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USD/JPY Discussion

  • #8,221
  • Jun 13, 2008 12:50pm Jun 13, 2008 12:50pm
Quoting steelhead
I think you guys need to stop looking at bands and moving averages. All those indicators will not give you what you want. Remember they are lagging indicators. The aren't worth much more than. well than nothing.


Why do folks insist on using them to determine their trades. Price action and knowing what is behind it is what you need to focus on.
Well, for one thing price action can only determine a maybe and indicator give a for sure action in a direction of a trend...... This is why I can pull 100+ pips everyday in which everyone knows I do.....
The Dove - Forex Trainer
  • #8,222
  • Jun 13, 2008 12:55pm Jun 13, 2008 12:55pm
Quoting Qwert
Well, thank you too. Good riddance of bad rubbish!

What a narrow minded person!

I had this guy on my ignore list after reading his posts for a few days. It is a shame that he needs to be so rude and full of himself to get his opinions across. Best option is to ignore him if you don't like his comments. Afterall he has every right to speak his mind on public forums. BTW I have read some of his posts at Onada and I can see why some people could dislike him.


Listen to others' opinions but form your own judgement, especially when it comes to risking money!
  • #8,223
  • Jun 13, 2008 12:55pm Jun 13, 2008 12:55pm
Dove you are a smart trader i know that. You also know that indictors arent worth anything. Reading a chart and learning what is going on behind price is how trading really works. When I trade my charts are clear of all those indicators it makes the picture clearer. I can focus on support and resistance areas, and my candle patterns to determine my trades not no freakin indicators.




Quoting dove_alliance
Well, for one thing price action can only determine a maybe and indicator give a for sure action in a direction a the trend...... This is why I can pull 100+ pips everyday in which everyone knows I do.....
  • #8,224
  • Jun 13, 2008 1:06pm Jun 13, 2008 1:06pm
Quoting steelhead
Dove you are a smart trader i know that. You also know that indictors arent worth anything. Reading a chart and learning what is going on behind price is how trading really works. When I trade my charts are clear of all those indicators it makes the picture clearer. I can focus on support and resistance areas, and my candle patterns to determine my trades not no freakin indicators.
Look - apparently you are a new trader because you haven't even got 30 days on this forum.... Also it apparent you know nothing of indicators or even how to set parameters with indicators...... As for candle formation = smiling - they work about 50% of the time and that surely isn't a good average..... Highs and lows will keep you in a boundary of a couple hundred pips with no indication of movement and candles can bust wide open resistance and supports....... So tell me, where does that leave you but only in the twilight zone and wishing you could of made the pips also.
The Dove - Forex Trainer
  • #8,225
  • Jun 13, 2008 1:19pm Jun 13, 2008 1:19pm
For one thing I'm not here to argue about what system is the best...... But one thing is for sure....... I have been live for over 3 years and my trades are more than 95% (profit)...... And why is that? Because I read the charts for what they are meant to be...... Because I ride the trends and not what some jerk may analyze and even what a candle formation would say...... This is why traders loose everyday is because they have no concept of what these charts are really saying and in time I will help you with this understanding.......

God bless and see everyone next week.
The Dove - Forex Trainer
  • #8,226
  • Jun 13, 2008 1:26pm Jun 13, 2008 1:26pm
Quoting dove_alliance
For one thing I'm not here to argue about what system is the best...... But one thing is for sure....... I have been live for over 3 years and my trades are more than 95%...... And why is that? Because I read the charts for what they are meant to be...... Because I ride the trends and not what some jerk may analyze and even what a candle formation would say...... This is why traders loose everyday is because they have no concept of what these charts are really saying and in time I will help you with this understanding.......

God bless and see everyone next week.
I for one would be much appreciative!!
Thanks for your time on here Dove - looking forward to the next session
  • #8,227
  • Jun 13, 2008 1:45pm Jun 13, 2008 1:45pm
Dove if you wouldn't mind could you go in to detail of what significance the central pivot is. I have only been marking it on my charts the past three days and seems price action does the opposite. For instance if price opens below the central and the central is below the daily I expect the day to be bearish but the candle ends up being bullish as what happened on june 11th and then the opposite happened on june 12th, price opened below the central and the central was below the daily but price ended up bullish.
  • #8,228
  • Jun 13, 2008 2:00pm Jun 13, 2008 2:00pm
Imbiber, significant of the daily (and weekly!) pivot is that it is pivotal, meaning that price action needs enough momentum to go through it.
Often consolidation takes place between the main and the central pivots, especially if there is 20-40 pips between them.

