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  • #782,461
  • Apr 4, 2013 5:09am Apr 4, 2013 5:09am
Quoting MaxDoom
and now we see the pattern forming on m15 tf giving us a potential AB so if the high price holds we could be at the start of wC headed down to the target zones. this would mean wA = 23% approx wB retrace back to 10% approx. upside danger is that the correction is done at 23% which represents the lower end of the correction target zone I mentioned for this one 23-50% So I have made a cheap entry around the monthly pivot SL is very tight because if price goes any higher we are not on wC so I am wrong no need to be in the trade. {image}
Thanks Dr Doom your notes made me understand alot. But looking at M5 will have lots of noise I reckon right? Well for wC, technically it won't be higher then TE right? You mentioned a retrace of 10% on wB. I reckon a noise of 5% is still allowed right but below the TE?
  • #782,462
  • Apr 4, 2013 5:09am Apr 4, 2013 5:09am
Quoting doggette
So here comes a super-dumb question: how does one calculate pips on yen pairs?!
I tought you were kidding
  • #782,463
  • Apr 4, 2013 5:11am Apr 4, 2013 5:11am
closing all aud and chf pairs..
eaud +56
euchf-3
audcad +60 rest
audusd +50 rest


flatski
  • #782,464
  • Apr 4, 2013 5:12am Apr 4, 2013 5:12am
Quoting math_GB
I tought you were kidding
naah, she said something last night...
tsk, tsk, should've paid more attention there, mate
  • #782,465
  • Apr 4, 2013 5:14am Apr 4, 2013 5:14am
OK, no EJ shorting for me, I can see 122.80 now...
  • #782,466
  • Apr 4, 2013 5:14am Apr 4, 2013 5:14am
Quoting math_GB
I tought you were kidding
Nope, never dealt with yen pairs before but I'm starting demo practice on eurjpy. Seems like less work than eurusd atm. But didn't want to jump in without knowing what the hell I'm aiming for. Remember I've only been at this for about 3 years, coming from a rock bands background so nothing finance related whatsoever. Thankfully I have my mums brains. But you already know my background
  • #782,467
  • Apr 4, 2013 5:16am Apr 4, 2013 5:16am
Quoting Derextreme
Thanks Dr Doom your notes made me understand alot. But looking at M5 will have lots of noise I reckon right? Well for wC, technically it won't be higher then TE right? You mentioned a retrace of 10% on wB. I reckon a noise of 5% is still allowed right but below the TE?
welcome to lower TF noise....... that is why I trade Daily, hourly, and tick chart for final entry..... I only ever dip into other tfs to look at structures.


TE - yes so long as TE (and TS) holds we are in correction of that swing, and the price could go right back to TE and pull down again. This is where the art form comes in, knowing when the scenario looks higher probability of playing out in your favour than otherwise.

I was wrong on the last entry and lost 6 pips.
  • #782,468
  • Apr 4, 2013 5:17am Apr 4, 2013 5:17am
Quoting doggette
So here comes a super-dumb question: how does one calculate pips on yen pairs?!
If you mean the value of 1 pip for Yen Cross depends on your base currency.

For Example:

You account currency is USD.

For USD/JPY rate @95.55

USD/JPY = 100/95.55 = 1.04 x $/pip.

So you gain the extra 0.04 per pip as compared to EUR/USD.

That is the only exception for JPY and USD as quote.
  • #782,469
  • Apr 4, 2013 5:23am Apr 4, 2013 5:23am
hey bro - how you been? Ive been quiet this week with loads on - still holding onto my longs... see how far the rabbit hole goes - did little experiment today which paid off dutifully.. all fun n games

this is my euro/jpy - a little apprehensive on whether to hold during ecb though haha

Quoting math_GB
You still in EJ short champ...? I am considering to re-enter...
Attached Image (click to enlarge)
Click to Enlarge Name: europ.png Size: 150 KB
"Millionaires don't use astrology, billionaires do"
  • #782,470
  • Apr 4, 2013 5:24am Apr 4, 2013 5:24am
hey trouble...

hope all is rocking and rolling with you!!!

