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USD/JPY Discussion

  • #46,241
  • May 21, 2014 7:44pm May 21, 2014 7:44pm
Quoting Rtm
{quote}forex is like gambling, the house always wins !
Doesn't have to be that way with a good strategy, one needs to watch levels and only trade around those levels (previous high and lows) and learn some reversal patterns and only trade those patterns as price comes into those levels and learn how to get entries without using large stop loses.
  • #46,242
  • May 21, 2014 7:47pm May 21, 2014 7:47pm
Quoting irongoose
{quote} Doesn't have to be that way with a good strategy, one needs to watch levels and only trade around those levels (previous high and lows) and learn some reversal patterns and only trade those patterns as price comes into those levels and learn how to get entries without using large stop loses.
  • #46,243
  • May 21, 2014 7:52pm May 21, 2014 7:52pm
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booom
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well
  • #46,244
  • May 21, 2014 7:56pm May 21, 2014 7:56pm
Forex is only gambling when you are taking trades when price is in nowhere land and when one tries to guess which direction price will go before a major news events.

If you are going to trade like that you are better off gambling on sporting events in a sport that you know something about.
  • #46,245
  • May 21, 2014 7:57pm May 21, 2014 7:57pm
Quoting Donika
{quote} Thankx m8
Very much agree. BoJ will still resist Yen from appreciating. It will be bad for the export industry. Actually, if you look back to the pre-crisis historical levels. The Yen were at these levels. So more or less it will just play around 100-104 until they Taper and release positive data that will trigger strengthening.
  • #46,246
  • May 21, 2014 8:00pm May 21, 2014 8:00pm
just want to share another trade and many more
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  • #46,247
  • May 21, 2014 8:03pm May 21, 2014 8:03pm
Quoting sergo
{image} booom {image} well
I was hoping for a break of 100.80 before longing this pair, I'm still hopeful we'll see a revisit of that level.
  • #46,248
  • May 21, 2014 8:10pm May 21, 2014 8:10pm
Quoting irongoose
{quote} I was hoping for a break of 100.80 before longing this pair, I'm still hopeful we'll see a revisit of that level.
Yes it's hard to tell right now for me anyway at this moment I don't see any patterns I will consider selling at 101.70 but don't know for sure
  • #46,249
  • May 21, 2014 8:15pm May 21, 2014 8:15pm
Quoting sergo
{quote} Yes it's hard to tell right now for me anyway at this moment I don't see any patterns I will consider selling at 101.70 but don't know for sure
That is a major level and there could be tons of orders sitting around there and if the bankers are going to try and run the price up they might visit around there first and take out stops and get people shorting also and make millions doing it!
  • #46,250
  • May 21, 2014 8:18pm May 21, 2014 8:18pm
sergo I'm a short term trader and I don't hold trades for more then a day.
  • #46,251
  • May 21, 2014 8:21pm May 21, 2014 8:21pm
Quoting irongoose
{quote} Doesn't have to be that way with a good strategy, one needs to watch levels and only trade around those levels (previous high and lows) and learn some reversal patterns and only trade those patterns as price comes into those levels and learn how to get entries without using large stop loses.
What is your strategy? I think the following of just price is not enough. Need fundamentals and sentiment picture too with your technicals.
All posts are my personal opinion
  • #46,252
  • May 21, 2014 8:25pm May 21, 2014 8:25pm
Quoting irongoose
sergo I'm a short term trader and I don't hold trades for more then a day.
That's cool me too max 2 3 days Depends on configuration it's a Best for me get in and get out Who knows who on who going to drop nuclear tomorrow
  • #46,253
  • May 21, 2014 8:25pm May 21, 2014 8:25pm
Quoting Rtm
{quote} What is your strategy? I think the following of just price is not enough. Need fundamentals and sentiment picture too with your technicals.
I'll send you a private message. Give me a minute or two and I'll let you know when I sent it.
  • #46,254
  • May 21, 2014 8:27pm May 21, 2014 8:27pm
Quoting sergo
{quote} That's cool me too max 2 3 days Depends on configuration it's a Best for me get in and get out Who knows who on who going to drop nuclear tomorrow
I hear that! but that is what stop loses are for. :-)
  • #46,255
  • May 21, 2014 8:34pm May 21, 2014 8:34pm
possible that short is over daily chart looks long
  • #46,256
  • May 21, 2014 8:36pm May 21, 2014 8:36pm
OK RtM I sent you the private message, let me know if you got it OK?
  • #46,257
  • May 21, 2014 8:49pm May 21, 2014 8:49pm
If somebody wants to go short this is not a bad spot
  • #46,258
  • May 21, 2014 8:56pm May 21, 2014 8:56pm
Quoting sergo
If somebody wants to go short this is not a bad spot
Need to see a few more candles on the 15 min chart before I consider it, the current candle needs to close below 101.61 first before I'll start the process of considering a short.
  • #46,259
  • Edited 9:44pm May 21, 2014 8:58pm | Edited 9:44pm
no no 70 is batter I think this 1 is not bad ab=cd + other stuff on 5 min
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+15 min
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  • #46,260
  • May 21, 2014 9:01pm May 21, 2014 9:01pm
Quoting sergo
no no 70 is batter {image}
I really don't think I'll find any setups for a few hours until the London session.
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