Attachments: USD/JPY Discussion

USD/JPY Discussion

#33,761
May 9, 2013 1:31pm May 9, 2013 1:31pm

mm2mm
| Joined Jun 2012 | Status: Trader | 405 Posts

>100.65

?

#33,762
May 9, 2013 1:33pm May 9, 2013 1:33pm

Zeroh
| Joined Jul 2009 | Status: Trader | 342 Posts

101 coming up "soon"

shorts still getting squeezed, bulls going nuts.

longer term 102 103 all possible up coming weeks.

#33,763
May 9, 2013 1:37pm May 9, 2013 1:37pm

1candlepower
| Joined Oct 2012 | Status: Trader | 938 Posts

Quoting Zeroh

Disliked

101 coming up "soon" shorts still getting squeezed, bulls going nuts. longer term 102 103 all possible up coming weeks.

Ignored

i might try a short at ~101.50 - the high from Apr '09 - depending overall tech pic

#33,764
May 9, 2013 1:39pm May 9, 2013 1:39pm

1candlepower
| Joined Oct 2012 | Status: Trader | 938 Posts

Quoting 1candlepower

Disliked

{quote} i might try a short at ~101.50 - the high from Apr '09 - depending overall tech pic

Ignored

right now, too many moths trying to short the "flame"

#33,765
May 9, 2013 1:44pm May 9, 2013 1:44pm

Zeroh
| Joined Jul 2009 | Status: Trader | 342 Posts

Buy on pullbacks, ride it up, will prob keep going higher for rest of the week. You may see some big take profits before the weekend on Fridays US session.

If you got shorts below 100 your prob in big doo-doo now, should've of covered @ 100 break.

hell id cover now, it can get real ugly real soon for you shorts.

#33,766
May 9, 2013 1:54pm May 9, 2013 1:54pm

1candlepower
| Joined Oct 2012 | Status: Trader | 938 Posts

Quoting Zeroh

Disliked

Buy on pullbacks, ride it up, will prob keep going higher for rest of the week. You may see some big take profits before the weekend on Fridays US session. If you got shorts below 100 your prob in big doo-doo now, should've of covered @ 100 break. hell id cover now, it can get real ugly real soon for you shorts.

Ignored

if you're short from around 100

and you can go to 102 w/o getting stopped out, it may come back over the next few weeks... it has been pulling back to the prev b/o area after week or two. on the other hand it might not

#33,767
May 9, 2013 2:01pm May 9, 2013 2:01pm

Zeroh
| Joined Jul 2009 | Status: Trader | 342 Posts

Quoting 1candlepower

Disliked

{quote} if you're short from around 100 and you can go to 102 w/o getting stopped out, it may come back over the next few weeks... it has been pulling back to the prev b/o area after week or two. on the other hand it might not

Ignored

I wouldn't risk it if its going to 104-105 in say one month, it may wipe you out.

and you dont want to hold a potentially toxic position on the "hope" of it coming back.

I would imagine 100 going to be strong Support for awhile...

And Japanese Money printing going to last for many months....

#33,768
May 9, 2013 2:08pm May 9, 2013 2:08pm

1candlepower
| Joined Oct 2012 | Status: Trader | 938 Posts

i think another thing supporting .uj is the general buy dollar crowd move (a la the "tapering QE sooner than expected" rumor) and the general "permission" it gives to trash your ccy if you are canada, australia, new zealand, UK, EU... or JAPAN! ...after all: everybody's doing it!!.. and permission is so important to japan. i wonder how far this will go - virtually every short dollar position in sight is getting wiped out right now, and a weak ccy is just what everyone wants right now. what is there to stop it?

#33,769
May 9, 2013 2:22pm May 9, 2013 2:22pm

mm2mm
| Joined Jun 2012 | Status: Trader | 405 Posts

Another push higher is coming ?

#33,770
May 9, 2013 2:28pm May 9, 2013 2:28pm

1candlepower
| Joined Oct 2012 | Status: Trader | 938 Posts

something interesting (from the AEWG*): if you do a wave count from the break of consolidation around 1300 est, then we're are in an extended 4th wave now and will probably go to 101 in a few hours. but, if you start counting from the down channel break around 0900 est this morning, then we are now in a very big subdivided 3rd wave; and, that means we still have a ways to go before the 4th wave of the main move... at the current rate of development, the 4th wave sideways action could take place ABOVE 101, and we could land on 101.5 by tomorrow! wow.

(*AEWG = amateur elliott wave guy)

#33,771
May 9, 2013 2:34pm May 9, 2013 2:34pm

mm2mm
| Joined Jun 2012 | Status: Trader | 405 Posts

I am holding this, but have moved SL above B.E with profit... hopefully goes higher w/o hitting my sl

#33,772
May 9, 2013 2:43pm May 9, 2013 2:43pm

1candlepower
| Joined Oct 2012 | Status: Trader | 938 Posts

Quoting mm2mm

Disliked

I am holding this, but have moved SL above B.E with profit... hopefully goes higher w/o hitting my sl

Ignored

if we are in the 4th of a subdividing 3rd, then the extended 4th for the main move above 101 should last much longer... maybe a week. i'm long from the dip around 1420 est (100.46) right now and expect to get out around maybe 101.20-ish. then the really extended main 4th (if it comes) would make a nice range play: long, short, long, short...

#33,773
May 9, 2013 2:46pm May 9, 2013 2:46pm

trylikeafool
| Joined Jan 2013 | Status: Trader | 27 Posts

I'm waiting to see if it breaks the 100.70 area and have a long order at 100.80. Nearly triggered a half-hour ago. Looks like maybe some consolidation before the next move up?

#33,774
May 9, 2013 2:47pm May 9, 2013 2:47pm

Zeroh
| Joined Jul 2009 | Status: Trader | 342 Posts

Some minor Japanese news coming up for Asia, would be nice if Japanese stocks up, lets see. Japanese stocks like to up when yen down, it perpetuates.

#33,775
May 9, 2013 3:33pm May 9, 2013 3:33pm

1candlepower
| Joined Oct 2012 | Status: Trader | 938 Posts

Quoting 1candlepower

Disliked

{quote} if we are in the 4th of a subdividing 3rd, then the extended 4th for the main move above 101 should last much longer... maybe a week. i'm long from the dip around 1420 est (100.46) right now and expect to get out around maybe 101.20-ish. then the really extended main 4th (if it comes) would make a nice range play: long, short, long, short...

Ignored

.uj picture starting to shape-up here: the current max at 100.77 is the exact 138.2 retrace of down move from apr 24 - apr 30. currently price rising very neatly in up-channel (the assumed extended 4th wave of a subdivided higher order 3rd wave)... the 150 retrace level is at 101.10 - that would make a very normal looking 5th wave (subdivided 3rd or not) ...may decide to close long at 101.1 instead of 101.2 and then wait for higher order extended 4th wave to develop (range trade...woo-hoo!!)

#33,776
May 9, 2013 3:59pm May 9, 2013 3:59pm