Ilya,

I saw your short trade on USD/JPY and I have a question. How much weight do you give in your analysis to factors other than the charts?

What I mean by this is the Yen crosses (USD/JPY, EUR/JPY, GBP/JPY, etc.) tend to trade with the Dow and S&P. The EUR/USD will trade with gold and oil. The CAD trades with oil. Because of this will you analyze the equity markets to assist you with the analysis of the Yen?

I appreciate this being a charting thread and I am not asking you to comment on the direction of the Dow but what I would like to know is if you put any weight on these external factors in your analysis to place a trade or is it strictly charting?

If anyone else wants to chime in on this I would love to hear your thoughts. Thanks and God bless.

Fib Measurements offer great insight to market behaviour once they are understood. I always pay attention to the price scale (Fib Measurements) and not what price is doing... Although within the price movements are wave patterns which also give major clues to the next move.. But that is Elliott Wave Theory...

Do you pay as much attention to the 78.6 fib as (eg) 61.8 ?

I was under the impression the 78.6 was not as 'strong' as the 61.8 and in the USD/JPY example, the clean break below the 61.8 would have been more relevent.

That said, in these thin markets price in many pairs seems to be making it to the 78 fib when in the past the 61 has held.

Personally I don't care what anyone says about which Fib Level is more important or not, I pay attention to them all...

Hi Brad wut will be your entry price for the aud/cad trade.

Price is sitting at perfect entry price as I write this.... my stop is at .7960 and target is at 88.00

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USDJPY has lined up for a short. Strategy update:

US Dollar / Yen Breaks Lows, Offers Sell Entry

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Ilya Spivak is the author of Candlesticks, Fibonacci, and Forex Trading Weekly Forecast on DailyFX.com.

Hi Ilya,

Can you advise us for short term strategy on this pair as its once again on a wild ride recently? If I am not wrong, your long term strategy is new highs in this pair due to heavy dependence of Canada on US markets. Thanks

Here something to look at and correct me on if my divergence is off . Or if I am backwards . ANy help Thanks !

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Ilya - you state the 30 year low to be 84.xx but my charts show 79.75 in 1995 - quite a difference and I was targeting my low.

I have 79.80 as the low

Allow me to show what I think Ilya is up to here with USDJPY.... There is a prior range in the 83.50 - 85.50 zone which will most likely cause a major bounce once price drills into it... Ilya is attempting to remove a large chunk of PIPS from the market before it bounces higher off of the range... I assume he will look to sell the bounce which will most likely find major resistance over head before the 90.00 cent level... Price must come under 79.80 eventually to complete a long term Elliott Wave pattern... But Ilya is weighing the possibilities of what can happen, just as any smart trader should... I hope this helps to better understand why Ilya has picked the 84.25 target for his short position... If I am wrong, please correct me Ilya, but I think I'm right...

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usd/can does look to have divergence on the macd line but not histogram,i would wait for a reversal signal before going short with a stop loss .

hi Brad,
Thanks for your Aud/Cad call. I have a question 4 u. Wut criteria did u use for picking your entry price for the Aud/Cad trade.

I waited for price to close above resistance on a daily closing basis.