Relative placing of the central and pivot (or, in other words, open of the day above or below the pivot) does not automatically translate into bullish or bearish candle, however shows the market sentiment at 5 p.m. EST

Also, if the previous day had a strong move either way (long candle), the central has no choice but to appear away from pivot and in the direction of that previous move.
"Luxury is one of the basic needs", (c), Don Corleone
  • #8,229
  • Jun 13, 2008 2:07pm Jun 13, 2008 2:07pm
Quoting imbiber
Dove if you wouldn't mind could you go in to detail of what significance the central pivot is. I have only been marking it on my charts the past three days and seems price action does the opposite. For instance if price opens below the central and the central is below the daily I expect the day to be bearish but the candle ends up being bullish as what happened on june 11th and then the opposite happened on june 12th, price opened below the central and the central was below the daily but price ended up bullish.
The reason for the Central Pivot is because of the scenario that happened during this session and a couple other reason.... During this session it took off in the trend for the R1 and 90% of the time it would hit that target but this time it did not but retrace back to the central pivot and then turn and headed for the R1 again....... If there was enough time today it would hit the R1...... This is the main reason for the central pivot it is known as price ranging with pivots..... There are other reason in which we will get into as time moves on.

EDIT:
As Firstboss explain above on consolidation is another reason
The Dove - Forex Trainer
  • #8,230
  • Jun 13, 2008 2:20pm Jun 13, 2008 2:20pm
Quoting Firstboss
Imbiber, significant of the daily (and weekly!) pivot is that it is pivotal, meaning that price action needs enough momentum to go through it.
Often consolidation takes place between the main and the central pivots, especially if there is 20-40 pips between them.

Relative placing of the central and pivot (or, in other words, open of the day above or below the pivot) does not automatically translate into bullish or bearish candle, however shows the market sentiment at 5 p.m. EST

Also, if the previous day had a strong move either way (long candle), the central has no choice but to appear away from pivot and in the direction of that previous move.
Hey Firstboss - so I take it you put the weekly pivots on your chart in addition to the daily? What effect do the weekly pivots provide if so?
  • #8,231
  • Jun 13, 2008 2:22pm Jun 13, 2008 2:22pm
Thanks for the explanation. I'm looking forward to future postings regarding pivots.
  • #8,232
  • Jun 13, 2008 4:50pm Jun 13, 2008 4:50pm
Hello everybody, what do you think about that:
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  • #8,233
  • Jun 13, 2008 4:57pm Jun 13, 2008 4:57pm
Quoting zeuzera
We will see stronger Yen for the next few days.
This i my old good indicator:

http://img158.imageshack.us/img158/4...eadddddwd7.gif


Maybe today we coul have some higher quotes on Yen.
It is Friday, 13.



zeuzera


PS. pozdrav za Srbendu
nice chart i like you analizeee
  • #8,234
  • Edited 9:38pm Jun 13, 2008 4:59pm | Edited 9:38pm
Quoting dwildes
Hey Firstboss - so I take it you put the weekly pivots on your chart in addition to the daily? What effect do the weekly pivots provide if so?
Weekly pivots are also very important (I would say, equally important). For some reason, GBP/USD responds stronger to the weekly mid-pivots... I am sure Dove will discuss them on Sunday.
For example, this week the levels were:

R2 - 107.63
mid-point - 106.96
R1 - 106.28
mip-pivot - 105.68
Weekly PP - 105.07

If you look at the graph for the current week you will notice these levels served as supports and resistances, and price action consolidated near them.