Quoting doggette
Nope, never dealt with yen pairs before but I'm starting demo practice on eurjpy. Seems like less work than eurusd atm. But didn't want to jump in without knowing what the hell I'm aiming for. Remember I've only been at this for about 3 years, coming from a rock bands background so nothing finance related whatsoever. Thankfully I have my mums brains. But you already know my background
"Millionaires don't use astrology, billionaires do"
  • #782,471
  • Apr 4, 2013 5:24am Apr 4, 2013 5:24am
Quoting MaxDoom
welcome to lower TF noise....... that is why I trade Daily, hourly, and tick chart for final entry..... I only ever dip into other tfs to look at structures. TE - yes so long as TE (and TS) holds we are in correction of that swing, and the price could go right back to TE and pull down again. This is where the art form comes in, knowing when the scenario looks higher probability of playing out in your favour than otherwise. I was wrong on the last entry and lost 6 pips.
Thanks man Dr Doom. From your entry you mentioned PA is likely to test the high before continuing the downside move?
  • #782,472
  • Apr 4, 2013 5:25am Apr 4, 2013 5:25am
Quoting Ken A
You feel that?
he got hammered...
  • #782,473
  • Apr 4, 2013 5:27am Apr 4, 2013 5:27am
Quoting forex_growth
hey trouble... hope all is rocking and rolling with you!!!
Hey there, you've been away for a while
  • #782,474
  • Apr 4, 2013 5:28am Apr 4, 2013 5:28am
Quoting SnaveForex
he got hammered...
I saw he made good pips out of it.
  • #782,475
  • Apr 4, 2013 5:30am Apr 4, 2013 5:30am
TE - yes so long as TE (and TS) holds we are in correction of that swing.

Hey Max, a question please if I may. How did you go about drawing the line TE-TS? My instinct would have told me the line would be more vertical, with TE at the low 119.19 and TS at the high 122.63. Your line changes the fib lines only slightly, but still, I'd like to understand better how to select these swing highs and lows. Are they fairly open to interpretation?

I'm really appreciating all your input here, it's absolutely priceless!!
  • #782,476
  • Apr 4, 2013 5:42am Apr 4, 2013 5:42am
Quoting lancedes
TE - yes so long as TE (and TS) holds we are in correction of that swing. Hey Max, a question please if I may. How did you go about drawing the line TE-TS? My instinct would have told me the line would be more vertical, with TE at the low 119.19 and TS at the high 122.63. Your line changes the fib lines only slightly, but still, I'd like to understand better how to select these swing highs and lows. Are they fairly open to interpretation? I'm really appreciating all your input here, it's absolutely priceless!!

well TS = Trend Start and the move was a upward BULL move so the start is the low and therefore TE at the high. That way when we talk about a 23% retrace of a 400 pip BULL move say we are saying the top 92 pips = 23%

I actually made a slight mistake with that one because I had been asked to look at the M5 chart I didn't pick up the proper low at 119.10 on the hourly but that really makes little difference in this case.

I normally use the hourly as the minimum TF for classifying a swing.


edit: I am aware that some prefer to draw fibs the other way around and when they say a 78% retrace they mean back to the 78% level of the increase which is really only a 22% retrace. but then what is a 100% retrace in that scenario = 0 pips so I prefer the standard method where 100% retrace = a complete reverse of the move.
  • #782,477
  • Apr 4, 2013 5:48am Apr 4, 2013 5:48am
Quoting doggette
Nope, never dealt with yen pairs before but I'm starting demo practice on eurjpy. Seems like less work than eurusd atm. But didn't want to jump in without knowing what the hell I'm aiming for. Remember I've only been at this for about 3 years, coming from a rock bands background so nothing finance related whatsoever. Thankfully I have my mums brains. But you already know my background
No worries babe...! Ken A is pretty good with Yen thing for your information, he can guide you all the way...
  • #782,478
  • Apr 4, 2013 5:48am Apr 4, 2013 5:48am
Quoting ec_creep
had you been in BoJ meeting? you weren't around again
Have other craps to run, forex is in between
  • #782,479
  • Apr 4, 2013 5:49am Apr 4, 2013 5:49am
It's snowing ffs!
  • #782,480
  • Apr 4, 2013 5:49am Apr 4, 2013 5:49am
Quoting forex_growth
hey bro - how you been? Ive been quiet this week with loads on - still holding onto my longs... see how far the rabbit hole goes - did little experiment today which paid off dutifully.. all fun n games this is my euro/jpy - a little apprehensive on whether to hold during ecb though haha {image}
Hey mate...! Where have you been hiding...? I guess EJ will mark a new high at least, great job you have there...! Congratulations...!
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