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USD/JPY Discussion 9 replies

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USD/JPY Discussion

Quoting benaiah
Be careful, might only fall a few pips... It's been following a very tight channel up. And only bounced off of the bottom once. I'd expect another bounce off the bottom before it falls through, if it ever falls through...
Thanks, my friend. I appreciate your concern. However, I ALWAYS try to be careful in my trading... otherwise, I probably shouldn't be trading.

Even if I only make 3 pips on this trade, 3 is better than ZERO.

At this point, however, I think there is about a 50/50 chance that USD/JPY could go either way. Technically, it is "retracing" right now, and so -- at least in theory -- it should go down, but the trend is so strong that it could also still go up.

With that being said, stochastic levels are approaching the OVERBOUGHT range on almost all time frames, and that means we could -- alternatively -- be in for a VERY FAST, and VERY SHARP retracement... at least once the last bullish thrust is completed.

The way I see it, those are the two options right now.
Please check out my blog at https://from-zero-to-hero . net
Will be watching how it reacts to 118.40-50. If it finds support there, I'll enter long...
Attached Image
Quoting smash1820
At this point, I think it is about a 50/50 bet that USD/JPY could go either way. Technically, it is "retracing" right now, and so -- at least in theory -- it should go down, but the trend is so strong that it could also still go up. With that being said, stochastic levels are approaching the OVERBOUGHT range on almost all time frames, and that means we could -- alternatively -- be in for a VERY FAST, and VERY SHARP retracement. Those are the two options right now...
Okay, thanks for sharing your view. I don't use indicators. And I don't try and predict what the price may do. Okay, actually I do sometimes

But I try not to. I have the best trading days, when I wait for the price to indicate when I should enter/exit trades...

It may reverse. It may not. Doesn't matter to me. I'll trade it either way
Quoting Nabz
Just a thought. {image}
117.5 more likely...
That which does not kill us makes us stronger
Looks like it is finding support on the bottom of the channel up. Entered long...
Looking at the hourly chart, the curve just gets steeper, if it continues like this price will go into yesterday. Not even the BOJ statement a couple of weeks ago, made price move straight for so long as we have been doing. Something smells very fishy.
I don't even have a cool signature
Quoting benaiah
Looks like it is finding support on the bottom of the channel up. Entered long...
We are at a crucial and potential turning point in the market. Price is useless here, since it does not have the ability to forecast.

I do not know for sure what will happen here, but from what my indicators are telling me, it looks like the shorts are going to win this battle. I'm sorry, but I just want to speak my mind as I see it. With that said, I could easily be wrong... in which case, I will NOT HESITATE to go long (again)!
Please check out my blog at https://from-zero-to-hero . net
Quoting smash1820
{quote} We are at a crucial and potential turning point in the market. Price is useless here, since it does not have the ability to forecast. I do not know for sure what will happen here, but from what my indicators are telling me, it looks like the shorts are going to win this battle. I'm sorry, but I just want to speak my mind as I see it.


And if you lose its FXCM's fault
Quoting NoCoolNick
Looking at the hourly chart, the curve just gets steeper, if it continues like this price will go into yesterday. Not even the BOJ statement a couple of weeks ago, made price move straight for so long as we have been doing. Something smells very fishy.
I agree, totally crazy. Only way I can trade it in this condition is off the 1 minute chart. And I'm also rushing my analysis a bit, which concerns me. But I'm targeting the next pivot point on this trade at 118.80ish area... We'll see...
Quoting smash1820
{quote} We are at a crucial and potential turning point in the market. Price is useless here, since it does not have the ability to forecast. I do not know for sure what will happen here, but from what my indicators are telling me, it looks like the shorts are going to win this battle. I'm sorry, but I just want to speak my mind as I see it. With that said, I could easily be wrong... in which case, I will NOT HESITATE to go long (again).
No problem. Speak your mind, as will I
Long too
Sitting tight.
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Quoting smash1820
{quote} We are at a crucial and potential turning point in the market. Price is useless here, since it does not have the ability to forecast. I do not know for sure what will happen here, but from what my indicators are telling me, it looks like the shorts are going to win this battle. I'm sorry, but I just want to speak my mind as I see it. With that said, I could easily be wrong... in which case, I will NOT HESITATE to go long (again).
I'm all with you, but it almost looks like PA is on a hunt. And now we are getting so close to 120 my guess is now that 120 will be the target before any retrace or correction, a correction that should hold min 500 pips..
I don't even have a cool signature
Quoting benaiah
{quote} Okay, thanks for sharing your view. I don't use indicators. And I don't try and predict what the price may do. Okay, actually I do sometimes But I try not to. I have the best trading days, when I wait for the price to indicate when I should enter/exit trades... It may reverse. It may not. Doesn't matter to me. I'll trade it either way
Benaiah,

you have a nimble attitude towards trading. Pretty sure you are a successful trader.
Closed my short for an easy +12 pips, will scalp long now, then probably scalp short again, then scalp long again after that.
Please check out my blog at https://from-zero-to-hero . net
Quoting Acroix70
{quote} And if you lose its FXCM's fault
At least he trades.

You COWARD!!

LINK
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
Quoting slk
Benaiah, you have a nimble attitude towards trading. Pretty sure you are a successful trader.
Whether or not he is successful, he's definitely got the right attitude... which is why I am friends with him
Please check out my blog at https://from-zero-to-hero . net
Quoting Magix
At least he trades. You COWARD!! LINK
Magix is back!!! Where have you been, bro?! I've been calling for your help! We've missed you!

I love this guy. Used to not like him so much, but you treat him with respect, and he will... give you what you deserve

Which is why, when I really think about it, I respect him so much. Don't fuk wit Magix, or you will pay for it.
Please check out my blog at https://from-zero-to-hero . net
Quoting smash1820
{quote} Magix is back!!!
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
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