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Daily candle chart

  • #5,301
  • Feb 17, 2009 4:03pm Feb 17, 2009 4:03pm
Absolutely Baz Ive only just started looking at this chart myself.It looks very bearish and I know its having an effect on the things.

The Dow seems to be at the Last Chance Saloon.
Attached Image (click to enlarge)
Click to Enlarge Name: 8) dow daily 17,2.gif Size: 16 KB
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  • #5,302
  • Feb 17, 2009 4:05pm Feb 17, 2009 4:05pm
Quoting Bones
Absolutely Baz Ive only just started looking at this chart myself.It looks very bearish and I know its having an effect on the things.

The Dow seems to be at the Last Chance Saloon.
i remember Hussin mentioned the Figure of 8000,BUT not sure why this was Significant.......



baz
  • #5,303
  • Feb 17, 2009 6:46pm Feb 17, 2009 6:46pm
Quoting baz
i remember Hussin mentioned the Figure of 8000,BUT not sure why this was Significant.......



baz

Hi all,

Baz, I remembered last week,we were eyeing for DJI to close below 8000 for confirmation of bear for most of the pairs. and if it closed above 8000 means bear camp need to be really careful. I think that was the psychological level (as Hussin mentioned this as well).

Hope my perception is right. Cheers!

riff
  • #5,304
  • Feb 17, 2009 8:24pm Feb 17, 2009 8:24pm
I'm long EJ, based on the 4hr chart. Higher lows since Mid-Jan with resistance I see at about 118, and 119.5 and 123. Sorry can't post my screenshot.
  • #5,305
  • Feb 18, 2009 2:29am Feb 18, 2009 2:29am
Closed my EJ positions, I'm happy. See you guys later tomorrow, or well today lol.
  • #5,306
  • Feb 18, 2009 3:30am Feb 18, 2009 3:30am
Hey Riff ,yes I think from memory we were talking about the weekly close.I have started noticing posts about the Dow and how it affects the JPY most,i.e down puts the JPY up.Since the JPY is not that up a bounce is expected.Anyway
US Dollar/Japanese Yen and the
US Dow Jones Industrials Average

The US Dollar has recently lost its correlation with the Dow Jones, but the Japanese Yen’s link to risk sentiment remains rock-solid. The extremely low-yielding currency has almost invariably rallied in the face of stock market losses, and a persistently sky-high rolling correlation between the JPY and DJIA suggests that this is unlikely to change through the foreseeable future. In fact, some traders report using the Japanese Yen as a proxy for trading movements in the Dow—especially against similarly high-yielding carry trade currencies.

Regards
Tony

Quoting riff
Hi all,

Baz, I remembered last week,we were eyeing for DJI to close below 8000 for confirmation of bear for most of the pairs. and if it closed above 8000 means bear camp need to be really careful. I think that was the psychological level (as Hussin mentioned this as well).

Hope my perception is right. Cheers!

riff
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  • #5,307
  • Feb 18, 2009 3:39am Feb 18, 2009 3:39am
Having said that
As I was saying yesturday the JPY has been flat ,even with a disasterous GDP on Sunday which Hussin touched on ,maybe a break is about to happen.
LFXJPY down =JPY buying.

(Note-top TL not confirmed)
Attached Image (click to enlarge)
Click to Enlarge Name: 710 )lfx-jpy h418-2-.gif Size: 21 KB
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  • #5,308
  • Edited 4:35am Feb 18, 2009 4:16am | Edited 4:35am
I see the Pound is holding up well,im still on plan A.
I think we just had a trendline confirm with a nice 1 hr hammer.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 11)gbplfx daily plan18-2-.gif Size: 21 KB
Click to Enlarge Name: 11)gbplfx hourly touch 18-2-.gif Size: 18 KB
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  • #5,309
  • Feb 18, 2009 5:01am Feb 18, 2009 5:01am
I'm watching the USDLFX chart - that's what seems to be holding everything else up. We seem to be holding between some support and 2.00.

What do you think?
  • #5,310
  • Feb 18, 2009 5:06am Feb 18, 2009 5:06am
Hi Daffy ,
its $ buying and selling like a USDX chart,in fact I have monitored it and it moves very similar to that chart.
We Broke out on Monday above its 1.9600 res that held for so long,logic says we will go to 2.Question is are we going to retrace first to test the old resistance now support 1.9600.
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  • #5,311
  • Feb 18, 2009 5:17am Feb 18, 2009 5:17am
Quoting Bones
Hi Daffy ,
its $ buying and selling like a USDX chart,in fact I have monitored it and it moves very similar to that chart.
We Broke out on Monday above its 1.9600 res that held for so long,logic says we will go to 2.Question is are we going to retrace first to test the old re now support 1.9600.
Yes, the point I was trying to make was that if the dollar showed strength and broke through 2, would you reconsider your opinion on G/U and look to plan B?

