USD.JPY

[arco]

Thanks Miner for taking the time to upload the
charts - I will study them with your explanations
and get back to you with any questions.

Just one immediate question.

What calculations are the green horizontal lines based on.

regards -arco

[miner]

Hi Arco now you got me hehe,um no calculations so to speak of just points that if get broken then the move should start-continue,this say for these charts can be points on the right of the chart(going down) or on the left(points when it was going up) see how it broke 165.22 then continued to my target,so another short entry BUT as to close to the target higher risk.

So the last charts that have now hit my 165.08 target,165.41 was the bottom of the shooting star on the hourly and on the 5min was a break south of the 3 hammer candles,and on the 15min it broke the hammer that was before the shooting star,so all 3 said short,so no calculations so to speak.

I realise I am being very general naming these candles but hey it works,so if you turn this all around you work stops out by these points go from supp to ress or change to a long,ie same system just going north.

If you look at usd/jpy it was only off by 2pips for it's target of 122.80,so again confirmation of the moves,if you apply the same system to usd/jpy you will get the same result.

So in my usual tea leaf lingo I hope that made some sense?,also some of those lines are a bit rough as in not exactly to the pip,but still a tad sore after my opp so not that onto it.

Cheers
Miner

[arco]

Hi Miner

As I see it then basically you are plotting support/resistance
points, which if broken (or a reversal candle pattern appears)
you enter.

One additional method that can be used with this system is to plot
the s/r points on a number of extended time frames. Where confluence
appears those points should possess more power.



regards - arco

[miner]

That's allot of it but also look at a bigger picture as in daily and then times as in are we about to close a 5,15min,hourly or daily candle,or have we just started one(hard to explain).

For eur/jpy and usd/jpy I am now tending towards looking long,double bottom on 15min and 3 on 5min for eur/jpy,BUT if not in sit on hands for now until it sorts itself out as higher risk trade to enter now,if already short run a stop at say 165.25 so as just above 165.22.

Ta for your thoughts and chart and yes I look for that as as you say they break and run stronger.

I use this system sort of in revers for running stops,ie break supp go short then stop just above that supp as it turns to ress,then move down to next one if it gets there etc.

So today's bigger u (picture) was from 166.34 on the hourly for eur/jpy.

Cheers
Miner

[miner]

Well arco eur/jpy broke 165.04 so went short at 165.01,but break even stop on now,see how we go,went short also as usd/jpy broke 122.08,16pips so for fingers crossed hehe.

Cheers
Miner

[miner]

Fing ISP dropped me and my charts off twice but anyway got stopped out for 41pips so ok for a quick trade.

Cheers
Miner

[miner]

Another good U trade,you can see it on the 15min and hourly also,anyway my ISP keeps dropping me off so that's me but wouldn't be surprised if we go north tonight,good luck guys.

Cheers
Miner

[miner]

Well it went north 100+ pips so far,should have set that buy up last night,but did go long at 165.25 and have a break even stop on so will see how we go,looking for 165.62 first target on the hourly,bigger picture 166.90 on the daily,see it's same way mate usd/jpy gone north also,123.18 first target hourly,124.11 daily.

Cheers
Miner

[miner]

Ok testing my first target,if we get through this then 166.33 hourly for a big U,stop moved up to 165.35,usd/jpy will need to get through first target for this move to continue,if so then next is 123.50 on the hourly for it's big U,sorry posting on 2 pairs on the one thread guys hope it's ok?.

Cheers
Miner

[arco]

Morning Miner

Trust you are improving.

Just spotted your post re Eur.Jpy
Myself (and Mrs arco) both went in at 165.40

She has already taken her 25 pip scalp (3 lots),
and retired for the day (maybe )

I've taken one lot off at 25 pips with one lot still
running (+24).

Trust you are in and gaining pips.

regards - arco