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USD/JPY Discussion

  • #51,621
  • Nov 25, 2014 7:35pm Nov 25, 2014 7:35pm
Economy will grow below potential for 2014 then above potential for fiscal 2015/2016 hmmm
  • #51,622
  • Nov 25, 2014 7:36pm Nov 25, 2014 7:36pm
Quoting dbutton1990
{quote} If 118.70 is rejected this time we have a triple bottom. Also i believe this will complete the reverse head and shoulders pattern on the one hour
Up from here
Good luck and may the odds be ever in your favor!
  • #51,623
  • Nov 25, 2014 7:38pm Nov 25, 2014 7:38pm
Quoting PoundTrader
i been short since 118.38 but i must admit im a little shaky right now i was looking at being up by at least 100 pips by now i have my t/p at 116.38 for 200 pips, it's just not breaking the way i seen it earlier
still holding shorts, thiking about setting t/p at B/E, all signs still pointing down
  • #51,624
  • Nov 25, 2014 8:06pm Nov 25, 2014 8:06pm
Like I say last week, will go down and more down and more down. No 120 or higher. Only your dreams.
  • #51,625
  • Nov 25, 2014 8:09pm Nov 25, 2014 8:09pm
Quoting x58
Like I say last week, will go down and more down and more down. No 120 or higher. Only your dreams.
How far down do you project? Out of curiosity...
  • #51,626
  • Nov 25, 2014 8:11pm Nov 25, 2014 8:11pm
Quoting x58
Like I say last week, will go down and more down and more down. No 120 or higher. Only your dreams.
Somebody that confident must still be holding shorts from 113-116
Good luck and may the odds be ever in your favor!
  • #51,627
  • Nov 25, 2014 8:14pm Nov 25, 2014 8:14pm
I sincerely hope everyone's trades work out.

But, this thing hasn't made a new low in 3 days.

Currently at 117.75. If it can stay above this level for 15 minutes, prepare for higher prices.
  • #51,628
  • Nov 25, 2014 8:15pm Nov 25, 2014 8:15pm
Quoting x58
Like I say last week, will go down and more down and more down. No 120 or higher. Only your dreams.
caught in a range, it could (and probably will) re-attack higher 118s before a proper drop. that's why i don't set my stop at B/E even at 118.56... still expecting a retest, but i doubt it will surpass the highs before a major correction.... but hell i've been wrong so many times i wouldn't bet anything this could be an exception

another run at 118s in the making right now.
MarginTrader All Time Return: na
  • #51,629
  • Nov 25, 2014 8:16pm Nov 25, 2014 8:16pm
Quoting benaiah
I sincerely hope everyone's trades work out. But, this thing hasn't made a new low in 3 days. Currently at 117.75. If it can stay above this level for 15 minutes, prepare for higher prices.
Agreed
Good luck and may the odds be ever in your favor!
  • #51,630
  • Nov 25, 2014 8:41pm Nov 25, 2014 8:41pm
I certainly hope anyone entering/exiting trades right now is playing the range.

Since, as you probably know, from a purely technical standpoint, there is absolutely no sign of a reversal yet.

I had posted before that an H4 close below the 8 ema would give a hint of possibly going lower. However the recent H4 close below the 8 ema is in the midst of heavy consolidation that could possibly go either way, but clearly has bullish bias as dbutton already pointed out regarding the bullish reversal pattern that everyone should be keeping an eye on.

I see absolutely no signs of this thing going lower than it did 3 days ago. It hasn't even touched the daily S1 pivot. And then there's the weekly pivot it left behind 3 days ago. I even thought maybe it would touch down there again, but so far, not even close...

