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  • #3,121
  • Aug 20, 2008 9:01am Aug 20, 2008 9:01am
Quoting SABTrader
just shorted UY @ 109.90
target 109.62
Still trying to learn... please tell me why target is beyond the 76 fib.

Don't mean to be a pain, just tryingto learn.
David
  • #3,122
  • Aug 20, 2008 9:03am Aug 20, 2008 9:03am
Quoting SABTrader
just shorted UY @ 109.90
target 109.62
Me too.. I've short USDJPY at 110.18 but now its look like found a little support on 109.75 hope could breaks it and go for 109.60

i've also short eurjpy at 162.35 & short again on AUDJPY at 95.95

Lets see how JPY reacts today..
STRENGHT IS LIFE ,WEAKNESS IS DEATH - SWAMI VIVEKANANDA
  • #3,123
  • Aug 20, 2008 9:24am Aug 20, 2008 9:24am
Quoting Grath
With some temerity, I offer: GBPCHF short at 2.0445 - previous resistance 18th July and almost at the fib 50.

Please tell me if I've got it wrong.
does the fact that we have been crossing over that level back and forth have any effect on its strength as a resistance level?
Just focus on the pips. The rest is insignificant.
  • #3,124
  • Aug 20, 2008 9:44am Aug 20, 2008 9:44am
Quoting ayaz
does the fact that we have been crossing over that level back and forth have any effect on its strength as a resistance level?
1. Thanks for taking the trouble to respond (appreciated!)
2. Hmmmmmm.
3. Finding solid S/R levels is difficult when the price is ranging.
4. I think I'll keep quiet now - at least until I've read the new pdf again.

David
  • #3,125
  • Aug 20, 2008 9:48am Aug 20, 2008 9:48am
Hello, can I still meet up with any trade today? Please, Just help with some currency pairs quoting. Thanks.
What goes up comes down, so always make Forex better than u met it.
  • #3,126
  • Aug 20, 2008 9:49am Aug 20, 2008 9:49am
Quoting Grath
1. Thanks for taking the trouble to respond (appreciated!)
2. Hmmmmmm.
3. Finding solid S/R levels is difficult when the price is ranging.
4. I think I'll keep quiet now - at least until I've read the new pdf again.

David


well, i never actually said you were wrong- the level might very well hold... i just wanted to hear peoples thoughts on this to help us all further understand. i think its important to understand why it held or didnt hold the way we expected it to, as well as the reasoning and justification behind it.
Just focus on the pips. The rest is insignificant.
  • #3,127
  • Aug 20, 2008 10:08am Aug 20, 2008 10:08am
Quoting mustaji
Hello, can I still meet up with any trade today? Please, Just help with some currency pairs quoting. Thanks.

Hmmm, I dont think you got the right thread for this one buddy.

Don't be greedy, don't wait for trade signals from members in this thread as it might very well turn against you. Read, read, read and above all...read the PDF summary of this thread, which SmockeyMcPip was kind enough to prepare for all of us... for free... I don't think you guys realise that a concise and small thread summary probably took him a good couple of hours just to put together and to actually make a wonderful presentation.

My point is this: it does not matter whether you are one of the founding members of this wonderful thread or a plain noobster who just happened to be here. The philosophy of this thread is the selfless contribution, constant learning process and everchanging adaptation to current market realities.

I am not picking at you in particular but I have noticed that many a people have the false understanding that this is some sort of super-duper-free-for-all trading signals thread. Nope....it is not. It is a place of thoughts, suggestions and learning.

I am issuing a plea to all newcomers. Do not wait for signals...Create them !

Good luck to all
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #3,128
  • Aug 20, 2008 10:12am Aug 20, 2008 10:12am
Quoting SmokeyMcPip
Hey everyone,

For those that find it useful here's an updated version of the thread pdf with a load more posts that I've found helpful - enjoy!

SMP
Thanks very much Smokey
Time hides Nothing
  • #3,129
  • Edited 10:51am Aug 20, 2008 10:12am | Edited 10:51am
Hi guys - here's my two cents worth on the current debate about the USD/JPY direction, for what it's worth.

Looking at the 4-hour chart - and I wouldn't look at anything shorter for this - looks to me like the overall trend is UP, for sure.

UBS also reckons that the USD/JPY is still Bullish above 108.38, as per their latest report http://fxtrade.oanda.com/resources/u...t/147752.shtml.

On that basis, looking for a re-entry point Long, you could go for maybe 109.32 or 109.10, quoted by BRV a few posts ago http://www.forexfactory.com/showpost...postcount=3086.

