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

I think we are going to have a large break downward...what do you think..

Originally Posted by MoneyInc.

I think we are going to have a large break downward...what do you think..

Breakout? What on earth does that mean? Besides, you said the same thing yesterday, basically, @ 90.64.

Sure, it's almost a given that a wide-range bar like yesterday's gives back a significant portion of its gains in the next couple of three bars. This is particularly true in a weak-trend or trendless situation, and when it doesn't happen you are usually going on a rocket ride.

But "breakout"? You mean significant downside followthrough *after* a normal pullback? Based on that 4 hour chart?

I'm sure we'll all be watching.

Edit: It would help everyone, too, if you'd explain exactly *what* you "see". You've got an oval there, and a target, and a green arrow pointing down, but I sure don't see the technical reasoning for either the direction or the target, and no mention of risk limitation. I'm kind of thick. You've got to explain it all to me. (The trendline is unsustainable in the short term of course, but the correction can just as well be lateral over time as a sudden rush to a lower target. Finally, I could draw an equally valid trendline, but start it five bars earlier, which would give it a much more sustainable slope, and the pullback we are seeing at the moment would only be *to* the line, at least for now.)

Originally Posted by cool_fx

LONG 141.95 S/L 140.70 Target 143.50

Very very small lots. just scalping.

ADD: im out for 20 pips loss.

will enter long at 141.40 area.

LONGS got entered at 141.43 , S/L 140s

Target 143.55

Reasoning : I know its a bear market but im just scalping. My main motive to go long was the present area of resistance/support. for few days 141.50 acted as stiff resistance. so now hopefully it shud act like support.

plus tats todays S2 as well as an imp fib zone.

so all together im thinking that zone of 141.50-140.00 shud provide a good cushion and bounce the pair back up to 153.50 for the US news data and then eventually it will go down again.

I also hve SHORT entry order at 143.55 with S/L 144.20 to target 140s . ha ha i know tats like building homes in air he he. but hopefully it shud come up :-)

Originally Posted by MoneyManager

Breakout? What on earth does that mean? Besides, you said the same thing yesterday, basically, @ 90.64.

Sure, it's almost a given that a wide-range bar like yesterday's gives back a significant portion of its gains in the next couple of three bars. This is particularly true in a weak-trend or trendless situation, and when it doesn't happen you are usually going on a rocket ride.

But "breakout"? You mean significant downside followthrough *after* a normal pullback? Based on that 4 hour chart?

I'm sure we'll all be watching.

Edit: It would help everyone, too, if you'd explain exactly *what* you "see". You've got an oval there, and a target, and a green arrow pointing down, but I sure don't see the technical reasoning for either the direction or the target, and no mention of risk limitation. I'm kind of thick. You've got to explain it all to me. (The trendline is unsustainable in the short term of course, but the correction can just as well be lateral over time as a sudden rush to a lower target. Finally, I could draw an equally valid trendline, but start it five bars earlier, which would give it a much more sustainable slope, and the pullback we are seeing at the moment would only be *to* the line, at least for now.)

I may not have used the word you understand but please take a look at the Chart attached may be you will understand what I am saying...

By the way we are at that 90.64 area and I am resuming My first plan of action... Have a nice day!

Originally Posted by MoneyInc.

By the way we are at that 90.64 area and I am resuming My first plan of action... Have a nice day!

You too, and I mean that. And I'm hoping you get filled, because that means I will, too.

If I am right about the breakout Daily Fx should signal a breakout @ 90.75 With stops at 90.96 or 91.37

Originally Posted by skydiver

Ding-Dong. Out @ 142.96. 30pip profit.

Bouncing off 143 - thinking of shorting.


ADD: Could be a head and shoulders forming on the 1hr? SHORT 142.81. STOP 143.70.


ADD: IfI see this go above 143 then i will close and reverse.

Hi all
This went to 143.20 last night and I had my finger poised to close but resisted. Just woke up to see my Target of 141.40 missed by 3 pips. So have just closed @ 141.74. 106 pip profit.

I cant decide if this is a retracement from yesterdays high or the trend down is just resuming in which case 139.26 will be back on the cards.

Sitting on the sidelines for now though going long looks tempting.

Nice to see so many posters here.

Welcome back Wan and accolades to Nahagan, Cool and others who have been spot on in the past few days - keep it up guys.

Originally Posted by MoneyInc.

If I am right about the breakout Daily Fx should signal a breakout @ 90.75 With stops at 90.96 or 91.37

Their homepage shows a low of 90.721, which then bounced about 20 pips and is now about 10 pips off that low. There really doesn't seem to be too much power either way right now.

Dollar-Yen Libor Spread Narrows to Least Since August 2009 ...

Dollar-Yen Libor Spread Narrows to Least Since August 2009 - Bloomberg.com

I think if the Fed makes one concrete move, even a discount rate hike, which they are clearly signaling, this pair is at 94-95 in short order.

The same move in the other direction would take the type of risk aversion that we saw a year ago. But even then, we *did* *not* *break* 87, and only one single bar managed a close below 88. This during one of the greatest equity panics in a generation.

Calling for that line to be broken now, with the BoJ clearly on guard against it, seems to require tremendous guts to me. I know I will jack my position size significantly if we flirt with those levels.

Seems I can't get filled yet today, but it's still early. I may decide 10 pips isn't worth not buying back cheaper than I sold. I let a piece go @ 91.25 just after the close, because I was pretty sure I could put it back on 50 pips cheaper, more or less. My cost basis now is about 88.50 at the moment, but I intend to buy more, which will raise that a bit.

Originally Posted by skydiver

Hi all
This went to 143.20 last night and I had my finger poised to close but resisted. Just woke up to see my Target of 141.40 missed by 3 pips. So have just closed @ 141.74. 106 pip profit.

I cant decide if this is a retracement from yesterdays high or the trend down is just resuming in which case 139.26 will be back on the cards.

Sitting on the sidelines for now though going long looks tempting.

Nice to see so many posters here.

Welcome back Wan and accolades to Nahagan, Cool and others who have been spot on in the past few days - keep it up guys.

Hye sky...

im too... out from short after it reached my target... i have long position from 14145.. just doing some scalp with tight stop...

take care

a great day when gj give me 232 pips.based on my observation,gj will going down to touch 140.70 its about 100 pips from the current price.but i will put my pending order 141.30. my indicator still on. have a great day to all trades.

Wonder which way Daily fx is going to say Trade

Originally Posted by Nahagan

a great day when gj give me 232 pips.based on my observation,gj will going down to touch 140.70 its about 100 pips from the current price.but i will put my pending order 141.30. my indicator still on. have a great day to all trades.

You seem to have an understanding relationship with your wife.
What indicators are you using please? You are in the zone!

Can you post a chart.

Originally Posted by wan0903

Hye sky...

im too... out from short after it reached my target... i have long position from 14145.. just doing some scalp with tight stop...

take care

Guys..

im not good in bull, but this time i take a risk to go long again at 14095.. SL at 140..

take care and hope everyone make moolah today..

Originally Posted by MoneyInc.

Wonder which way Daily fx is going to say Trade

No idea. Their TF, risk and objectives may, or may not, match my own. I keep my own counsel when it comes to trades.