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USD/JPY Discussion

  • #8,481
  • Jun 17, 2008 9:30am Jun 17, 2008 9:30am
Quoting tma_21
down u/j down..
engulfing bearish candle
  • #8,482
  • Jun 17, 2008 9:56am Jun 17, 2008 9:56am
Quoting dwildes
Does anyone (except fundamentalists) have any good material to read that will help with trends, retracements, reversals & continuations?
Technical Analysis of the Financial Markets, by John J Murphy. This is considered, by most, to be the bible of technical analysis. It's a broad overview of everything technical, but the early chapters are on trends. A good read for anyone that does technical trading.

Pring on Price Patterns, by Martin Pring. This one is devoted to trends and patterns that signify reversals/continuations/etc. A very good read. Pring has another good book in Martin Pring on Market Momentum but that focuses on momentum based indicators (CCI, RSI, Stochastics, etc). The first half of the book is basic theory when applied to any of those indicators while, in the last half, each chapter is devoted to a specific indicator.
  • #8,483
  • Jun 17, 2008 10:00am Jun 17, 2008 10:00am
Im still here dove and made about 100 pips in one trade from crying down trend. If it goes up to 108.50 again I will sell again. The higher it goes if it does the more I will sell.



Quoting dove_alliance
I wonder what happen to all the traders screaming down trend.......
  • #8,484
  • Jun 17, 2008 10:09am Jun 17, 2008 10:09am
Quoting thegunslinger
Technical Analysis of the Financial Markets, by John J Murphy. This is considered, by most, to be the bible of technical analysis. It's a broad overview of everything technical, but the early chapters are on trends. A good read for anyone that does technical trading.

Pring on Price Patterns, by Martin Pring. This one is devoted to trends and patterns that signify reversals/continuations/etc. A very good read. Pring has another good book in Martin Pring on Market Momentum but that focuses on momentum based indicators (CCI, RSI, Stochastics, etc). The first half of the book is basic theory when applied to any of those indicators while, in the last half, each chapter is devoted to a specific indicator.
Thank you very much!!
I'll see if I can't get a copy of these. I've got to get better at determining trend and such. I only made 2 PIPs today, but could have been alot more if I had timed my entries & exits better.
  • #8,485
  • Jun 17, 2008 10:11am Jun 17, 2008 10:11am
Quoting steelhead
Im still here dove and made about 100 pips in one trade from crying down trend. If it goes up to 108.50 again I will sell again. The higher it goes if it does the more I will sell.
Good job!
What is the reason behind shorting if the daily still shows up? Just going with the hourly flow?
  • #8,486
  • Jun 17, 2008 10:33am Jun 17, 2008 10:33am
We got the weekly central pivot at the 96 and a continuation of retraces coming back above it...... If that continue then another turn up will happen.
The Dove - Forex Trainer
  • #8,487
  • Jun 17, 2008 10:40am Jun 17, 2008 10:40am
If anyone was paying attention to the USD announcements this morning at 08:30 ET would had noticed that the announcements in general was positive but weak for the dollar and that the Core PPI was negative and is what shot it down........
The Dove - Forex Trainer
  • #8,488
  • Jun 17, 2008 10:51am Jun 17, 2008 10:51am
News did not shoot it down sellers coming into the market shot it down. Look at the four hour chart the base was being formed in that area before any news. News is not what you think.


You can really see the picture once you start looking for the signs in the charts. The candles tell you the picture of sellers and buyers.
  • #8,489
  • Jun 17, 2008 10:53am Jun 17, 2008 10:53am
Nice big 'W' on the H1 chart for USD/JPY
Doesn't that mean a nice upward run isn't too far away?
Attached Image (click to enlarge)
Click to Enlarge Name: w.jpg Size: 120 KB
  • #8,490
  • Jun 17, 2008 11:49am Jun 17, 2008 11:49am
Quoting dwildes
Nice big 'W' on the H1 chart for USD/JPY
Doesn't that mean a nice upward run isn't too far away?
Steelhead - any comments? What do you think?
  • #8,491
  • Jun 17, 2008 11:50am Jun 17, 2008 11:50am
Hate to burst your bubble but the daily is down my friend



Quoting dwildes
Nice big 'W' on the H1 chart for USD/JPY
Doesn't that mean a nice upward run isn't too far away?
  • #8,492
  • Jun 17, 2008 12:01pm Jun 17, 2008 12:01pm
Quoting steelhead
Hate to burst your bubble but the daily is down my friend
I'm actually neutral at the moment and honestly don't care if we go up or down as I don't have any positions. I just hope this pair starts moving!

