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USD/JPY Discussion

  • #18,141
  • Edited 10:10am Aug 31, 2010 9:58am | Edited 10:10am
Every trader a his dog is longing USDJPY, just imagine how many SL would be hit if P.A. drops to 83.85!

Edit: I wrote shorting.
  • #18,142
  • Aug 31, 2010 10:06am Aug 31, 2010 10:06am
Quoting kandarv
Every trader a his dog is shorting USDJPY, just imagine how many SL would be hit if P.A. drops to 83.85!
Sorry, but I don't understand the statement. If everyone is short then PA would have to go up to trigger SL not down. Could you explain.

Thanks
  • #18,143
  • Aug 31, 2010 10:10am Aug 31, 2010 10:10am
Quoting bablo
Sorry, but I don't understand the statement. If everyone is short then PA would have to go up to trigger SL not down. Could you explain.

Thanks
You're right, I was shorting at the moment, I meant longing! "Every trader a his dog is longing". I'll edit original post.
  • #18,144
  • Aug 31, 2010 10:37am Aug 31, 2010 10:37am
Quoting TheArcher
shot from 84.15

protection at 84.39

edit1 : sl 84. 35
loss -20 pips
Attached Image (click to enlarge)
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  • #18,145
  • Aug 31, 2010 10:42am Aug 31, 2010 10:42am
Quoting need-help
Hi,
Anyone holding this pair? Short or long? What was your entry?

Thanks
I'm holding one Long position @ 83.94 for the long term. Like I said earlier this one is locked away in my vault.

Since last week I made 2 Long scalps; one Sunday evening for about 30+ Pips and one just in the last hour when it got back down to 84 for +14.

If it drops below 84 again I'll take another L scalp on it.
  • #18,146
  • Aug 31, 2010 11:38am Aug 31, 2010 11:38am
i am staring and staring at the hourly charts and criss-crossing with what Peter Crowns said about inside bar setup ....

can't see anything ... !

can someone who is enlightened with Peter Crowns method shed some light on the usdjpy chart ... ?
Attached Image
  • #18,147
  • Aug 31, 2010 11:48am Aug 31, 2010 11:48am
Quoting TheArcher
i am staring and staring at the hourly charts and criss-crossing with what Peter Crowns said about inside bar setup ....

can't see anything ... !

can someone who is enlightened with Peter Crowns method shed some light on the usdjpy chart ... ?
That's your inside bar.
Attached Image
  • #18,148
  • Edited 12:29pm Aug 31, 2010 11:54am | Edited 12:29pm
what about the second hour bar (arrowed) ... ?

can u explain the action that took place with the closing of the previous day's last bar (dotted period separator) and the subsequent bar ?

also how do u interpret the inside bar marked by u and the subsequent action as per Peter Crowns ...?

----------------------------------------------

Quote 1 :

The white dotted lines, which are 24 hours long, start at the close of the previous day, at Midnight. I am only looking to go long on a breakout (blue line) of an inside bar if that breakout is above the previous close.

Likewise, I am only interested in selling a downside breakout (red line) if the breakout is below the previous close.

-----------------------------------------------

Quote 2 :

Yes, at this point I am looking to buy above an inside hourly bar where the breakout point is above yesterday's close (and today's open) or sell below the low of an hourly inside bar below the open of today.

-----------------------------------------------

Quote 3 :

Rule :

For the "Daily IBar Setup" or DIBS Method--- only take an upside breakout of an hourly inside bar if the breakout price is higher than the day's open and downside breakouts of an hourly inside bar only if the breakout price is lower than the day's open.

And as mentioned a number of times before, the resulting trades have a higher potential if they take place in the first 6 - 9 hours of the day.

-----------------------------------------------

Quote 4 (kermut)

Just to summarise, so I got this right in my head, this is the process as I understand it:

1. Look at yesterday's close, Day being defined as 0100 GMT (EDIT: SHOULD BE 0600GMT).
2. If current price is above that close (ie the hourly bar has closed above), we are looking for longs only, and vice versa. If during the course of the trading day, the price moves below yesterday's close, then we switch to looking for only shorts.
3. Wait for an inside to form, and then place order at high/low of inside bar, with sl being the opposite side of the bar.
4. Profit is discretional, but 1:1 is very achievable.

