to be hit tommorrow as positive news for $ could send it further up.
  • #7,866
  • Jun 11, 2008 8:34pm Jun 11, 2008 8:34pm
I just pulled 20 pips and now wait on the candle retrace and then get back in.
The Dove - Forex Trainer
  • #7,867
  • Jun 11, 2008 8:34pm Jun 11, 2008 8:34pm
I entered a Long @ 107.06
Sold half of the lot at 107.18 @ got the other half with the SL at Break Even.
  • #7,868
  • Jun 11, 2008 8:36pm Jun 11, 2008 8:36pm
Quoting dove_alliance
Smiling ........... you are right, patience is everything.....
What do you think about going long at a break of 107.30?
  • #7,869
  • Jun 11, 2008 8:37pm Jun 11, 2008 8:37pm
Hey Dove - if I followed your logic correctly from all the other posts.
This is a confirmed upward move and we 'should' be heading towards R1 near 107.5x right?
  • #7,870
  • Jun 11, 2008 8:38pm Jun 11, 2008 8:38pm
If anyone got a Bollinger Band set up on their 30 chart would see why I took the 20 pips and the reason is because the candle bust through the upper band
The Dove - Forex Trainer
  • #7,871
  • Jun 11, 2008 8:39pm Jun 11, 2008 8:39pm
Quoting dwildes
Hey Dove - if I followed your logic correctly from all the other posts.
This is a confirmed upward move and we 'should' be heading towards R1 near 107.5x right?
That is correct...... the R1 is the target.
The Dove - Forex Trainer
  • #7,872
  • Jun 11, 2008 8:39pm Jun 11, 2008 8:39pm
Quoting dove_alliance
If anyone got a Bollinger Band set up on their 30 chart would see why I took the 20 pips and the reason is because the candle bust through the upper band
I did!
  • #7,873
  • Jun 11, 2008 8:53pm Jun 11, 2008 8:53pm
Working pivots are easy provided you use the right charts and that is 20 minute and above....... On this scenario you wanted at least the 20 minute candle to close above the pivot before it will move on to the next one. The Daily Pivot is the core of your movements for the travel to the R1 and/or the S1. With this pair, the pivots are the targets for taking profit...... As long as you remember that you will remain in profit.
The Dove - Forex Trainer
  • #7,874
  • Jun 11, 2008 9:08pm Jun 11, 2008 9:08pm
One other thing --- Always be patient with this market.... It may not move fast enough for you and that is where you must learn to be patient and never be afraid to take profit if a situation does not feel right.......
The Dove - Forex Trainer
  • #7,875
  • Jun 11, 2008 9:10pm Jun 11, 2008 9:10pm
Quoting dove_alliance
One other thing --- Always be patient with this market.... It may not move fast enough for you and that is where you must learn to be patient and never be afraid to take profit if a situation does not feel right.......
Amen to that!!
  • #7,876
  • Jun 11, 2008 9:10pm Jun 11, 2008 9:10pm
Quote
Dove.....I just pulled 20 pips

Why did you go long below the daily pivot?
  • #7,877
  • Jun 11, 2008 9:12pm Jun 11, 2008 9:12pm
Quoting moyyim
Why did you go long below the daily pivot?
This is where experience comes in...... I knew it was going up and I entered the trade as it was moving towards the pivots and also knew that the BB was in the way...... So, I just went for the 20 at that time.
The Dove - Forex Trainer
  • #7,878
  • Jun 11, 2008 9:14pm Jun 11, 2008 9:14pm
This pair also reacts to the mid pivots in which there is one right now at 107.34
The Dove - Forex Trainer
  • #7,879
  • Jun 11, 2008 9:29pm Jun 11, 2008 9:29pm
Here is something else that is very, very important....... once you are in profit never let that trade get below "0"..... If you implement this rule you will never be a loser. Also, if you realized you entered a bad trade then take the 3 pip lost and move on .......
The Dove - Forex Trainer
  • #7,880
  • Jun 11, 2008 9:29pm Jun 11, 2008 9:29pm
Quoting dove_alliance
This pair also reacts to the mid pivots in which there is one right now at 107.34
Is it important to consider yesterday's pivot points?
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