The 109.32 level is just above the 109.24 61.8% Fibo of the last run up, while 109.10 is between that 61.8% Fibo and the 76.4% Fibo at 108.90. In other words, go with one of those levels and you've got Leonardo da Pisa on your side too (Fibonacci).

Billy Ray also draws attention at that time to the option strikes at 109.50 and 109.35 that might keep price above those levels until expiration.

This might suggest to me that a possible alternative entry point Long could come as soon as 109.60, which has been a good Support level in the past, with 109.51 the 50% Fibo of the last run up. However, this is a higher-risk entry to my mind.

In his post, BRV points out the diagonal trendline you can see on the 4-hr, which is likely to intersect the current little drop somewhere around those levels.

I'm gonna hold on for now myself for one of the lower levels, if it gets there.
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY example Wed 20th pm UK time.jpg Size: 112 KB
  • #3,130
  • Aug 20, 2008 10:16am Aug 20, 2008 10:16am
Quoting BillyRayValentine
Ay-yay-yay! Looks like I missed a party while I was away - I'm making a new rule: contribute or get out.
  • #3,131
  • Aug 20, 2008 10:39am Aug 20, 2008 10:39am
Possible GBPCHF short coming up - there is also a 15m level that price has flirted with but I missed it and I reckon it comes under the category of 'used and abused'. The 4H level should hold more significance.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpchf4hlevels.gif Size: 32 KB
Click to Enlarge Name: gbpchf15mlevels.gif Size: 23 KB
  • #3,132
  • Aug 20, 2008 11:51am Aug 20, 2008 11:51am
Attached Image (click to enlarge)
Click to Enlarge Name: !!nobrain.gif Size: 27 KB


Watching then nearby support and resistance in real time on multiple time frames is helping pinpoint the entries.
  • #3,133
  • Aug 20, 2008 11:53am Aug 20, 2008 11:53am
Quoting birdt
Possible GBPCHF short coming up - there is also a 15m level that price has flirted with but I missed it and I reckon it comes under the category of 'used and abused'. The 4H level should hold more significance.
Attached Image (click to enlarge)
Click to Enlarge Name: !!nobrain.gif Size: 27 KB


Nice work!
  • #3,134
  • Aug 20, 2008 12:52pm Aug 20, 2008 12:52pm
Hi,this is my first post.Unable to open Smokey Mcpips pdf files as it says files are damaged,anyone able to help?Thanks in advance
  • #3,135
  • Aug 20, 2008 1:18pm Aug 20, 2008 1:18pm
Quoting pipsfari
Hi,this is my first post.Unable to open Smokey Mcpips pdf files as it says files are damaged,anyone able to help?Thanks in advance

http://www.forexfactory.com/attachme...0(8%20hr%20ago)

try this link for the most recent copy.
  • #3,136
  • Aug 20, 2008 1:26pm Aug 20, 2008 1:26pm
Thanks for the effort Birdt but getting same results.Does it open for you?
  • #3,137
  • Aug 20, 2008 2:00pm Aug 20, 2008 2:00pm
pipsfari

It works OK for me.

Smokey,

Excellent.....thankyou!
  • #3,138
  • Edited Aug 21, 2008 3:46am Aug 20, 2008 2:03pm | Edited Aug 21, 2008 3:46am
Quoting pipsfari
Hi,this is my first post.Unable to open Smokey Mcpips pdf files as it says files are damaged,anyone able to help?Thanks in advance

Hi,

Try downloading it using Firefox.

And thanks very much for the effort Smokey.
  • #3,139
  • Aug 20, 2008 2:19pm Aug 20, 2008 2:19pm
Is inevitably headed toward 165.40 which is the best place for a short evar. . . It lines up with a level not tested in a month and a 50% fib on the latest downtrend. . . $$$


Of course we are hundreds of pips away from there so the question is where is a good entry point for the way up? I suppose we could wait for the move up then enter around where it is now on the retracement 161.90 ish?

Allthough the smart thing to do would be to say. . . . I missed the move and wait for 165

Thoughts?
  • #3,140
  • Aug 20, 2008 3:11pm Aug 20, 2008 3:11pm
Quoting lemmingboiv2
Is inevitably headed toward 165.40 which is the best place for a short evar. . . It lines up with a level not tested in a month and a 50% fib on the latest downtrend. . . $$$


Of course we are hundreds of pips away from there so the question is where is a good entry point for the way up? I suppose we could wait for the move up then enter around where it is now on the retracement 161.90 ish?

Allthough the smart thing to do would be to say. . . . I missed the move and wait for 165

Thoughts?
I'm pretty new at this but looking at my chart, I would say round about 162.73 - again, please note that I am new at this so this is not a trade call, just an observation and myway of getting into the fray and learning.
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