USD/JPY Discussion

Looks like we are bouncing off the Weekly Pivot.

Full-time trader?



http://img295.imageshack.us/img295/183/whackoff2vt0.gif

You've contributed nothing but useless BS to this forum. How about you prove that you're really a full-time trader by providing newbies with info they can learn from?

People can study charts till the cows come home and not learn much. Maybe if they picked up a book on candlestick patterns or PA, they'd be able to recognise patterns and trade them...

Here is something that will answer a lot of questions as to what will happen after tomorrow's FOMC meeting......

http://www.forexfactory.com/news.php?do=news&id=93127

smiling

Funny thing, this thread is almost exactly where it was 9-10 months ago, talk about cycles... some of you guys may remember that.

But what do I know, that's just what my indicators are tellin me.

Hey guys, I think the forum is here mainly for entertainment purposes. I know that's why I started coming around. At times trading tends to be somewhat boring (like right now), so I entertain myself by reading through some of the posts. Most are useless for trading purposes. However, there is information here that is good and can be learned from, even if it has to be weeded through to find and I keep a close watch on what some of the more experienced traders are doing or talking about. I don't like people posting with remarks such as "don't listen to people here", or "indicators are useless". If you can't make supportive or productive comments, keep your bullshit negativity to yourself. Its negative comments that really do discourage newbie traders and forces them to look for quick setups, holy grail systems, and never ending indicators. I agree that ultimately, to trade full time, or be a professional trader, you need to make your own decisions on why and when to enter a trade. No one should ever enter a trade just because someone posts "USDJPY buy now, or sell here". There should be some basic understanding on why a trade is made. I will not tell anyone their trading system is wrong though. If indicators work for you and you are profitable, great. If you trade naked, great. Lets not forget this is the USDJPY thread. Posts should be made regarding positions or movement regarding this pair and general trading strategy as offered or requested by posters. If you have a problem with the way somebody trades, feel the need to tell them their trading style sucks, or the system they are using is bogus, START YOUR OWN G*D DA*N THREAD.

At this time I will enter my fundamentals as to the future of the USD......
If anyone can realize it, that the price of oil shooting up as it had, has also given the USA economy a great big boost....... The reason is because the price of oil has also shot up shipping invoices, overseas, in which it has hurt the USA industries in profits of their products that are being made abroad..... Because of the increase of shipping from overseas back to the United States it is also hampering these industries and forcing them to return to the States and reopen their factories in the States and also; and here is the biggie, employ Americans that are unemployed...... This is happening now and within the next 2 -3 months it will show the effect of the economy progressing into the positive for the USD......

One other thing I forgot..... The housing industries.....

Right now the real estate is once again balancing out as for sellers and buyers..... Again, it will be another 2 - 3 months before this will take affect in the economy..... Once this all happens then we will be looking at those 100 pip movements daily......

It is silent in the market this morning:::::: The stillness before the storm......

The currencies are in stagflation. Time to catch a good sleep

No one wants to risk getting burned by the FOMC.

hey guys what are the pivot levels for today with Et time's please

is this correct:
Pivot: 107.77
R1: 108.19
S1: 107.33
????

Here you go... Updated everyday.

http://www.actionforex.com/technical...-200603205734/

Note: Pivot points are very useful tools that use the previous bars' highs, lows and closings to project support and resistance levels for future bars. Daily pivot points are useful for swing trading; while 4 hour pivot points are useful for intraday trading. Longer term pivot points provide an idea of where key support and resistance levels should be. Place the pivot points on your charts and see how traders appear to give pivot point levels a lot of respect.

1. Daily pivots are calculated from previous day's high, low, close which ends at 5pm est or 21pm GMT.
2. 4 Hours pivots are calculated from previous 4 hours bar which ends at 2100, 0100, 0500, 0900, 1300, 1700 GMT.
3. The pivot levels and charts are updated throughout the day to cater for data adjustments during the day.
4. Choose the currency pair on the right menu for charts showing pivot levels

Steelo, you poor sod, even PA is based of past prices. If you were able to accurately look "beyond price" as you put it, you surely wouldn't be skanking around here dissing other people about their trading techniques while offering utter BS advice yourself, and without any justification for that matter.

If you could really look "beyond price", you'd be a multi-billionaire with your system mechanical doing all the work for you while you played golf all day, every day.

FYI, I awoke at 11am this morning, noticed you were still here cussing people from yesterday, while I booked 40 pips in an utterly disgraceful Asian session with 10 pip ranges.

