Jump to content

USDJPY reversal to the Downside


jbtrader

Recommended Posts

Daily reversal yesterday suggests further weakness.

 

A few of the pairs look weak as well such as AUDJPY, NZDJPY, EURJPY, CADJPY

 

Take your pick - the chart pattern on all looks similar and it is showing weakness

 

Cheers,

 

JB.

 

 

Link to comment

Yeah I'm not sure I can be either accused or credited with trying to drum anything into anyone...  Especially those who day trade, which I specifically do not and therefore my analysis and trading strategy is not relevant to day traders.

 

If you trade off higher time frames than that used for day trading (e.g. hourly) and use even higher time frames to identify trends and turning points then you must by definition have wider stops than a trade off a 5 min chart.  To make that work you also need a smaller bet size of a larger account.  However the points available on the higher time frame traders are also greater so for example a £2 position can net a 500+ points haul with, say, a 100 point stop.  Personally I seek a minimum of 3:1 reward/risk ratio and actually ideally even higher than that for high likelihood, low risk turning points. 

Link to comment

Exactly right on the competing with robots thing.  I find I do much better when I spend less time watch the market moves constantly.  One thing that walking away does do for you is helps avoid those Bull/Bear traps you highlighted in your turtle soup post.  If you are not watching the candles as they unfold you are not tempted to jump in.  Cold refection at a later stage then helps make the correct call.

Link to comment

Archived

This topic is now archived and is closed to further replies.

  • General Statistics

    • Total Topics
      21,234
    • Total Posts
      90,827
    • Total Members
      41,338
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    LHF
    Joined 03/02/23 06:57
  • Posts

    • For more up to date news on how markets will open, the latest earnings and economic news, watch IGTV live in the platform at 07:30am UK. Today’s coverage: Volatility now at 15mth lows as traders keep up risk exposure  Indices: Equity mkts push up. Europe expected to open higher again. Wall St yesterday S&P & NDAQ each went into bull mkt last night on 24hr mkts on hopes rates may be close to peak levels, then came a drop on disappointing tech earnings FX: Watching the USD again ahead of non-farm payrolls later today Equities: Earnings SAN. Last night AMZN AAPL GOOG F all down all-sessions after earnings Commods: Gold had its biggest single day slide since July ’22. NY Orange juice record high after crop failure & disease (Florida production lowest 90 yrs). Oil down as demand forecasts weaken       
    • Elliott Wave Analysis TradingLounge Daily Chart, 3 February 23, Polkadot /U.S.dollar(DOTUSD) DOTUSD Elliott Wave Technical Analysis Function: Follow trend Mode: Motive Structure: Impulse Position: Wave ((1)) Direction Next higher Degrees: wave I of Motive Wave Cancel invalid level: 4.23 Polkadot /U.S.dollar(DOTUSD) Trading Strategy: The rise of the first wave in an uptrend, upon completion, the price will retrace again in the second wave, but must not retrace more than 100% of the first wave. Gives us the opportunity to join the trend again. Wait for the second wave to finish. Polkadot /U.S. dollar (DOTUSD)Technical Indicators: The price is below the MA200 indicating a downtrend. The wave oscillators above Zero-Line momentum are bullish. TradingLounge Analyst: Kittiampon Somboonsod Source : Tradinglounge.com get trial here!   Elliott Wave Analysis TradingLounge 4H Chart, 3 February 23, Polkadot /U.S.dollar(DOTUSD) DOTUSD Elliott Wave Technical Analysis Function: Counter trend Mode: Corrective Structure: Flat Position: Wave (C) Direction Next higher Degrees: wave I of Motive Wave Cancel invalid level: 4.23   Polkadot /U.S.dollar(DOTUSD)Trading Strategy: The rise of the first wave in an uptrend, upon completion, the price will retrace again in the second wave, but must not retrace more than 100% of the first wave. Gives us the opportunity to join the trend again. Wait for the second wave to finish. Polkadot /U.S.dollar(DOTUSD)Technical Indicators: The price is above the MA200, indicating an uptrend. The wave oscillators above Zero-Line Bullish momentum.
    • US stock market is currently showing a bullish trend with several companies, such as Apple (AAPL), Tesla (TSLA), Amazon (AMZN), Nvidia (NVDA), Microsoft (MSFT) being very bullish. Stock Market: SP500, Apple (AAPL),Tesla (TSLA), Amazon (AMZN), Nvidia (NVDA), Microsoft MSFT, Berkshire Hathaway (BRK/B), Block, Inc (SQ), Meta Platforms, Netflix (NFLX), Enphase (ENPH), Alphabet GOOGL. XFL Finance Sector ETF, JPMorgan JPM & Bank of America BAC, Goldman Sachs Group Inc (GS) Stock Market Summary Earnings for large tech stock creates Elliott wave three's  Elliott Wave Analysis: Lows in for the stock market as the market Impulses higher Trading Strategies:Continue to hold Long Trades Video Chapters 00:00 SP500 / RUT 07:00 Apple (AAPL) 13:30 Amazon (AMZN) 16:15 NVIDIA (NVDA) 19:38 Meta Platforms (META) 20:23 Netflix (NFLX)  23:23 Enphase (ENPH) 28:28 Tesla (TSLA) 30:52 Alphabet (GOOGL)  33:02 Microsoft (MSFT) 36:49 Berkshire Hathaway (BRK.B) 38:40 Block Inc. (SQ)  42:59 Bank of America BAC 48:31 TRIAL Buy 1 Month Get 3 Months  Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817 Source: tradinglounge com  
×
×
  • Create New...