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USD/JPY Discussion

  • #9,641
  • Jul 1, 2008 12:03pm Jul 1, 2008 12:03pm
Quoting s3padrian
Well, we get a new monthly pivot today.

What's all this talk about wave theory. Does someone have a chart of USDJPY they are working on? Post it!

Dove, you're always getting into fights.. Sheesh.
For those of you wondering what this dicussion about the wave theory.

Some pairs move clearly in waves.

As I mentioned before, price is/was not moving sideways. It was obviously moving inside a channel (downwards) and looking for either a break or a push from the UTL of that channel.

For "those" of you who care to take to opportunity to see some theory in application, please have a look at this chart.

Cheers.
Attached Image (click to enlarge)
Click to Enlarge Name: eur_jpy__h1_01_07_2008_desc_chann_waves.gif Size: 18 KB
  • #9,642
  • Jul 1, 2008 12:42pm Jul 1, 2008 12:42pm
Quoting jupiter_peak
For those of you wondering what this dicussion about the wave theory.

Some pairs move clearly in waves.

As I mentioned before, price is/was not moving sideways. It was obviously moving inside a channel (downwards) and looking for either a break or a push from the UTL of that channel.

For "those" of you who care to take to opportunity to see some theory in application, please have a look at this chart.

Cheers.
Wave 4 could just well be the ABC correction.

For those of you wondering what I am talking about, and wisshing to learn anothr enriching theory, please visit:

www.elliottwave.com

and

http://www.babypips.com/school/the_5..._patterns.html

Wish you all the best.
  • #9,643
  • Jul 1, 2008 1:12pm Jul 1, 2008 1:12pm
Se how UJ moved in waves too...

The 12345 theory in action.

Being 1,3 and 5 price following the trend and 2,4 corrections.

If theory is right, we are under abc correction.

Hope this makes sense.

Cheers.
Attached Image (click to enlarge)
Click to Enlarge Name: usd_jpy__h1_01_07_2008_desc_chann_waves_abc.gif Size: 18 KB
  • #9,644
  • Jul 1, 2008 1:24pm Jul 1, 2008 1:24pm
I'm still long here. I'm looking to take profit at 106.30. If current 1 hour bar closes above 55 sma this hour I will hold my TP level. If we close below, I may book profit and call it a day. Right now I'm looking at a slight up channel from the 104.97 low, followed by a higher low. I think 106.30 is achievable.
  • #9,645
  • Jul 1, 2008 1:30pm Jul 1, 2008 1:30pm
Ir went thru the support at 105.32 earlier..
"I spilled spot remover on my dog. He's gone now." - Steven Wright
  • #9,646
  • Jul 1, 2008 1:43pm Jul 1, 2008 1:43pm
Quoting TheDirtySerb
I'm still long here. I'm looking to take profit at 106.30. If current 1 hour bar closes above 55 sma this hour I will hold my TP level. If we close below, I may book profit and call it a day. Right now I'm looking at a slight up channel from the 104.97 low, followed by a higher low. I think 106.30 is achievable.

Did you take your profits? Where did you land?
"I spilled spot remover on my dog. He's gone now." - Steven Wright
  • #9,647
  • Jul 1, 2008 1:47pm Jul 1, 2008 1:47pm
Quoting bristolxyz
Did you take your profits? Where did you land?
Like I said, I see the hourly closing above 55 sma so my TP is still at 106.30. Just a little more and I'm out.
  • #9,648
  • Jul 1, 2008 4:08pm Jul 1, 2008 4:08pm
Hey Jupiter! Are you Bruce ??
For he that would be deceived, let him.
  • #9,649
  • Jul 1, 2008 5:34pm Jul 1, 2008 5:34pm
it's blocked on 106.... so boring ....
  • #9,650
  • Jul 1, 2008 5:41pm Jul 1, 2008 5:41pm
Quoting pinchapip
Hey Jupiter! Are you Bruce ??
I noticed bruce is no longer around.. what happened?
"I spilled spot remover on my dog. He's gone now." - Steven Wright
  • #9,651
  • Jul 1, 2008 6:27pm Jul 1, 2008 6:27pm
Daily Uj Pivots as of 5pm est
Attached Image
FUBAR...
  • #9,652
  • Jul 1, 2008 6:37pm Jul 1, 2008 6:37pm
Thanls ak4x !
"I spilled spot remover on my dog. He's gone now." - Steven Wright
  • #9,653
  • Jul 1, 2008 6:44pm Jul 1, 2008 6:44pm
Quoting bristolxyz
Thanls ak4x !
no problem, only takes a second, and helps everyone get on the same page...
FUBAR...
  • #9,654
  • Jul 1, 2008 6:56pm Jul 1, 2008 6:56pm
Hi Bristol,

I usually get this sort of information from news feeds provided by a local forex broker.

Quoting bristolxyz
naminori,

Where do you get that Info (DWO JONES< IGM< ETC?)

Bristol
  • #9,655
  • Jul 1, 2008 7:38pm Jul 1, 2008 7:38pm
Thanks naminori.

Well USD/JPY looks boring.
"I spilled spot remover on my dog. He's gone now." - Steven Wright
  • #9,656
  • Jul 1, 2008 7:40pm Jul 1, 2008 7:40pm
Traded down to lower S in a trading range which I commented on 6/24/2008 before the Fed day. (iHub 8800, 9342)

Now it is at lower S with sym triangle formation on daily.

So far it it is holding 105.50 S.

Good luck
  • #9,657
  • Jul 1, 2008 8:26pm Jul 1, 2008 8:26pm
Quoting pinchapip
Hey Jupiter! Are you Bruce ??

Sorry, but no.

  • #9,658
  • Jul 1, 2008 10:07pm Jul 1, 2008 10:07pm
We could see a big and sustained move today. Dollar Index is stuck below the Trendline
but is holding there.

3 reasons y i think it will go higher....(waiting for confirmation of course)

1. Daily Block (technical study) support
2. Stalled below the Trendline after the break
3. Moving averages signal reversal.

Risk: Trendline break could hold. A new low would signal short if it breaks the block support.

Long confirmation is a break above TL and MOving averages. Which is the more likely senario.

Chart 1: Daily break and block support.
Chart 2: Moving average resistance is breaking down.
Chart 3: Moving average break on 5/27/2008
Attached Image(s) (click to enlarge)
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  • #9,659
  • Jul 1, 2008 10:24pm Jul 1, 2008 10:24pm
A break above the moving averages will Destroy some important technical resistance levels.

Including:

1: Moving averages
2: Trendline break
3: 4H block resistance after Daily block bounce.
  • #9,660
  • Jul 1, 2008 11:00pm Jul 1, 2008 11:00pm
My Ichimoku analysis on the daily chart...

Bullish factors:
- The price is hovering way above the Kumo cloud.
- The Kijyun-line is pointing upward.

Bearish factors:
- The price is way below the Tenkan-line as well as 200sma.
- 2 hangman candlesticks have been formed.
- RSI<50.
- Both MACD and Stochasrtic are pointing downward.

Bullish/Bearish factors:
- The penant is forming, and the price has been confined within it. It can either go up or down at this moment.

Based on this information, technically speaking, USD/JPY could head lower again to see if the the lower line of the penant can be broken lower before it tries going upward as it has already failed to hold above 106.20 in this Tokyo morning session.

Those two hangman candlesticks look really eerie to me...

http://www.forexfactory.com/attachme...1&d=1214970220
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy702dichimoku.png Size: 27 KB
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