Sames goes for USDJPY. The pair currently seems to want to test the highs.
  • #5,312
  • Feb 18, 2009 5:18am Feb 18, 2009 5:18am
Btw, Hussin, Thanks for starting this thread and putting in the time and effort to continue it. I've learnt a lot already.
  • #5,313
  • Feb 18, 2009 5:30am Feb 18, 2009 5:30am
Well My plan is on the pound generally,so it will not change if the USDLFX goes to 2
The reason GU has not fallen through the floor is the £ is being supported for some reason.
Thats my take on it
Right now the $ is falling and the £ is being brought and you can see the effects on cable


Quoting daffy
Yes, the point I was trying to make was that if the dollar showed strength and broke through 2, would you reconsider your opinion on G/U and look to plan B?

Sames goes for USDJPY. The pair currently seems to want to test the highs.
Attached Image (click to enlarge)
Click to Enlarge Name: 11)cable 1 hour 18-2-.gif Size: 16 KB
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  • #5,314
  • Feb 18, 2009 5:32am Feb 18, 2009 5:32am
But of course one currency can stand still while one is brought and sold which is less volatile.
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  • #5,315
  • Feb 18, 2009 5:52am Feb 18, 2009 5:52am
With this one it is the bounce in the $ that is pushing us back up with JPY fairly flat..
The $ had a strong day yesterday,so selling it is into a strong day and is likely to be pushed back up.
But since we had the initial move down we have the potential of a bearish doji/harami maybe,there is good reason technically to pause here.
or it could take off ?

Quoting daffy

Sames goes for USDJPY. The pair currently seems to want to test the highs.
Attached Image (click to enlarge)
Click to Enlarge Name: 12) usdlfx daily 18-2-.gif Size: 22 KB
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  • #5,316
  • Feb 18, 2009 6:08am Feb 18, 2009 6:08am
Quoting Bones
With this one it is the bounce in the $ that is pushing us back up with JPY fairly flat..
The $ had a strong day yesterday,so selling it is into a strong day and is likely to be pushed back up.
But since we had the initial move down we have the potential of a bearish doji/harami maybe,there is good reason technically to pause here.
or it could take off ?
That's why I'm staying out of USD/JPY, it's unclear where it is going. EUR/JPY on the otherhand seems to be going downwards. EUR has been fairly flat today and all the movement seems to be down to JPY. Check out the LFXJPY chart and the E/J chart, they look like mirror images of each other.
  • #5,317
  • Feb 18, 2009 6:09am Feb 18, 2009 6:09am
Quoting Bones
With this one it is the bounce in the $ that is pushing us back up with JPY fairly flat..
The $ had a strong day yesterday,so selling it is into a strong day and is likely to be pushed back up.
But since we had the initial move down we have the potential of a bearish doji/harami maybe,there is good reason technically to pause here.
or it could take off ?
If the daily closes like that, I would definitely have a bearish outlook.
  • #5,318
  • Feb 18, 2009 6:51am Feb 18, 2009 6:51am
Quoting Bones
Well My plan is on the pound generally,so it will not change if the USDLFX goes to 2
The reason GU has not fallen through the floor is the £ is being supported for some reason.
Thats my take on it
Right now the $ is falling and the £ is being brought and you can see the effects on cable
GBP_USD Spot.png

12 hr chart,the wicks tell a story,.......but it can change in a twinkle of of an eye !!

baz
Attached Image (click to enlarge)
Click to Enlarge Name: GBP_USD Spot.png Size: 12 KB
  • #5,319
  • Feb 18, 2009 7:10am Feb 18, 2009 7:10am
Well I think the weekly is not looking healthy ....currently touching the top of Baz's up channel right now I would say.


Quoting daffy
That's why I'm staying out of USD/JPY, it's unclear where it is going. EUR/JPY on the otherhand seems to be going downwards. EUR has been fairly flat today and all the movement seems to be down to JPY. Check out the LFXJPY chart and the E/J chart, they look like mirror images of each other.
Attached Image (click to enlarge)
Click to Enlarge Name: 12) usd jpy weekly 18-2-.gif Size: 16 KB
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  • #5,320
  • Feb 18, 2009 7:23am Feb 18, 2009 7:23am
Quoting Bones
Well I think the weekly is not looking healthy ....currently touching the top of Baz's up channel right now I would say.
USD_JPY Spot.png

update 12 hr chart
i think it looks Bullish,BUT a good Pin would be nice Here.......but i need to see more Price Action

baz
Attached Image (click to enlarge)
Click to Enlarge Name: USD_JPY Spot.png Size: 14 KB
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