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USD/JPY Discussion

  • #24,621
  • Jun 15, 2011 10:33pm Jun 15, 2011 10:33pm
without a SL killerwhale got to be live . means he has to stick to the charts.

why did he sure that price will break the s/r line , thats a mystery.

Quoting Amart83
Great results, Killer.

I have a question for you guys that make more than 20 pips on one trade: do you guys have set goals on the amount of pips you think you can make and set your TP accordingly, or do you just move your SL and let it ride? Obviously KillerWhale didn't use a SL as he noted in his post, but what do you guys do?
  • #24,622
  • Jun 16, 2011 12:40am Jun 16, 2011 12:40am
Quoting tankokjian
without a SL killerwhale got to be live . means he has to stick to the charts.

why did he sure that price will break the s/r line , thats a mystery.
No it's not a mystery, it had to break-out, no other options.

Happy trading,

Shamu
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  • #24,623
  • Jun 16, 2011 12:51am Jun 16, 2011 12:51am
Quoting KillerWhale
??????? Double bottom???????????????????

Break out expected in next 24-36 hours.

Shamu
I think there is a double bottom too
  • #24,624
  • Jun 16, 2011 12:54am Jun 16, 2011 12:54am
Long from 80.48 after seeing the double bottom form on the daily since my broker FxSolutions doesn't have a 4hr chart.
  • #24,625
  • Jun 16, 2011 1:24am Jun 16, 2011 1:24am
But first u/j needs to break 82.20, in this case double bottom will be confirmed
  • #24,626
  • Jun 16, 2011 2:26am Jun 16, 2011 2:26am
Hmmmmm...getting close to Long this sucker again.
  • #24,627
  • Jun 16, 2011 1:42pm Jun 16, 2011 1:42pm
i bought at 80.88 ..... what shall i do in those 2 bottoms?
Thankss
  • #24,628
  • Jun 16, 2011 7:06pm Jun 16, 2011 7:06pm
Quoting Amart83
Great results, Killer.

I have a question for you guys that make more than 20 pips on one trade: do you guys have set goals on the amount of pips you think you can make and set your TP accordingly, or do you just move your SL and let it ride? Obviously KillerWhale didn't use a SL as he noted in his post, but what do you guys do?
Yes, I have a set TP before I even enter the trade. Be aware, that TP does not mean 'Take Profit'.......it means 'Target Price'.

So I know my target before I enter, and I set my SL behind a known S/R level.....and that might be a pivot, a fib, previous S/R level etc. I move my SL to B/E at a convenient time and I enjoy the free trade.

If I can't be watching and the PA reverses, I will at least get some profit. If it reaches my target, great. If it takes off again after reaching my target, and I'm not able to re-enter, it's all good because my target was met, so I'm happy.

It all depends on what kind of trader you are. For intraday trading, which is what I do, above is my technique. However, I would very much like to build a long term long on this pair, and scale in more longs as it climbs. In that case I will still have a set TP, but it will be a bit more flexible as things develop.

Doing what you like is Freedom. Liking what you do is Happiness.
  • #24,629
  • Jun 16, 2011 11:06pm Jun 16, 2011 11:06pm
Quoting realjumper
It all depends on what kind of trader you are. For intraday trading, which is what I do, above is my technique. However, I would very much like to build a long term long on this pair, and scale in more longs as it climbs. In that case I will still have a set TP, but it will be a bit more flexible as things develop.

Jumper,
I wish I could do the same but I think that UJ levels above 86, while I'm sure they will come in time, I have no idea how long term that would be. Maybe we still need a double bottom @ 76.50 levels first?
I didn't trade UJ this week, too messy. UC had better chances and it showed.
(Strait up, down, up, down).
I think I'm about done for the week. I am still behind on at least 12 hours of sleep since Tuesday morning.

