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USD/JPY Discussion

  • #8,561
  • Jun 17, 2008 8:46pm Jun 17, 2008 8:46pm
Here's what I'm seeing... I expect counter trend retracement to 23% fib level any moment... trade careful.
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FUBAR...
  • #8,562
  • Jun 17, 2008 8:48pm Jun 17, 2008 8:48pm
Quoting ak4x
Here's what I'm seeing... I expect counter trend retracement to 23% fib level any moment... trade careful.
That was very funny ....... smiling
The Dove - Forex Trainer
  • #8,563
  • Jun 17, 2008 9:14pm Jun 17, 2008 9:14pm
Quoting ak4x
Here's what I'm seeing... I expect counter trend retracement to 23% fib level any moment... trade careful.
Good one ....
  • #8,564
  • Jun 17, 2008 9:18pm Jun 17, 2008 9:18pm
ak4x, you saved this boring night!
"Luxury is one of the basic needs", (c), Don Corleone
  • #8,565
  • Edited 9:29pm Jun 17, 2008 9:24pm | Edited 9:29pm
Quoting Firstboss
ak4x, you saved this boring night!
What boring night? I just hit my target, reloading for the next one. I'm on a roll.

I'm thinking about starting a signals service, packaging the method into a system, posting it on FF, getting banned, and then selling it on ebay. I know a good thing when I see it.

PS In fact, I'm going to call it a night. I have a big day tomorrow meeting with the web page designers and going thru the gauranteed 1000% return marketing strategy I just bought and downloaded on ebay from this great offshore company. It's got so many awesome reviews!!
FUBAR...
  • #8,566
  • Jun 17, 2008 9:58pm Jun 17, 2008 9:58pm
Can someone please locate who is playing around with the algorithmic trading, and get it turned off? It looks like they control the market.
  • #8,567
  • Jun 17, 2008 10:32pm Jun 17, 2008 10:32pm
Quoting ak4x
What boring night? I just hit my target, reloading for the next one. I'm on a roll.

I'm thinking about starting a signals service, packaging the method into a system, posting it on FF, getting banned, and then selling it on ebay. I know a good thing when I see it.

PS In fact, I'm going to call it a night. I have a big day tomorrow meeting with the web page designers and going thru the gauranteed 1000% return marketing strategy I just bought and downloaded on ebay from this great offshore company. It's got so many awesome reviews!!

LOL AK - I've just woken up to a closed out profit too - although I do use a lower profit level overnight as I usually dont have todays pivots when I finish my day

Good luck with your new venture - I can already think of one new customer.....http://www.forexfactory.com/images/icons/icon10.gif
Trading Levels with WRBs
  • #8,568
  • Jun 18, 2008 7:02am Jun 18, 2008 7:02am
Might be good to buy. Right now at 108.06.
  • #8,569
  • Jun 18, 2008 7:21am Jun 18, 2008 7:21am
Quoting ferndog
Might be good to buy. Right now at 108.06.
Could be right...
  • #8,570
  • Jun 18, 2008 7:25am Jun 18, 2008 7:25am
Maybe not the best time to buy though.
Using the H1 20,5,5 stochastic Dove mentioned shows a downtrend
  • #8,571
  • Jun 18, 2008 8:02am Jun 18, 2008 8:02am
Well, I was short from 108.18 and just booked some profit at 107.90, but I think I may have jumped the gun a little too soon as this pair seems to be in full sell mode. Interested to see if we test 107.60 area. That could be fun. Anyone else still holding a short position? If so, where are you looking to book profit.
  • #8,572
  • Jun 18, 2008 8:19am Jun 18, 2008 8:19am
Quoting TheDirtySerb
Well, I was short from 108.18 and just booked some profit at 107.90, but I think I may have jumped the gun a little too soon as this pair seems to be in full sell mode. Interested to see if we test 107.60 area. That could be fun. Anyone else still holding a short position? If so, where are you looking to book profit.
I've been holding a short since 108.30 and had shorts rolled over from yesterday (108.15 open, 10797(ish) at rollover). I suspect a test of 107.60 today, so leaving position open. 107 is possible this week imo - it always was as Bernanke more or less said earlier in the week that he thought the money markets were reacting too positively with respect to the dollar, and that growth was his major concern over and above inflation. This uptrend in the USD is a bull trap...a calm before the real equity storm hits. Anyone looking at USD/JPY at 110 or 112 (or even 109.5) in the near future is ignoring what is lurking just under the surface in my opinion.

