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USD/JPY Discussion

  • #18,061
  • Aug 28, 2010 10:12am Aug 28, 2010 10:12am
Quoting mfoste1
try to fix ur tls.....
like this ...?
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  • #18,062
  • Aug 28, 2010 10:16am Aug 28, 2010 10:16am
Quoting mfoste1
they trade off of levels of strong support and resistance.....that's basically it.
can elaborate .. ?
  • #18,063
  • Aug 28, 2010 10:16am Aug 28, 2010 10:16am
Quoting TheArcher
like this ...?

here this is how i have it atm.......the top and bottom tl act as very strong support and resistance, while the middle tl is sort of like a pivot.....we might be headed to the upper tl somewhere around 86.15-29

like i said, whenever boj opens their mouth, expect a covering bounce.
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  • #18,064
  • Aug 28, 2010 10:30am Aug 28, 2010 10:30am
4hr chart

potential target ?
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  • #18,065
  • Aug 28, 2010 10:39am Aug 28, 2010 10:39am
First the 85.50 - 80 level needs to be broken resoundingly.

Lots of offers on those levels from Japanese corporates.

We might get a leg down in anticipation of BOJ monetary easing and intervention to buy at a better price.
  • #18,066
  • Aug 28, 2010 10:42am Aug 28, 2010 10:42am
Quoting TheArcher
4hr chart

potential target ?

yea there is some decent resistance there.....friday was end of month, things get funny esp on a friday, esp when idiots are giving statement.....dont take too much of fridays trading to heart. I'm out till I see a direction with conviction in markets.
  • #18,067
  • Aug 28, 2010 10:44am Aug 28, 2010 10:44am
Quoting TheArcher
4hr chart

potential target ?
Perhaps a horizontal line or two for confluence? Compelling price action at that level would be nice.
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If you don't risk, you don't ever have to lose.
  • #18,068
  • Aug 28, 2010 11:04am Aug 28, 2010 11:04am
Interesting Thread ......

" Professional Forex Traders " in Trading Systems
  • #18,069
  • Aug 29, 2010 12:10am Aug 29, 2010 12:10am
i'm still waiting a short any ideas? can be continue to fall 82.50
  • #18,070
  • Aug 29, 2010 6:29pm Aug 29, 2010 6:29pm
So are all the Yen buyers all buying or is everyone looking long now? Is your old friend" the trend" ending bending or continuing?
  • #18,071
  • Aug 29, 2010 6:44pm Aug 29, 2010 6:44pm
Quoting auxesis
So are all the Yen buyers all buying or is everyone looking long now? Is your old friend" the trend" ending bending or continuing?

im not trading yen or chf pairs atm......lotta monkey business going on with them right now. I got hit trading chf last week. Trend is still down, for it to change I need to see a break and close above 87.
  • #18,072
  • Aug 29, 2010 7:22pm Aug 29, 2010 7:22pm
yen is going back up to 88. not sure how long it'll stay up, because long term it is should still be down. if you want to long it, you'll make money in the next few days, but close your position once you see it hitting big resistance or japan ran out of stimulus.
  • #18,073
  • Aug 29, 2010 7:24pm Aug 29, 2010 7:24pm
I strongly believe that intervention is out of the question at the moment.

The only way intervention will happen right now after this meeting is if they already spoke and had the approval of their European and American counterparties.

Absolutely no chance that they will intervene, and then piss off others by weakening the Euro and the US dollar in one go against the Yen. Because that will open up a whole new set of problems, as if that didn't work, and the Yen strengthened further, then what will they do?

I see this meeting as a cautious first step in trying to tackle the problem, with intervention coming only if they have absolutely no other choice, and that's if the Yen is trading at 80.

I think a cautious first step might actually result in the strengthening of the Yen, as the markets should have priced in the possible bad news for the Yen already, as there were already rumors of the emergency meeting emerging as early as last Friday afternoon.
  • #18,074
  • Aug 29, 2010 7:24pm Aug 29, 2010 7:24pm
http://noir.bloomberg.com/apps/news?...FXxDKQZM&pos=4

this article is pretty good. it says the yen is not that strong. to equal the record high, it need to go to 55.
  • #18,075
  • Edited 8:34pm Aug 29, 2010 7:32pm | Edited 8:34pm
Hi,
Hope everyone had a great weekend.

I am trying a short at 85.70 SL 86.41
1st target= 84.6X
2nd target = Ok I would like to keep shut

*edit* Stop re-adjusted to 85.96
*edit 2* going back to the previous sl = 86.41. ed:
  • #18,076
  • Aug 29, 2010 7:40pm Aug 29, 2010 7:40pm
Quoting Skylar Locke
First the 85.50 - 80 level needs to be broken resoundingly.


We might get a leg down in anticipation of BOJ monetary easing and intervention to buy at a better price.
I am looking at more of 85.80--90.

I think it will take a drop before breaking. Going to exit 1/2 of my L position @ 85.55 and still keep the other 1/2 in the vault for longer term.
  • #18,077
  • Aug 29, 2010 8:08pm Aug 29, 2010 8:08pm
Doesn't sound like they have agreed on anything definite yet. Probably another meeting to gain support for additional measures.


Kan To Talk With Shirakawa, Hasten Economic Steps

TOKYO (NQN)--Prime Minister Naoto Kan said Monday morning he will meet with Bank of Japan Governor Masaaki Shirakawa in the afternoon.

Kan also said he will hold an extraordinary meeting of a ministerial committee in charge of formulating economic policy by the end of the day, and that the committee will move up the schedule for deciding on when to draw up basic policies on additional economic measures.
  • #18,078
  • Aug 29, 2010 9:02pm Aug 29, 2010 9:02pm
Quoting need-help
Hi,
Hope everyone had a great weekend.

I am trying a short at 85.70 SL 86.41
1st target= 84.6X
2nd target = Ok I would like to keep shut

*edit* Stop re-adjusted to 85.96
*edit 2* going back to the previous sl = 86.41. ed:
short 85.90 - SL just above 86.20 (weekly R1) and looking for drop = TP 84.80 (only super small lot )

will see what happens then at TP area...
"Millionaires don't use astrology, billionaires do"
  • #18,079
  • Aug 29, 2010 9:17pm Aug 29, 2010 9:17pm
Quoting forex_growth
short 85.90 - SL just above 86.20 (weekly R1) and looking for drop = TP 84.80 (only super small lot )

will see what happens then at TP area...
Good luck to you

me too. Traded a tiny lot.

My entry was more of a gamble than anything else. Price is stuck in between the forks. let's see how it works out.
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  • #18,080
  • Aug 29, 2010 9:39pm Aug 29, 2010 9:39pm
85,86......wow... japan take it seriously....
it's time for fundamental factors give a big influence.

I'm gonna put buy position for long... at least it will reach 86,5...
Steady as the beating drum,,,
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