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USD/JPY Discussion

  • #8,441
  • Jun 16, 2008 11:00pm Jun 16, 2008 11:00pm
Quoting dove_alliance
I really don't see how your daily and weekly are showing a down when my are still showing an up.........
I guess I just trade differently and see differently but thats what MY charts are telling me. The voices in my head are saying trust your plan and stick with it so thats what I'm going to do so you might be right or you might be wrong. We will save the I told you so for tomorrow.
  • #8,442
  • Jun 16, 2008 11:00pm Jun 16, 2008 11:00pm
Took profit @ 107.79... My broker suspends trading at 23:58 for about 10 minutes - don't want to take chances.
(off-topic: Went long EUR/NOK today (as per my post yesterday), at 8.0155 on average, will be riding it till 8.07 for 2-3 days)
"Luxury is one of the basic needs", (c), Don Corleone
  • #8,443
  • Jun 16, 2008 11:19pm Jun 16, 2008 11:19pm
Dove how about the fact that I was calling a short from 108.50 area yesterday. the trend is down if you can't see that oh well keep going long. Just because you don't see it doesnt mean it aint there


Quoting dove_alliance
I really don't see how your daily and weekly are showing a down when my are still showing an up.........
  • #8,444
  • Jun 16, 2008 11:20pm Jun 16, 2008 11:20pm
Quoting steelhead
Dove how about the fact that I was calling a short from 108.50 area yesterday. the trend is down if you can't see that oh well keep going long. Just because you don't see it doesnt mean it aint there
OK - if you say so.......
The Dove - Forex Trainer
  • #8,445
  • Jun 16, 2008 11:28pm Jun 16, 2008 11:28pm
Quoting steelhead
Dove how about the fact that I was calling a short from 108.50 area yesterday. the trend is down if you can't see that oh well keep going long. Just because you don't see it doesnt mean it aint there
Steelhead, the daily and weekly trends are, indeed, up. We are in a minor retrace mode on the daily now, and if it keeps going down for a while it might even reach the bottom line of the uptrend...
Therefore, local (30min, 1-hr, 2-hr) trends are down, but not the daily

Good call on 108.50
"Luxury is one of the basic needs", (c), Don Corleone
  • #8,446
  • Jun 17, 2008 12:00am Jun 17, 2008 12:00am
Hey Dove, I recall you saying in an old post that you place great emphasis on a moving average or some type of indicator which you have on your charts which lets you know which direction price is headed or something of the sort. Would you mind informing us about that?
  • #8,447
  • Jun 17, 2008 12:54am Jun 17, 2008 12:54am
Hello Dove

Youre right about the indication of the direction, the opening above-below the pivot doesnt GUARATEE the way the market is going to move, but it just happens day after day, after day. I edited my post, because more effective than the open, is the location of price at the moment your indicators tells you to short or long. If your indicators tells you to go long, and price is above the pivot, go long, and if your indicators tells you to go short and price is below the pivot, go short.

This is what i like to do, if anyone cares... lol. This way youre in when youre trading with the trend, and youre in when youre trading against the trend on a retracement, and it helps you get the big moves either way.

Just a thought

Quoting dove_alliance
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.
  • #8,448
  • Jun 17, 2008 1:16am Jun 17, 2008 1:16am
This thread is certainly coming alive.

Right now its stuck, so let's see where we go from here.
Chances favour the prepared.
  • #8,449
  • Jun 17, 2008 2:26am Jun 17, 2008 2:26am
Down trend in effect either US data will bring it down more or give us a nice bounce but I want 104.7 then I will close my short from 108.33. There is a good support at 107.57 if it goes through that I think 104.7 is a really good target.
  • #8,450
  • Jun 17, 2008 3:53am Jun 17, 2008 3:53am
Nice pull back to the 50% level and close to the S2 level with swissy hitting its S1......will it stay in this new down trending channel or carry on up above the DP? - TWT

I see that gold is now selling off and that should help keep UJ up...
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #8,451
  • Jun 17, 2008 4:06am Jun 17, 2008 4:06am
Easier to see the action on my 15 min chart with the Sell earlier at the pivot and taking profit on the spike down towards S2.

