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USD/JPY Discussion

  • #8,001
  • Jun 12, 2008 10:14am Jun 12, 2008 10:14am
This level has been an historically strong S/R level. I'll be placing a short there as I think there's a high probability that we'll see a retrace off of that level going into the end of the week.
  • #8,002
  • Edited 10:29am Jun 12, 2008 10:17am | Edited 10:29am
Quoting thegunslinger
This level has been an historically strong S/R level. I'll be placing a short there as I think there's a high probability that we'll see a retrace off of that level going into the end of the week.
That's highly probable, but that we'll have to judge once we see the market dynamics at that level. Certainly, all the longs must be closed on approach.

In case of a spike down 107.63 is a great level to go long
"Luxury is one of the basic needs", (c), Don Corleone
  • #8,003
  • Jun 12, 2008 10:44am Jun 12, 2008 10:44am
The way it's looking right now, UJ is going to the moon ...
  • #8,004
  • Jun 12, 2008 10:51am Jun 12, 2008 10:51am
Quoting Warren Forex
That is why I tell people not to trade from my comments. Why they should learn while demo trading. I adjust my position every day as the facts change.
Because of the FED Verbal Intervention I stayed out and only got in when I saw a good trading chance.

Do you follow me ?


Bruce

Dwildes is right in his observations.

Isn't it that many chartists and chartists-fundies also change their views and adjust their positions accordingly as to what their indicators show them? Then why criticize them if you also change your views when price goes against you?

Since you are so sure and confident of what you are saying, why are you wasting your time demo trading and saying we should not trade according to your comments? If that is the case, you should not comment here. You are confusing many people.

Prove yourself!!! Post the entry price of every trade you make and your target profit here at FF just as you open your position/s. I know many who follow you and distrust you here will be waiting. We'll see...

Think he'll do it? Maybe he'll come up with so many reasons not to.

Don't take up the challenge, you just proved you're a FAKE!
  • #8,005
  • Jun 12, 2008 10:55am Jun 12, 2008 10:55am
What happend to bernanke speech???????????

no impact on YEN??????
  • #8,006
  • Jun 12, 2008 11:00am Jun 12, 2008 11:00am
Looks like Bernanke wasn't in the mood to enter into any trades, so no shocking statements :-)
"Luxury is one of the basic needs", (c), Don Corleone
  • #8,007
  • Jun 12, 2008 11:04am Jun 12, 2008 11:04am
Quoting Qwert
Dwildes is right in his observations.

Isn't it that many chartists and chartists-fundies also change their views and adjust their positions accordingly as to what their indicators show them? Then why criticize them if you also change your views when price goes against you?

Since you are so sure and confident of what you are saying, why are you wasting your time demo trading and saying we should not trade according to your comments? If that is the case, you should not comment here. You are confusing many people.

Prove yourself!!! Post the entry price of every trade you make and your target profit here at FF just as you open your position/s. I know many who follow you and distrust you here will be waiting. We'll see...

Think he'll do it? Maybe he'll come up with so many reasons not to.

Don't take up the challenge, you just proved you're a FAKE!

I agree to this as well, but not in this forum as it isn't the proper place.
I'm not a fundamentalist trader and I would like to see how they survive day-to-day. There are just so many things that sound good (DOW is up, USDJPY should be down) but in reality, you see the exact opposite (today is a great example)

However, the DOW was a leading indicator a few weeks ago of the direction of USDJPY, but you don't hear it much now as it's no longer in sync. It may sync back up, but how many profits would someone have lost by using those methods?

I don't want to sound like I'm bashing fundamentals - I just don't understand how you can consistently trade off them and I would like to see real proof of it working. If it does work - great, another tool to use in this crazy market!

Bruce - let us know where you will posting your live trades so we can follow them. We all know they aren't signals for us to use - we just want to watch you in action, and not from screenshots & reports as they can be altered.
  • #8,008
  • Jun 12, 2008 11:10am Jun 12, 2008 11:10am
Quoting Firstboss
Looks like Bernanke wasn't in the mood to enter into any trades, so no shocking statements :-)
Sure looks that way.
Darn - was looking for some quick & easy PIPs
  • #8,009
  • Jun 12, 2008 11:11am Jun 12, 2008 11:11am
Quoting Schminner
The way it's looking right now, UJ is going to the moon ...
I'm curious about something Schminner: Did you margin out on your short or you still ridding it?
The Dove - Forex Trainer
  • #8,010
  • Jun 12, 2008 11:20am Jun 12, 2008 11:20am
It is now after 12 noon ET and as I see it, the market is close until the Yen comes back in or at least after 17:00 ET...... Anyone trading during the afternoons may find themselves losers because the market is pretty much dead during those hours and I'm sure a few of you had found that out the hard way.
The Dove - Forex Trainer
  • #8,011
  • Jun 12, 2008 11:25am Jun 12, 2008 11:25am
Here is a link for the world market hours and is a very useful tool..... It will adjust to your time zone.....

http://www.2008.worldmarkethours.com/Forex/index.htm
The Dove - Forex Trainer
  • #8,012
  • Jun 12, 2008 11:55am Jun 12, 2008 11:55am
Quoting Islander
Correct - its from ODL set to GMT - here's the pivots....
Islander..Thank you very nice pivots. Looking forward to testing your setup
  • #8,013
  • Jun 12, 2008 12:15pm Jun 12, 2008 12:15pm
Quoting dove_alliance
It is now after 12 noon ET and as I see it, the market is close until the Yen comes back in or at least after 17:00 ET...... Anyone trading during the afternoons may find themselves losers because the market is pretty much dead during those hours and I'm sure a few of you had found that out the hard way.
Hey Dove!
Good call on the play last night.

