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USD/JPY Discussion

Quoting c-note
sold yen at 106.90 and coverd at 106.49-thought it would stall at 106.43--looks like price is headed to 105.87
You can be sure I'm not getting in again to find out if you're right....... I wait on the announcements from here......
The Dove - Forex Trainer
good 2 positions to buy UJ
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DAMN DAMN DAMN!!! finally i did it! lol... got that trend in full fire power (in other words... i used all lots available in my account)
sorry guys, but that was a lil' bit exciting ...

ok... it seems that this daily support has been breached... now, what's next? can we spect more downside?.. lets wait for some usd news in 4 hours!!
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... /$ -> LONG
now price challenge support @ 4/8 MM 106<>10625
Quoting dove_alliance
We are now at the bottom of the daily trend line........
Depends which trendline. Technically we broke the uptrend line, however, we touched to the pip the downtrend line at 106.17 (drawn off the 10/15 and 12/27 highs). That comes roughly in line with today's S1, will be interesting if it doesn't hold..
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as far as im concerned. This baby should continue to go down.

It has probably completed the ABC retracement wave, im not sure, im a TA klutz, i just do it the fti way. The major trend may be heading down again. I'll continue to sell the rallies....current average 107.26.

Quoting jest1081
not a time to be a buyer.

Impulse is strong. I suspect the retracement will be shallow. Followed by more selling. Caveat to buyers.
I stated that i believe the impulse yest was strong (fti, thanks!). And the retracement would be shallow. Of course i can always be wrong, nevertheless @ current prices my trade is already deep. This allows me to easily scale my sizing in and out seamlessly without any worries for of losses.
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Quoting Trader KGB
Depends which trendline. Technically we broke the uptrend line, however, we touched to the pip the downtrend line at 106.17 (drawn off the 10/15 and 12/27 highs). That comes roughly in line with today's S1, will be interesting if it doesn't hold..
I got todays S1 at the 20.......
The Dove - Forex Trainer
Quoting dove_alliance
I got todays S1 at the 20.......
Right, roughly in line.
Quoting dove_alliance
Hello Everyone,

….. There are hundreds of ways of making money in this market……. But one thing is for sure, in order to make it; you must always be focus and have complete patience with yourself, and also with the market.

……. There are so many ways that you will hear as you search and seek for the answers….. The only true answer is your ability to learn this market as it truly is; the momentum, the highs, the lows, the closings, price level, price movement and so on……. That my friends are what you need to learn…… Once you have done that, then you can, and will be able too, understand indicators.

This is why there are traders that have no use for indicators and my perception, and it is only my perception, is because they lack the understanding of what the market is really all about.
Dove, It's great to see someone here like yourself who has several years experience in the market and has witnessed many different types of market conditions. That knowledge and experience is invaluable.

You're spot on about patience and focus. If one finds themselves itching to to be in a trade it's usuallly best to stay out. Here's a great song to listen to while trading to remind you of that. http://www.ijigg.com/songs/V2BEF7DCPD

I also agree with what you said about learning the market as it truly is. That should be the main focus. Until then, most will find that the indicators are used against them.

Excellent job on your trades. Keep it up! I was also shorting the ej. Just had some icing on the cake as it dropped another 80 pips. Patience really pays off.
I'll short all the way to 105.60 ish. I'll have to decide if we'll make it all the way down there, but right now its looking good. Seems like there is a lot of good support down there. I'll add to my short if we go up to 106.65 area again.
http://www.actionforex.com/action-in...2008062751001/


Bruce
{Promotion Removed}
Quoting dove_alliance
If you knew what I know you would be there also....... Smiling - as for the trend it is still up you just can't see it......


Lol as this thing continues down. Hilarious.
Feb 4, 2008 8:31pm
ItalianSharp
Member
Member Since May 2006
Posts: 214


http://www.forexfactory.com/images/icons/icon1.gif
I believe most traders - regardless of them being forex traders, futures traders, commodity traders, or stock traders - fail because they don't have a real edge.

Most of the reasons I read from forums, books, articles only focus on discipline, money management, adequate capital, experience, etc...

However, if you only have discipline, money management and enough capital to trade and you still are missing a real edge, it'll only be a slower death.

I also believe it's a lot easier to be disciplined when you have a real edge than when you don't have any edge.

If you seem to be on the wrong side of the market most of the times, the temptation to tweak your system around is always around the corner. How can you be a disciplined soldier if you have no reward from what you are doing? Unless you are a masochist, I can't really see how someone can stay disciplined using a losing strategy.

What about experience? Well, experience can just help so much. If you still have no edge, your experience will be brutal and will only tarnish your confidence permanently.

In conclusion, a trader fails because his strategy doesn't provide him with an edge good enough to make money.

Many losing traders think that money management can fix this handicap and try their luck with "averaging down" until they blow up their account and go broke.

