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USD/JPY Discussion

  • #17,461
  • Aug 8, 2010 1:55am Aug 8, 2010 1:55am
Quoting Patience
If someone was to say I could only have pivots or RSI for my short term trades, I'd choose RSI all day long.
Interesting how we all see and trade things differently. My mainstays are pivots and stochastics for the M15 from which I trade, and to a certain extent the M5 depending on PA. I look at RSI from time to time, but only on TF's greater than H1. I s'pose no matter what your preferred indicator(s) is, if you spend the time to get to know it (and the currency pair) well, you can be successfull.
Doing what you like is Freedom. Liking what you do is Happiness.
  • #17,462
  • Aug 8, 2010 7:58am Aug 8, 2010 7:58am
It doesn't matter if it is a black cat or a white cat , the cat that catches the mouse is a good cat --- Deng Xiaoping
  • #17,463
  • Aug 8, 2010 7:59am Aug 8, 2010 7:59am
Quoting Patience
I'd choose RSI all day long.
what's ur RSI parameter ?
  • #17,464
  • Aug 8, 2010 8:07am Aug 8, 2010 8:07am
Quoting mfoste1
higher highs and higher lows
care to elaborate , with reference to the weekly line chart posted earlier ... thanks .. i still don't seem to grasp it ... how will it turn to be higher high and lower high ...?
  • #17,465
  • Aug 8, 2010 10:31am Aug 8, 2010 10:31am
for the trend to change we need to break the lower high and close above it.....thats a good signal the trend has changed. So as you can see, the trend isn't even close to changing yet.
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  • #17,466
  • Aug 8, 2010 11:03am Aug 8, 2010 11:03am
Quoting mfoste1
for the trend to change we need to break the lower high and close above it.....thats a good signal the trend has changed. So as you can see, the trend isn't even close to changing yet.
thank you very much for ur colourful and exciting chart !

so the trend has not changed yet , but we are just anticipating that it might stop at the various supports .. this might happen , this might not happen ... just anticipating the change from the various indicators ... is this correct ?
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  • #17,467
  • Aug 8, 2010 11:10am Aug 8, 2010 11:10am
Quoting TheArcher
thank you very much for ur colourful and exciting chart !

so the trend has not changed yet , but we are just anticipating that it might stop at the various supports .. this might happen , this might not happen ... just anticipating the change from the various indicators ... is this correct ?

I dont use any indicators, I personally think they are 100% useless.........indicators do not drive price, price drives indicators and that is where most traders make the mistake-----"ohh the indicator was telling me that price was gonna go up, but it didnt! whats going on?"....price can disagree and be completely irrational with any indicator at any time no matter what.
  • #17,468
  • Aug 8, 2010 11:12am Aug 8, 2010 11:12am
Quoting realjumper
I agree with you up to a point....I mean, generally speaking, trying to grab a top or bottom is a fools game. However, trying to grab the bottom in this particular pair need not damage your account. For instance, I have had 4 attempts at finding the bottom, and the net profit/loss to my account is +110 pips. I would have had my 5th attempt at grabbing the bottom on Friday, and I would have had that trade at be+spread by now. The only reason that I didn't have a go at it is because I hate to trade in and around NFP.

5c
Agree, is EU or GU topping now? I will not predict or catch the top now, but is UJ at the bottom?, I am ready to long it now and than average down to 80 or 79, by then the japanese exporters would be hurting so much that it will rise again...bottom fishing is possible here.
  • #17,469
  • Aug 8, 2010 11:19am Aug 8, 2010 11:19am
Quoting mfoste1
I dont use any indicators, I personally think they are 100% useless.........indicators do not drive price, price drives indicators and that is where most traders make the mistake-----"ohh the indicator was telling me that price was gonna go up, but it didnt! whats going on?"....price can disagree and be completely irrational with any indicator at any time no matter what.
wow ! u don't use indicators ... then how do u trade ..?
  • #17,470
  • Aug 8, 2010 11:22am Aug 8, 2010 11:22am
Quoting TheArcher
wow ! u don't use indicators ... then how do u trade ..?

TLs, fibs, pivots, and price action........lol trust me when I say there have been many extremely successful traders that do not use indicators. In fact, I'd say the most successful traders do not use indicators to base trades. Being a slave to an indicator is the worst thing that can happen to a trader.
  • #17,471
  • Aug 8, 2010 11:25am Aug 8, 2010 11:25am
Quoting mfoste1
TLs, fibs, pivots, and price action........lol trust me when I say there have been many extremely successful traders that do not use indicators. In fact, I'd say the most successful traders do not use indicators to base trades.
oh , dear ... looks like i have wasted a lot of time ...

boyoboy .. looks like i have to re-learn everything again ..

