FX:USDJPY   U.S. Dollar/Japanese Yen
1010 39 35
2 months ago
BUY USDJPY!

Target:
1) 102.779
2) 103.351
2) 104.306

Trade with care!
Have a nice weekend...
2 months ago
Comment: Breakout the trend line USDJPY moon :)
snapshot
2 months ago
Comment: Based on "Strong Support" in weekly chart here --> http://prntscr.com/cpifp5

We can see too in daily chart showed "Triple Bottom" based on "Strong Support" in weekly chart
snapshot
2 months ago
Comment: First target HIT (102.779) ;)
2 months ago
Comment: Second target HIT (103.351) ;)
2 months ago
Comment: Third taget HIT (104.306) ;), Well done UJ the "MOON"
Addin D. Majid, S.Kom
Rocketman PRO
2 months ago
What set-up is this called? Is this repeatable? It looks like it could be a potential Wolf Wave pattern. I am not sure if you know about that do you? :)
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addinmajid Rocketman
2 months ago
No repeatable, this is original & my own view. Btw i know waves ;)
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jorv2074
2 months ago
I would really appreciate if you please explain the reason for getting long
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Rocketman PRO jorv2074
2 months ago
Here is your explanation:

(1) The USDJPY market made a double bottom.

(2) Then price kept making sub-minor higher highs and pierced through the 20 moving average, and both the 50 exponential moving average and upper portion of the Bollinger Bands and did not reject abruptly like no one wants it anymore, but it stayed there for several bars (about 4 or 5). You can observate that the price surged up like somebody means it: hard and rough.

(3) When the prices started to fall down, the prices stalled at horizontal support that goes back to August 3, 2016. This area or range is also close to where the 20 moving average was (the middle of the Bollinger Band).

(4) At the middle of the Bollinger Band prices started to show green bars again (subtle evidence of life), then a strong green bar, letting you know that the buyers are here.

(5) Other further observations: It looked like it could turn into a triangle since prices did not make fresh new lows, but stalled at support. This is why he speculated in drawing the that trendline there on the chart connecting the lows in advance.

(6) Using Discretion: He had no idea that it would hold and become a potential higher low. He took a wild guess that was based on what he had seen before. He was unsure at first, and this is why he used the "chop" indicator on the bottom to help his eyes. The "chop" indicator (available in Tradingview) is bullish. So, he used this to gain confidence in his speculation that maybe, just maybe, USDJPY will continue to go up and break through the downward sloping trendline. It could have gone the other way, and if it did, he wold have no explanation for it, but he will have a protective stop loss just in case that this trade set-up dd not work for him; take the loss, then and move on to find another trade to show up.

(7) Stop loss Rationale: His stop loss, according to his chart, was placed under the zone or area where prices seemed to be rejecting off of support.

(8) Target Rationale: He has places targets above based on horizontal resistance or barriers he thinks that price will have a difficult time going through; therefore, based on the chart, he has three different targets to partially get out.
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jorv2074 Rocketman
2 months ago
Rocketman - thank you so much for the detailed explanation. But, it still does not make sense for my simple mind to get long here as there are way too many hurdles to overcome. I can argue that the biggest candles in the recent 4H chart are bearish.
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Rocketman PRO jorv2074
2 months ago
Context matters. There can be red or green candles, but where did the rejection occur? Right down what I wrote and come back later. Maybe you will begin to see things in a new light.
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jorv2074 Rocketman
2 months ago
Yes, I think I agree with you on the rejection bit and also the fact it has been making higher lows on 4h chart. But, there is just too much overhead resistance.
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Rocketman PRO jorv2074
2 months ago
WHY WILL IT WORK OUT NOW is your question, jorv2074.

jorv2074, here is the truth about technical analysis and people who promote it and people who blindly follow it only.

When you are a soldier on the battlefield, there is also a lot of overhead resistance, but you must fight; but, which way do you go, up or down?

(a) He could have given you a picture of the same chart with an arrow pointing down just as with one pointing up.

(b) It is his wild guess. He really doesn't know in reality if the trendline will break or if sellers will step in at the top of the triangle and sell the USDJPY pair back down to the bottom of the triangle. WHY WILL IT WORK OUT NOW is your question, and he cannot give you a valid answer, except a chart (or, do what others do, sell you gimmicks and courses about their professional gambling strategy.). He is not selling us anything, but, if he is only looking at a chart, then, he is a professional gambler, like in horse betting. That is what they do. Gamble with a chart and has a point they will get out with a loss.

(c) This is the problem with people who only use charts and look at nothing else. They can only make wild guesses and do not have investment foresight; neither do they care about it nor has it ever occurred to them that they are really just gambling away. Also, they are too lazy to get that foresight. They can only show you a doodle on a computer screen, with a pattern and no explanation.
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addinmajid Rocketman
2 months ago
Lol i don't like arguing, so my personal view is long UJ if u don't agree it's ok just trade what you see based on ur technical analysis or ur fundamental analysis, i'm here just published ideas so if u wanna go short just do it, simple..