If you don't have an edge, don't trade. Forget about ratios, money management, discipline, experience...it's all useless if you don't have a real edge.
{Promotion Removed}
Quoting nwsuccess
...If one finds themselves itching to to be in a trade it's usuallly best to stay out. Here's a great song to listen to while trading to remind you of that. http://www.ijigg.com/songs/V2BEF7DCPD
hahah.. nice one!! ..
"all we need is just a little patience .."
... /$ -> LONG
Quoting Warren Forex
Feb 4, 2008 8:31pm
ItalianSharp
Member
Member Since May 2006
Posts: 214


http://www.forexfactory.com/images/icons/icon1.gif
I believe most traders - regardless of them being forex traders, futures traders, commodity traders, or stock traders - fail because they don't have a real edge.

Most of the reasons I read from forums, books, articles only focus on discipline, money management, adequate capital, experience, etc...

However, if you only have discipline, money management and enough capital to trade and you still are missing a real edge, it'll only be a slower death.

I also believe it's a lot easier to be disciplined when you have a real edge than when you don't have any edge.

If you seem to be on the wrong side of the market most of the times, the temptation to tweak your system around is always around the corner. How can you be a disciplined soldier if you have no reward from what you are doing? Unless you are a masochist, I can't really see how someone can stay disciplined using a losing strategy.

What about experience? Well, experience can just help so much. If you still have no edge, your experience will be brutal and will only tarnish your confidence permanently.

In conclusion, a trader fails because his strategy doesn't provide him with an edge good enough to make money.

Many losing traders think that money management can fix this handicap and try their luck with "averaging down" until they blow up their account and go broke.

If you don't have an edge, don't trade. Forget about ratios, money management, discipline, experience...it's all useless if you don't have a real edge.
Did anyone understood what was said here....... If I remember right, I could swear the money management was a big deal with Bruce..... I could be wrong but I don't think so......
The Dove - Forex Trainer
I have my EDGE through my Fundamental Skills !

You cannot use Technical Charts to get an EDGE into events about to occur !

Anyone using Technical Charts to Tell US or themself that USD/JPY is going to 110.00 is not trading as was suggested by the gentleman's post above.

Now someone could say well Bruce ! How come you suggested VERY STRONGLY that it would hit 106.00 before 110.00 with a STRONG CONVICTION ?

The EDGE for me and the difference I saw things because of my personal research and knowledge that KNEW 90% sure the Results in advance of the FED statement on Wednesday. Then I had the experience to know about the 24 hour reversal rule ! (Call It Human Nature)

I am probably by REAL TRADING Results one of the Top 100 FX Traders in the World.

I recently closed a business transaction to manage $500,000 US Dollars for a client.

Trading those funds and more for one year will show me confirmation of my claim.

Please do not waste your time and mine by trying to convince others of your opinion about me or what I just said. Let everyone decide for themselves.

Just for the record I have much still to learn on the Technical Side and I learn more and more each day about all other aspects of FX trading.

I will not be personally satisfied until Barclay's rates me as the NUMBER ONE FX Trader in the World. Why ?

I LOVE Challenges and that is my nature.

When people talk about G-D but do not act by their words and behaviour as G-D would want them to do, without me judging them, I see who they are.

In the faith of JUDIASM for me there is NO RELIGION but G-D

We do not put the "O" in the spelling of the word in order to show reverance to G-D

Good Morning and G-D Bless US All !
AMEN !


Bruce
{Promotion Removed}
Bruce what is your agenda? There has to be a purpose to your constant giving out your resume? What are you selling Bruce? Come out with it already.
Quoting steelhead
Bruce what is your agenda? There has to be a purpose to your constant giving out your resume? What are you selling Bruce? Come out with it already.
By your question and your other posts here that I have read I see by observation that you are a very intelligent person.

Thank you very much for your very clear and to the point question to me !

By the truth in me given through FREE WILL by G-D my purpose is to share my knowledge and help others.

By the Grace of G-D I have been Blessed with a Gift and the reason for that is my dedication to my life goal without flinching in good and bad times since 1973 ...

I have worked very hard to get here in the last 25 years and now that I am ready for the next 25 years of my life, G-D willing, My Nature is to be helpful and by helping others, I surely as G-D intended, help myself even more.

I really hope that I answered your question and others !

Good Day To You !!!

P.S. Since I have it ALL, I do not need anything from anyone else here so I have NO HIDDEN AGENDA !!!


Bruce
{Promotion Removed}
fair enough. I do have a hidden agenda. and it is this


If the Sonics are really leaving Seattle can they take the Mariners with them?

the city of Seattle will drop all there lawsuits against Sonics owner Clay Bennett if he takes the Mariners to OKC with him.


That is my hidden agenda. Am i accomplishing that?
I'm still bullish until the LTL is taken

here is the chart

http://www.lolpal.com/files/ioymweep...jtos_thumb.gif
5 traders viewing now, 2 are members:
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mosya