Is there anything we should be monitoring or just wait for a test/break of the pivots? I've got my SMS alerts setup just in case something happens.
  • #8,014
  • Jun 12, 2008 12:34pm Jun 12, 2008 12:34pm
Quoting thegunslinger
This level has been an historically strong S/R level. I'll be placing a short there as I think there's a high probability that we'll see a retrace off of that level going into the end of the week.
Interesting, tomorrow the 108.30 area will be right around my fib channel's Long line, or the 61% retrace from the low made on 6/9 when it touched the Channel Low

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  • #8,015
  • Jun 12, 2008 1:04pm Jun 12, 2008 1:04pm
107.30/40 which was the frankfurt breakout level will serve as support, at least temporarily.
  • #8,016
  • Jun 12, 2008 1:13pm Jun 12, 2008 1:13pm
Quoting dwildes
That's fair - it is best for everyone to make their own decision.
My only problem is, if the fundamentals were as proven as you say - why haven't they performed? It seems the only way you could have made any money was buying on a few dips here & there, but the big bucks have been in the longs, which is directly opposite to what the fundamentals are saying.

I just don't see how you can make consistent money from the fundamentals. I can however pull up a chart, find some pivots and make a few dozen PIPs stress free and with a plan.
I NEVER go Long as I go with the Trend. I wait until it gets near a Resistance Point and I short It. Each Day I scalp for 10 to 25 PIPS. If I get caught because of Intervention and the drawdown is not too high, I trade around my underwater positions until I can close them. When I post my Report of my FX trades since June 9, 2008, you will see my method better.

The Dow is only UP 82 now so not too bad. The High is still 108.098

Everytime it approaches 108.00 I short it and maybe I do it 10 times in 3 or 4 hours. I use a 1 minute and 5 minute chart. I run 3 19 Inch monitors. My trading platform, my email and my charts. I hope that explains it a bit more.


Bruce
{Promotion Removed}
  • #8,017
  • Jun 12, 2008 1:18pm Jun 12, 2008 1:18pm
Quoting Warren Forex
I NEVER go Long as I go with the Trend. I wait until it gets near a Resistance Point and I short It. Each Day I scalp for 10 to 25 PIPS. If I get caught because of Intervention and the drawdown is not too high, I trade around my underwater positions until I can close them. When I post my Report of my FX trades since June 9, 2008, you will see my method better.

The Dow is only UP 82 now so not too bad. The High is still 108.098

Everytime it approaches 108.00 I short it and maybe I do it 10 times in 3 or 4 hours. I use a 1 minute and 5 minute chart. I run 3 19 Inch monitors. My trading platform, my email and my charts. I hope that explains it a bit more.


Bruce
I'm sorry but that sounds like you are being a technical trader with a 'short' bias? I don't see where the fundamentals are contributing there
  • #8,018
  • Jun 12, 2008 1:18pm Jun 12, 2008 1:18pm
Quoting Qwert
Dwildes is right in his observations.

Isn't it that many chartists and chartists-fundies also change their views and adjust their positions accordingly as to what their indicators show them? Then why criticize them if you also change your views when price goes against you?

Since you are so sure and confident of what you are saying, why are you wasting your time demo trading and saying we should not trade according to your comments? If that is the case, you should not comment here. You are confusing many people.

Prove yourself!!! Post the entry price of every trade you make and your target profit here at FF just as you open your position/s. I know many who follow you and distrust you here will be waiting. We'll see...

Think he'll do it? Maybe he'll come up with so many reasons not to.

Don't take up the challenge, you just proved you're a FAKE!
With Posters like you I do sometimes wonder why I waste my time. Would you talk to your Dad like that. You do not even know me. Go to the thread called "Knowledge Is Power " to see my daily FX trading Results.

I DARE you !!!

Peace Out ...

Thanks for giving me a shot of adreniline. I was starting to fall asleep as I have been up siince 4:00 AM trading and posting. What were you doing at 4:00 AM ? Don't answer since I can guess. 10 Hours so thanks for the boost.


Bruce
{Promotion Removed}
  • #8,019
  • Jun 12, 2008 1:19pm Jun 12, 2008 1:19pm
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  • #8,020
  • Jun 12, 2008 1:22pm Jun 12, 2008 1:22pm
Hey Pipmac - what MAs are you watching on what timeframe?
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