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EUR/JPY

  • #221
  • Oct 28, 2008 12:04am Oct 28, 2008 12:04am
Nice pattern...
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy.gif Size: 15 KB
  • #222
  • Oct 28, 2008 12:45am Oct 28, 2008 12:45am
This is the update of the chart that I posted at this time yesterday - with the addition of the fibo retrace of the last leg up.

Price retested the low and then ran up the green gann trendline before pulling back into a higher low early in the Asian Session.

This was followed by an increasingly strong rally right up to the confluence of resistances around the 120 level.

The pull back early in Frankies Hour has so far halted at the 5m 34 EMA which was hit at 118.64. Now to see what The Brits do.......
Attached Image (click to enlarge)
Click to Enlarge Name: oct 28 ej 15m 0730.gif Size: 14 KB
Trading Levels with WRBs
  • #223
  • Oct 28, 2008 10:31am Oct 28, 2008 10:31am
Here's an update, 10 hours after my last chart.

I've removed those lines that I'm no longer using and have added an Andrews Pitch Fork - blue dashed lines - to see if it helps.

The retrace in early European trading came right back to the 50% level for two clear buy signals, followed by the higher low, this time off the upper DZ level - the 38.2% - LOL, it really doesnt get much easier that that!!

I've just closed my longs in the run up to the 121 level - the green doji at the highs on this chart - that was a 280 pip rally.....http://www.forexfactory.com/images/icons/icon12.gif

Now its supper time......BFN
Attached Image (click to enlarge)
Click to Enlarge Name: oct 28 ej 15m 1725.gif Size: 16 KB
Trading Levels with WRBs
  • #224
  • Oct 28, 2008 10:43am Oct 28, 2008 10:43am
Your charts look really good, and as I see I should have stopped in this thread first before entering the trade I'm in currently. Thanks for sharing them though, excellent info for a newbie. I'm having a rough time trying to keep what profits I do make, mainly because I seem to want to short everything and get hit on the rallies. As an example, I'm short EJ right now, minus a lot of pips and probably about to go ahead and manually stop the trade . Then again, I see it dropping again, so maybe I can hit break even and go demo trade some more for awhile. Anyways, thanks again for the charts! I'm trying to align my successes with others methods too, so that I can be a complete trader and stay in the game as long as I can.
therealisttruest (FF wouldn't let me put my full ID because of length)
  • #225
  • Oct 28, 2008 1:23pm Oct 28, 2008 1:23pm
Quoting therealist
Your charts look really good, and as I see I should have stopped in this thread first before entering the trade I'm in currently. Thanks for sharing them though, excellent info for a newbie. I'm having a rough time trying to keep what profits I do make, mainly because I seem to want to short everything and get hit on the rallies. As an example, I'm short EJ right now, minus a lot of pips and probably about to go ahead and manually stop the trade . Then again, I see it dropping again, so maybe I can hit break even and go demo trade some more for awhile. Anyways, thanks again for the charts! I'm trying to align my successes with others methods too, so that I can be a complete trader and stay in the game as long as I can.

Thanks for the kind words, although I'm sorry about your short - I hope that you did close it manually!

If you've looked at some of my posts in this and other threads, you may have noticed that I find the 34 ema on the 5 min TF very useful. Might I suggest that you try using it as a filter. In its most basic form, when price is above the 34 ema, you only take buys and vice versa when price is below it.

