Eur/Yen Drop to 149.15 | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

why did EUR/JPY drop during NFP? 34 replies

Volume Drop during Eur Amer session 1 reply

The man who increased 1.6 million yen to 18 bln yen in 8 years 17 replies

Mizuho Forecasts Dollar to Drop to 106 Yen on Fed Cut 3 replies

eur/yen eur/gbp 2 replies

Eur/Yen Drop to 149.15

  • #1
  • First Post: Aug 29, 2006 12:07pm Aug 29, 2006 12:07pm
It seems to me that the drop today was caused mostly by Japans finance minister saying they would monitor the currency after the Euro reached record highs.

Amm i right that this is what caused the shakiness and do you think the eur will rebound and shake off his comments as political hypebole?
  • #2
  • Aug 29, 2006 12:23pm Aug 29, 2006 12:23pm
Quoting Money Talks
It seems to me that the drop today was caused mostly by Japans finance minister saying they would monitor the currency after the Euro reached record highs.

Amm i right that this is what caused the shakiness and do you think the eur will rebound and shake off his comments as political hypebole?
Hello MT. We will never know if you are right or not. There are market forces that move currencies whether we are aware of them or not. The better question would be did your system offer you an opportunity to participate in the move. The sooner you stop worrying about what or why and start focusing on you and your system the better off you will be.
  • #3
  • Aug 29, 2006 1:30pm Aug 29, 2006 1:30pm
The EURJPY just went up 50 pips. I heard that the Minister of Finance slipped in the shower.
  • #4
  • Aug 29, 2006 1:33pm Aug 29, 2006 1:33pm
I'm short at 149.29, let's see how it goes!
  • #5
  • Aug 29, 2006 1:42pm Aug 29, 2006 1:42pm
Quoting philmcgrew
The EURJPY just went up 50 pips. I heard that the Minister of Finance slipped in the shower.

LOL honest I wasn't involved. and def not in the shower with him either. Ive a feeling you might be holding that short till tomorrow or the asia session at least. Im looking to close my position around the 149.70

Im holding onto my long eur/usd position as im thinking it might break the 1.285 and beyond mark overnight.
  • #6
  • Aug 29, 2006 1:44pm Aug 29, 2006 1:44pm
MT, I mean this in the nicest way possible but I learned many years ago not to discuss my positions. You will start doing stupid things to make yourself appear to be correct in front of your peers.
  • #7
  • Aug 29, 2006 1:47pm Aug 29, 2006 1:47pm
Quoting philmcgrew
MT, I mean this in the nicest way possible but I learned many years ago not to discuss my positions. You will start doing stupid things to make yourself appear to be correct in front of your peers.
Point taken. Ive been more wrong more times than anyone else I know!!!
  • #8
  • Aug 29, 2006 1:57pm Aug 29, 2006 1:57pm
Actually being wrong is part and parcel of trading. To accept losses and embrace the responsiblity of losses will aid you in your trading success. Read up mark douglas's Trading in the Zone for this =)
  • #9
  • Aug 29, 2006 2:05pm Aug 29, 2006 2:05pm
Quoting JodyOng
Actually being wrong is part and parcel of trading. To accept losses and embrace the responsiblity of losses will aid you in your trading success. Read up mark douglas's Trading in the Zone for this =)
I read trading in the zone about once every 6 months. I'm quite familiar with the text and with being wrong. My point is that there is enough internal pressure to do the right thing when you are in a trade. You don't need the added pressure of preforming well in front of your peers. If you are immune to this I salute you.
  • #10
  • Aug 29, 2006 2:12pm Aug 29, 2006 2:12pm
True true, you're right philmcgrew, i get your point. It's true that when you put your trades out in front of everyone there's pressure to want to be right and that can definitely lead to some messed up trading. But well, it's good training if you can observe yourself and see how you really feel when you post your trades in public. It would work well too to see how your mental stage is doing.
  • #11
  • Aug 29, 2006 2:16pm Aug 29, 2006 2:16pm
Quoting philmcgrew
MT, I mean this in the nicest way possible but I learned many years ago not to discuss my positions. You will start doing stupid things to make yourself appear to be correct in front of your peers.
lol, yea I just read what you said and remember the times when I was trading together with a few friends and I realized it make perfect sense. I was doing a bunch of stupid things to make myself seems right.
:
  • #12
  • Aug 29, 2006 2:39pm Aug 29, 2006 2:39pm
Well my friend , there are many reasons that affected today EUR/JPY .