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  • #24,630
  • Jun 16, 2011 11:12pm Jun 16, 2011 11:12pm
Forgot the chart

Attached Image (click to enlarge)
Click to Enlarge Name: uj 4 hour 06-16-11.gif Size: 36 KB
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  • #24,631
  • Jun 16, 2011 11:22pm Jun 16, 2011 11:22pm
Quoting KillerWhale
Forgot the chart

What chart?
Doing what you like is Freedom. Liking what you do is Happiness.
  • #24,632
  • Jun 16, 2011 11:26pm Jun 16, 2011 11:26pm
Quoting KillerWhale
Jumper,
I wish I could do the same but I think that UJ levels above 86, while I'm sure they will come in time, I have no idea how long term that would be. Maybe we still need a double bottom @ 76.50 levels first?
I didn't trade UJ this week, too messy. UC had better chances and it showed.
(Strait up, down, up, down).
I think I'm about done for the week. I am still behind on at least 12 hours of sleep since Tuesday morning.

I haven't traded UJ this week either......MUCH better options that this bottom dwelling piece of shit pair to trade at the moment!!

No one knows how long it will take this pair to get to 100......but it will come. I think it will be well on it's way by the end of the year. Perhaps it will begin it's journey at the end of the month when Bernanke 'speaks' re ending QE2......perhaps it will be when Greece gets booted out of the EU....no one knows.

When it comes though, I hope to be in on the climb. It will be a bonus long term set and forget trade while I carry on as usual
Doing what you like is Freedom. Liking what you do is Happiness.
  • #24,633
  • Jun 17, 2011 12:01am Jun 17, 2011 12:01am
Quoting realjumper
I haven't traded UJ this week either......MUCH better options that this bottom dwelling piece of shit pair to trade at the moment!!

No one knows how long it will take this pair to get to 100......but it will come. I think it will be well on it's way by the end of the year. Perhaps it will begin it's journey at the end of the month when Bernanke 'speaks' re ending QE2......perhaps it will be when Greece gets booted out of the EU....no one knows.

When it comes though, I hope to be in on the climb. [b]It will be a bonus long term set and forget...
Then maybe you should start now, very small in a separate account and add a little trades every 50 pips or so if it goes down.
I'm thinking of doing this with GBP/YEN and
I'm doing the same with Eur/Aud an it starts to get in the green now.
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  • #24,634
  • Jun 17, 2011 1:04am Jun 17, 2011 1:04am
Quoting KillerWhale
Then maybe you should start now, very small in a separate account and add a little trades every 50 pips or so if it goes down.
I'm thinking of doing this with GBP/YEN and
I'm doing the same with Eur/Aud an it starts to get in the green now.
Nope.....I don't do the 'falling knife' thing man. I'll scale in on the way up, not on the way down
Doing what you like is Freedom. Liking what you do is Happiness.
  • #24,635
  • Edited 6:41am Jun 17, 2011 6:02am | Edited 6:41am
Couldn't leave this on the table, opened first long uj @ 80.25.
Target 81

S
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  • #24,636
  • Jun 17, 2011 7:32am Jun 17, 2011 7:32am
Quoting KillerWhale
Couldn't leave this on the table, opened first long uj @ 80.25.
Target 81

S
it is not easy for bullish.
A chart helps those who can read it.
  • #24,637
  • Jun 17, 2011 8:36am Jun 17, 2011 8:36am
Quoting PipPipPip
sell @ 80.95 sl 350pips tp 77-76
yum.
  • #24,638
  • Jun 17, 2011 8:56am Jun 17, 2011 8:56am
Quoting geniusztc
it is not easy for bullish.
On the contrary, it's extremely easy, almost a guaranteed profit.
There is a bottom somewhere for this pair and as long as that is within limits, there's no danger. (Except maybe for my health / heart / nerves, but I'm used to that and I can handle it.)
Theoretically there is no sealing, so losses are limited, while profits are not.

I tend to go with Jumper, finally UJ will come back to "normal" levels which will be 86-90 to start with.
I will average this pair down to 75 without a problem, but I always leave a 500 pip space for "errors".
As long as a spike down to 70 will not give me a margin call I consider this a "safe" trade.

Shamu
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  • #24,639
  • Jun 17, 2011 8:58am Jun 17, 2011 8:58am
Quoting PipPipPip
yum.
would surely like to congratulate you if it makes that!
Don't be a hero. Don't have an ego. Always question yourself
  • #24,640
  • Edited 11:29am Jun 17, 2011 9:13am | Edited 11:29am
Quoting USD-Bear
would surely like to congratulate you if it makes that!
Take in some cash for some booze for the weekend. bahaha.
I will let it the rest ride till die at 200pips from here. (changing sl)
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