JPY at end of trend?
- Thread starter JSSPMK
- Start date
Quote from JSSPMK:
AS, Dollar is not collapsing yet, it's just a flush. I can display graphically how non commercial traders lost in the past, they are not holy Grail. All time low will create a nice multi month bounce
More of the same...GBPJPY retail traders adding to losing positions as are USDJPY retail traders...Stay short GBPJPY and USDJPY.
Down trend (UJ) is exhausted, a reaction is brewing. AS keeps posting FXCM's trade book graphs and I do see what he is implying - trend reversal when retail traders abandon longs, but let's not forget what happens to price action near MAJOR zones. Support zones are bought and resistance zones are sold. Why is that on a wall of shame all of the sudden. It's much more prudent to do that rather than sell near a major support zone due to reduction in ratios between reward & risk.
In the end whatever is meant to happen will happen. I am holding Ninja long, not averaging down just to P off AS
In the end whatever is meant to happen will happen. I am holding Ninja long, not averaging down just to P off AS
Quote from JSSPMK:
Down trend (UJ) is exhausted, a reaction is brewing. AS keeps posting FXCM's trade book graphs and I do see what he is implying - trend reversal when retail traders abandon longs, but let's not forget what happens to price action near MAJOR zones. Support zones are bought and resistance zones are sold. Why is that on a wall of shame all of the sudden. It's much more prudent to do that rather than sell near a major support zone due to reduction in ratios between reward & risk.
In the end whatever is meant to happen will happen. I am holding Ninja long, not averaging down just to P off AS
Crowd behavior leads to crashes one way or the other....
Stay short USD/JPY , GBP/JPY....
Jason Rogers
ET Sponsor
Watch out for tonight's UK GDP numbers. Possible catalyst sending GBP/JPY lower if it comes in lower than expected.
Huge declining wedge in Ninja daily getting to apex of wedge, very close to all time low, Japan government under pressure to do SOMETHING to hold down Yen, DX weekly put in inside bar at rising multi month TL, open interest dropped slightly last week, savvy traders don't initiate new shorts too close to all time low due to low reward vs risk. I am sure there are more reasons for going long the cross the closer it gets to the all time low.
Ok, I will not pretend to understand fully reasons to call for end of the down trend, but there are enough reasons to expect an intermediate bottom to come in near 80 zone. Common sense guys, QE2 was hinted at and reaction of pricing in hasn't broken all time low already, why would it do it now? Based on what?
Let's be realistic
Ok, I will not pretend to understand fully reasons to call for end of the down trend, but there are enough reasons to expect an intermediate bottom to come in near 80 zone. Common sense guys, QE2 was hinted at and reaction of pricing in hasn't broken all time low already, why would it do it now? Based on what?
Let's be realistic
Quote from ASusilovic:
Stay short USD/JPY , GBP/JPY....
Trailing stop hit. Doesn´t matter. In the last 14 days + 635 pips profit. -87 pips stops hit. Net = + 548. Thanks to FXCM´s SSI indicator. Not a bad strategy based on pure "sentiment".
Let´s see how it works in the future.
