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USD/JPY Discussion

  • #12,521
  • Feb 18, 2009 11:07am Feb 18, 2009 11:07am
Is anyone looking at a long position around the 94.00 level? I was looking at the weekly chart and seen what looks like a double bottom.. Does anyone else see this or am I reading it wrong?
  • #12,522
  • Feb 18, 2009 12:22pm Feb 18, 2009 12:22pm
i am waiting 92.70-80 for long again.
  • #12,523
  • Feb 18, 2009 1:07pm Feb 18, 2009 1:07pm
Quoting justincase86
Is anyone looking at a long position around the 94.00 level? I was looking at the weekly chart and seen what looks like a double bottom.. Does anyone else see this or am I reading it wrong?
Too risky for longs after such a quick move up.
Look for a retrace back to support. First decent level looks to be around 92.50
  • #12,524
  • Feb 18, 2009 1:10pm Feb 18, 2009 1:10pm
Quoting gsgg
I wait to 92.97 and I play short.
This is my pictures, what do you think?
Even though it looks like this trade may not have worked out - your logic was correct in my book. Not every trade is a winner - good analysis.
  • #12,525
  • Feb 18, 2009 2:44pm Feb 18, 2009 2:44pm
Quoting dwildes
Too risky for longs after such a quick move up.
Look for a retrace back to support. First decent level looks to be around 92.50
92.75area too.
  • #12,526
  • Edited Feb 19, 2009 7:10pm Feb 18, 2009 7:34pm | Edited Feb 19, 2009 7:10pm
This pair is HOT, today I collected another 300 pips. Now I'll wait for a day or two, I think it is gonna range but we'll see. Daily charts are getting close to Resistance level and 4h seems like is running out of steam.
  • #12,527
  • Feb 19, 2009 2:31pm Feb 19, 2009 2:31pm
I just went short at 94.42
It's at the top of the upper trendline on the H4 charts, and it yet to pull back for a decent retracement.
  • #12,528
  • Feb 19, 2009 2:35pm Feb 19, 2009 2:35pm
Quoting dwildes
I just went short at 94.42
It's at the top of the upper trendline on the H4 charts, and it yet to pull back for a decent retracement.
This pair is beginning to piss me off lol.

It's pretty much been straight up, too steep, but it's still not falling. My indicators are pretty tapped out now too, so I guess we'll see.
  • #12,529
  • Feb 19, 2009 2:38pm Feb 19, 2009 2:38pm
Quoting forextine
This pair is beginning to piss me off lol.

It's pretty much been straight up, too steep, but it's still not falling. My indicators are pretty tapped out now too, so I guess we'll see.
It'll just make your short positions be that much sweeter when it goes your way. It's at a good resistance level now and with tomorrow being Friday, there should be some profit taking going on, and then the bandwagon will jump on and push it further.

With that said, I've still left some room in my position to add at the next layer of resistance around 95.00 in case I'm too early with my entry.
  • #12,530
  • Feb 19, 2009 2:45pm Feb 19, 2009 2:45pm
Quoting dwildes
It'll just make your short positions be that much sweeter when it goes your way. It's at a good resistance level now and with tomorrow being Friday, there should be some profit taking going on, and then the bandwagon will jump on and push it further.

With that said, I've still left some room in my position to add at the next layer of resistance around 95.00 in case I'm too early with my entry.
Yeah if it's ready to make a pull back and not just more sideways action I can easily see 93.

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  • #12,531
  • Feb 19, 2009 2:47pm Feb 19, 2009 2:47pm
Quoting forextine
Yeah if it's ready to make a pull back and not just more sideways action I can easily see 93.
If it can break the support around 93.40, we should see 92
  • #12,532
  • Feb 19, 2009 2:54pm Feb 19, 2009 2:54pm
Quoting dwildes
If it can break the support around 93.40, we should see 92
I'm under water right now, I'll prob take a 93.50 lol.
  • #12,533
  • Feb 19, 2009 3:08pm Feb 19, 2009 3:08pm
Quoting forextine
I'm under water right now, I'll prob take a 93.50 lol.
I'm sure you know it now, but if you got a little over-leveraged and the account is hurting - look for good exits that protect the account, don't worry about profits this go around.

