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USD/JPY Discussion

  • #17,181
  • Jul 30, 2010 5:22am Jul 30, 2010 5:22am
I'm Long @ 86.35 with only 1 mini-lot. I plan on riding this thing through and will add more when it goes up or if it drops down to 85.50-85.75. Overall I like the position I am in just going to have to be patient with it.
  • #17,182
  • Jul 30, 2010 5:23am Jul 30, 2010 5:23am
86,00 seems the strong support,,,
Steady as the beating drum,,,
  • #17,183
  • Jul 30, 2010 5:26am Jul 30, 2010 5:26am
The ratio of retail traders long this pair is just under a dramatic 6:1. This could warn of even deeper pullbacks. BEWARE

From FXCM
Doing what you like is Freedom. Liking what you do is Happiness.
  • #17,184
  • Jul 30, 2010 5:32am Jul 30, 2010 5:32am
Hi,

Can you please explain what does this mean?
Thanks,

Quoting realjumper
The ratio of retail traders long this pair is just under a dramatic 6:1. This could warn of even deeper pullbacks. BEWARE

From FXCM
  • #17,185
  • Jul 30, 2010 5:43am Jul 30, 2010 5:43am
Quoting Ghadeer
Hi,

Can you please explain what does this mean?
Thanks,
It means that for every retail trader that is short on this pair, there are 6 going long. This information is generally regarded as a 'contraian indicator', so going long here may be a risk as further decline is possible.

Quite what the reason that this is a contraian indicator is, I'm not sure. I have asked another trader who is likely to know, and when I find out I'll post the reason here.

For now though, let's be careful with longs.....hell....and shorts from here!!
Doing what you like is Freedom. Liking what you do is Happiness.
  • #17,186
  • Jul 30, 2010 6:13am Jul 30, 2010 6:13am
Quoting VavraSF
I'm Long @ 86.35 with only 1 mini-lot. I plan on riding this thing through and will add more when it goes up or if it drops down to 85.50-85.75. Overall I like the position I am in just going to have to be patient with it.
USDJPY downtrend will continue for another week, until after the unemployment rate result next Friday.

I just covered my short orders today, will short again after today's US GDP number. Full trading stats is here:

http://www.forexfactory.com/showthread.php?t=247338
  • #17,187
  • Jul 30, 2010 6:33am Jul 30, 2010 6:33am
Quoting WGann

I just covered my short orders today, Full trading stats is here:

http://www.forexfactory.com/showthread.php?t=247338

Very nice.
  • #17,188
  • Jul 30, 2010 6:46am Jul 30, 2010 6:46am
Quoting Deanchain
BOJ will intervene, i m sure of it.. but the question is "when"...
It will rebound like last time...
I hope not until we broke... I inject money again just now, hoping the price wont go below 83... and will not like throwing salt in the sea..
Yeah, im also hoping that they will intervene soon.. this is kinda crazy hahahah... good luck man...
  • #17,189
  • Jul 30, 2010 6:52am Jul 30, 2010 6:52am
Quoting realjumper
It means that for every retail trader that is short on this pair, there are 6 going long. This information is generally regarded as a 'contraian indicator', so going long here may be a risk as further decline is possible.

Quite what the reason that this is a contraian indicator is, I'm not sure. I have asked another trader who is likely to know, and when I find out I'll post the reason here.

For now though, let's be careful with longs.....hell....and shorts from here!!

Hey realjumper, what do you reckon will happened with the US GDP? =D
  • #17,190
  • Jul 30, 2010 6:54am Jul 30, 2010 6:54am
Quoting cien_47k
Hey realjumper, what do you reckon will happened with the US GDP? =D
Well that's the million dollar question isn't it?! We'll have the answer in about 30 minutes!!
Doing what you like is Freedom. Liking what you do is Happiness.
  • #17,191
  • Jul 30, 2010 6:55am Jul 30, 2010 6:55am
Quoting realjumper
Well that's the million dollar question isn't it?! We'll have the answer in about 30 minutes!!
Hahha.. hell yeah.. =D im betting on it..
  • #17,192
  • Jul 30, 2010 8:02am Jul 30, 2010 8:02am
S2 at 86.04 held up pretty well.....not sure if it will see the session out or not.

BTW, in an earlier post I said 86.04 was the monthly pivot....actually it is S2. The monthly is 86.21. Sorry about that
Doing what you like is Freedom. Liking what you do is Happiness.
  • #17,193
  • Jul 30, 2010 8:08am Jul 30, 2010 8:08am
Quoting realjumper
S2 at 86.04 held up pretty well.....not sure if it will see the session out or not.

BTW, in an earlier post I said 86.04 was the monthly pivot....actually it is S2. The monthly is 86.21. Sorry about that
Its alright.. i didnt actually SL... i did hedge, but might open the hedging back.. this market realli crazy.. now it might look for 85.5 range... crazy crazy...
  • #17,194
  • Jul 30, 2010 8:13am Jul 30, 2010 8:13am
supports broken...........sitting atm @ monthly support, fib level.....looking to sell after us open.
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  • #17,195
  • Jul 30, 2010 8:15am Jul 30, 2010 8:15am
Quoting mfoste1
supports broken...........sitting atm @ monthly support, fib level.....looking to sell after us open.
US open?
Doing what you like is Freedom. Liking what you do is Happiness.
  • #17,196
  • Jul 30, 2010 8:16am Jul 30, 2010 8:16am
Quoting realjumper
US open?
after 9:30
  • #17,197
  • Jul 30, 2010 8:17am Jul 30, 2010 8:17am
"A major US bank has come out with a piece today calling for Yen and Swissie weakness over the near-term."

From FXCM
Doing what you like is Freedom. Liking what you do is Happiness.
  • #17,198
  • Jul 30, 2010 8:18am Jul 30, 2010 8:18am
Quoting realjumper
"A major US bank has come out with a piece today calling for Yen and Swissie weakness over the near-term."

From FXCM
lol..........i love how everyone and their brother is short yen......thats easy money for the taking for banks........

lol its like fxcm comes out with a vague statement saying " oh yes major us bank saying sell yen! you should sell yen!" thats funny
  • #17,199
  • Jul 30, 2010 8:18am Jul 30, 2010 8:18am
Quoting mfoste1
after 9:30
Not sure I follow you there.....NY has been open for over an hour
Doing what you like is Freedom. Liking what you do is Happiness.
  • #17,200
  • Jul 30, 2010 8:22am Jul 30, 2010 8:22am
Quoting realjumper
Not sure I follow you there.....NY has been open for over an hour
opening bell for us stock market is 930......more us liquidity starts coming into markets then
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