R u sure aug 24 lows in sight
- #4,623
- Sep 8, 2010 4:27am Sep 8, 2010 4:27am
- | Commercial User | Joined May 2009 | 5,751 Posts
Lol SL didnt hit by 3 pips > I hope we will retrace now to my target
,wait another opotunity PEtar
"Buy on fear, sell on greed !!!
I don't know how your long is doing now, but have a look at this chart with Murray Math installed on it. The market is almost at 4/8 but it also has one more interesting thing: It has very long bear candle after some indecision and the bear candle seems to violate daily TL
Every serious trader in JPY ( and related crosses ) should be familiar with this fact.
2) We have reached the second standard deviation in a very important time frame ( won´t tell you exactly which one
as you guys have to do also some homework 
). "Usually", EUR/JPY bounces off sharply from this second SD.My expectation : 112 + something in the next 2-3 weeks.
Good trading + have fun !
MrTrader
http://a.imageshack.us/img194/2317/usdjpy08092010.jpg
________________________________
Errare humanum est
Now, even by Japanese central banking standards, this… is weird.
Via Citigroup’s FX wire on Wednesday:
Apparently, the BoJ has been carrying out what a colleague calls “mock dry runs/drills in intervention” over last few days since it has been a while since it last intervened. Naturally I have had to ask what a mock dry run is exactly. “Has it opened up a demo account with a retail aggregator,” I asked. “That would be a novel way to intervene.”
Cheeky Citi. Moving on (emphasis ours):
Despite my scepticism, another colleague in Tokyo says testing, even if it isn’t with a retail platform, is entirely plausible. “We Japanese are pretty serious and diligent. The BoJ FX team turns over almost completely every three to four years.”
In other words, there is nobody at the BoJ who has ever experienced the pleasure of wading into the market in the name of dampening down volatility — a description which has always struck me as odd given the carnage which invariable ensues.
At the moment, intervention is seen as very anachronistic. If it does materialize, I wonder if we’ll see the revival of another 1980s practice – sticking the trades in the pension fund when it all goes wrong.
We have images of BoJ bureaucrats dry-running their way through an obstacle course of straw-stuffed Mrs Watanabe mannequins.
Either that, or the Bank of Japan has become really good at head-faking the FX market.
http://ftalphaville.ft.com/blog/201...x-intervention/
Via Citigroup’s FX wire on Wednesday:
Apparently, the BoJ has been carrying out what a colleague calls “mock dry runs/drills in intervention” over last few days since it has been a while since it last intervened. Naturally I have had to ask what a mock dry run is exactly. “Has it opened up a demo account with a retail aggregator,” I asked. “That would be a novel way to intervene.”
Cheeky Citi. Moving on (emphasis ours):
Despite my scepticism, another colleague in Tokyo says testing, even if it isn’t with a retail platform, is entirely plausible. “We Japanese are pretty serious and diligent. The BoJ FX team turns over almost completely every three to four years.”
In other words, there is nobody at the BoJ who has ever experienced the pleasure of wading into the market in the name of dampening down volatility — a description which has always struck me as odd given the carnage which invariable ensues.
At the moment, intervention is seen as very anachronistic. If it does materialize, I wonder if we’ll see the revival of another 1980s practice – sticking the trades in the pension fund when it all goes wrong.
We have images of BoJ bureaucrats dry-running their way through an obstacle course of straw-stuffed Mrs Watanabe mannequins.
Either that, or the Bank of Japan has become really good at head-faking the FX market.
http://ftalphaville.ft.com/blog/201...x-intervention/
________________________________
Errare humanum est
- #4,632
- Sep 8, 2010 3:59pm Sep 8, 2010 3:59pm
- | Commercial User | Joined May 2009 | 5,751 Posts
Hello guys i took sell on EURJPY , we will see Vey hifh volumen on Strong TL i expext down...
Cheers
Petar
Cheers
Petar
"Buy on fear, sell on greed !!!
- #4,633
- Sep 8, 2010 4:17pm Sep 8, 2010 4:17pm
- Joined Oct 2007 | Status: Summer is the best time of year! | 1,284 Posts
I'm in the same trade.
Cheers
CanuckCT
Cheers
CanuckCT
Hello guys i took sell on EURJPY , we will see Vey hifh volumen on Strong TL i expext down...
Cheers
Petar
- #4,636
- Sep 8, 2010 4:40pm Sep 8, 2010 4:40pm
- | Commercial User | Joined May 2009 | 5,751 Posts
"Buy on fear, sell on greed !!!
Well, that's not exactly what I said. I said that there would be a slight retracement at the beginning of the week, probably to around 108. I was wrong on the slight and I was wrong on the 108. I did not say to trade that way. What I said was to play the weekly reversal off the turn.
It turns out that the slight retracement came to around 105.7x, where I entered the market long. It didn't matter where it ended up, as I was just an observer of the move down. I got the signal for the turn by using the H4 trend line for the bottom.
The pair follows the SPX like a glove. The equity market is way oversold. Equities will revert somewhat higher (1155...), trip the trendline for the third time in as many years, then turn down again quite sharply.
When that happens, be long USD, no doubt, (against everything but...) especially the Japanese yen.
Will EURJPY really move to 113? According to my charts, it could move a lot higher than that. But for the time being, expect the upward impetus of the ramp in the SPX to drag the EURJPY along for the ride.
Or not.
Too bad it is a hassle to load my charts on this forum, coz I could show you a picture.
It turns out that the slight retracement came to around 105.7x, where I entered the market long. It didn't matter where it ended up, as I was just an observer of the move down. I got the signal for the turn by using the H4 trend line for the bottom.
The pair follows the SPX like a glove. The equity market is way oversold. Equities will revert somewhat higher (1155...), trip the trendline for the third time in as many years, then turn down again quite sharply.
When that happens, be long USD, no doubt, (against everything but...) especially the Japanese yen.
Will EURJPY really move to 113? According to my charts, it could move a lot higher than that. But for the time being, expect the upward impetus of the ramp in the SPX to drag the EURJPY along for the ride.
Or not.
Too bad it is a hassle to load my charts on this forum, coz I could show you a picture.
China bought more Japanese bonds than it sold for a seventh straight month in July, acquiring a net 583.1 billion yen ($6.97 billion) and heading for a record annual increase, Japan’s government reported yesterday.
________________________________
Errare humanum est
This means that the chinees believe in a stronger yen, or not?.
For the mom out in EJ.
I think should go down but always have the damocles sward on the had in the case the BoJ decides to play.
Cheers
For the mom out in EJ.
I think should go down but always have the damocles sward on the had in the case the BoJ decides to play.
Cheers
China bought more Japanese bonds than it sold for a seventh straight month in July, acquiring a net 583.1 billion yen ($6.97 billion) and heading for a record annual increase, Japan’s government reported yesterday.