: (

trendline (average), finonacci (below average) , pivots (very little knowledge) , price action (very little knowledge)
  • #17,472
  • Aug 8, 2010 11:26am Aug 8, 2010 11:26am
Quoting mfoste1
I dont use any indicators, I personally think they are 100% useless.........indicators do not drive price, price drives indicators and that is where most traders make the mistake-----"ohh the indicator was telling me that price was gonna go up, but it didnt! whats going on?"....price can disagree and be completely irrational with any indicator at any time no matter what.
I totaly agree I aslo dont use indi,we are naked traders
"Buy on fear, sell on greed !!!
  • #17,473
  • Aug 8, 2010 11:38am Aug 8, 2010 11:38am
Quoting Petar_Serbia
I totaly agree I aslo dont use indi,we are naked traders
what are the indicators good for then ...?
  • #17,474
  • Aug 8, 2010 11:54am Aug 8, 2010 11:54am
Quoting TheArcher
what are the indicators good for then ...?

For what my friend ?

I dont use indicators just one to help me to see good swings that is all
"Buy on fear, sell on greed !!!
  • #17,475
  • Aug 8, 2010 12:09pm Aug 8, 2010 12:09pm
Look what i think,its very simple >

Why broker house give indicators and some videos on their site how to use.That is all mask my friend.Indicators are created for people to loose balances.Dont forget if you earn, brok house loose.They cant backup your wins with spreads.All indicators work on the past and guys belive in that,they think oh its red i will go sell lol.That is good for broker houses becouse people think broker help traders to earn money but be sure that is totaly mask.All you need is price aticion and i trade years with succes just on price action.Best traders on the world dont use any indi in their trades that tell you sometnihg.
I practiced a lot price action to undestand well that is my key for succes,hard work and good knowledge...

I didnt tell you cant be succesufull with indis but point is you dont need indi...

Dont change your way of trading,keep your trading and just have patiance...


Cheers and take care
"Buy on fear, sell on greed !!!
  • #17,476
  • Aug 8, 2010 12:14pm Aug 8, 2010 12:14pm
Quoting TheArcher
what's ur RSI parameter ?
I use 14 and it's mainly for divergence on the 5 minute/15 minute charts. If I sat there waiting for PA to hit some kind of support or pivot level I wouldn't be making anywhere near as much money and I'm not going to get into a discussion about whether indicators/systems are rubbish or not. There are a lot of things out there that I think are rubbish but I don't go around saying they are because I obviously haven't found a way to make it work for me. If what I consider to be rubbish makes that person money, then all power to them. Just find what suits you and what you feel comfortable with whether it be charts with indicators or naked PA. It will probably take you time but it's worth it in the end.
Nothing worth having is easy.
  • #17,477
  • Aug 8, 2010 12:17pm Aug 8, 2010 12:17pm
Quoting Petar_Serbia
Look what i think,its very simple >

Why broker house give indicators and some videos on their site how to use.That is all mask my friend.Indicators are created for people to loose balances.Dont forget if you earn, brok house loose.They cant backup your wins with spreads.All indicators work on the past and guys belive in that,they think oh its red i will go sell lol.That is good for broker houses becouse people think broker help traders to earn money but be sure that is totaly mask



Hey how bout this..........well program a strategy for you to beat us! ......I don't think so.

http://www.fxcm.com/forex-programming-services.jsp
  • #17,478
  • Aug 8, 2010 12:20pm Aug 8, 2010 12:20pm
Hello WGann,

The order you placed on your journal, did u mean long @ 85.46 or u will wait tell 86.46?
  • #17,479
  • Aug 8, 2010 12:20pm Aug 8, 2010 12:20pm
Quoting mfoste1
I dont use any indicators, I personally think they are 100% useless.........indicators do not drive price, price drives indicators and that is where most traders make the mistake-----"ohh the indicator was telling me that price was gonna go up, but it didnt! whats going on?"....price can disagree and be completely irrational with any indicator at any time no matter what.
agree on indies being 90% useless to pick tops and bottom BUT everything has its place in life and they can be used to trade the higher time frame trend on a lower time frame.

as you know I am a volume trader .. i guess you can call this an indie.

In addition to this I think that the saying trend is your friend is very valid . i think where indies can be useful is if you are trading a 60 min or lower time frame in the direction of the daily trend ,

uj chart below for example. I had some service emailing me long uj at 87....lol I told them NO way you are wrong unless uj breaks 88,.5 it is not a valid long and sell all rallies. This is due to daily trend being down till the top of channel breaks

here is 15 min uj selling the turn of the hulls moving average in direction of daily

the thing that a lot of newbies seem to do wrong is counter trend trade and ownder why they lose a ton of money , the ones that think they are genius traders after only 6 weeks in the markets cause they are making 400 pip per week are mostly trading with the daily trend.

Interesting conversation ....

Look like Fridays up move had volume exhaustion on the futures ( uj futures inverse of uj cash ) , maybe a 1st sign of weakness . Not buying uj though till that tl on daily broken

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Blogging daily now at www.volume.zone
  • #17,480
  • Aug 8, 2010 12:23pm Aug 8, 2010 12:23pm
Quoting mfoste1


Hey how bout this..........well program a strategy for you to beat us! ......I don't think so.

http://www.fxcm.com/forex-programming-services.jsp
hahah lol

No comment ...
"Buy on fear, sell on greed !!!
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