Alternative Technical Templates.

[tonymand]

Originally Posted by kagein

Just wondering where you guys are looking to engage on the E/Y if your not in a position already. It's not really going anywhere.

I have my eyes on the 161.50 & the 162.75 levels.

Oh and how does the Nikki performance effect yen pairs in general?

I am not in anything at the moment George, all a bit choppy. I missed this yesterday. Although I agree with your levels of interest a retracement into the 163 area will leave a higher low and the short then does not look nearly so interesting unless there is very strong rejection behaviour

[kagein]

When price is making all time highs/lows, there are no previous S&R lines. How do you play that?

[daydreamer65]

Originally Posted by kagein

When price is making all time highs/lows, there are no previous S&R lines. How do you play that?

The support in an all-time high is a given, resistance turns to support,
the reverse occurs in all-time lows, resistance is a given, support
becomes resistance.

The next high/low could be a round number as in E/U 1.5, 1.6 etc.
or U/Y 99.00, 98.00 etc. also the inbetween round numbers.

Also a fibonacci extension could be used, or pivot points.

Following the high/low peak/trough patterns will be of great use.

Just wondering where you guys are looking to engage on the E/Y if your not in a position already. It's not really going anywhere.

As to this question I found this I feel it sums up the situation at present,
refer to the chart in the thumbnail.

EUR/JPY continues to engage in choppy trading in tight range below 163.09 resistance today. As discussed before, an intraday top is in place with 4 hours MACD staying below signal line. Intraday outlook remains neutral for the moment and further pull back could be seen. Nevertheless, a break below 160.12 support is needed to confirm rebound from 158.60 has completed. Otherwise, the rise from there is still more likely to resume than not. As discussed before, break of 163.09 resistance will confirm that fall from 164.97 has completed with three waves corrective manner to 158.60. In such case, stronger rally should be seen to test this resistance first and then upper end of the medium term range near to 168.93.

In the bigger picture, EUR/JPY turned into sideway consolidation after medium term up trend was limited at 168.93. It's unclear whether such consolidation has completed at 151.71 already. Though, the strong rebound from 158.60 argues that fall from 164.97 is merely correction to rise from 151.71 and has completed. Above 163.09 will encourage rally towards upper end of the medium term range near to 168.93. However, below 160.12 support will shift focus back to 158.24 cluster support (50% retracement of 151.71 to 164.97 at 158.34). Break will argue that such consolidation is still in progress with at least another fall to the lower end of the medium term range before completion.

[kagein]

You still a spectator on the E/Y Tony?

[tonymand]

In short George with some misgivings because of the higher low behaviour but that juicy double top and divergence at such a strong supply area was too good to pass up. First target is a return to 162 then 161.50 with intention to bail all on signs of a move back up. My stop is be and currently up about 2R

[kagein]

I took the short a bit lower down than you, moved my stop to b/e. Might bail out at 162.00, depends on what the price is doing around that level. I was wondering do the jpy pairs have good volatility going into and during the asian session on average ?

[tonymand]

Nice entry George, almost a 78.6 retrace (5 pips), tweezer top and divergence. UY is far and away the most traded pair in the Asian session and not much on the crosses. Hence they can move big distances with significant volatility

[tonymand]

So this is still looking good

[kagein]

Nice moves today, unfortuantely i didnt get in to any of them. I saw this develop but there was no divergence so i decided to let it pass. Painful when that happens but i think its best to stick with the template you feel most comfortable with.

I dont know if i've asked this before but with regard to the Asian sessions highs and lows, many people take notice of these prices, how do you use that information going into the European session?

[Tess]

Originally Posted by kagein

I dont know if i've asked this before but with regard to the Asian sessions highs and lows, many people take notice of these prices, how do you use that information going into the European session?

You could use the Tokyo range as you would any other range (eg: prev days range...prev weekly/monthly range etc) & buy an upside break/sell a downside break of the line.

Dependant upon your triggers, risk & the behaviour of price action contained within the range, you'd either buy or sell the line directly or maybe wait for a pullback to test the intent & provided you got a favorite bar set-up, then play the pullback away from the high/low breach of the range.