Stochastics on 1 day candlecharts are high, opposed to at bottom re weekly charts. Probably Stochs on 1 day chart will descend while weekly stochs wait at bottom. When one sees Stochs on 1week, 1day, 1hour and 15mins all at bottom or comming off bottom and the Elliot wave patterns on all timeframes confirm then I'm inclined to pull the trigger for a swing trade up. I try and wait for extreme ideals because they often happen, anything less exposes me to more risk although I'm comfortable now catching trends once indicated they are underway. I use 14,5,5 Stochs. Any other analysis suggestions welcome keeping in mind I already know Fibs and trendlines.
Technical outlook on USD/JPY
- Thread starter JSSPMK
- Start date
Stochastics on 1 day candlecharts are high, opposed to at bottom re weekly charts. Probably Stochs on 1 day chart will descend while weekly stochs wait at bottom. When one sees Stochs on 1week, 1day, 1hour and 15mins all at bottom or comming off bottom and the Elliot wave patterns on all timeframes confirm then I'm inclined to pull the trigger for a swing trade up. I try and wait for extreme ideals because they often happen, anything less exposes me to more risk although I'm comfortable now catching trends once indicated they are underway. I use 14,5,5 Stochs. Any other analysis suggestions welcome keeping in mind I already know Fibs and trendlines.
As I have come to realise one of the key elements that may improve odds of survival daytrading using high leverage is to set goals based on longer term charts. I view USD/JPY as a strong contender for a bounce based on weekly/daily charts. So what I am going to do is start drilling down on shorter term charts (240/120/60/30/10/5/3/2/1) looking for a favourable point in time to initiate a long position. You can already see a rounding bottom p/a formation on the daily chart. Considering the fact that weekly chart now features a TRIPLE divergence (almost complete) + wedge nearing the apex suggests that price can literally put in a massive BO, yes, MASSIVE. It's an absolute classic set-up. Even if you adjust position for a swing and enter right here keeping stop below $105, that would still be fine as far as r/r is concerned as I see a target objective of at least $115.
That's a mind boggling statement actually, you say fundamentally still short, so why would you not agree with 'market movers' that seem to be accumulating USD? Is it unreasonable to assume that they are buying USD based on their own FA and their 'footprints' are seen via TA?
This whole FA vs TA confuses me, when we see accumulation in charts surely we should be going with majority vote sort of speak, not against it. And if charts tell you conditions are changing, then perhaps your FA do not agree with the ones that have power to move markets.
After all weekly is a pretty big chart for a swing
I don't care about Market maker making bets with USD; One thing; Bernake make sure he will "aggressively" cut fed's rate that I have cared about. Granted; Bernake can cut fed's rate to 0.75; Japanese banks can still buy more USD with its JPY. 
If Japan want to import inflation from US to stimulate its economy, Didn't they just do that for the past 10 years?
Oil and Food price will rule how far can Japan go with USD.
If Japan want to import inflation from US to stimulate its economy, Didn't they just do that for the past 10 years?
Oil and Food price will rule how far can Japan go with USD.
Quote from number22:
I don't care about Market maker making bets with USD; One thing; Bernake make sure he will "aggressively" cut fed's rate that I have cared about.
Granted; Bernake can cut fed's rate to 0.75; Japanese banks can still buy more USD with its JPY.
You certainly seem to be putting your faith into future events that neither you or I have any influence over. Go with the flow is what I say, be it a 5 min chart or daily, if I see accumulation I look to go long & vice versa. But that's just me I suppose
Anyway, thanks for sharing.
Ammo, sorry I didn't answer, it's because I don't follow gaps.
There are currently 2 big events; Kosovo's declaration of independence and Bonds market selling off; anyway just for me;
Russia and China may try to use their newly found economical power to muscle with US.
Japan may use this opportunity to offset US pressure on stronger JPY; and come out buying more USD.
Let the Game beginning;
Russia and China may try to use their newly found economical power to muscle with US.
Japan may use this opportunity to offset US pressure on stronger JPY; and come out buying more USD.
Let the Game beginning;