If you protect the account, you can always re-enter.
  • #12,534
  • Feb 19, 2009 3:12pm Feb 19, 2009 3:12pm
Quoting dwildes
I'm sure you know it now, but if you got a little over-leveraged and the account is hurting - look for good exits that protect the account, don't worry about profits this go around.

If you protect the account, you can always re-enter.
The account is fine up to probably 97. A pull back is necessary IMO, it's the question is when. I think you're right, I forgot tomorrow was friday and also, we're on a 4 green day streak.

Looking at the 4hr chart, AT LEAST a move to 93 looks to be in order. Time will tell but I dislike these straight up trends.
  • #12,535
  • Feb 19, 2009 3:17pm Feb 19, 2009 3:17pm
Quoting forextine
The account is fine up to probably 97. A pull back is necessary IMO, it's the question is when. I think you're right, I forgot tomorrow was friday and also, we're on a 4 green day streak.

Looking at the 4hr chart, AT LEAST a move to 93 looks to be in order. Time will tell but I dislike these straight up trends.
Ah - that's good to know. So you'll probably come out ok then.
I just moved my stop to B/E so risk-free trade now from 94.42.

I see it's almost a triple top on the H4 (deviation of 3 pips), so if price comes back up to take out my stop - odds are I do not want to be short anyway then!

I'm looking for price to trickle down to 93.80 as we wait for Asian, hopefully they can push us down through 93 and we can take it easy then.
  • #12,536
  • Feb 19, 2009 3:22pm Feb 19, 2009 3:22pm
Quoting dwildes
Ah - that's good to know. So you'll probably come out ok then.
I just moved my stop to B/E so risk-free trade now from 94.42.

I see it's almost a triple top on the H4 (deviation of 3 pips), so if price comes back up to take out my stop - odds are I do not want to be short anyway then!

I'm looking for price to trickle down to 93.80 as we wait for Asian, hopefully they can push us down through 93 and we can take it easy then.
Yeah it sure is hell sitting here watching. I'll check in later, with fingers crossed lol, see ya.
  • #12,537
  • Feb 19, 2009 3:24pm Feb 19, 2009 3:24pm
Quoting forextine
Yeah it sure is hell sitting here watching. I'll check in later, with fingers crossed lol, see ya.
*hahah* Me too
Seriously hope it gives you relief soon - I've been in your shoes and it's a horrible place to be in.

See ya - hopefully you'll check in and have very good news waiting on you.
  • #12,538
  • Feb 19, 2009 5:07pm Feb 19, 2009 5:07pm
Quoting dwildes
*hahah* Me too
Seriously hope it gives you relief soon - I've been in your shoes and it's a horrible place to be in.

See ya - hopefully you'll check in and have very good news waiting on you.
Back to check lol.

We got what seems to be a bearish engulfing on the 4hr, hopefully it can close like that, andddd bearish diversion on the 1hr. Fingers crossed, see ya in another 2hrs.
  • #12,539
  • Feb 19, 2009 6:55pm Feb 19, 2009 6:55pm
Quoting forextine
Back to check lol.

We got what seems to be a bearish engulfing on the 4hr, hopefully it can close like that, andddd bearish diversion on the 1hr. Fingers crossed, see ya in another 2hrs.
Yep - that does look encouraging for shorts.
I see it made it to 93.95. Maybe it'll keep pushing lower & lower
  • #12,540
  • Feb 19, 2009 6:56pm Feb 19, 2009 6:56pm
Quoting dwildes
Yep - that does look encouraging for shorts.
I see it made it to 93.95. Maybe it'll keep pushing lower & lower
Then spiked back up, not sure what's going on here, I need to walk away because it's really pissing me off lol. Like who the hell is holding this up.
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