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  • #2,121
  • Mar 5, 2012 9:26am Mar 5, 2012 9:26am
Hi Dazzdude, yes I remember.

I attached the 4hr, daily and weekly charts for disscusion only, not for trading. I hope you can understand what I am trying to express through the charts.

AUDUSD has been ranging. Good trading opportunity on the channels.


Attached Image (click to enlarge)
Click to Enlarge Name: 120305 au 4hr.gif Size: 27 KB


Attached Image (click to enlarge)
Click to Enlarge Name: 120305 au daily.gif Size: 27 KB


Attached Image (click to enlarge)
Click to Enlarge Name: 120305 au weekly.gif Size: 27 KB
  • #2,122
  • Mar 5, 2012 11:29am Mar 5, 2012 11:29am
Quoting sher
Hi Dazzdude, yes I remember.

I attached the 4hr, daily and weekly charts for disscusion only, not for trading. I hope you can understand what I am trying to express through the charts.

AUDUSD has been ranging. Good trading opportunity on the channels.
Awesome. That's how I see it.

d
  • #2,123
  • Mar 5, 2012 11:59am Mar 5, 2012 11:59am
Quoting Yojimbo
Hey folks. I would very much appreciate to hear your thoughts about the Yen pairs I've attached to this post. Would you consider my entry logic good enough for a try or suicidal? Basically I'm expecting price to touch the level where price consolidated at before it took off. It all bases on the assumption that the downtrend for those pairs is over because of broken TLs, current high/low structures, S/R situation.

I admit that I am looking for a way to profit from those pullback moves too.
Hi Yojimbo,

Your charts looks fine to me.

With Yen, Feb was a tremendously strong month. March should see a positive monthly candle as well. However, all markets have pullbacks, so the safest trade will be pullback, enter, ride. The trick is to look at where price might hold as support and find an entry. I see that is what you are doing.... nice. My chart shows a weekly view on this. See my previous posts for more detailed spots 4hr.

I took three trades today, ALL on Yen (Yen has my eye at the moment!). I will post them below.

d
Attached Image (click to enlarge)
Click to Enlarge Name: jen_weekly.png Size: 32 KB
  • #2,124
  • Mar 5, 2012 12:11pm Mar 5, 2012 12:11pm
Quoting dazzdude
Hi Yojimbo,

I took three trades today, ALL on Yen (Yen has my eye at the moment!). I will post them below.

d
here they are...

Chart 1, not a position play as waiting for deeper pullback.
Chart 2, just looking at pullback to lowe channel.
Chart 3, (not planned) catch my eye, so took on a very small scalp

d
Attached Image(s) (click to enlarge)
Click to Enlarge Name: jen_x.png Size: 38 KB
Click to Enlarge Name: Yen_2.png Size: 26 KB
Click to Enlarge Name: Yen_3.png Size: 32 KB
  • #2,125
  • Mar 5, 2012 2:26pm Mar 5, 2012 2:26pm
@dazzdude: Thx for your reply. It reassures me a little to hear that my charts are not bogus. Then again it's just Will's philosophy of spotting the obvious. The real test is the pin point entry. I've been pondering about what you said and have added my thoughts to an updated chart of USDJPY. Most of them can be found in the first chart. The second one contains one more TL that serves as a reason to lower my entry. Again comments would be appreciated.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USDJPY.jpg Size: 125 KB
Click to Enlarge Name: USDJPY2.jpg Size: 102 KB
Do we have a deal?
  • #2,126
  • Mar 5, 2012 3:19pm Mar 5, 2012 3:19pm
Quoting Yojimbo
@dazzdude: Thx for your reply. It reassures me a little to hear that my charts are not bogus. Then again it's just Will's philosophy of spotting the obvious. The real test is the pin point entry. I've been pondering about what you said and have added my thoughts to an updated chart of USDJPY. Most of them can be found in the first chart. The second one contains one more TL that serves as a reason to lower my entry. Again comments would be appreciated.
Sure, why not.

It's amazing how different your daily bars look compared to mine. Vastly different in fact. Your daily bars appear to show the market movement much better then mine. You can see the "boost" - "consolidate" - "boost" structure Will talks about more clearly.

Looking at your chart, the 79.60 level stand out like bogs b@llz... I would say that level should bring some buyers to the table. Its just so clear on your daily chart compared to mine.

d
Attached Image (click to enlarge)
Click to Enlarge Name: yen_y.png Size: 294 KB
  • #2,127
  • Mar 5, 2012 3:44pm Mar 5, 2012 3:44pm
Hi Yojimbo,

I notice above you are looking at both eur/jpy and usd/jpy.

From low to high on the daily, eur/jpy rallied 1300 pips and pulled back 300 (or 23%)

From low to high on the daily, usd/jpy rallied 580 pips and pulled back 70 (or 12%)

Some schools of thought would say that usd/jpy is a stronger pair relative eur/jpy and therefore a better pair to look for a long, if you have to make a choice between the two. Other folk say different. I am not an expert in this area, but it might be interesting/educational over the coming weeks to see which one makes the best buy from here, in relative % terms.