My analysis deepend on weekly chart, personally so far UJ can't break strong support on weekly so I think it will go up.. but it deepends to you that's just my personal view ;). Here the weekly chart --> http://prntscr.com/cpifp5
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Rocketman PRO addinmajid
2 months ago
Yes, not we are getting somewhere. So, you and I both agree that the weekly support is something objective on the chart. So, add to #8, this one:

Principle/Rule #9: You need to have a support or resistance from a WEEKLY or MONTHLY chart to base a trade off the daily and 4 hour chart. As addinmajid said, "My analysis deepend on weekly chart."

Principle #10: If you watch a chart and the prices "can't break strong support on weekly," then you should believe that it will go up. If it breaks support, then make sure that there is a stop loss order in place, waiting to get you out.

So, jorv2074, use higher time frames to find lower time frame bounces. and make sure those lower timeframe bounces have higher highs and higher lows.

Further Observation: It doesn't matter if the "chop" indicator is red or any color on the weekly. As long as it changes color on the daily, then that is the strategy.
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addinmajid jorv2074
2 months ago
Here why I take a long in UJ :) just a simple reason..
snapshot
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jorv2074 addinmajid
2 months ago
hmm... aren't you pre-supposing that the trendline will be broken - why do you have so much confidence that it will be broken? I may be missing some tricks that you know - so please educate me. Thanks!
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addinmajid jorv2074
2 months ago
My analysis deepend on weekly chart, personally so far UJ can't break strong support on weekly so I think it will go up.. but it deepends to you that's just my personal view ;). Here the weekly chart --> http://prntscr.com/cpifp5
Reply
Rocketman PRO addinmajid
2 months ago
I agree with you addinmajid. Don't worry. jorv2074 has a personality that needs more explanation because the next thing she will ask you is, "Why? Your indicator is red on the weekly. Why not wait until it is green."
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addinmajid Rocketman
2 months ago
I don't trade based on chop zone
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jorv2074 addinmajid
2 months ago
Ok, good point on the weekly support zone. But I also see overhead resistance. Maybe the impasse will be broken with NFP report on Friday
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Rocketman PRO jorv2074
2 months ago
Oh!!! You are talking about the resistance way above 102? I thought you were talking about the triangle's resistance. hehe.. In that case, we don't know, technically, if the resistance will be broken way up there, but as addinmajid said that weekly support has been hard to penetrate, so he thinks it will go up. How far, we need a catalyst to determine that!

And guess what, jorv2074, you naturally have a catalyst in mind. It is the non-farm payrolls. You believe somehow that it might be good. If it is really good, then, yes! It will break and that will be a confirmation that the FED will raise rates in December. So, there are so many implication that you can use to help you in trading technical analysis.

I actually will use chop in my charts as well, but only if I am tired or stuck and do not know what else to think; or, to give me that extra confidence as a last resort as to what I see.
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addinmajid jorv2074
2 months ago
You can see to in daily show "Triple Bottom" based on strong support in weekly chart
snapshot
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jorv2074 addinmajid
2 months ago
Again, no denying the triple bottom at the weekly support. That is not my question for you.
My question is why would it break the down TL - it is having trouble breaking that as we speak
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addinmajid jorv2074
2 months ago
Cause "strong support" in weekly bro that's why potential break down TL.. i already expalined it.. Read again all comment in here maybe you can get what i meant... Again, My analysis deepend in weekly chart so daily & 4h follow weekly chart. Short TF always follow big TF movement.. So far in weekly chart, candle can't break "strong support" i think potential up.. simple like that.. Here --> http://prntscr.com/cpifp5 understand this S&R..
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jorv2074 addinmajid
2 months ago
Fair point - I understand your viewpoint now; you are looking at weekly TF. Wish you all the best with your trade.
I would prefer to wait for downtrend line break and then last kiss - the downside to that is I may not get the last kiss
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addinmajid jorv2074
2 months ago
Ah, ok.. Btw, thank's for visit.. Wish you all the best with your trade too ;)
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jorv2074 addinmajid
2 months ago
Congratulations on your successful trade! Good job.
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addinmajid jorv2074
2 months ago
Thank's mate.. wish you always in green too ;)
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Rocketman PRO addinmajid
2 months ago
Yes, I agree with jorv2074. Why are you presupposing that that trendline will be broken? How do you know that it will be broken? It is a wild guess, isn't it? hehe
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jpvil123
2 months ago
yes :)
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ankushbali
2 months ago
awesome - thanks for sharing !!!
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addinmajid ankushbali
2 months ago
yup thank's too & you're welcome ;)
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Rocketman PRO
2 months ago
Nice man! You are rocking!
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addinmajid Rocketman
2 months ago
Hehe.. Thank's bro ;)
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IvanLabrie PRO
2 months ago
Excellent.
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addinmajid IvanLabrie
2 months ago
Thank's master ;)
+1 Reply
IvanLabrie PRO addinmajid
2 months ago
Oh, you're doing well yourself. Thanks.
There's always room to improve, we're all constant disciples of life, never truly mastering the most difficult thing: ourselves.
Great job here.
Cheers!
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addinmajid IvanLabrie
2 months ago
Yupp agree.. Cheers! ;)
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EdmarGouvea
2 months ago
Very good. Congratulations my friend!
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addinmajid EdmarGouvea
2 months ago
Yup.. thank's bro ;)
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soibam666
2 months ago
amazing target,lovely
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addinmajid soibam666
2 months ago
Than's bro ;)
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forexramen
2 months ago
Take me to the moon uncle!
Reply
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