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USD/JPY Discussion

  • #31,241
  • Aug 16, 2012 12:15am Aug 16, 2012 12:15am
So, on 1h the first resistance was taken with rising volumen, waiting for confimation on 4h
Attached Image (click to enlarge)
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  • #31,242
  • Aug 16, 2012 12:17am Aug 16, 2012 12:17am
USD/JPY broke above a crucial resistance of 78.78 which was high of 09/08. So went long today's open at 79.00. Another buy limit placed at 78.56.

Stoploss placed at swing low support at 78.15 with a profit target at 79.94 (last swing high).

For other currency analysis and charts plz see www.forexmadeeasier.blogspot.com

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  • #31,243
  • Aug 16, 2012 12:24am Aug 16, 2012 12:24am
This pair has moved more in the last 24 hours than it has in the last month.
  • #31,244
  • Aug 16, 2012 12:37am Aug 16, 2012 12:37am
Quoting 2+2=4ex
This pair has moved more in the last 24 hours than it has in the last month.
Yep, that is why i will be looking now for some retracment to re-enter long possition
  • #31,245
  • Edited 1:11am Aug 16, 2012 12:58am | Edited 1:11am
Anyone taking shorts here at these levels? Looks like a doji on the one hour chart and right underneath some resistance. I'm considering....

I'm short from 79.32
  • #31,246
  • Aug 16, 2012 1:15am Aug 16, 2012 1:15am
Quoting NewbTrader7
Anyone taking shorts here at these levels? Looks like a doji on the one hour chart and right underneath some resistance. I'm considering....

I don't like swing trading and going against trend, so won't take short, but as i wrote few minutes ago there i potentian for some retracment, mayby to 79.10-79.00 lvls

However I think that it will be a short retracment, 4h closed above resistnace at 79.25 lvl, the next resistances are 79.50-60 (daily 200 sma and 68.2 fibo lvl from 80.65) and 79.90-80.00 ofc.
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  • #31,247
  • Aug 16, 2012 1:27am Aug 16, 2012 1:27am
Quoting Haqu
I don't like swing trading and going against trend, so won't take short, but as i wrote few minutes ago there i potentian for some retracment, mayby to 79.10-79.00 lvls

However I think that it will be a short retracment, 4h closed above resistnace at 79.25 lvl, the next resistances are 79.50-60 (daily 200 sma and 68.2 fibo lvl from 80.65) and 79.90-80.00 ofc.
Yeah, I think you're absolutely right. I'm trying to scalp a few pips and on was thinking of taking tp at my sma level which is 10. Appreciate your advice. Happy trading to you.
  • #31,248
  • Aug 16, 2012 2:45am Aug 16, 2012 2:45am
Quoting NewbTrader7
Yeah, I think you're absolutely right. I'm trying to scalp a few pips and on was thinking of taking tp at my sma level which is 10. Appreciate your advice. Happy trading to you.
Thanks a lot, and many green pips for you, as for now they are in this color
  • #31,249
  • Aug 16, 2012 4:17am Aug 16, 2012 4:17am
looking for 80.50 before a possible meaningful retracement

UJ D1:
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Don't be a hero. Don't have an ego. Always question yourself
  • #31,250
  • Aug 16, 2012 4:20am Aug 16, 2012 4:20am
My setups
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  • #31,251
  • Aug 16, 2012 4:25am Aug 16, 2012 4:25am
Quoting tmroland
My setups
nice charts tmroland, thanks!
Don't be a hero. Don't have an ego. Always question yourself
  • #31,252
  • Aug 16, 2012 11:42pm Aug 16, 2012 11:42pm
Caught the breakout 50 pips ago and now adding to it as we are breaking a significant high that I see as a good opportunity as a long. Long bitches long
All posts are my personal opinion
  • #31,253
  • Aug 17, 2012 5:33am Aug 17, 2012 5:33am
looking for a good point of entry, any views?
  • #31,254
  • Aug 17, 2012 5:42am Aug 17, 2012 5:42am
Quoting Mr.Kruger
looking for a good point of entry, any views?
Dont know if you are long term but we may have the start of a new up trend here so come aboard the long side.

Entry is not that important though, remember that. Its your MM
All posts are my personal opinion
  • #31,255
  • Aug 17, 2012 8:06am Aug 17, 2012 8:06am
Quoting Mr.Kruger
looking for a good point of entry, any views?
Agree with Rtm,
but if you can't act during the move, I would suggest around 78.80 would be best, risking we do not see that level again.....
Don't be a hero. Don't have an ego. Always question yourself
  • #31,256
  • Aug 17, 2012 9:23am Aug 17, 2012 9:23am
Been in this for about 4 weeks now since it got to the 78.10 level.

I have two lots, 1 Im gonna TP at 80.50 level, the other, Im leaving for months/years.

If/when it breaks the 80.50/60 level, Ima going in again and riding that bastard to 84!
  • #31,257
  • Aug 17, 2012 9:31am Aug 17, 2012 9:31am
Quoting Rtm
Dont know if you are long term but we may have the start of a new up trend here so come aboard the long side.

Entry is not that important though, remember that. Its your MM
Im taking a long term position. bought @ 79.380
  • #31,258
  • Aug 17, 2012 9:53am Aug 17, 2012 9:53am
It's looking good to me to go long from here (entering at 79.50), then I looked at all the other Yen pairs, and darn it, the CAD/JPY pair has risen four times as far since it bottomed and with a fraction of the noise of the USD/JPY pair.

I used to check every pair regularly. I don't know why or when I stopped, but I'm kicking myself now and looking for a good CAD/JPY entry point.
You can always make money tomorrow provided you don't lose it today.
  • #31,259
  • Aug 17, 2012 12:37pm Aug 17, 2012 12:37pm
What do you guys think is the risk of a re-tracement from 79.500 ?
  • #31,260
  • Aug 17, 2012 12:45pm Aug 17, 2012 12:45pm
Quoting Mr.Kruger
What do you guys think is the risk of a re-tracement from 79.500 ?
always possible of course but the fact it's constantly hanging around recent highs reduces those risks. Wouldn't surprise me if go directly towards 80.60 before any meaningful retrace
Don't be a hero. Don't have an ego. Always question yourself
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