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USD/JPY Discussion

  • #21,461
  • Nov 11, 2010 4:53am Nov 11, 2010 4:53am
Quoting Venice
By any chance, you didn't use the top of the daily trend line did for your target did you?
That was easy,go on H4 and put on 2 strong swing point and thats it


Cheers

Petar
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"Buy on fear, sell on greed !!!
  • #21,462
  • Nov 11, 2010 5:02am Nov 11, 2010 5:02am
Quoting mima
Why someone would see UJ dropping to 81.50 or go to 83.50? You are just dropping the post...something to say?
Well i was hopping to see more stats from you guys on this as i have gone short at 81.90 ,
  • #21,463
  • Nov 11, 2010 5:49am Nov 11, 2010 5:49am
Quoting sadler
Well i was hopping to see more stats from you guys on this as i have gone short at 81.90 ,
What was your reason for going short?
Doing what you like is Freedom. Liking what you do is Happiness.
  • #21,464
  • Nov 11, 2010 6:06am Nov 11, 2010 6:06am
when will japanese exporters selling their dollar for yen? i expect both ways, U/J will up before heavy selling by exporters bring it down again, or they sell it and then goes up again. my view in this pair is primarily based on fundamentals to support techs
  • #21,465
  • Nov 11, 2010 8:55am Nov 11, 2010 8:55am
Quoting realjumper
What was your reason for going short?
My reason was a signal from a trader , and i took a small position short
Short @ 81.90 sl 81.60

Not looking good now. any suggestions
  • #21,466
  • Nov 11, 2010 1:28pm Nov 11, 2010 1:28pm
round bottom forming ...?
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  • #21,467
  • Nov 11, 2010 2:31pm Nov 11, 2010 2:31pm
Quoting sadler
Not looking good now. any suggestions
Trade what you see, not what somebody else tells you. Once you do this, you will probably see your account balance rise.
This place is great to bounce ideas off other traders, but straight copying will get you burnt (it was one of my mistakes as a newbie aswell).
  • #21,468
  • Nov 11, 2010 2:42pm Nov 11, 2010 2:42pm
Quoting fosking
Trade what you see, not what somebody else tells you. Once you do this, you will probably see your account balance rise.
This place is great to bounce ideas off other traders, but straight copying will get you burnt (it was one of my mistakes as a newbie aswell).
Yep!! I totally agree !!
Get rich or die tryin!
  • #21,469
  • Nov 11, 2010 2:52pm Nov 11, 2010 2:52pm
Quoting sadler
My reason was a signal from a trader , and i took a small position short
Short @ 81.90 sl 81.60

Not looking good now. any suggestions
Ask that trader that you got signal from...
The Market pays you to be disciplined
  • #21,470
  • Nov 11, 2010 3:05pm Nov 11, 2010 3:05pm
I juz lost my 100 dollars on yen.. ughhh..
i was short from 2 days.. nd yen was continuously goin up..
well.. loss is the part of business.. now lukin for some profit.. lets see..
  • #21,471
  • Nov 11, 2010 3:40pm Nov 11, 2010 3:40pm
Quoting fosking
Trade what you see, not what somebody else tells you. Once you do this, you will probably see your account balance rise.
This place is great to bounce ideas off other traders, but straight copying will get you burnt (it was one of my mistakes as a newbie aswell).
Thanks mate, lesson learned , its yet to hit my sl target, hopes still on . lets see.
  • #21,472
  • Nov 11, 2010 5:49pm Nov 11, 2010 5:49pm
Quoting sadler
My reason was a signal from a trader , and i took a small position short
Short @ 81.90 sl 81.60

Not looking good now. any suggestions
Sorry for the slow reply...I was finished by the time you answed my question.

As has been said by others here, it is essential that you don't follow other peoples calls. You have no way of knowing (in the first instance) whether or not they even know what they are talking about. Assuming they do know their stuff, how do you know what strategy they use.....how big their account is.....what time frame are they looking at.....etc etc etc. By all means read other peoples analysis, but never take their calls.....not even the 'professional analyst' calls.....never, never, never!.....Are we clear?!?!?!?

Ok, look at the 2 hour chart I posted. You can see that the short term trend has been up since half way through the 9th day of this month. The long term trend is still down, but are you a long term trader? No? Then there's no reason to short at this stage.

