USD/JPY Discussion

Quoting dove_alliance

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Except That I took 65 pips at 100 lots........

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Quoting bristolxyz

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Wow, I went to see a movie, come back and the DOW is minus 166 points and oil up a few bucks, bad news everywhere, and JPY still stuck between 106.11 and 105.90. That's amazing.

Bristol

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Quoting Newb>Trader

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Hancock?

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Quoting dove_alliance

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I’m not Bruce, but I thought I would drop in this one time and take a look at reality on taking profit, one pip at a time:

A single pip represents only a fraction of a penny (technically, one 10,000th of any unit of currency), but when millions of dollars of currency are bought or sold, that can mean considerable losses or gains….. Such is life on the Southland's largest foreign exchange desk; Union Bank's trading floor in Los Angeles. These traders trade hundreds of millions in euros, yen and other major foreign currencies each business day. These traders manage the bank's foreign currency positions, but most of the action is driven by the commercial customers-including exporters seeking to repatriate foreign currency profits into dollars, and importers who need to convert dollars into foreign currency to make purchases abroad.

The foreign exchange desk, on the 11th floor of Union Bank's local offices on Figueroa Street, is almost sedate, with traders talking in low tones, whether on headsets or to each other.

Nearly two dozen currency traders sit in a row, facing each other in a long open room that also houses Union Bank traders working in other markets. Some have as many as four computer screens circling their desk.

Every so often, the silence is broken as a trader shouts the name of a currency and an amount to be bought or sold and is answered by another trader who quickly yells "Done!" That's the heart of the system.

The foreign exchange desk is actually composed of two sets of traders: "corporate traders," who make offers to customers to buy or sell foreign currency at specific prices, and "interbank traders," who then cover those positions by buying and selling the currency from other large commercial banks.

Once an interbank trader yells "Done," it is his or her responsibility to make a trade that covers the transaction that the corporate trader has just made with a bank customer.

This is only LA and in New York Banks the factor is 10 times……. In other words…… Traders such as you and I do not have enough money or power to move this market not even 1 pip…..

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Quoting bristolxyz

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naminori,

It seems almost weird that the past few days the USD/JPY would hold up to so much adverse fundamental data.
I wish my skills at interpreting some of the trader "geek speak" was better. Economics is so changed...
It's a wonder that the charts are loyal, at least to a better degree than fundamental data (sometimes)

Bristol

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Quote

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0114 GMT [Dow Jones] USD/JPY rises as Japan importers buy ahead of 0100 GMT Tokyo fixing; but upside likely to be limited at 106.30 as most speculators sidelined before ECB's rate decision, release of U.S. jobs data later in global day, says trader at major Japan bank. "Once (Japan importers' buying) run their course, dollar/yen will fall back" to around 105.85. Tips support at 105.70, pair last 105.98 on EBS. EUR/JPY tipped in 168.00-168.50 band, last 168.30; EUR/USD to 1.5860-1.5900 band, last 1.5880. (TAN)

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Quoting dove_alliance

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OK – Let’s talk about pivots, highs and lows and also a daily fibo constructed upon a 20 minute trend with a Slow_K settings of 20, 5, and 5, and also, a PDI/MDI with settings at default; with a 30 minute and a 1 hour verification charts with a Slow_K and PDI/MDI on each..…… On the 20 minute chart you will draw a fibo from DAILY high to low with no extension, you do not need them. Your lines are at 61.8, 50.0, and 38.2..... Upper high is 100.0 and lower low is 0.0….. There are no daily pivots on the 20 chart.

The 30 minute and the 1 hour charts will have the daily pivots.

All pivots and Fibo is placed on the charts after the 17:00 ET daily candle is in place….. The previous daily candle is your high and low for the next 24 hours.

The 17:00 ET open daily candle is the Central Pivot and it is also placed on all three charts.

Once you have that set up - study it for about an hour before going on……

This system is used when there is no defining direction of the trend….. Such as we have had these last few days…..This system works off the daily high and the daily low.

I will give you an understanding of this system as it moves today into tomorrow’s non-farm announcement…..

We have a yesterday’s low of 105.77 and high of 107.75… drawing a fibo on a 20 minute chart you have 100.0% at 106.75 – 61.8% at 106.38 – 50.0% 106.26 – 38.2% at 106.14 – and 0.0% at 105.77

We have today’s open is at 105.91 with daily PP at 106.13……. our 38.2% fibo is at 106.14 which is close enough.

As you know, I use a Bollinger Band set at 12 which, for me, is very critical on the retraces…

After the opening at 17:00 ET the market made a move down, hit the BB and then when up to just above the Central Pivot and hit the upper BB, came back down, broke the daily low and also the BB – At that time I entered a trade for the long at the 105.77 and I am still in this trade with a limit set for the daily PP at 106.13 with at stop of 3 pip profit……

Why did I enter this trade at that precise time and price….. Because it hit the daily low for one, and also the 30 minute and the 1 hour chart shows the up …..

OK – That is it for now and we will move on later after London opens.

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Quoting Mrpipmaster

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hello Dana and good evening to you....at 2000 when it broke the bb was the time i entered off the 15, 30 and 1hr ...looking for the the 31 but will take what the market gives up...talk to you later on...

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Quoting dove_alliance

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I was thinking about it myself but it may not go that far tonight with the biggie in the morning.....

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Quoting TheDirtySerb

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Now you got me curious about this system. Ok, I just want to make sure I have everything correct as I do not use either of these indicators.

First, Stochastic settings = %K 20, %D 5, Slowing 5 - or is it %K 5, %D 5, Slowing 20?
Also, MA Method = Exponential, Simple, ?
Also, Price Field = Close/Close or Low/High?

Next PDI/MDI = 14 Apply to = Close?

Finally BB = Period 12, Shift 0, Deviations 2, Apply to Close?

Thanks, as always your input is appreciated.

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