USD/JPY Discussion

Quoting Qwert

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Now, this is where my problem begins. I usually don't know where to enter again after this trade. Usually, I have to wait for another day to figure out when to enter again, if I see any possible trade. Since Dove earns a minimum of +100 pips/day, I wish he can help us explain(like today) how he decides on when to enter again - using pivots, supports, resistances, and retraces. I'm still learning upon chancing on Dove's posts just this month.

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Quoting Trader KGB

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Tried it out, it's good but just covers the basic pivots. I still think Habeeb's is the best for MT4: daily, weekly, & monthly pivots all in one with options for mid-pivots on all of them. The only thing it lacks is a central pivot option.

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Quoting dwildes

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I have the exact same problem and I think my main weakness right now.
My first trade or 2 are usually right on and make a good return of 20-30 PIPs. But after that move, I don't know if I should then reverse my position or what. I feel 'stuck'

If anyone has any good material on what classifies a reversal or retrace, and even a continuation - it would be much appreciated.

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Quoting dove_alliance

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Doing 20 - 30 pips a day with the yen lately is good...... While the big really down was exceptional and very profitable it is now at the time of struggling its way back up..... The pivots are closer than usual and in some ways, it makes it good for trading as it runs from pivot to pivot. Usually, when it hits the R1 or the S1 it will retrace back the mid pivot and then it will consolidate from there.

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Quoting Trader KGB

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Tried it out, it's good but just covers the basic pivots. I still think Habeeb's is the best for MT4: daily, weekly, & monthly pivots all in one with options for mid-pivots on all of them. The only thing it lacks is a central pivot option.

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Quoting dwildes

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Thanks - that makes feel better about my little 20-30 PIP trades compared to the pros!

So if we are in an uptrend and we approach R1 and it stays there for a few minutes and slowly starts to come down, what do you normally do?

1. Would you sell it for 5-10 PIPs
2. Let it run down and prepare for a buy

And last question - at what point do you consider it is going to retrace?

1. After a few minutes of failed breaking of R1?
2. Pulling back 5+ PIPs from R1
3. Pulling back and not making higher highs & making lower lows?

I'm just trying to figure out a mini-checklist in my head to have a best guess at what is about to happen when we reach the pivot.

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Quoting dove_alliance

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For one thing, because the yen is no longer running a 100 pips a day I trade other currencies...... Once the R1 or the S1 is hit I am finish with the yen until the next day...... Take profit and run as they say. And until you know exactly what you are doing never go against the trend.

Percentage wise it will hit the pivot but to be on the save side you can give a 5 pip leeway for either the R1/S1 and this way you will be sure to get the pips and the profit.

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Quoting WizardPip

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Hello Trader KGB, i have seen this one, but the thing i don't like about it, is that it draws the current pivot points on everyday in the past. The thing that i like in the one i posted is that it calculates every pivot point for every day in the past, and you can see the effectiveness, and power of the pivot points.

The calculations made are exacly the same on both indicators, its a matter of likes and dislikes, but thank you very much for this one. People always needs options.

For the new traders, I have heard of people who watch price relative to the pivot point at the open, and if price is above pivot point, just get into every signal to buy that whatever system they like gives them, and if price opens below the pivot point, they get into every signal to sell that their system gives them. i think it works, and this is another reason i think prize is going downwards (well beyond current trendline people are watching supporting 108.1), after asia opens. I have other reasons supporting my believe but i reserve them to my self ;-).

Best wishes to all!!!, happy and profitable trading!!!

Btw: Sorry for my english!!!, second language here!!!, lol!!!

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Quoting anyhowtrade

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hi dove.. been following your posts with earnest. read through all your previous posts last year, but there's a question i have been wondering regarding the movement of usd/jpy between the central pivot and daily pivot..

i read that the central pivot is the opening price at the candle @ 1700 est. if this is so, that means the central pivot for today is 108.22?

you mentioned that the initial direction after the central pivot will determine the direction till it hits the next level? does that mean usd/jpy will move from 108.22 (central P) -> 107.89 (R1)

i also have my daily pivot @ 108.23. this is very close to the central pivot (if i got it correct). does this make it any harder since the daily pivot and the central pivot are so close together?

thanks for your help in advance..

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Quoting dove_alliance

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For one thing, because the yen is no longer running a 100 pips a day I trade other currencies...... Once the R1 or the S1 is hit I am finish with the yen until the next day...... Take profit and run as they say. And until you know exactly what you are doing never go against the trend.

Percentage wise it will hit the pivot but to be on the save side you can give a 5 pip leeway for either the R1/S1 and this way you will be sure to get the pips and the profit.

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Quoting dove_alliance

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Yes it does, I have a 2 pip difference between the central and the daily...... being this close the central pivot is what I will work off of instead of the daily..... The next level down is 108.05 which is the mid pivot but the trend being up and foresee no complication at this time until Asia comes in and then we will see......

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Quoting pipmac

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Dove. I understand you try to find a pair where you can get at least 100 pips by trading to R1 or S1.

Do you always trade to the S1 or R1 no matter your entry --under or over 100 pips to S1 or R1.

And, last of all, if you don't mind saying, what is the percentage of times it actually hits those levels. Do you close the trade early if the it does not hit those levels in a certain amount of time? Would you say it meets those levels b4 US news most of the time? Thanks!

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Quoting pipmac

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Dove. I understand you try to find a pair where you can get at least 100 pips by trading to R1 or S1.

Do you always trade to the S1 or R1 no matter your entry --under or over 100 pips to S1 or R1.

And, last of all, if you don't mind saying, what is the percentage of times it actually hits those levels. Do you close the trade early if the it does not hit those levels in a certain amount of time? Would you say it meets those levels b4 US news most of the time? Thanks!

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Quoting dove_alliance

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Yes it does, I have a 2 pip difference between the central and the daily...... being this close the central pivot is what I will work off of instead of the daily..... The next level down is 108.05 which is the mid pivot but the trend being up and foresee no complication at this time until Asia comes in and then we will see......

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Quoting dove_alliance

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Percentage wise I have already got my limit by the time the USD comes into their session.....

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Quoting goodness

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market open @108.22. If the daily opens above d central pivot....means trend is up? if yes, y dont u see the next level up as suppose to down @108.05

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Quoting dove_alliance

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Everyone try to understand this....... When the market open at 17:00 and the position of either the central or daily pivots DOES NOT indicate which way the market is going to move...... The biggest factor is the trend...... I will grant you this: probability of the market moving in the direction from location of the daily pivot is favorable but does not give it the defined direction.

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