As far as trend - the way I'm reading the chart, it says we are up. We are at the top of the upper trendline though. I'll post some screenshots so you can show me what you mean.
  • #8,493
  • Jun 17, 2008 12:04pm Jun 17, 2008 12:04pm
Here are the attachments.
Each shot has the same trendline in them - just on the different timeframe.

What am I seeing wrong if it's not up?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: daily_up.jpg Size: 112 KB
Click to Enlarge Name: h1_up.jpg Size: 104 KB
Click to Enlarge Name: h4_up.jpg Size: 106 KB
  • #8,494
  • Jun 17, 2008 12:13pm Jun 17, 2008 12:13pm
Quoting steelhead
Im still here dove and made about 100 pips in one trade from crying down trend. If it goes up to 108.50 again I will sell again. The higher it goes if it does the more I will sell.
You are on the right track. Unless it goes over 108.60 it still is heading down. Good Trading to you...


Bruce
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  • #8,495
  • Jun 17, 2008 12:14pm Jun 17, 2008 12:14pm
Quoting dwildes
Here are the attachments.
Each shot has the same trendline in them - just on the different timeframe.

What am I seeing wrong if it's not up?
What I would like Steelhead to do is explain the 1200 pip movement up since the 20th of Feb....... He said something the other day about professional traders giving us those 1200 pips in oder to fool us for the big shock down...... Anyway I was just wondering.....
The Dove - Forex Trainer
  • #8,496
  • Jun 17, 2008 12:17pm Jun 17, 2008 12:17pm
Quoting dwildes
Here are the attachments.
Each shot has the same trendline in them - just on the different timeframe.

What am I seeing wrong if it's not up?
agreed - but is it now time for a retracement?
Attached Image (click to enlarge)
Click to Enlarge Name: jne 17 uj dly.gif Size: 11 KB
Trading Levels with WRBs
  • #8,497
  • Jun 17, 2008 12:17pm Jun 17, 2008 12:17pm
Oh yea, there is also the 1500 pips up on the eur/jpy...... That too need some explaining......
The Dove - Forex Trainer
  • #8,498
  • Jun 17, 2008 12:19pm Jun 17, 2008 12:19pm
Quoting Islander
agreed - but is it now time for a retracement?
That is exactly what I'm thinking too and was hoping a good chartist with strong TA could help. Since I'm still learning trends & such, was hoping for some good strong advice with some logic behind it
  • #8,499
  • Jun 17, 2008 12:26pm Jun 17, 2008 12:26pm
The 4H chart appears to be forming a bull flag pattern. Flags are continuation patterns, so that would mean after a choppy retracement we'd see a resumption of the uptrend. I'll post a pic when I get back home to my charts.
  • #8,500
  • Jun 17, 2008 12:30pm Jun 17, 2008 12:30pm
Quoting dwildes
That is exactly what I'm thinking too and was hoping a good chartist with strong TA could help. Since I'm still learning trends & such, was hoping for some good strong advice with some logic behind it
Here is the logic...... on the weekly chart it shows the beginning of the trend on the last week of May...... This is only the beginning of the up trend movement..... Retrace on the way just like any other chart.... In the last weeks of April is when it started it consolidation for the new trend.... and for those weeks it remain in the channel 106.56 for the high and 102.70 for the low...... Last week it bust through the high after the consolidation.... This is long term and according to the weekly chart the trend is up......
The Dove - Forex Trainer
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