Good luck with your trading.....http://www.forexfactory.com/images/icons/icon14.gif
Trading Levels with WRBs
  • #226
  • Oct 28, 2008 1:37pm Oct 28, 2008 1:37pm
Quoting therealist
Your charts look really good, and as I see I should have stopped in this thread first before entering the trade I'm in currently. Thanks for sharing them though, excellent info for a newbie. I'm having a rough time trying to keep what profits I do make, mainly because I seem to want to short everything and get hit on the rallies. As an example, I'm short EJ right now, minus a lot of pips and probably about to go ahead and manually stop the trade . Then again, I see it dropping again, so maybe I can hit break even and go demo trade some more for awhile. Anyways, thanks again for the charts! I'm trying to align my successes with others methods too, so that I can be a complete trader and stay in the game as long as I can.
A micro or a mini acount would be fine for you to improve your trading skills. Demo trading does not give you the feeling and the interest of real money into the trade. With a mini or a micro account you'll have a little more then numbers in your terminal. And keep your thoughts in an icebox.
  • #227
  • Oct 28, 2008 4:54pm Oct 28, 2008 4:54pm
Quoting Credos
A micro or a mini acount would be fine for you to improve your trading skills. Demo trading does not give you the feeling and the interest of real money into the trade. With a mini or a micro account you'll have a little more then numbers in your terminal. And keep your thoughts in an icebox.
Thanks for the advice. Yeah I am using Oanda(mt4 demo with another broker to chart) to trade actively and because I can trade any size, down to one unit, I've been able to adjust and survive quite awhile despite some disastrous days. My leverage is very low and I like to keep it that way, so if I do take a loss my account isn't busted. Well it's almost broke now though, due to the last day and a half. Quite a rally though, too bad I passed after the last short. I didn't close when I should have, about minus 30 pips, and then waited until about minus 100. So that hurt, but I'm going to take a bit of time off and try to refine my strategy.

I've found that when my Fib levels don't work, I have had trouble adjusting. I'm going to take Islander's advice and advice from someone else on the GU thread and apply some MAs and hopefully that'll give me a better picture. This is lots of fun, just not profit...... yet
therealisttruest (FF wouldn't let me put my full ID because of length)
  • #228
  • Oct 28, 2008 5:29pm Oct 28, 2008 5:29pm
Hope u guys...catch it..

BTW..where is FXcapitalist..??
Attached Image
  • #229
  • Oct 29, 2008 12:13am Oct 29, 2008 12:13am
Quoting Credos
A micro or a mini acount would be fine for you to improve your trading skills. Demo trading does not give you the feeling and the interest of real money into the trade. With a mini or a micro account you'll have a little more then numbers in your terminal. And keep your thoughts in an icebox.
Excellent advice - I am in total agreement....http://www.forexfactory.com/images/icons/icon14.gif
Trading Levels with WRBs
  • #230
  • Oct 29, 2008 12:36am Oct 29, 2008 12:36am
WOW - that last buy confirmation ran up over 900 pips!

To save adding lots of lines, I have put on the 5m 34 EMA - here an 11 EMA.

I think of it as a perpetually adjusting trend line and it can be used in many ways from trade confirmation / add ons - just look at the pull back above the aqua 11 around the 120 level.

For those who prefer the higher TFs, its always good to make entries and exits off a lower TF and using the 11 in conjunction with say a 100 EMA you can work up some good entry and exit rules.

EJ also likes the 100 levels and many turns happen around these levels, including the major action levels yesterday.

The last pull back to the 100 EMA was also into the normal fibo retracement zone, not shown to avoide clutter.

Now to see what The Brits do -
Attached Image (click to enlarge)
Click to Enlarge Name: oct 29 ej 15m 0700.gif Size: 15 KB
Trading Levels with WRBs
  • #231
  • Oct 29, 2008 12:54am Oct 29, 2008 12:54am
Quoting Islander
WOW - that last buy confirmation ran up over 900 pips!

To save adding lots of lines, I have put on the 5m 34 EMA - here an 11 EMA.

I think of it as a perpetually adjusting trend line and it can be used in many ways from trade confirmation / add ons - just look at the pull back above the aqua 11 around the 120 level.

For those who prefer the higher TFs, its always good to make entries and exits off a lower TF and using the 11 in conjunction with say a 100 EMA you can work up some good entry and exit rules.

EJ also likes the 100 levels and many turns happen around these levels, including the major action levels yesterday.

The last pull back to the 100 EMA was also into the normal fibo retracement zone, not shown to avoide clutter.

Now to see what The Brits do -

Looking bullish to me...

Sonic
  • #232
  • Oct 29, 2008 1:11am Oct 29, 2008 1:11am
I havent seen the EJ as volatile as it has been the past week.
"Diversification is an excuse for a lack of talent" ~FXC
  • #233
  • Oct 29, 2008 1:31am Oct 29, 2008 1:31am
Quoting sonicdeejay
Looking bullish to me...

