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

Originally Posted by MoneyInc.

hey sean, any insight on the usd/jpy e-wave?

I'm no EW pro..but this is what it looks like to me in the very near term.

Watch that daily trend line and 200 day SMA on the daily chart too, to see if it closes above those levels too.

So it looks like to me...a correction coming in the very, very near term..and then on the larger time frame (4 hour chart) it looks like we could continue to head higher.

Since I trust the trend lines/moving averages more than my wave counting abilities I'll be relying on that a lot too.

Originally Posted by cool_fx

im long 137.06 to target 139.40

s/l 135s

Interesting, whats your reason

Originally Posted by cool_fx

im long 137.06 to target 139.40

s/l 135s

wow dude, what happened to u? what about ure shorts?

bro,

the bollingers are pretty bullish.

plus the pair is now above a lot of imp landmarks like the 50,100 SMAs, EMAs, midline bollingers as well as bottom band.

there is pretty high suppport. plus the recent failure to break 135s (just one spike to 134.50 is not satisfactory).

I was SHORT at 136.50 area. but when it hit 137.40 and retraced to 137.00s and touched the midline of bollingers i closed it for 50+ pips loss.

but now i feel this will bounce to 139s or minimum 138s.

i may be wrong also. but as you say,its fun to hve opposing trades. ha ha.

Originally Posted by cool_fx

bro,

the bollingers are pretty bullish.

plus the pair is now above a lot of imp landmarks like the 50,100 SMAs, EMAs, midline bollingers as well as bottom band.

there is pretty high suppport. plus the recent failure to break 135s (just one spike to 134.50 is not satisfactory).

I was SHORT at 136.50 area. but when it hit 137.40 and retraced to 137.00s and touched the midline of bollingers i closed it for 50+ pips loss.

but now i feel this will bounce to 139s or minimum 138s.

i may be wrong also. but as you say,its fun to hve opposing trades. ha ha.

this will be fun... my feelings ... and ure trades against them... this is fun !!! right now, the cards are in ure advantage.... because everything is pretty bullish, I am NOT

some big wagers today, a whole account balance huh?


Talk about a hero trade... man i've learned my lesson on those a while ago. Tried to do a hero trade back last April, ended up -70% on my account, then lost -10% more being wreckless, and took the remaining 20% out. I think the only thing that really happens in that is you become a hero to the rest of the market who bought into your opposing position.

Yeah, I"ve been hearing rumors that Yen should be getting sold off, BUT as someone astutely pointed out earlier, technically Yen should have been getting sold off for the last 20 years and we should be at 300 gbp/jpy by now.

Unless we see a major fundamental shift in thinking, or a huge event, I don't see it going much higher. LIke I said, eh... maybe, 139-140 tops. Where's that dude who called 1.42, he's got 7 days...

Originally Posted by lolygagv2

some big wagers today, a whole account balance huh?


Talk about a hero trade... man i've learned my lesson on those a while ago. Tried to do a hero trade back last April, ended up -70% on my account, then lost -10% more being wreckless, and took the remaining 20% out. I think the only thing that really happens in that is you become a hero to the rest of the market who bought into your opposing position.

Yeah, I"ve been hearing rumors that Yen should be getting sold off, BUT as someone astutely pointed out earlier, technically Yen should have been getting sold off for the last 20 years and we should be at 300 gbp/jpy by now.

Unless we see a major fundamental shift in thinking, or a huge event, I don't see it going much higher. LIke I said, eh... maybe, 139-140 tops. Where's that dude who called 1.42, he's got 7 days...

the whole account is on a big plus right now... as said before... the SL is where i opened it @ 137.35...

lol, i see...... it's in the past now, I"m assuming you're covered

But how the heck did you get yourself into that position? You just go all in when hit up there at 1.375? and put a super tight stop loss? like 10 pips or something? I was actually contemplating it, but i just scalped a bit for 10 pips.

Or did you keep buying in with every down pip move until you levered up? So effectively you were always at a net 0 unrealized gain, until you were "all in" ?

Originally Posted by mihaia2002

the whole account is on a big plus right now... as said before... the SL is where i opened it @ 137.35...

lol bro i cant understand how u guys take these type of risks.

i play with huge money but nver whole account. lol i will get heart attack.

Originally Posted by lolygagv2

lol, i see...... it's in the past now, I"m assuming you're covered

But how the heck did you get yourself into that position? You just go all in when hit up there at 1.375? and put a super tight stop loss? like 10 pips or something? I was actually contemplating it, but i just scalped a bit for 10 pips.

Or did you keep buying in with every down pip move until you levered up? So effectively you were always at a net 0 unrealized gain, until you were "all in" ?

when it got to that level sold simple as that. had a tight SL in my mind...

it's back up there hmmm haha, what's mihaia gonna do?

added: ok looks like you found a decent resistance zone in the immediate term

Originally Posted by lolygagv2

it's back up there hmmm haha, what's mihaia gonna do?

it simply has a SL, how is this so difficult, if it reaches it, it closes it... not there yet

when i opened it i had a SL in my mind and then i put one when it went lower...

Originally Posted by lolygagv2

it's back up there hmmm haha, what's mihaia gonna do?

added: ok looks like you found a decent resistance zone in the immediate term

as said before, it will not reach 137.4 for a while... i have a SL if i am wrong... geeee

Ok, went ahead and got in here at 1.3723, looks like the second h&s is forming, not sure how high it could go, as looking at the posts, some people thought the mini hump forming as the right shoulder....now I feel THIS is it.

Comments? As u see my SL is directly above the left shoulder
take profit open, don't wanna take myself out if this baby drops down again similar to like it did over a month ago.

Originally Posted by avillaloboz

forgot to mention ss and rsi showing overbought on 4 hour chart

One thing you absolutely *must* understand to succeed in this business: A four-hour chart is going to show pretty much meaningless oscillator data for a while after you get a daily move like this. It has nothing to do with the validity of a four-hour chart. It's just that the larger time frame has put in a move that "pegs" all of that shorter time frame's indicators. You're better off looking at a longer time frame chart until the pair settles down a little bit. There will be a time to look at a four-hour chart again, and a time when you'll get useful information out of one. Until the daily chart settles down for a day or so, the four-hour chart can really get you into trouble.