My Forex Journal

victorycountry said:
OMG, so it is true that human traders consider round numbers as support/resistance level.
Exactly that's what I am working on with my research at the moment .
But you don't have to worry too much about round number effect during openings cos when market is highly liquid, round number effect disappears only when market becomes illiquid, it exhibits round number effect.
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This is for you my friend....
At some(most)institutions round numbers are big... some trader trade only there...
I created this for you and I highlighted with blue how many times it reacts when it reaches round numbers.... and remember why I did not get it at the 1.000... cause it was almost sure it would react there...
 

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Look at these 2 pairs where they are having a problem.... but I cannot pay too much attention to this cause then I would not trade, I would have to scalp and I do not do that I go for hundreds of pips, except if it is a major round number and it is right there I might look. I expect a pullback at those levels....
 

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USDJPY
daily chart - prices are currently touching the most dangerous support level
(likely an indication of the end of downtrend...)
1 H chart - has touched a strong support level

GBPJPY
daily chart - this one is the same, prices are currently touching the most dangerous support level (likely an indication of the end of downtrend...)
1 H chart - has not touched a strong support level but almost/nearly there...

imo, both currency pairs have hit the bottom...
 
wizard4444 said:
CADJPY SHORT@ 81.502
SL@82.813
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1 H - you are currently touching a strong support level but looking at daily chart, there is a strong indication of bearish sentiment but to make a good profit it looks you will have to wait.
If prices go below the current support level, it will likely to fall to 80.3000 or even further down ( probably will not happen so soon though...)
 
victorycountry said:
1 H - you are currently touching a strong support level but looking at daily chart, there is a strong indication of bearish sentiment but to make a good profit it looks you will have to wait.
If prices go below the current support level, it will likely to fall to 80.3000 or even further down.
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The daily support level on CADJPY is @80.00.... but like I said ... if I would pay attention to that I would never swing trade cause there are levels everywhere and I am a trend trader. At the levels that I trade they are powerful and would eventually break it...have a close look.... I do not trade at extended levels. Now if someone is a reversal trader it is another thing...for me it will be a bounce.... thanks :)
 
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wizard4444 said:
Look at these 2 pairs where they are having a problem.... but I cannot pay too much attention to this cause then I would not trade, I would have to scalp and I do not do that I go for hundreds of pips, except if it is a major round number and it is right there I might look. I expect a pullback at those levels....
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everything sort of backing up this am. Really don't see much opportunity to initiate. Gold had a run up, so I expected to see equities down hard. There was a test lower but that fire is out for now. More vol in Cad than I would have expected. Risk on till proven otherwise.
 
Cswim63 said:
everything sort of backing up this am. Really don't see much opportunity to initiate. Gold had a run up, so I expected to see equities down hard. There was a test lower but that fire is out for now. More vol in Cad than I would have expected. Risk on till proven otherwise.
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USD/CHF still in play.
 
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