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EUR/JPY

  • #201
  • Oct 24, 2008 4:11am Oct 24, 2008 4:11am
This is the only chart you can possibly look at any more here guys if you are looking for direction, in this case its headed to hell. Just remember, it is the monthly and this thing could still bounce off of the 61.8 Fib level. WWWWWWWWWAY overdue for some kind of direction.
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  • #202
  • Oct 24, 2008 5:10am Oct 24, 2008 5:10am
Last week we had a perfectly formed Pivot Bar on the Weekly chart. A pivot bar formation happens when you have a low that is lower than the candle in front and in back of it. Or a high that is higher than the candles in front and in back of it. Usually a sign of continuation and in this case was worth 2000+ pips. Check it out. You would enter on the close of the Pivot bar, ( Arrow ).
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  • #203
  • Oct 24, 2008 5:17am Oct 24, 2008 5:17am
EJ is now VERY oversold.

The last ultra wide red candle that so far is the low was 246 pips!

Normally, the maximum that price moves away from the 34 EMA before pulling back towards the MA is 250 pips - here it went to 500 pips away......
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Trading Levels with WRBs
  • #204
  • Oct 24, 2008 5:42am Oct 24, 2008 5:42am
Such extreme oversold conditions do not last long before there is a retrace back towards the 5m 34 ema - here the slate blue 170 ema.

After a typical, huge blow off candle, there were no more sellers as it hit the -500 level and 10 candles later the higher low alerted us the the probable bounce.

The safer way to play this was to wait for the 1m 34 ema (aqua) to turn up before trying a buy and then to take profits quickly - here I exited as the 116.50 level was hit....

Now I'll pull a fibo to give an idea of where the pull back might halt...
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Trading Levels with WRBs
  • #205
  • Oct 24, 2008 7:37am Oct 24, 2008 7:37am
Long make money ...
Short makes money...

I wanna do FULL time...soon
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  • #206
  • Oct 24, 2008 7:38am Oct 24, 2008 7:38am
Quoting hard1head1
This is the only chart you can possibly look at any more here guys if you are looking for direction, in this case its headed to hell. Just remember, it is the monthly and this thing could still bounce off of the 61.8 Fib level. WWWWWWWWWAY overdue for some kind of direction.
Almost same with you. But now I have no idea where to enter short. Scare any kind of retracement.
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  • #207
  • Oct 24, 2008 7:47am Oct 24, 2008 7:47am
Sonic, Thought u are full time already... your couple of standard lots of short EURJPY could set u up for a nice holiday ----------- Likely papers of Saturday.. 21st century / 2008 / Black Friday or one of many more 'Black Days' to come. US Futures limit down ... circuit breaker ... largest gap down in world markets history on Monday...
CCI decipherer
  • #208
  • Edited 1:01pm Oct 24, 2008 10:05am | Edited 1:01pm
Anyone who is still trading is suicidal. This is not pretty on Friday morning when the big boys leave. It almost fights against you no matter what you do. This market will eat you up today, so, take my advice and call it a day.

Jim

Quoting mphpopular
Almost same with you. But now I have no idea where to enter short. Scare any kind of retracement.
  • #209
  • Oct 24, 2008 11:22am Oct 24, 2008 11:22am
Quoting hard1head1
Anyone who is still trading is suicidal. This is not pretty on Friday morning when the big boys leave. It almost fights against you know matter what you do. This market will eat you up today, so, take my advice and call it a day.

Jim
I agree - I took an early Sundowner and am now on my third.....http://www.forexfactory.com/images/icons/icon7.gif
Trading Levels with WRBs
  • #210
  • Oct 24, 2008 2:45pm Oct 24, 2008 2:45pm
Remember this post, understatment of the year.


Quoting hard1head1
I am seeing support levels building up on a monthly scale here. Be careful. Below are the exact numbers and chart to back it up. Notice the blue lines that represent the traffic. I may wait to see the last level broke since it should drop quickly after that to the 61.8% Fib level and yield around 450 pips.

Next Monthly support levels.

126.63
125.85
125.03
124.24
  • #211
  • Oct 26, 2008 4:13am Oct 26, 2008 4:13am
where are my EUR/JPY gangs??
Earning too much already??

Sonic
  • #212
  • Oct 26, 2008 5:58am Oct 26, 2008 5:58am
It's bidding for 119.73 now.
http://www.forex-markets.com/quotes.htm
  • #213
  • Oct 27, 2008 2:53am Oct 27, 2008 2:53am
Any one??

Sonic
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  • #214
  • Oct 27, 2008 2:58am Oct 27, 2008 2:58am
Quoting sonicdeejay
where are my EUR/JPY gangs??
Earning too much already??

Sonic
Busy with other work and again today, but before I go, here's a 15 m chart.

So far price failed to get back up to the 120 level that was the limit of Friday afternoons bounce after the 1350 (!!) pip drop.

Now its falling in the magenta channel - the same steepness (angle) as the earlier action on Friday before the blow off drop of the ultra steep red channel.

So the question is will this 115 / 115.20 area support hold?

Cable has fallen hard in early European trading - remember that we have now gone back an hour to "Winter Time" - but so far the Euro has dropped much less.

Now we'll see what The Brits are going to do......
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Trading Levels with WRBs
  • #215
  • Oct 27, 2008 3:01am Oct 27, 2008 3:01am
Quoting sonicdeejay
Any one??

Sonic
Nice one - I was still in bed when you took that sell......
Trading Levels with WRBs
  • #216
  • Oct 27, 2008 3:23am Oct 27, 2008 3:23am
Am I seeing a M pattern??
with potential 200 pips move...

Sonic
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  • #217
  • Oct 27, 2008 3:24am Oct 27, 2008 3:24am
Quoting sonicdeejay
Long make money ...
Short makes money...

I wanna do FULL time...soon
Wow... fast pair. I usually trade e/u and u/j. Today I was looking for a pair that moves fast and has less spread than g/j.

I agree with sonic ... I've been watching this pair all morning (London session) and you can't go wrong. Daily trend show Down, short the pair (trade with the trend) and make 50+ pips fast. Go long and still able to pull out 30+ pips fast, all the while trading it long over and over. I squeezed about 200 pips agains the trend in a matter of 30 mins.
  • #218
  • Oct 27, 2008 4:28am Oct 27, 2008 4:28am
Hi All,

Do u guys use Mirc or others while trading??
  • #219
  • Oct 27, 2008 6:35am Oct 27, 2008 6:35am
Quoting sonicdeejay
Am I seeing a M pattern??
with potential 200 pips move...

http://www.forexfactory.com/attachme...1&d=1225095754

Sonic
Updated...
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  • #220
  • Oct 27, 2008 4:36pm Oct 27, 2008 4:36pm
EURJPY

Bearish momentum below the former underlying support, now resistance at 120.107 today. Need to see a strong reversal pattern before it can turn up after such a strong down trend.

Support: 113.75 (Friday’s low)
Resistance: 120.107 (former underlying support, now res)

Check this
http://hubpages.com/hub/Forex-Report?done
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