Sonic
Agreed - I've just taken a small long on the higher low and break of the 123.00 level after LO - Ill add when I get confirmation by the Euro or UJ breaking up and confirming my entry.....
Trading Levels with WRBs
  • #234
  • Oct 29, 2008 1:46am Oct 29, 2008 1:46am
Quoting Islander
Agreed - I've just taken a small long on the higher low and break of the 123.00 level after LO - Ill add when I get confirmation by the Euro or UJ breaking up and confirming my entry.....

U do check others pair confirmation too?? (sth new for me)....How does it help??


Sonic
  • #235
  • Oct 29, 2008 2:02am Oct 29, 2008 2:02am
Here's my trade.....buy after the higher low after the London Open - I actually waited for the second green arrow as I dont like buying under the horizontal MAs, so in at 123.04. Add a position on the confirmation - the long green breakout candle.

Take partial profits on a limit order at 124.00 and remainder at 124.50 http://www.forexfactory.com/images/icons/icon10.gif

As I type, both the Euro and UJ have stalled, so I'll watch to see if I get a pull back re-entry, other wise I'll go for a coffee....
Attached Image (click to enlarge)
Click to Enlarge Name: oct 29 cable 1m 0850.gif Size: 18 KB
Trading Levels with WRBs
  • #236
  • Oct 29, 2008 2:50am Oct 29, 2008 2:50am
Quoting Islander
Here's my trade.....buy after the higher low after the London Open - I actually waited for the second green arrow as I dont like buying under the horizontal MAs, so in at 123.04. Add a position on the confirmation - the long green breakout candle.

Take partial profits on a limit order at 124.00 and remainder at 124.50 http://www.forexfactory.com/images/icons/icon10.gif

As I type, both the Euro and UJ have stalled, so I'll watch to see if I get a pull back re-entry, other wise I'll go for a coffee....
good for ya..I put too much $$ in the table...

Sonic
  • #237
  • Oct 29, 2008 3:27am Oct 29, 2008 3:27am
Now..calm before the storm....


Sonic
  • #238
  • Oct 29, 2008 3:46am Oct 29, 2008 3:46am
Quoting sonicdeejay
U do check others pair confirmation too?? (sth new for me)....How does it help??


Sonic
Sonicdeejay, hi I am an ardent follower of this thread since I trade basically Eur Jpy. since I started checking other pairs for entry my success rate has improved tremendously (actually no losing trade for sometime). I downloaded the oris indicator and basket indicator from T101 thread and the indicator gives you price action in about 14 pairs and immediately you will see the correlation. For example in most cases gu, audjpy eur usd, Eur jpy, and Gp Jy move in the same direction. Thus at first sight you will know where the whole market is going and then you can narrow down to the currency you trade.
LISTEN TO MR FUNDAMENTAL AND MR TECHNICAL
  • #239
  • Oct 29, 2008 3:53am Oct 29, 2008 3:53am
Quoting sonicdeejay
U do check others pair confirmation too?? (sth new for me)....How does it help??


Sonic

As we know, EURJPY is the cross of EURUSD and USDJPY - i.e. 1.2800 x 97.00 = 124.16. So I like to see if either of those two are trading close to one of their important levels.

Also, its obviously better if both are moving in the same direction as then EJ's move will be much stronger.......IF they are moving in opposite directions, then I prefer to trade just one of the majors - often GBPUSD, as that is usually the more volatile......http://www.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #240
  • Oct 29, 2008 4:08am Oct 29, 2008 4:08am
Quoting okehiedon
Sonicdeejay, hi I am an ardent follower of this thread since I trade basically Eur Jpy. since I started checking other pairs for entry my success rate has improved tremendously (actually no losing trade for sometime). I downloaded the oris indicator and basket indicator from T101 thread and the indicator gives you price action in about 14 pairs and immediately you will see the correlation. For example in most cases gu, audjpy eur usd, Eur jpy, and Gp Jy move in the same direction. Thus at first sight you will know where the whole market is going and then you can narrow down to the currency you trade.

Interesting - I'll take a look - I normally also monitor USDCHF - i.e. dollar strength or weakness. When taken in conjunction with USDJPY as a measure of Yen strength or weakness it can help to filter out poor trades - which is I guess what you are doing.....http://www.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
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