One of the most important reasons is that thelevel reached .The 150.00 area is the EVER reached high .So traders managed to take out their gains , and wait for the move . Every trader fears the unknown as you could do if you had a trade when the pair reached the 150 .You can say that the Minister's speach had stimulated traders and widened their fears and cut their greed ( a trade in levels never reached before is controlld by greed not technicals_ it's important to consider ,and that's what made heavy TP closes) .And secondly ,we all know that the JPY is one of the "dirty floating" currencies .For readers who don't know , in 2004 and 2005 the BOJ intervened many times to devalue the JPY .So governemental speeches and comments an Japan affects directly traders mood .

You can add economic data realeased today and unemployement in Japan, to many other secondary reasons ...

It's a good question to discuss my friend .Good traders ask for every event in the market if he didn't understand it .

Tzx . And good trading everybody .
Lebtrader 1
  • #13
  • Aug 29, 2006 3:02pm Aug 29, 2006 3:02pm
Quoting lebtrader84
Well my friend , there are many reasons that affected today EUR/JPY .

One of the most important reasons is that thelevel reached .The 150.00 area is the EVER reached high .So traders managed to take out their gains , and wait for the move . Every trader fears the unknown as you could do if you had a trade when the pair reached the 150 .You can say that the Minister's speach had stimulated traders and widened their fears and cut their greed ( a trade in levels never reached before is controlld by greed not technicals_ it's important to consider ,and that's what made heavy TP closes) .And secondly ,we all know that the JPY is one of the "dirty floating" currencies .For readers who don't know , in 2004 and 2005 the BOJ intervened many times to devalue the JPY .So governemental speeches and comments an Japan affects directly traders mood .

You can add economic data realeased today and unemployement in Japan, to many other secondary reasons ...

It's a good question to discuss my friend .Good traders ask for every event in the market if he didn't understand it .

Tzx . And good trading everybody .
The USDJPY is still 500 pips off of the December high. The USDJPY is a much more liquid pair than the EURJPY. When the BOJ manipulated a currency the USDJPY was at 102, not 116. And, they bought USD not Euros. Their intent was to prop up the dollar to support their exports. Coming up with reasons why something happened after the fact is useless. You won't ever know if you're right. If the EURJPY had broken 150 you would have just as nice of a story about why that happened too.


I respect you and your style of trading but you can be good and not give a crap about why the market moved.
  • #14
  • Aug 29, 2006 3:32pm Aug 29, 2006 3:32pm
Thanks Leb. Much Obliged

I prefer knowing why the market moved in a given direction. At least the trend makes sense to me then...Just a personal preference.
  • #15
  • Aug 30, 2006 5:43am Aug 30, 2006 5:43am
Quoting lebtrader84

It's a good question to discuss my friend .Good traders ask for every event in the market if he didn't understand it .
Since I want to be a good trader can you explain why the EURJPY went straight up over the last 18 hours? Yesterday's story isn't looking so hot any more.
  • #16
  • Last Post: Aug 30, 2006 5:49am Aug 30, 2006 5:49am
Hey Phil, Because there were more buyers than sellers... LOL

No seriously, I would have to agree, it makes it difficult to admit one made a wrong trade when they have to defend it to the public.. In fact it would be better to say I was wrong, so I exited the trade. and even better yet to just state the trade and admit anything can happen...

Scott


Quoting philmcgrew
Since I want to be a good trader can you explain why the EURJPY went straight up over the last 18 hours? Yesterday's story isn't looking so hot any more.
0 traders viewing now