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USD/JPY Discussion

  • #45,581
  • May 7, 2014 5:32am May 7, 2014 5:32am
Quoting Exodus
{quote} about 100 pips, not applied a TP yet. There is an argument for 102.0 or 102.40.

It can be,but you need a hawkish Yellen...
  • #45,582
  • Edited 6:18am May 7, 2014 6:03am | Edited 6:18am
IMO, the Yellen factor has probably been priced in somewhat. I think the market expects a fairly dovish tone based on recent dollar price action. I think Yellen will tow the line and not say anything to rock the boat. She is smart enough to realize that the longer term employment/wage scenario is still unclear at best and a recovery at the moment is feeble and artificially puffed up.

NOT a trade recommendation as I rarely trade this pair but I decided to take a long postion @101.55 area strictly based on daily confluence support.

#1) 200DMA @101.53
#2) DAILY S1 @101.38
#3) WEEKLY S2 @101.41
#4) DAILY TRENDLINE SUPPORT FROM FEBRUARY 4TH

SL: 101.13
TP1: 102.33
TP2:102.63

Trade safe and good luck!
Attached Image (click to enlarge)
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Pride always comes before destruction.... -Proverbs 16:18
  • #45,583
  • May 7, 2014 6:47am May 7, 2014 6:47am
I see a bovada player! Yes I do.
  • #45,584
  • May 7, 2014 7:09am May 7, 2014 7:09am
Quoting Rizmeister
I see a bovada player! Yes I do.
Haha, I prefer to call it Bodonka, home of the anonymous degenerate frat boy players
Pride always comes before destruction.... -Proverbs 16:18
  • #45,585
  • May 7, 2014 8:35am May 7, 2014 8:35am
Quoting Expo33
{quote} Haha, I prefer to call it Bodonka, home of the anonymous degenerate frat boy players

haha!! Its pretty soft playing field though. Easy pickings. I haven't played since September. Had a great run and put into my trading account. HA!
  • #45,586
  • May 7, 2014 11:06am May 7, 2014 11:06am
So quiet in here! What is everyone out to lunch?
  • #45,587
  • May 7, 2014 11:19am May 7, 2014 11:19am
Quoting Rizmeister
So quiet in here! What is everyone out to lunch?
Not much happening. Short at 101.90 would have been a pretty obvious trade, but i'm stuck on another EJ short waiting for that trendline to finally give up. Hoping that UJ will make a move down towards its weekly TL, which could aid my EJ trade
  • #45,588
  • May 7, 2014 1:02pm May 7, 2014 1:02pm
Quoting barrett
{quote} Not much happening. Short at 101.90 would have been a pretty obvious trade, but i'm stuck on another EJ short waiting for that trendline to finally give up. Hoping that UJ will make a move down towards its weekly TL, which could aid my EJ trade
Still holding longs from 102.09 from two days ago. No SL! All you stop hunters, don't even THINK about it!! This one is going to the moon!! You know I discovered something? As long as I don't exit the position, the losses don't actually exist!! C'mon Yellen, say something useful and BoJ, intervene already, Yen is too high!!!
Make your losses in demo. Earn your profits live.
  • #45,589
  • May 7, 2014 1:13pm May 7, 2014 1:13pm
Quoting Forexia
{quote} Still holding longs from 102.09 from two days ago. No SL! All you stop hunters, don't even THINK about it!! This one is going to the moon!! You know I discovered something? As long as I don't exit the position, the losses don't actually exist!! C'mon Yellen, say something useful and BoJ, intervene already, Yen is too high!!!
Sounds like a reasonable analysis
Fix up, trade sharp ...
  • #45,590
  • May 7, 2014 1:17pm May 7, 2014 1:17pm
Quoting Hickson
{quote} Sounds like a reasonable analysis
Of course always. You have to admit this is lot more fun to read than a chart with bunch of criss-crossing trendlines and triangles, boxes, pennents... and a summary about levels... Once a news hit, all those will be ancient history anyway. Ok let me concentrate on the dice now, C'mon Intervention!!!
Make your losses in demo. Earn your profits live.
  • #45,591
  • May 7, 2014 1:33pm May 7, 2014 1:33pm
I think UJ is more about BoJ than Yellen.. and let not forget one tiny detail: UJ is above 100 which was just a fantasy for 4 years ( 2009 - 2013 ) and it's there not just for few days (like in April 2009 and then dropped). So, IF double digit levels are history, say hello to 110, 120..
Did I say IF ?
"The secret of politics? Make a good treaty with Russia." Otto von Bismarck
  • #45,592
  • May 7, 2014 1:35pm May 7, 2014 1:35pm
so whats up now? Bearish or Bull?
  • #45,593
  • May 7, 2014 1:36pm May 7, 2014 1:36pm
Quoting Forexia
{quote} Of course always. You have to admit this is lot more fun to read than a chart with bunch of criss-crossing trendlines and triangles, boxes, pennents... and a summary about levels... Once a news hit, all those will be ancient history anyway. Ok let me concentrate on the dice now, C'mon Intervention!!!
You do not necessarily have to have charts that look like the web of a spider Would be careful on overweighing news though.
Fix up, trade sharp ...
  • #45,594
  • May 7, 2014 1:37pm May 7, 2014 1:37pm
Quoting kweiss10
so whats up now? Bearish or Bull?
Nobody knows. But 101.85 seems to be resistance for now.
Fix up, trade sharp ...
  • #45,595
  • May 7, 2014 1:39pm May 7, 2014 1:39pm
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  • #45,596
  • May 7, 2014 1:40pm May 7, 2014 1:40pm
Quoting bikov
I think UJ is more about BoJ than Yellen.. and let not forget one tiny detail: UJ is above 100 which was just a fantasy for 4 years ( 2009 - 2013 ) and it's there not just for few days (like in April 2009 and then dropped). So, IF double digit levels are history, say hello to 110, 120.. Did I say IF ?
Woooo you are making me salivate, bikov with 110, 120, levels like that...
Make your losses in demo. Earn your profits live.
  • #45,597
  • May 7, 2014 1:42pm May 7, 2014 1:42pm
UJ is in uptrend, so that observation gives an explanation which side from bull/bear camp I choose.
"The secret of politics? Make a good treaty with Russia." Otto von Bismarck
  • #45,598
  • May 7, 2014 2:37pm May 7, 2014 2:37pm
Quoting Hickson
{quote} Nobody knows. But 101.85 seems to be resistance for now.
I think it's gonna be broken by nightfall.
Make your losses in demo. Earn your profits live.
  • #45,599
  • May 7, 2014 2:47pm May 7, 2014 2:47pm
Quoting Forexia
{quote} I think it's gonna be broken by nightfall.

already done..
  • #45,600
  • May 7, 2014 2:49pm May 7, 2014 2:49pm
On my charts Trendline from 2013 was broken yesterday and pprice closed about it.2013 trendline becomes now ressestance area us odays candel didnt pulled back again.Also on daily charts we see a forex cup a realy ofen patten.It could go up fo a bit but them its just gona fall down.Us also idk why but i see on daily something like head and shoulders.Still cant get it to my head why i need to long it.
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Maryb