Again the action here in the Decision Zone will show the next move - turn back down to continue the move inside the falling channel OR continue up and out of the DZ to resume the prior up trend.....
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #8,452
  • Jun 17, 2008 4:29am Jun 17, 2008 4:29am
I wonder what happen to all the traders screaming down trend.......
The Dove - Forex Trainer
  • #8,453
  • Jun 17, 2008 4:35am Jun 17, 2008 4:35am
There is still a resistance at the 108.59 and yesterday came 2 pips short of hitting it...... It will make another attempt for it and then on to the biggie and that is the 110.00 in which that resistance will be a big hang up for who knows how long.
The Dove - Forex Trainer
  • #8,454
  • Edited 5:00am Jun 17, 2008 4:46am | Edited 5:00am
Hi Im still shorting it

Target 106.60/30 area however can follow all the way down to 105 this week.

I think the daily has a good up channel top and the hourly broke the wedge and is tuning side ways... will see...

good luck to everyone

xforex
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  • #8,455
  • Jun 17, 2008 4:57am Jun 17, 2008 4:57am
Quoting xforex
Hi Im still shorting it

Target 106.60/30 area however can follow all the way down to 105 this week.

I think the daily has a good up channel top and the hourly broke the wedge and is tuning side ways... will see...
Smiling - good luck on your short.
The Dove - Forex Trainer
  • #8,456
  • Jun 17, 2008 5:03am Jun 17, 2008 5:03am
For the Frankfurt and London Opens I drill down to my 5 min chart and watch the action in relation to my 34 ema - agua.

The push down after the LO was weak, only getting 24 pips away from the 34 and just missing the S2 - still a nice trade for the sell off the DP level.

The bounce back to the 34 then pulled back to the mid level at 107.73 for a higher low and a clear Buy which ran back up to the DP - a good time to take some profits and watch for the reacion around the 34 and S1 levels.....
Attached Image (click to enlarge)
Click to Enlarge Name: jne 17 uj 5m 0945.gif Size: 19 KB
Trading Levels with WRBs
  • #8,457
  • Jun 17, 2008 5:06am Jun 17, 2008 5:06am
Quoting Islander
For the Frankfurt and London Opens I drill down to my 5 min chart and watch the action in relation to my 34 ema - agua.

The push down after the LO was weak, only getting 24 pips away from the 34 and just missing the S2 - still a nice trade for the sell off the DP level.

The bounce back to the 34 then pulled back to the mid level at 107.73 for a higher low and a clear Buy which ran back up to the DP - a good time to take some profits and watch for the reacion around the 34 and S1 levels.....
I have learned the hard way not to trust that 5 minute chart..... smiling..... I'm staying with the 30 and for me, that is where the gold is at.
The Dove - Forex Trainer
  • #8,458
  • Jun 17, 2008 5:30am Jun 17, 2008 5:30am
Hi Folks..... How are you all? Could anybody please tell how you get Central pivot>? Thank you in advance
BANDA333
  • #8,459
  • Jun 17, 2008 5:43am Jun 17, 2008 5:43am
Quoting dove_alliance
I have learned the hard way not to trust that 5 minute chart..... smiling..... I'm staying with the 30 and for me, that is where the gold is at.
As we all "see" the chart action differently, I still find that the detail provided by the extra candles really helps me to take entries - like the reversal into the buy that I mentioned - especially when using minimal indicators / MAs etc.

Also, I dont have your experience and expertise......http://www.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #8,460
  • Jun 17, 2008 5:50am Jun 17, 2008 5:50am
Quoting Islander
As we all "see" the chart action differently, I still find that the detail provided by the extra candles really helps me to take entries - like the reversal into the buy that I mentioned - especially when using minimal indicators / MAs etc.

Also, I dont have your experience and expertise......http://www.forexfactory.com/images/icons/icon12.gif
Smiling - I know why you use the 5 and I was just voicing my feelings on that chart and that is all..... That 5 minute chart had hurt me more times then I want to think about it..... smiling...... and any time someone mention the 5 I fringe......
The Dove - Forex Trainer
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