USD/JPY Discussion

Quoting todstars2

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{quote} Classic technical analysis by Magee allows for one penetration. 9th edition of Technical analysis of Stock Trends Even with that the Close remains below this "line of resistance". Nothing is ever certain, but with each passing days closing price being below the line, the probabilty that it will continue to close below this line increases. Dont know who said it but it rings true... "The trend is the trend until it is no longer the trend"

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Quoting smash1820

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{quote} Yes, but the trend is not over yet, and you are putting a little TOO much faith in a single support or resistance line. The market is dynamic and you need to develop a certain feel for how it moves and how it interacts with certain levels. In this case, I have said that 104.60 seems to have held perfectly. Do not preach to me or tell me how to do technical analysis, because I am the king of it. It is not all linear but instead dynamic.

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Quoting smash1820

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I think you mean the more likely it is, not less. You seem to have it backwards. The longer we consolidate, the more ammo the BULLS have. Since the overall trend is bullish, a consolidation actually gives an edge to the bulls not the bears.

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Quoting htsang

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USDJPY forecast for the week 20th January, 2014 Daily Chart {image} Based on the daily chart, Price action clearly rejected from support with a bullish englufing candle Potential for new highs 4h Hourly Chart {image} There is a slight divergence on the stochastic Asian Session started lower, and found support at the 50% retrace Trend followers should consider going long from hereHourly Chart {image} The 50% retrace level, is also a confluence of fib ext 127.2 from recent swing down (retrace leg), if this level fails, the 61.8% is next support (and...

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Quoting pursuit_21

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{quote} imo classic technical analysis is primarily based on a graphical analysis of a "human" market place -- decisions and price action affected by greed, fear, recency bias, cognitive bias, round figures, price momentum....this has shifted a great deal as mm is mostly automated through algos...order flow, price discovery, and market structure has changed. trends have become much more vertical with bands of consolidation where limit orders gather. i think as traders, if we can comprehend this shift in greater resolution we will become...

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Quoting todstars2

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The game (and the question) remains the same, computers trading or humans. Is there anyone up there buying? Is there any demand? Be it from computers or humans. {image} {image} {image}

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Quoting eliteincome

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Hello Traders Well will see 105 tonight Would be nice to get rid off few longs:nerd:

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Quoting todstars2

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{quote} The trend is the trend... until its not... {image}

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Quoting htsang

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USDJPY forecast for the week 20th January, 2014 Daily Chart {image} Based on the daily chart, Price action clearly rejected from support with a bullish englufing candle Potential for new highs 4h Hourly Chart {image} There is a slight divergence on the stochastic Asian Session started lower, and found support at the 50% retrace Trend followers should consider going long from hereHourly Chart {image} The 50% retrace level, is also a confluence of fib ext 127.2 from recent swing down (retrace leg), if this level fails, the 61.8% is next support (and...

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Quoting Exodus

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{quote} That graph is one of my reversal setups. The reversal is invalidated if the local high does not hold as resistance. I think it was 105.47, you drew lines all over the numbers..... The short entry was 3 or 4 days ago at ~104.80, ...there is another opportunity now. However the trend is still up, so beware.

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