By 2pm, I was ready for my daily wave and had earned $2,000 for a little over 2 hours work in a shitful price range.

SCALP ON IN A SIDEWAYS MARKET BABY!

For those wanting to know why many momentum type indicators are useless (at times), it's because they are measuring the speed of price movement. That is, the rate of an object moving, the object being the price. The purpose for many is to only identify the pace of market action. It does not identify OR suggest direction.

Take the stochastic suggesting overbought for example, it does not literally mean the market is overbought. It just means the price has moved too far, too fast, mathematically. It can stay that way for a long time before the price actually turns in the opposite direction (if at all). Take a look at the monthly EUR/USD chart, the stochastic says it's been overbought for over 2 years.

There are hundreds of types of these indicators, because there are a number of parts of the price they can draw conclusions from (open, high, low, close).

Moving average or trend types of indicators are directional, that is, they're telling you which way the price is moving or trending. They're measuring direction. They by no means have any forecasting abilities.

To be an effective trader, you need to be a predictor, like the weather man. Nobody can tell FOR SURE which way the market will go next, if they tell you they can, they are full of utter crap and have shit dribbling down their chin.

Price Action (PA) is where forecasting comes into play. Be aware that you are still looking at PAST PRICES to PREDICT the movement of FUTURE PRICES. Like other indicators, they too GIVE FALSE SIGNALS.

Elliot wave theory is another predictive technique. It is more difficult to learn and is quite subjective until after the fact. Even after the fact is subjective. Put a chart in front of 20 different Elliot wave experts and you'll probably get 20 different opinions.

Trend lines are yet another predictive technique, and yes, not always right either.

Don't listen to steelhead wannabe full-time trader, read what everyone has to say (not just on this forum either) and make up your own mind as to what works for you!!

When you trade currencies it is not good to preset your bias for whatever reason. When comments are made about the weakness of the US Economy it is not against Americans or America. It is just about the facts and not about the hopes.

I have seen some posts suggesting that things are near a bottom. That is hardly the case. My opinions are based on other analyst's research and my own thinking on a consensus of opinion.

However I always review my position after new fundamental data comes out. For example the highly accurate and respected Case Schiller Housing Index just out shows no bottom is in sight.

Here is some comments from one of the better respected research houses...

Make your own decisions however the facts still are the facts and they clearly show the worst is yet to come in housing and in the banking section. That means a very very weak and weaker US Dollar and a stronger Yen !

Here is a Copy and Paste of some remarks from the researcher I just referred to !

Greetings from RGE Monitor!

Today we look at which countries are at risk of recession in the global economy. Check out our overview: “Global Recession Monitor: Which Countries Are on the Brink of Recession?”

More likely than not, the U.S. will experience a recession. The housing recession and credit crisis are ongoing and their consequences are likely to be felt for quite some time – both in the U.S. and world wide. The U.S. housing sector does not look to be approaching a bottom quite yet. On the supply side, housing starts are down 57% from their peak, but on the demand side sales of new homes are down a whopping 62%. This certainly does not bode well for inventory absorption and keeps putting downward pressure on home prices – the S&P Case-Shiller indices that came out yesterday speak for themselves. And together with home prices, the wealth of the U.S. consumer – the engine of a U.S. economy that relies on consumption (72% pf GDP) like no other economy in the world – is estimated to have fallen by almost $2 trillion in Q1 2008 and is bound to fall further. If tax refunds and rebates are trying to hold up the mood of the U.S. consumer – whose confidence is dropping – energy and food prices are pushing the other way. And employment figures are contributing further to the dismal of the U.S. consumer. The big shock in the latest employment report was a spike in the unemployment rate to 5.5% from 5.0%, one of the biggest monthly rises on record, and the next employment report could mark the seventh consecutive monthly decline for payrolls and the sixth for overall jobs.


Bruce

Futs: Do you mind telling me which pair do you usually scalp? USD-JPY?

Yea mate USD/JPY and EUR/USD are good because of the low spread.

I'll only do it when the market is twiddling thumbs.

Thanks, so i guess you collect app. 7-10 pips per trade on a 1-5 min chart?

Hi there Futs - do you scalp in both directions or only with the trend?

Yea mate, depends on the range as to how many pips. Today was a terribly small range (5-15 pips). I use divergence signals on the 1 min and tick charts to enter and an opposite divergence signal to exit.

Works extremely well on a sideways range.

MT4 has a terrible tick chart, I use the one at:

http://www.netdania.com/ChartStation.asp