The John McEnroe Yen Trade.

[xtf]

You cannot be serious. 123.45? I'm shorting here and expect 100 pips within the week. Comaaaaawn!

 

[kako]

Hi

I agree with shorts on USDJPY but I'll add to my tiny position size later, if possible.

GJ, Correlation between past & future is the cornerstone of TA but I believe recent data is of more value compared to older data. for example recent weeks S/R are more reliable than 2 or 3 weeks ago S/R. Hence I'd rather not to look that old on my charts and only see/analyse recent weeks data.

Regards
.........................
Kako

PS. in this matter, if Daily chart confirms(it could happen after atleast 1 week) we could expect a much greater than 100 pips as a target. all TFs <=H4 are exhausted on my chart on USDJPY(daily is still a little bit vague yet).

 

[xtf]

Here come the pain...

 

[xtf]

Averaged at 124.04, all out at 122.45. Good Game!

 

[xtf]

Thanks GJ.
Speaking of picking tops, doesn't cable often sell off after an expected interest rate hike as it is priced in? Good short?

 

[WTB]

At this time we have the 2.0130 level (previous high for the year) right below us, so cable might find some support off it. Plus the trend is clearly up in all time frames. I certainly wouldnt short this beast at this junction. Plus we have the Interest Rates coming in two days so we might easily simply move sideways within a tight range until then.

 

[xtf]

Well of course you wait for it to start happening first. Cable certainly off highs now after the announcement. Too scary to short now though

 

[Hoggums]

You say 'of course you wait....' as if it's a given, but many traders of course just go charging in regardless, trading purely the headline number not the revisions, market context etc etc etc. Not everyone's as enlightened as you...

I'm still long on cable, I don't see any reason to close just yet - I think another potential rate hike in GBP will keep the ccy strong for a while. Let's see how the non-farm payroll figures pan out this avo...

 

[xtf]

You say 'of course you wait....' as if it's a given, but many traders of course just go charging in regardless, trading purely the headline number not the revisions, market context etc etc etc. Not everyone's as enlightened as you...

Yen at 103??? well let's wait til there's a bit of a bounce eh?

 

[darktone]

This is an oldie! USDJPY homing in on support! with conviction! . Wouldnt be surprised if it just sailed straight through!.

edit:- Opps! lol! =)..

 

[xtf]

This is an oldie! USDJPY homing in on support! with conviction! . Wouldnt be surprised if it just sailed straight through!.

edit:- Opps! lol! =)..

Just trying to pick a bottom- I got the top so why not? Take profit at 110!

 

[darktone]

Just trying to pick a bottom- I got the top so why not? Take profit at 110!

Decent place to be looking for support.If it works out why not hold it till 120!

 

[xtf]

Decent place to be looking for support.If it works out why not hold it till 120!

Took a profit early and it paid off- wrong about the support- heading lower. That damn aussie fantastic