Jump to content
Sign in to follow this  

USDJPY

Recommended Posts

See if that blue area holds for a potential reversal up & GAP fill

Capture uj.PNG

Share this post


Link to post
Posted (edited)

That's interesting, can you explain?

I saw this from Reuters and don't understand. 

Quote

USD/JPY's "bear trap" below the major 109.23 Fibo, a 38.2% retrace of the 104.10 to 112.40 2019 rise, increases the odds of a bigger recovery occurring.

 

Edited by dmedin

Share this post


Link to post
12 minutes ago, dmedin said:

That's interesting, can you explain?

I saw this from Reuters and don't understand. 

 

This is my guess

Capture btra.PNG

  • Thanks 1

Share this post


Link to post

Okay thanks.  I didn't think to draw a Fib from the flash crash low.  😁

Share this post


Link to post

On the weekly chart ... who would be taking a long position based off this picture?

usdyen.jpg

Share this post


Link to post

@dmedin a lot of FX is a bit scary at the moment, I think waiting for some kind of signal on a lower timeframe chart is better for me

  • Thanks 1

Share this post


Link to post

In all honesty trading on weekly and monthly charts is best left to hedge fund managers. 

On the H4 you've got 3 x failures at 110.030 then a failure at the pivot, I'd be looking lower rather than higher at least until there was a breakout past such strong resistance.

image.thumb.png.924be244f8eb8621302edb1685301812.png

Share this post


Link to post
17 minutes ago, Caseynotes said:

In all honesty trading on weekly and monthly charts is best left to hedge fund managers. 

On the H4 you've got 3 x failures at 110.030 then a failure at the pivot, I'd be looking lower rather than higher at least until there was a breakout past such strong resistance.

image.thumb.png.924be244f8eb8621302edb1685301812.png

 

 

Joshua Mahoney said something similar this morning and was looking at 30 minute charts in FX pairs.

I don't have a lot of confidence in trading in short-term time frames and there are a lot of 'sharks' pushing day trading stuff.

And yes longer range stuff is better for hedge fund managers with deep pockets.

So ... I would probably be better off doing something else.  😁

Share this post


Link to post
3 minutes ago, dmedin said:

I don't have a lot of confidence in trading in short-term time frames and there are a lot of 'sharks' pushing day trading stuff.

The H4 chart is quite a good one for medium term trades lasting 2 or 3 days so not really day trading and the stops are not so big as to be weighing too heavily on the account.

Not sure who these 'sharks' are what you mention, of far greater concern to you should be all the bs'ers.

  • Great! 1

Share this post


Link to post
20 minutes ago, Caseynotes said:

The H4 chart is quite a good one for medium term trades lasting 2 or 3 days so not really day trading and the stops are not so big as to be weighing too heavily on the account.

Not sure who these 'sharks' are what you mention, of far greater concern to you should be all the bs'ers.

You're quite right. :D

I'm going to practice this approach and go for it.

  • Like 2

Share this post


Link to post

Interesting development, usdjpy broke key resistance that's been in place since early May on this 4th attempt.

Why did that happen? There was a surge in US indices on the US open so money came out of ultra safe Yen and went into stocks.

Not a totally convincing break though because come end of day some decided to reduce risk for the weekend and sent money back the other way but the dollar bulls did manage to keep the close above the break.

So what happens now? That will depend on whether there are any developments in the trade war, a worsening situation will send price back down but if there's no bad news big traders are expecting price to keep rising.

How do you know that? Because the big traders wouldn't have bothered to push price though resistance in the first place otherwise 🙄

So what do I do now? Well personally I'd be refreshing my memory of Cred's 'Entry Triggers' video I remember seeing in the 'Technical Analysis' thread. 

  

image.thumb.png.8718b451f51fb272d9ed248337cfc5f0.png

 

Share this post


Link to post

USDJPY retesting the breakout level now so looking for a bounce and continuation upward.

image.thumb.png.52a88b53433bb02f04963a5eb6920c15.png

  • Thanks 1

Share this post


Link to post

Returns to resistance level with a bit of a thump but a useful demonstration of market memory, resistance turned support.

image.thumb.png.7faaf69896ed0a9ea9833ad378e31cf5.png 

  • Like 1

Share this post


Link to post

110,000 wasn't able to hold for long, looking for support now at 109.700.

image.thumb.png.677ca1d017f85672786ebf884aee1481.png

  • Like 1

Share this post


Link to post

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
You are posting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Member Statistics

    • Total Topics
      7,424
    • Total Posts
      37,733
    • Total Members
      47,702
    Newest Member
    SanthuDiya
    Joined 18/09/19 13:51
  • Posts

    • yes they will be on less charts but I understand your point about the size of the moves in ftse, no harm in trialing them though you might find marking out the immediate prior high and low has more relevance.  
    • Yeah, I keep an eye on volume, that's why it's showing at the bottom of my chart However, I haven't been able to discover a strong relation between volume spikes and trend direction. Sometimes I see orders of the magnitude of 10-20k and the chart doesn't do anything special. Other times you see just average volume and the chart does huge turnarounds. For example what happened at 8.30 with that spike down and then going straight back up and making new highs vs previous candle? All happened on low volume
    • @jameswalker1 my recommendation is trade the demo account to get a better understanding of the costs associated. I traded demo for nearly 2 years before placing my first real trade. It will save you in the long run to get a better understanding of the costs involved.
×
×