My personal preference is not to plot the pivots on the trading chart since I calculate them for 7 different currency pairs, and it would be a lot of work... I simply copy all the pivots for my currencies into a single table that fits on one page and print it out.
"Luxury is one of the basic needs", (c), Don Corleone
  • #8,235
  • Edited 8:40pm Jun 13, 2008 8:08pm | Edited 8:40pm
If you use MT4 then these pivot point indicators work well from the levels Dove has been quoting, and you can adjust the daily pivots to start at what ever time you choose to allow for your brokers time.

http://www.forexfactory.com/showpost...&postcount=281

Oh and here is an indicator I had made for me for another idea and I have changed it to show the close of USD session.... which as per my understanding = the central pivot.... it is also adjustable to allow for your your brokers time.
It uses the close price of the candle so put in the time of the very last candle to use that will close dead on 5PM, which for Alpari RU is 22:59.... do it this way or else you will find the level will change when you change time frames as the close of 5 minute is different to the close of 1 hour etc. If this is confusing..... ha ha, just put in the time of your USD session close and subtract 1 minute.


Ignore the linear Regression Slope, and the MA applied to it, just something I was playing with ;-)

Dean.
Attached Image (click to enlarge)
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Attached File(s)
File Type: mq4 close USD.mq4   2 KB | 477 downloads
perception is reality
  • #8,236
  • Jun 13, 2008 8:26pm Jun 13, 2008 8:26pm
Quoting Firstboss
Weekly pivots are also very important (I would say, equally important). For some reason, GBP/USD responds stronger to the weekly mid-pivots... I am sure Dove will discuss them on Sunday.
For example, this week the levels were:

R2 - 107.63
mid-point - 106.96
R1 - 106.28
mip-pivot - 105.68
Weekly PP - 105.07

If you look at the graph for the current week you will notice this levels served as supports and reistances, and price action consolidated near them.

My personal preference is not to plot the pivots on the trading chart since I calculate them for 7 different currency pairs, and it would be a lot of work... I simply copy all the pivots for my currencies into a single table that fits on one page and print it out.
I agree with you... Weekly pivot is very important...

KG
  • #8,237
  • Jun 13, 2008 8:41pm Jun 13, 2008 8:41pm
Quoting deanz
If you use MT4 then these pivot point indicators work well from the levels Dove has been quoting, and you can adjust the daily pivots to start at what ever time you choose to allow for your brokers time.

http://www.forexfactory.com/showpost...&postcount=281

Oh and here is an indicator I had made for me for another idea and I have changed it to show the close of USD session.... which as per my understanding = the central pivot.... it is also adjustable to allow for your your brokers time.

Ignore the linear Regression Slope, and the MA applied to it, just something I was playing with ;-)

Dean.

Awesome! Thank you very much for sharing these
  • #8,238
  • Jun 13, 2008 8:42pm Jun 13, 2008 8:42pm
Quoting Firstboss
Weekly pivots are also very important (I would say, equally important). For some reason, GBP/USD responds stronger to the weekly mid-pivots... I am sure Dove will discuss them on Sunday.
For example, this week the levels were:

R2 - 107.63
mid-point - 106.96
R1 - 106.28
mip-pivot - 105.68
Weekly PP - 105.07

If you look at the graph for the current week you will notice this levels served as supports and reistances, and price action consolidated near them.

My personal preference is not to plot the pivots on the trading chart since I calculate them for 7 different currency pairs, and it would be a lot of work... I simply copy all the pivots for my currencies into a single table that fits on one page and print it out.
Thanks for taking the time to explain - I appreciate it!
  • #8,239
  • Jun 14, 2008 12:00pm Jun 14, 2008 12:00pm
It is very apparent that there are traders on this forum who knows the importance of pivots, especially on the different time frames, and my question is: Why have you traders waited over a year to come forward with your knowledge on helping the new traders?
The Dove - Forex Trainer
  • #8,240
  • Edited 3:27pm Jun 14, 2008 3:08pm | Edited 3:27pm
Quoting dove_alliance
It is very apparent that there are traders on this forum who knows the importance of pivots, especially on the different time frames, and my question is: Why have you traders waited over a year to come forward with your knowledge on helping the new traders?
Knowing importance and being fully qualified to give advice are two different things... Now I am at the point where I can advise on some aspects of trading.

Besides, I hadn't been following this thread until I saw your name here by accident...
"Luxury is one of the basic needs", (c), Don Corleone
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