Of course, I have been wrong before...nice thing about forex is that you get punished for your mistakes, which helps the learning process!

edited to add: I did seriously consider closing my position at 107.90, but know I sometimes close too early when strong resistances are being challenged, even when I expect them to break.
  • #8,573
  • Jun 18, 2008 8:20am Jun 18, 2008 8:20am
Quoting TheDirtySerb
Well, I was short from 108.18 and just booked some profit at 107.90, but I think I may have jumped the gun a little too soon as this pair seems to be in full sell mode. Interested to see if we test 107.60 area. That could be fun. Anyone else still holding a short position? If so, where are you looking to book profit.

better to get out w/ a profit than to sell at a loss then watch price action move in the opposite direction almost immediately...
  • #8,574
  • Jun 18, 2008 8:23am Jun 18, 2008 8:23am
Quoting tullid
better to get out w/ a profit than to sell at a loss then watch price action move in the opposite direction almost immediately...
Agreed!
  • #8,575
  • Jun 18, 2008 8:44am Jun 18, 2008 8:44am
Yeah, I know you guys are right. I'm not great at holding my positions very long, especially when it is a profitable one. Call it lack of patience or experience. Its either that or Dove's words kept ringing in my ears "WE'RE IN AN UPTREND". GL to all.
  • #8,576
  • Jun 18, 2008 8:44am Jun 18, 2008 8:44am
Quoting TheDirtySerb
Well, I was short from 108.18 and just booked some profit at 107.90, but I think I may have jumped the gun a little too soon as this pair seems to be in full sell mode. Interested to see if we test 107.60 area. That could be fun. Anyone else still holding a short position? If so, where are you looking to book profit.
I closed my shorts too as it spiked under the DP - I was also short the Dow Futures and they turned 2 ticks above their S2 level of 12,022 - closed on my limit order at 030....I'll watch from the sidelines for a while....
Trading Levels with WRBs
  • #8,577
  • Jun 18, 2008 8:53am Jun 18, 2008 8:53am
Quoting naminori
Can someone please locate who is playing around with the algorithmic trading, and get it turned off? It looks like they control the market.
Let me know when you find them, then we'll shoot them ...
  • #8,578
  • Jun 18, 2008 9:16am Jun 18, 2008 9:16am
Daily chart shows oversold, difficult decision, but I think short would be the way to go. I don't see any buy signal. I will wait for the 107.90 support first.
Reading
  • #8,579
  • Jun 18, 2008 9:22am Jun 18, 2008 9:22am
Quoting Xrent
Daily chart shows oversold, difficult decision, but I think short would be the way to go. I don't see any buy signal. I will wait for the 107.90 support first.
Sorry overbought
Reading
  • #8,580
  • Jun 18, 2008 9:41am Jun 18, 2008 9:41am
Wow dove, i really keep misunderstanding what the trend is about. I heard that traders have a rule of thumb for the trend, dependieng on the timeframe they trade. For instance, if i trade on 15, 30 min, the longer timeframe i have to look to see the trend is 4hr, because daily, weekly, and so on, are so far away, that you just don't care about it. But you have knowledge and experience. What can you tell about that... is that true, or using longer timeframes to see the trend (daily, weekly) you can always close a "looser" trade on profit?

Thanks for sharing

Best regards to all and happy trading

Quoting dove_alliance
Lets take last night for instance...... I was long with the yen and short with the eur when that retrace hit on both currencies...... Now, was I worried and the answer is no, because my trades were in the trend...... To make a long story short I entered another trade on both currencies after the turn along with other trades and came out a big winner on all 4 trades...... All because I rode the trend.
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