If it gets above the daily pivot again, I look for an upward break of the range to commence...
  • #51,631
  • Nov 25, 2014 9:08pm Nov 25, 2014 9:08pm
Sell Limit 118.33 ( padded for spread to actually get triggered). Take profit 116.50. Open to adding in case wondering about stop loss.
  • #51,632
  • Nov 25, 2014 9:28pm Nov 25, 2014 9:28pm
Quoting dbutton1990
{quote} Agreed
im quite curious on your trading styles and trading TFs. would you mind to share ? =)
  • #51,633
  • Nov 25, 2014 9:55pm Nov 25, 2014 9:55pm
Quoting mk5
{quote} im quite curious on your trading styles and trading TFs. would you mind to share ? =)
I've been trading the market for about 2 years now. Purchased a course and learned that way. I was taught multiple styles. I've lost close to 10k, however I consider it a learning experience, and I am more focused on the ROI. I've built a demo account from 3k to 75k in one year. Many mistakes have been made, but my trading style focuses primarily on the Fibonacci retracements. Identify your trend, draw your fibs, wait for a signal, and buy/sell in. I like trading the one hour chart, and then once I am in a trade, I will monitor the 1 min, 5 min, and the 15 min charts. It's important to note your support and resistance levels. I like using either the 4hr or the daily timeframes to do this. You line up the D extension on the fibs with the closest support or resistance line and set your target 10 pips prior to that level. Then it becomes a waiting game! My main problem is that I have not had enough money in my account to withstand pullbacks, and get margin called. All in all it's about timing my entries better. Never stop learning and keep a positive attitude! This market can be very rewarding with the right tools!
Good luck and may the odds be ever in your favor!
  • #51,634
  • Nov 25, 2014 10:02pm Nov 25, 2014 10:02pm
Quoting dbutton1990
{quote} I've been trading the market for about 2 years now. Purchased a course and learned that way. I was taught multiple styles. I've lost close to 10k, however I consider it a learning experience, and I am more focused on the ROI. I've built a demo account from 3k to 75k in one year. Many mistakes have been made, but my trading style focuses primarily on the Fibonacci retracements. Identify your trend, draw your fibs, wait for a signal, and buy/sell in. I like trading the one hour chart, and then once I am in a trade, I will monitor the 1 min,...

thank you for sharing. guess my problem is that i still dont accept loss. sometimes i shift my stoplosses. damn.
  • #51,635
  • Nov 25, 2014 10:07pm Nov 25, 2014 10:07pm
Quoting mk5
{quote} thank you for sharing. guess my problem is that i still dont accept loss. sometimes i shift my stoplosses. damn.
Been there done that! Plan your trade, and trade your plan. Figure out what you are willing to lose in your trade. Trading this pair, I base my stops off of support levels right now. Our major level of support is at 117.38, so I have my stop placed 10 pips below the support. I know that if it stops me out, there is a good chance there is going to be a further down move because support has been taken. My max amount that I'm willing to risk is 50 pips.
Good luck and may the odds be ever in your favor!
  • #51,636
  • Nov 25, 2014 10:09pm Nov 25, 2014 10:09pm
Quoting dbutton1990
{quote} Been there done that! Plan your trade, and trade your plan. Figure out what you are willing to lose in your trade. Trading this pair, I base my stops off of support levels right now. Our major level of support is at 117.38, so I have my stop placed 10 pips below the support. I know that if it stops me out, there is a good chance there is going to be a further down move because support has been taken. My max amount that I'm willing to risk is 50 pips.
Also, if your account has the money, you could set reverse orders on your stops!
Good luck and may the odds be ever in your favor!
  • #51,637
  • Nov 25, 2014 10:10pm Nov 25, 2014 10:10pm
This is an art and not a science... But this entire movement looks an awful lot like a classic bull flag.
  • #51,638
  • Nov 25, 2014 10:14pm Nov 25, 2014 10:14pm
Quoting chsortman
This is an art and not a science... But this entire movement looks an awful lot like a classic bull flag.
Yeah, I think it's just slow because of the holiday week here in the US. I would be happy ending at 119 for the week. NFP should bring this thing to 120 by next friday!
Good luck and may the odds be ever in your favor!
  • #51,639
  • Nov 25, 2014 10:16pm Nov 25, 2014 10:16pm
Quoting dbutton1990
{quote} Yeah, I think it's just slow because of the holiday week here in the US. I would be happy ending at 119 for the week. NFP should bring this thing to 120 by next friday!

Fingers crossed.
  • #51,640
  • Nov 25, 2014 10:17pm Nov 25, 2014 10:17pm
Quoting dbutton1990
{quote} Also, if your account has the money, you could set reverse orders on your stops!

sorry. what do you mean by reverse orders on my stops? could you explain =D
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