Thread: Discuss USD/JPY, GBP/JPY, and other JPY Pairs

Originally Posted by FXTA

Hey Qazbazard, Thanks for the comments. The indicator below my chart is Williams%R - (Williams Percent Range) created by Larry Willams. Its like Stochastics except Stochastics has built in smoothing but i like the %R better because it reaches the oversold/overbought extremes faster giving me a heads up on a sell or buy coming up. However, I dont base my trades on that only, i only use it as a aid in a trend. for example the market is in a downtrend, I will look at price action first and see if a previous support level is going to act as resistance or a chart pattern indicating a bearish continuation to the downside. Also you can also see i use Monthly pivot points too so i watch that as well. Heres an example of what i mean, trading the Williams%R in the direction of the trend. Hope this helps.

EUR/USD 4HR:

Thank you very very much my brother and guide , I really appreciate it . I typed your chart and explanation to preserve it and to try to practise it tomorrow I'm underexperienced guy sorry for asking too much . Trying to learn something .. cheers ,,

THERE ARE NO HEROS IN FOREX !

Originally Posted by Qabazard

Thank you very very much my brother and guide , I really appreciate it . I typed your chart and explanation to preserve it and to try to practise it tomorrow I'm underexperienced guy sorry for asking too much . Trying to learn something .. cheers ,,

THERE ARE NO HEROS IN FOREX !

Your Welcome. Dont worry about it buddy ask away. Take your time and develop your trading skills and what works for you.

Originally Posted by FXTA

Hey Qazbazard, Thanks for the comments. The indicator below my chart is Williams%R - (Williams Percent Range) created by Larry Willams. Its like Stochastics except Stochastics has built in smoothing but i like the %R better because it reaches the oversold/overbought extremes faster giving me a heads up on a sell or buy coming up. However, I dont base my trades on that only, i only use it as a aid in a trend. for example the market is in a downtrend, I will look at price action first and see if a previous support level is going to act as resistance or a chart pattern indicating a bearish continuation to the downside. Also you can also see i use Monthly pivot points too so i watch that as well. Heres an example of what i mean, trading the Williams%R in the direction of the trend. Hope this helps.

EUR/USD 4HR:

BY THE WAY BROTHER .... SHALL I CHANGE OR MODIFY THE WILLIAMS % SETUP ? OR LEAVE IT AS A DEFAULT ?

AND IS IT CORRECT TO CONSIDER THE UPPER LINE ONLY WHEN THE PRICE IS IN A DOWNTREND TERM ? (and vice versa) ? IS IT CORRECT ? OR BOTH LINES ARE IMPORTANT IN ALL CASES ?

Originally Posted by Qabazard

BY THE WAY BROTHER .... SHALL I CHANGE OR MODIFY THE WILLIAMS % SETUP ? OR LEAVE IT AS A DEFAULT ?

AND IS IT CORRECT TO CONSIDER THE UPPER LINE ONLY WHEN THE PRICE IS IN A DOWNTREND TERM ? (and vice versa) ? IS IT CORRECT ? OR BOTH LINES ARE IMPORTANT IN ALL CASES ?

I have it at the default (14). Yes when its a down trend only watch for when it reaches overbought levels and then watch for a resistance area that may be approaching to execute the trade. vise versa in an uptrend.

Originally Posted by Qabazard

BY THE WAY BROTHER .... SHALL I CHANGE OR MODIFY THE WILLIAMS % SETUP ? OR LEAVE IT AS A DEFAULT ?

AND IS IT CORRECT TO CONSIDER THE UPPER LINE ONLY WHEN THE PRICE IS IN A DOWNTREND TERM ? (and vice versa) ? IS IT CORRECT ? OR BOTH LINES ARE IMPORTANT IN ALL CASES ?

also 1 more thing, Its good to see what the daily trend is doing. This is my setup, (42" Monitor helps here lol) Top left 2hr chart with the williams%R and trend candles, top right with 4hr and williams%R and trend candles, Bottom left Daily chart with 50, 100, 200 Moving average to see overall trend, bottom right 4hr just for price action. Reason for watching the 2hr also is because price may move up on a correction in a downtrend and hit the 61.8 Fib level on the 4hr but the Williams on 4hr may not be in the sell zone but on the 2hr it is. So i may execute a trade there as well. If everything is in the sell zone and there is a strong resistance coming up then its bombs away on the short side, Within money management though

Originally Posted by FXTA

also 1 more thing, Its good to see what the daily trend is doing. This is my setup, (42" Monitor helps here lol) Top left 2hr chart with the williams%R and trend candles, top right with 4hr and williams%R and trend candles, Bottom left Daily chart with 50, 100, 200 Moving average to see overall trend, bottom right 4hr just for price action. Reason for watching the 2hr also is because price may move up on a correction in a downtrend and hit the 61.8 Fib level on the 4hr but the Williams on 4hr may not be in the sell zone but on the 2hr it is. So i may execute a trade there as well. If everything is in the sell zone and there is a strong resistance coming up then its bombs away on the short side, Within money management though

Ahhha .. So you are depending only on 1 DAy , 4h and 2h charts (as tuning chart) ? nice work dear .. I will try to practise it as uch as i can .. hopefully It may work fine with me
I'll let you know the updates .. Cheers and thank you very ver much again

Hey Sean. I know fundamentals are running the show with this pair right now but I wanted to post this hourly chart with a Bullish Continuation Pattern. What is so supprising to me is how neatly the lows have lined up from the 5/06 spike. I don't really think this is a strong pattern but I thought it was interesting.

I don't know where to go with this pair right now so I'm sitting it out and waiting for a better signal. The only theory I have is that this pair will climb once this crisis ebbs and the 'flight to safety' ends.

The Southerner

I just closed my short at 129.5 after hourly candle close was bullish. Not many pips gained but I decide to remain cautious over this pair. Daily MACD is turning bullish too. We might see 132s and maybe 135s again very soon.

Currently no positions are opened.

Will update with charts in a few hours.

Originally Posted by kcooperj

I just closed my short at 129.5 after hourly candle close was bullish. Not many pips gained but I decide to remain cautious over this pair. Daily MACD is turning bullish too. We might see 132s and maybe 135s again very soon.

Currently no positions are opened.

Will update with charts in a few hours.

yeap agree with u, like i said yesterday next target is between 138 and 143, might take a while.... but i cannot trade as i am not next to the computer and my trades even if they are small they are very large compared to my salary... happy trading people...

Still in the short as GJ remains in the triangle. Also looks like a potential down day on the US market according to the Williams in the sell zone in a current downtrend. We'll see in time. Moved my stops closer just incase of a spike up. Good luck all.

GJ 2HR
Dow 2HR:

130.594 is still res

130.4

TP ~100pips

Originally Posted by The Southerner

Hey Sean. I know fundamentals are running the show with this pair right now but I wanted to post this hourly chart with a Bullish Continuation Pattern. What is so supprising to me is how neatly the lows have lined up from the 5/06 spike. I don't really think this is a strong pattern but I thought it was interesting.

I don't know where to go with this pair right now so I'm sitting it out and waiting for a better signal. The only theory I have is that this pair will climb once this crisis ebbs and the 'flight to safety' ends.

The Southerner

I see it as being bearish in that there is a "bear flag" pattern there and the moving averages are heading lower. Also, the up trend line on the daily chart has been broken and its trading below all of its major moving averages on that time frame as well.

Originally Posted by Pippin is EZ

130.4

TP ~100pips

Very Nice dude.

Got out, took 2 pip profit lol but Them long lower wicks on the daily has me second guessing around monthly support 3. will watch though. Long pending.