6/3/12
------
usd/jpy 81.50 (low 76, 81.85)

eur/jpy 107.70 (low 96.90, high 109.90)

It might be interesting to come back and look later in the month.

d
  • #2,128
  • Mar 5, 2012 4:00pm Mar 5, 2012 4:00pm
Quoting dazzdude
Looking at your chart, the 79.60 level stand out like bogs b@llz...
Lol xD a very delight causing way of putting it Anyway, I will leave EUR/JPY be and concentrate on USD/JPY and especially GBP/JPY. I'm pretty sure that the consolidation area will cause price reactions but I will wait this out til it reaches the bottom trendline. Coz then I'll be in some nice position to hold onto for possibly weeks and! the consolidation area looks small in range so I'm not so sure about whether the price reaction will be worth all the heartache I will have to go through since I still consider myself a novice trader.

Thanks again for your participating in my thoughts
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY.jpg Size: 106 KB
Do we have a deal?
  • #2,129
  • Mar 5, 2012 4:30pm Mar 5, 2012 4:30pm
put a short order at 129.60. I pray for no whip.
Do we have a deal?
  • #2,130
  • Mar 5, 2012 8:59pm Mar 5, 2012 8:59pm
Quoting dazzdude
It's amazing how different your daily bars look compared to mine. Vastly different in fact. Your daily bars appear to show the market movement much better then mine. You can see the "boost" - "consolidate" - "boost" structure Will talks about more clearly. d
Yojimbo, which broker are you using for these charts? Or if you would rather not say, then what time (GMT) does their daily bar start?
Good Trading
  • #2,131
  • Mar 5, 2012 9:49pm Mar 5, 2012 9:49pm
update

Attached Image (click to enlarge)
Click to Enlarge Name: 120305 au 4hr target hit.gif Size: 30 KB


Attached Image (click to enlarge)
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  • #2,132
  • Mar 5, 2012 11:36pm Mar 5, 2012 11:36pm
Quoting aud
Yojimbo, which broker are you using for these charts? Or if you would rather not say, then what time (GMT) does their daily bar start?
Broker's Flatex (German), GMT+1
Do we have a deal?
  • #2,133
  • Mar 5, 2012 11:55pm Mar 5, 2012 11:55pm
Never learned to trade with momentum so wouldn't know how to catch this if it actually dropped. I guess it involves setting a big SL which I cannot afford. I will let this one go if it doesn't trigger my order. Will's rule of price moving back to it's origin makes me wait for price move to the 129.60. If that is the origin of the move that is. Maybe it's the 130.00. Regardless. Right now it looks as if the TL will be tested again with engulfing on H1 so chances are that my order will be triggered in time. Yesterday's D1 ended with a hanging man. All nice reasons to enter but if it goes wrong we're all wiser that we should have looked for reasons not to enter.

Post post edit: if it drops without triggering my order I will see if I can get a retest at 129.00 thats where price turned twice.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY.jpg Size: 93 KB
Do we have a deal?
  • #2,134
  • Edited 2:34am Mar 6, 2012 2:06am | Edited 2:34am
raised my limit sell to 129.90 because if it really reattempts a new high it will be with some force before collapsing. London is open. Playing with a breakout scalp from 128.90 to 128.60 looking good so far.

The longer you look at a picture the more complicated it can get. One should try to keep it simple as much as possible. Like staying in one timeframe.

Post post edit: Closed the trade a couple of pips before TP. Earned me some pips though out of fear. My big plan is still another test of those three TLs. Still countertrend. With only yesterday's hanging man to prompt me to go short. As a sidenotice: I hope I'm not abusing this marvellous thread as a personal trading journal. Jesus, I am... Less posts. Only setups and maybe the outcome later on.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPJPY.jpg Size: 106 KB
Click to Enlarge Name: GBPJPY2.jpg Size: 121 KB
Do we have a deal?
  • #2,135
  • Mar 6, 2012 2:34am Mar 6, 2012 2:34am
Quoting Yojimbo
As a sidenotice: I hope I'm not abusing this marvellous thread as a personal trading journal. Jesus, I am... Less posts. Only setups and maybe the outcome later on.
Not at all. Without some posts, the thread could stagnate and die. All you need do is respect the thread starter and keep your posts congruent with the topic of the thread (which u r). Oh yeah, and don't let Will catch you posting a chart with indicators.

d
  • #2,136
  • Mar 6, 2012 2:36am Mar 6, 2012 2:36am
Quoting sher
update
Aud
I do like your charts.

Clean, simple, logical... and congruent with the thread.

d
  • #2,137
  • Mar 6, 2012 2:38am Mar 6, 2012 2:38am
Quoting dazzdude
Oh yeah, and don't let Will catch you posting a chart with indicators.
lol I'm long past that phase. My only indicator used to be my fortune teller whom I can't find anymore since she has gone off to trade forex xD
Do we have a deal?
  • #2,138
  • Mar 6, 2012 2:57am Mar 6, 2012 2:57am
I get more confident staring at the chart. The only debateable part is whether or not everyone else sees it without squinting.

Anyway, price hasn't had the big drop yet so retest is still on the table with the reasons attached to the chart below.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY2.jpg Size: 126 KB
Do we have a deal?
  • #2,139
  • Mar 6, 2012 3:43am Mar 6, 2012 3:43am
drop has happened invalidating my short at 129.60. Price collapse shows nice hookish shape. Now looking to get onto the train somehow without chasing it.

Just realised that had I drawn the TL on the daily a bit more precisely I would have probably caught it at the very beginning. Would have, should have, could have. Terrible isn't it?
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY.jpg Size: 96 KB
Do we have a deal?
  • #2,140
  • Mar 6, 2012 4:43am Mar 6, 2012 4:43am
some post trade thoughts.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY.jpg Size: 123 KB
Do we have a deal?
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