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Usd/jpy
- Thread starter 4Xgorilla
- Start date
Quote from Digsyman:
There is a good RSI divergance on the daily chart which should work but I remember one trader told me... never try to catch the turning point of USDJPY.
I always try to ride the trend, not catch the tops or bottoms. You will soon lose your sanity trying to predict that.
Stepping back into the sand box, cautiously, buying/averaging in Yen front month on Globex at .008250 and below, expecting drop to stall with European open, with price to climb above .008300 by mid week (72 hour projection). If correct, will remain long into next week. Stops to be set 10 to 30 ticks below 8200.
Quote from Chood:
Stepping back into the sand box, cautiously, buying/averaging in Yen front month on Globex at .008250 and below, expecting drop to stall with European open, with price to climb above .008300 by mid week (72 hour projection). If correct, will remain long into next week. Stops to be set 10 to 30 ticks below 8200.
Yen pierced 8300 overnight without conviction. Range bound since post above, 8252 (low during Monday session, which was slightly high for my planned entry) to 8306 (high overnight), or aprox 121.40 to 120.62 spot.
Week's low in near month YEN future -- .008252 -- touched shortly before European open on Monday, most likely to give way overnight, probably in early Europe trade Thursday.
Very little resistance until .008225. Plan to buy the near month at and slightly below .008230, stops to be set 35 ticks below entry.
In spot terms, overnight, I expect USD/Yen to recoil from rise to about 121.75.
Very little resistance until .008225. Plan to buy the near month at and slightly below .008230, stops to be set 35 ticks below entry.
In spot terms, overnight, I expect USD/Yen to recoil from rise to about 121.75.
Quote from fader:
hi - how do you come up with this level? good luck with the trade.
Nothing but an educated guess about price action in the event week's low pierced, with some consideration of expected light volume overnight prior to European open. Also reflects some consideration of volatility priced into Yen options at the beginning of the week. Last, entry simply reflects my interest in bargain hunting the contract, something I tried and just missed at the start of the week.
Quote from Deptrai:
Fighting the trend is very dangerous. . .
From your remark, I gather you are bullish the dollar at the high it reached at the start of this week, aprox 121.35-.40 spot. (It was at that point that I posted my first Yen buy order.) How much more of a loss are you willing -- or would be willing -- to take in that long dollar position? And when will the rising dollar trend you mention resume?