-------------------------------------


thanks .
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  • #18,149
  • Aug 31, 2010 12:05pm Aug 31, 2010 12:05pm
Quoting Astroman
I'm holding one Long position @ 83.94 for the long term. Like I said earlier this one is locked away in my vault.

Since last week I made 2 Long scalps; one Sunday evening for about 30+ Pips and one just in the last hour when it got back down to 84 for +14.

If it drops below 84 again I'll take another L scalp on it.
I had a trade from 83.73 which I closed for around 50 pips. I would have held it for a better price but I took a few blows the day before that so was really looking to lock something up.

Wishing you good luck
  • #18,150
  • Aug 31, 2010 12:18pm Aug 31, 2010 12:18pm
Quoting TheArcher
what about the second hour bar (arrowed) ... ?
That's not an inside bar
Quoting TheArcher
can u explain the action that took place with the closing of the previous day's last bar (dotted period separator) and the subsequent bar ?

also how do u interpret the inside bar marked by u and the subsequent action as per Peter Crowns ...?

Quote 1 :

The white dotted lines, which are 24 hours long, start at the close of...
I think that is a special setup not applicable all days.
  • #18,151
  • Aug 31, 2010 12:23pm Aug 31, 2010 12:23pm
Quoting kandarv
That's not an inside bar
huh ? r u sure ? that's a harami isn't it ?

what then is an inside bar .. ?

---------------------------

enough for today .. need beauty sleep !
  • #18,152
  • Aug 31, 2010 12:25pm Aug 31, 2010 12:25pm
Quoting TheArcher
huh ? r u sure ? that's a harami isn't it ?

what then is an inside bar .. ?

---------------------------

enough for today .. need beauty sleep !
This could help.
http://www.trading-naked.com/insidebarNR4x.htm
  • #18,153
  • Aug 31, 2010 1:01pm Aug 31, 2010 1:01pm
Quoting need-help
I had a trade from 83.73 which I closed for around 50 pips. I would have held it for a better price but I took a few blows the day before that so was really looking to lock something up.

Wishing you good luck
Thanks!

Sunday night I almost closed everything out when it made that nice run up towards 86, looking back I wish I would have because I could have reentered at just about the same price today. Oh well.

I am still trading the pair just like I normally would except that I am only thinking Long. There is only one very small position that I am leaving alone and holding long term.
  • #18,154
  • Aug 31, 2010 6:04pm Aug 31, 2010 6:04pm
Quoting need-help
yesterday was a nice drop. I have a pending buy at 83.82. What's your take on it?
missed it by 2 pips and shot to 84.2X

  • #18,155
  • Aug 31, 2010 11:18pm Aug 31, 2010 11:18pm
USDJPY looks caped [email protected]
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  • #18,156
  • Sep 1, 2010 12:55am Sep 1, 2010 12:55am
^ Was thinking the same thing. Holding a short position.
Get money, don't let money get you. @kauaiforex
  • #18,157
  • Sep 1, 2010 1:25am Sep 1, 2010 1:25am
Quoting NoJobRob
^ Was thinking the same thing. Holding a short position.
So far.... so good, but it's going to be retested soon
  • #18,158
  • Sep 1, 2010 1:38am Sep 1, 2010 1:38am
Quoting kandarv
So far.... so good, but it's going to be retested soon
SMA 200 (red) on the 15 min chart acting as good resistance at the moment... Always good to see.

http://i71.photobucket.com/albums/i1...SDJPY15MIN.jpg
Get money, don't let money get you. @kauaiforex
  • #18,159
  • Sep 1, 2010 1:53am Sep 1, 2010 1:53am
Here we go. Moving down now.
Get money, don't let money get you. @kauaiforex
  • #18,160
  • Sep 1, 2010 1:55am Sep 1, 2010 1:55am
Quoting NoJobRob
Here we go. Moving down now.
Yes, not with the strength I was expecting though.
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