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USD/JPY Discussion

  • #38,881
  • Nov 6, 2013 11:02am Nov 6, 2013 11:02am
USD/JPY H1 CHART
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  • #38,882
  • Nov 6, 2013 12:05pm Nov 6, 2013 12:05pm
Quoting iahmedz
My stop loss is at 98.87
You shorting bro? whats your Entry and your TP?
  • #38,883
  • Nov 6, 2013 1:22pm Nov 6, 2013 1:22pm
Quoting kweiss10
{quote} You shorting bro? whats your Entry and your TP?
Entering was 98.67, have closed at 98.58. UJ is not moving :-( now new short entry is 98.69 I will close it i 9 pips
  • #38,884
  • Nov 6, 2013 3:33pm Nov 6, 2013 3:33pm
14 pip range allllll day
  • #38,885
  • Nov 6, 2013 3:42pm Nov 6, 2013 3:42pm
Quoting CJayB
14 pip range allllll day
How come? I agree that it was a narrow range day but it wasnt that narrow...

H:9874 & L:9839

Olu
If you think you can or cannot do it you are correct
  • #38,886
  • Nov 6, 2013 4:06pm Nov 6, 2013 4:06pm
Daily candle closed just under yesterday's high (which is about the only thing bears can hang their hat on). Now daily is green, weekly is green, and monthly is green. Bears did all they could today and really put up a fight, but they look tired now no doubt about it. Bears may have one final push down to 98.60, but thats about it. I'm readjusting my stop to 98.36.
Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #38,887
  • Nov 6, 2013 4:12pm Nov 6, 2013 4:12pm
Quoting Olu
{quote} How come? I agree that it was a narrow range day but it wasnt that narrow... H:9874 & L:9839 Olu
When did 98.39 print? Lowest I have on the day is 98.47, unless our days are different due to a time zone difference.

I was referring to the fact a vast majority of the time in NY trading today was spent in a super tight range, though. I have a H on my Daily of 98.738 and a L 98.474
  • #38,888
  • Nov 6, 2013 4:19pm Nov 6, 2013 4:19pm
Quoting zusch
Daily candle closed just under yesterday's high (which is about the only thing bears can hang their hat on). Now daily is green, weekly is green, and monthly is green. Bears did all they could today and really put up a fight, but they look tired now no doubt about it. Bears may have one final push down to 98.60, but thats about it. I'm readjusting my stop to 98.36.
Many times getting rejected by the 98.7 wall...good reason for bears to take this down...yet dont see many bears showing up
  • #38,889
  • Nov 6, 2013 4:27pm Nov 6, 2013 4:27pm
Quoting Doboy408
{quote} Many times getting rejected by the 98.7 wall...good reason for bears to take this down...yet dont see many bears showing up
battling with a rather large ascending triangle, next hour will be interesting
Do what's right for you
  • #38,890
  • Nov 6, 2013 4:28pm Nov 6, 2013 4:28pm
Quoting Tom_D_Trader
So may suggest Japan stocks are about to be doing well.
Am hoping Japans will do what they should on Tokyo
"I know one thing, that I know nothing." Sokrates
  • #38,891
  • Nov 6, 2013 5:35pm Nov 6, 2013 5:35pm
some big buyers showing themselves already, but will it be enough?
Do what's right for you
  • #38,892
  • Nov 6, 2013 5:48pm Nov 6, 2013 5:48pm
Quoting momochi
some big buyers showing themselves already, but will it be enough?
Am going to leverage my dog . 10 mins till Tokyo.
"I know one thing, that I know nothing." Sokrates
  • #38,893
  • Nov 6, 2013 5:48pm Nov 6, 2013 5:48pm
Quoting Tom_D_Trader
{quote} Am hoping Japans will do what they should on Tokyo
what's your target mr tom?
Do what's right for you
  • #38,894
  • Nov 6, 2013 5:50pm Nov 6, 2013 5:50pm
Pls dont call me Mr, am young guy. Am targetting 104 and prepared to get kicked out again and again and again. Am usually loading position for like three weeks till we finally break.
"I know one thing, that I know nothing." Sokrates
  • #38,895
  • Nov 6, 2013 5:54pm Nov 6, 2013 5:54pm
The options market has very large option barriers at 99, 99.5 and 100 that will prevent large and quick moves upwards. It will be a crawl, with possible short bursts upwards if it trades just slightly higher than each of those numbers. I would be watching for a touch, followed by a quick reversal downwards – essentially a fake breakout.

Remember ladies and gentleman, if the fundamentals are not driving the market, which they haven’t for months, the options market takes control.
  • #38,896
  • Nov 6, 2013 5:58pm Nov 6, 2013 5:58pm
Quoting seandean
Remember ladies and gentleman, if the fundamentals are not driving the market, which they haven’t for months, the options market takes control.
They are totally in domination of UJ move. Isnt it kind of coincidence whole UJ uptrend started when Abe san took over?

edit 4 Olu: May be waiting for tomorrows ECB decision. It is a big market mover.
"I know one thing, that I know nothing." Sokrates
  • #38,897
  • Nov 6, 2013 6:00pm Nov 6, 2013 6:00pm
Quoting CJayB
{quote} When did 98.39 print? Lowest I have on the day is 98.47, unless our days are different due to a time zone difference. I was referring to the fact a vast majority of the time in NY trading today was
spent in a super tight range, though. I have a H on my Daily of 98.738 and a L 98.474

I use the charts from http://www.dailyfx.com/charts/forexpowerchart I think its day starts 10pm uk time. But I get what you are saying. It was really an atrocious trading range today.

Olu
If you think you can or cannot do it you are correct
  • #38,898
  • Nov 6, 2013 6:02pm Nov 6, 2013 6:02pm
Today:
Attached Image
If you think you can or cannot do it you are correct
  • #38,899
  • Nov 6, 2013 6:16pm Nov 6, 2013 6:16pm
Quoting Tom_D_Trader
{quote} They are totally in domination of UJ move. Isnt it kind of coincidence whole UJ uptrend started when Abe san took over? edit 4 Olu: May be waiting for tomorrows ECB decision. It is a big market mover.


The move absolutely started when Abe took over, his government and policies are the reason for Yen weakness, but his third-arrow, the next round of changes have so far fallen short and the market has no reason to move anywhere.

The Nikkei, TOPIX, and USD/JPY have all been range bound since the summer. Market talk is that we shouldn’t expect anything big until around the middle of next year, when most economists expect further QE and possibly QE-related policy changes from the BOJ.

Don’t target 104. If you’re going to trade the spot market, look too short at the top-range around 99-100 with a target around 97, and conversely go long around 97-96 with a target around 99.

Better yet, trade options around those option barriers and make less risky trades.
  • #38,900
  • Nov 6, 2013 6:26pm Nov 6, 2013 6:26pm
seandean,

When have economist expectations meant anything? With price coiling and tightening in such a clean and defined fashion as it is now, it is extremely unlikely that it stays range bound until next summer when all the economists finally catch up with what the market is doing.

I hear you on these barriers above, but there are just as many/more below. I'm not going to pretend to be an institutional trader, but in order for institutions/banks to get into their full positions they need large barriers where they can take out huge amounts of stops. The path of least resistance remains up. Banks/institutions are still short Yen, taking advantage of the carry trade.
Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
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