Look at the daily chart I posted.....you can see that the long term trend is still down, but look at that rounded bottom! You will see people post rounded tops and bottoms mid way up in a trend. Let me tell you, that is worthless.....but.....a rounded top or bottom can be very, very accurate if it forms at the top or bottom of a trend. So, we have a rounded bottom at the (possibly) bottom of a trend here. This is no reason to load up big time on longs, but it IS a good reason to not go short.

Hope that helps
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Doing what you like is Freedom. Liking what you do is Happiness.
  • #21,473
  • Nov 11, 2010 6:46pm Nov 11, 2010 6:46pm
Quoting mima
I think that 81.91 and 82.35 are critical for UJ...still long way to come to those levels...
It shows again that 82.35 is critical level...wonder if it goes back to 81.91 which is not far away?
The Market pays you to be disciplined
  • #21,474
  • Nov 11, 2010 6:49pm Nov 11, 2010 6:49pm
Quoting mima
It shows again that 82.35 is critical level...wonder if it goes back to 81.91 which is not far away?
82.34 is todays DP...just by coincidence
Doing what you like is Freedom. Liking what you do is Happiness.
  • #21,475
  • Nov 11, 2010 7:25pm Nov 11, 2010 7:25pm
50 MA seems to be giving a reasonable upper limit resistance so far ....
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  • #21,476
  • Nov 11, 2010 7:28pm Nov 11, 2010 7:28pm
Quoting realjumper

As has been said by others here, it is essential that you don't follow other peoples calls. You have no way of knowing (in the first instance) whether or not they even know what they are talking about. Assuming they do know their stuff, how do you know what strategy they use.....how big their account is.....what time frame are they looking at.....etc etc etc. By all means read other peoples analysis, but never take their calls.....not even the 'professional analyst' calls.....never, never, never!.....Are we clear?!?!?!?

same thoughts ,
  • #21,477
  • Nov 12, 2010 1:27am Nov 12, 2010 1:27am
From a news/brief service; don't have anything else right now ...

November 12, 2010 2:19 AM "G20 says countries with over-values currencies can take action. Risk taking a leg lower on this."
  • #21,478
  • Nov 12, 2010 2:02am Nov 12, 2010 2:02am
Quoting Beljevina
From a news/brief service; don't have anything else right now ...

November 12, 2010 2:19 AM "G20 says countries with over-values currencies can take action. Risk taking a leg lower on this."
Indeed.....G20 is the cause of this volitility at the moment.....I'm on the sidelines while this is sorted out
Doing what you like is Freedom. Liking what you do is Happiness.
  • #21,479
  • Nov 12, 2010 2:20am Nov 12, 2010 2:20am
Thanks for the time to explain stuffs, i am pretty new to forex and trying to learn the strategies and analysis. I was in a trade room of those doing long day trades.
Well anyways i am out of UJ for BE+ loss of commission
I really appreciate your help, if you could also recommend me where can i learn the analysis and strategies.
Thanks



[quote=realjumper;4166658]Sorry for the slow reply...I was finished by the time you answed my question.

As has been said by others here, it is essential that you don't follow other peoples calls. You have no way of knowing (in the first instance) whether or not they even know what they are talking about. Assuming they do know their stuff, how do you know what strategy they use.....how big their account is.....what time frame are they looking at.....etc etc etc. By all means read other peoples analysis, but never take their calls.....not even the 'professional analyst' calls.....never, never, never!.....Are we clear?!?!?!?
  • #21,480
  • Nov 12, 2010 3:09am Nov 12, 2010 3:09am
Quoting sadler
Thanks for the time to explain stuffs, i am pretty new to forex and trying to learn the strategies and analysis. I was in a trade room of those doing long day trades.
Well anyways i am out of UJ for BE+ loss of commission
I really appreciate your help, if you could also recommend me where can i learn the analysis and strategies.
Thanks
No problem. There is a good free course at babypips.com which is well worth the visit, and also a book that was recommended to me by a great trader a long time ago. The book is available through amazon.com and it's very cheap. The book is called 'High Probability Trading' by Marcel Link.

For what it's worth, don't be tempted to trade until next week. All this volitility you are seeing is due to the suits yapping at the G20 meeting in Seoul. The violent swings may or may not stick, and you stand to get whipped all over the place. Keep your money safe until next week
Doing what you like is Freedom. Liking what you do is Happiness.
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