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USD/JPY Discussion

  • #32,521
  • Dec 27, 2012 10:04pm Dec 27, 2012 10:04pm
Quoting Halba
to say this is overbought is a massive understatement

this and the nikkei, gone into bubble like levels this week
Increase your TF it probably won't look that way anymore.
It works till it doesn't
  • #32,522
  • Dec 27, 2012 10:10pm Dec 27, 2012 10:10pm
it still is. most of the decline took years. its gone up 600-700 in matter of days
  • #32,523
  • Dec 27, 2012 10:17pm Dec 27, 2012 10:17pm
Exactly right.

What do you think we had a top for this week @ 86.63 and will back towards 86.00 or maybe just below around 85.80 before we will see 87.50 ? or even 88.00
  • #32,524
  • Dec 27, 2012 10:42pm Dec 27, 2012 10:42pm
Quoting Halba
it still is. most of the decline took years. its gone up 600-700 in matter of days
I don't know what to say then I don't trade with indicators just PA & paying attention to FA & political headwinds. Indicators all lag & the only people that really understand how to use them are ones that created them.
It works till it doesn't
  • #32,525
  • Dec 28, 2012 12:57am Dec 28, 2012 12:57am
I was talking to a friend who doesn't trade about how beautiful this daily chart is.....there might be some amazing opportunities to buy in these top two demand levels if and when price returns to them. Classic and well defined support and resistance zones that will probably make the entry very precise, although I would want to wait for short term price action to confirm buying.
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  • #32,526
  • Dec 28, 2012 2:14am Dec 28, 2012 2:14am
Quoting Kanzler
I was talking to a friend who doesn't trade about how beautiful this daily chart is.....there might be some amazing opportunities to buy in these top two demand levels if and when price returns to them. Classic and well defined support and resistance zones that will probably make the entry very precise, although I would want to wait for short term price action to confirm buying.
i think those guys are afraid of too high to buying.
A chart helps those who can read it.
  • #32,527
  • Dec 28, 2012 2:25am Dec 28, 2012 2:25am
It seems the correction has been started. I expect that it will bounce in the 85.6-86.6 range for the next couple of days.
  • #32,528
  • Dec 28, 2012 5:09am Dec 28, 2012 5:09am
Quoting Kanzler
I was talking to a friend who doesn't trade about how beautiful this daily chart is.....there might be some amazing opportunities to buy in these top two demand levels if and when price returns to them. Classic and well defined support and resistance zones that will probably make the entry very precise, although I would want to wait for short term price action to confirm buying.
this shit mightbe a little to crazy for me right now but i did get in on a sell....
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  • #32,529
  • Dec 28, 2012 1:37pm Dec 28, 2012 1:37pm
Been waiting for this for the longest time... thanks to the Congress & Fiscal Cliff. Entered a short with TP @ 79.30... I will see you there come Monday
  • #32,530
  • Dec 28, 2012 2:11pm Dec 28, 2012 2:11pm
Quoting dsmith2269
this shit mightbe a little to crazy for me right now but i did get in on a sell....
Quoting Trader221
Been waiting for this for the longest time... thanks to the Congress & Fiscal Cliff. Entered a short with TP @ 79.30... I will see you there come Monday
Not sure it's going to fall that far, but a nice daily pinbar in the process of forming....unfortunately being Friday if you take it you have to do so before it closes. I didn't mark this level beforehand though so I'm going to sit it out.
  • #32,531
  • Edited 3:33am Dec 29, 2012 3:18am | Edited 3:33am
If it gets down to 82.85 area i will be going long.

If you fib the monthly candle(i know it hasnt closed yet) 50% fib comes in at 84.17 which was a previous area of s/r another good place to look for longs
  • #32,532
  • Dec 29, 2012 4:22am Dec 29, 2012 4:22am
Check this Chart...
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let the chart to be your chauffeur ... -Forexmnstr-
  • #32,533
  • Dec 29, 2012 4:51am Dec 29, 2012 4:51am
it reminds me of the disco lights that laser-ed me all night
  • #32,534
  • Dec 29, 2012 10:14pm Dec 29, 2012 10:14pm
Quoting Trader221
Been waiting for this for the longest time... thanks to the Congress & Fiscal Cliff. Entered a short with TP @ 79.30... I will see you there come Monday
I see your account is blown anyway.
Correction is coming but your account will be blown...

Quoting Trader221
I see, thanks for that... now only the BoJ can save me and take us to 77.55 or I am out
  • #32,535
  • Dec 29, 2012 10:41pm Dec 29, 2012 10:41pm
You all seriously think it will drop this much come Monday when the BOJ has a holiday Monday & Tuesday?
  • #32,536
  • Dec 29, 2012 10:51pm Dec 29, 2012 10:51pm
Quoting Mozzy
You all seriously think it will drop this much come Monday when the BOJ has a holiday Monday & Tuesday?
Nope. Some guys like TraderXXX want to make an impression. The holiday in Japan matthers just for the volatility which means it will be very low.
  • #32,537
  • Dec 29, 2012 10:55pm Dec 29, 2012 10:55pm
So, what's your theory?

I personally don't think it will drop anything below 85.50.
  • #32,538
  • Dec 29, 2012 10:59pm Dec 29, 2012 10:59pm
I was going to edit this in to my post, but, they don't allow editing.

I was going by this report.

'The Yen remains weak against both the dollar and the Euro, reaching 86.15 and 114.31 respectively today and in the longer term there is plenty of upside left for the dollar and on the crosses. However the short term charts are now at O/B extremes and we could see some nasty downside corrective action. There is little to stop the dollar falling to 84.95 (200WMA) or event to 84.10 where the neckline of the reverse H/S lies. If seen, this would provide a good buying opportunity for an eventual test of the upside target at around 92.00.'
  • #32,539
  • Dec 29, 2012 11:09pm Dec 29, 2012 11:09pm
Quoting Mozzy
I was going to edit this in to my post, but, they don't allow editing.

I was going by this report.

'The Yen remains weak against both the dollar and the Euro, reaching 86.15 and 114.31 respectively today and in the longer term there is plenty of upside left for the dollar and on the crosses. However the short term charts are now at O/B extremes and we could see some nasty downside corrective action. There is little to stop the dollar falling to 84.95 (200WMA) or event to 84.10 where the neckline of the reverse H/S lies. If seen, this would...
I agree with it. At this moment UJ is ovebought. It needs to retrace. I bet more to 84.10 where the neckline of inverted HS is. It also become a strong support. As you see at your charts there was plenty of action arround that level.

We will see. I suggest you close longs after market open and then watch the reactions at 85 and 84 levels.
  • #32,540
  • Dec 29, 2012 11:18pm Dec 29, 2012 11:18pm
Yeah, I was thinking to close the open long on one account & the pending order set on another then watch to see where it bottoms out and dive in on a long and target 92.00

Looks like an early rise tomorrow morning.

Will you be awake at that time? I'd be interested to see how you went.
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