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USD/JPY Discussion

  • #12,301
  • Dec 16, 2008 7:46pm Dec 16, 2008 7:46pm
Quoting angierosed
Anyone long right now? I came in at 88.89, need to figure out my exit point.

-Angie
I have 89.05 long and looking for tp90.00
but my stop loss is 87.50 and might hold by friday.
if you are short term scalping, better exit 89.10 that is my guess.
  • #12,302
  • Dec 16, 2008 8:00pm Dec 16, 2008 8:00pm
Quoting ukiukifx
I have 89.05 long and looking for tp90.00
but my stop loss is 87.50 and might hold by friday.
if you are short term scalping, better exit 89.10 that is my guess.
i was thinking of going long as well, but i'm not sure what my tp should be.
  • #12,303
  • Dec 16, 2008 8:13pm Dec 16, 2008 8:13pm
Quoting hitman047
i was thinking of going long as well, but i'm not sure what my tp should be.
it depends on your style swing(long/short term) or scalping(short/long term).
  • #12,304
  • Dec 17, 2008 9:29am Dec 17, 2008 9:29am
Quoting angierosed
Anyone long right now? I came in at 88.89, need to figure out my exit point.

-Angie
Don't try to find a bottom. You will get burned. Right now go short if anything. I am staying out right now.
  • #12,305
  • Dec 17, 2008 10:01am Dec 17, 2008 10:01am
Quoting swiftpip
long at 88.94. I was away from the computer, and would have jumped in sooner. Was looking for 88.88, as that was 76% retrace of last move up from 88.05. 88.61 would've been even better, and that is @ 85% retrace of last move up from 88.05. Does anyone know if 85% retrace for USDJPY is common?
My long got burned. I agree, sideline is best place to be right now.
  • #12,306
  • Dec 17, 2008 3:15pm Dec 17, 2008 3:15pm
What's developing here ? It is Wednesday afterall.
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  • #12,307
  • Dec 17, 2008 3:30pm Dec 17, 2008 3:30pm
88 is closer than 86, but 87 is closer than 88.

It's got to get past the circle to go anywhere but down.

A print at the circle shown here would tell me more.
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  • #12,308
  • Dec 17, 2008 3:42pm Dec 17, 2008 3:42pm
Now it's got choices....hmmmm

When 87 breaks, there's gonna be hell to pay.

Still it's a good idea to be on the lookout for the BOJ.

They could wake up at any moment and go ninja hari-kari yamamoto mitsubishi.
(and you all know how ugly that can get.)
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  • #12,309
  • Dec 17, 2008 4:01pm Dec 17, 2008 4:01pm
Looks like the sellers took this thing into the close.

They're obviously there because the bids are getting taken out.

Just don't see enough follow-thru, since volume is a bit dry right now.
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  • #12,310
  • Dec 17, 2008 4:18pm Dec 17, 2008 4:18pm
Without some follow thru here, I don't like it.

There's 100 pips of upside risk in here.
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  • #12,311
  • Dec 17, 2008 4:28pm Dec 17, 2008 4:28pm
Even with a pronounced downtrend, this is what would concern me this right now.

The policy announcement is atleast 24hrs away, so I'm not focused on that right now.
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  • #12,312
  • Dec 17, 2008 4:39pm Dec 17, 2008 4:39pm
I need three eyes to keep track of this one, and it's not even moving.

Since 87 is still intact, I can't see adding any risk right now.
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  • #12,313
  • Dec 17, 2008 4:54pm Dec 17, 2008 4:54pm
Without the much needed follow thru to the downside and fresh selling,
my little blue box is a critical point. If it can break that 8717 low I might get envolved.
Otherwise I'm watching my little blue box to see if It can overcome resistance.
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  • #12,314
  • Dec 17, 2008 5:07pm Dec 17, 2008 5:07pm
Without significant volume coming thru to confirm, I wouldn't rule this alternative out yet either.
You draw the lines where ever they make sense. Just like EW, you have a preferred and some alternatives.
Market tells us which one is correct.
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  • #12,315
  • Dec 17, 2008 5:17pm Dec 17, 2008 5:17pm
Okie dokie,

I got my little blue boxes and I'm ready for teddy.
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  • #12,316
  • Dec 17, 2008 5:43pm Dec 17, 2008 5:43pm
Just remember,

Which ever way it breaks for a few hours, looking at this chart there's nothing bullish about this pair.
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  • #12,317
  • Dec 17, 2008 5:56pm Dec 17, 2008 5:56pm
Quoting toshi
Okie dokie,

I got my little blue boxes and I'm ready for teddy.
I think it is going to hit you lower litlle blue box.
I am back. Actually, I never left...
  • #12,318
  • Dec 17, 2008 6:07pm Dec 17, 2008 6:07pm
Here is a Japanese pair I would like to buy.

Notice how the formation looks like it's about to breakout.

You'll want to buy these during the asian session when things begin to perk up.
The stop should be very tight. Atleast, that what she says.
Attached Image
  • #12,319
  • Dec 17, 2008 6:11pm Dec 17, 2008 6:11pm
Quoting taragula
I think it is going to hit you lower litlle blue box.

How 'bout that little lower box ? Who wouldn't wanna hit it ? Forex ? yea whatever. Gimme that box......Aahhhhhhh !
  • #12,320
  • Dec 17, 2008 6:18pm Dec 17, 2008 6:18pm
yeah I'd hit that lower box in a heart beat! no, but seriously I've been in my yen trade for 6 weeks now- short from 99.00 and I'm getting an itchy trigger finger- looking to close soon
it's seemed like it's going to break to the downside for the past 3-4 hours, hoping it will happen soon- it's 12.30 am here and I don't want to be up all night!
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