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

Originally Posted by skydiver

Hi Brad
I to can see price whip sawing for a while here, are you basing your time theory to june on the fact that is when the UK election is?
Thanks

Hi Skydiver.. The time projection had nothing to do with an election in the U.K. -- Quite simply, June is the point in time where down trend line pressure comes into play, so at that time I believe the market should have a reason to move lower.. Until then, the market looks like it has dropped too far too fast, and I think a long consolodation is in the cards at 148.15 before the down trend can continue further...

Originally Posted by GiantSteps

Usdjpy will continue to drop to 90.30 imo.
A third day of bearish price action sets in. Price is now below 20SMA.
Target is the 38.2 fib at 90.30 and the 100SMA.
Heikin-Ashi daily chart shows 3 consecutive candles with no upper wicks. This indicates a reversal. Also, slow stochastichs are far from oversold.
You can short at anytime but look at the 15 min for entry. Stop should be 10 pips above the actual HA-candle at 92.60 on the daily chart.

Attachment 46459

You are right, JPY pairs are showing tweezer candles ...a sign that buyers are coming back.

Originally Posted by wan0903

Hye guys...

this setup for UJ, M15 TF...

note after recent low, Uj going up to fill the gap at 9320 (also my 236 fibo) for 1234 pattern, then resuming down.. my 1st target at 1618 fibo at 9160, 2618 fibo at 9055 and last at 4236 fibo at 8859 before going up...

take care..

Wan, could you briefly explain the 1234 method again, thanks.

Pipmeister

Originally Posted by Pipmeister

Wan, could you briefly explain the 1234 method again, thanks.

Pipmeister

hye pip...

1. if u see any break either upside or downside, just drag u fibo retracemnt

ex..

current downside for UJ from high at 9225 to lowest today 9111 will need correction ( 15M tf or 1H TF).. so just drag ur fibo retrcement from bottom to top, mean from 9111 to 9225, then u will see 0 fibo line at 9225 and 100 fibo at 9111, expect correction will hold until 61.8 or even to at 23 fibo... if price go down from any fibo level, then u can target price will going to 161.8 fibo or to 261.8 fibo...

this will not valid if price can pass 0 fibo line...

here are the example...

hope it help

Originally Posted by skydiver

Ive gone long @ 147.68. Just trying to steal some pips, Using ssmall time frames for this trade, target 148.55.

This was closed @ 148.10 when priced failed to Reach daily pivot point.
My short from 147.30 is finaly on the right say of play now.

Interesting how GBP is gaining on all currencys other thay JPY.

Originally Posted by adam6655nyc

You are right, JPY pairs are showing tweezer candles ...a sign that buyers are coming back.

Don't be so quick to "call a bottom". Allow a bottom to prove itself out first.

Originally Posted by wan0903

hye pip...

1. if u see any break either upside or downside, just drag u fibo retracemnt

ex..

current downside for UJ from high at 9225 to lowest today 9111 will need correction ( 15M tf or 1H TF).. so just drag ur fibo retrcement from bottom to top, mean from 9111 to 9225, then u will see 0 fibo line at 9225 and 100 fibo at 9111, expect correction will hold until 61.8 or even to at 23 fibo... if price go down from any fibo level, then u can target price will going to 161.8 fibo or to 261.8 fibo...

this will not valid if price can pass 0 fibo line...

here are the example...

hope it help

Got it, thanks, just a simple Fib Retracement. I wonder how low this will go though, is there an EW count that can give a rough idea, or do we look at support levels here, it is already down past 91.

Originally Posted by wan0903

hye pip...

1. if u see any break either upside or downside, just drag u fibo retracemnt

ex..

current downside for UJ from high at 9225 to lowest today 9111 will need correction ( 15M tf or 1H TF).. so just drag ur fibo retrcement from bottom to top, mean from 9111 to 9225, then u will see 0 fibo line at 9225 and 100 fibo at 9111, expect correction will hold until 61.8 or even to at 23 fibo... if price go down from any fibo level, then u can target price will going to 161.8 fibo or to 261.8 fibo...

this will not valid if price can pass 0 fibo line...

here are the example...

hope it help

Hi
Thank u for the idea explanation
But allow me to put a question:
in a downmove trend--- Tracing the fibo should start from the highest and not the lowest level-- is this true?
Thanks

Originally Posted by chehab

Hi
Thank u for the idea explanation
But allow me to put a question:
in a downmove trend--- Tracing the fibo should start from the highest and not the lowest level-- is this true?
Thanks

hye chehab...

yes.. that is for EW count, but it little bit different for 1234 pattern..

pipmeister...

if u still remember my previous post, 2618 fibo stand at 9040, , btw, to have a valid correction, u need to see atleast 2 green candle in 1H TF, then let see what happen next from there..

hope it help

Originally Posted by wan0903

hye chehab...

yes.. that is for EW count, but it little bit different for 1234 pattern..

pipmeister...

if u still remember my previous post, 2618 fibo stand at 9040, , btw, to have a valid correction, u need to see atleast 2 green candle in 1H TF, then let see what happen next from there..

hope it help

wan, Looks like GBP/JPY could be in a a-b-c-d-e correction. If so, headed towards "e" now.

Originally Posted by Sean Hyman

Don't be so quick to "call a bottom". Allow a bottom to prove itself out first.

Of course not, I was talking about the 15 minutes charts...we are visiting the 85 again ...the trend still down...all that dancing with the dollar is just re-positioning by some but the dollar will break down again.

Nothing has changed from 2009...all parameters still the same
Even with the AUD did not take the top 9320, it is still 50 pips away from that
NZD, GBP and EUR are not falling off the cliff.

The dollar is still weak.

Originally Posted by Sean Hyman

wan, Looks like GBP/JPY could be in a a-b-c-d-e correction. If so, headed towards "e" now.

hye sean...

thank for the info.. , yup, my 1234 pattern say 1618 fibo stand at 14649 and 2618 fibo stand at 14480 for downside from 14949 to 14769,, btw, just let see what will happen, ..

gonna get some sleep...

see ya again..

happy trading

add :- for UJ trader.., it now in correction zone after this, reason :- i see inverterd hammer in 30M TF follow by confirmation candle on last hour.. it will going up and let see where it will finished..

Originally Posted by wan0903

hye chehab...

yes.. that is for EW count, but it little bit different for 1234 pattern..

pipmeister...

if u still remember my previous post, 2618 fibo stand at 9040, , btw, to have a valid correction, u need to see atleast 2 green candle in 1H TF, then let see what happen next from there..

hope it help

Awsome, thanks!!

Originally Posted by adam6655nyc

Of course not, I was talking about the 15 minutes charts...we are visiting the 85 again ...the trend still down...all that dancing with the dollar is just re-positioning by some but the dollar will break down again.

Nothing has changed from 2009...all parameters still the same
Even with the AUD did not take the top 9320, it is still 50 pips away from that
NZD, GBP and EUR are not falling off the cliff.

The dollar is still weak.

Yeah, on the 4 hour charts it ran up and then broke back down again. See if the present support holds or not.

Originally Posted by wan0903

hye sean...

thank for the info.. , yup, my 1234 pattern say 1618 fibo stand at 14649 and 2618 fibo stand at 14480 for downside from 14949 to 14769,, btw, just let see what will happen, ..

gonna get some sleep...

see ya again..

happy trading

add :- for UJ trader.., it now in correction zone after this, reason :- i see inverterd hammer in 30M TF follow by confirmation candle on last hour.. it will going up and let see where it will finished..

wan, see you tomorrow. Get some good sleep.