Without them, there is no market!! LOL. Yes, that was a lovely 4hr candle close above the 21ema and the wkly pivot at 206.05..
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DislikedThis is just the beginning, I'm going to kill every bear out thereIgnored
DislikedCrashout.... do you think this run will get capped between 206.70/206.90?
I have plan to take some/most profit at 206.70, the G/J will either retrace sharply (giving some more opportunity to load up on longs) or blow right through it, towards 207.80Ignored
DislikedYou have to understand the correlation between GBPJPY and the indices. Look at s&P and dj -30 . These plummeted today and closed at low of day. Liekly there will be more carnage tomorrow. At this point even 1% rate cut by feds is just gum on the dam.
GBPJPY is a carry trade. As markets drop risk aversion is unwound , that is what they mean by unwinding of the carry trades on the news wires and also part of the reason the AUDUSD dropped alot today as this is now a stronger carry trade then GBPJPY as the interest rate differential is higher.
As per my earlier posting there was not much chance of this going up , I did mentioned wait for clear break of 15 min 20 sma before going long. It only poked its nose thru that and quickly reversed on the next candle. I like to add 20 pips to the breakout bar on a 15 min chart for breakout confirmation.
One sure way to lose money in forex ( been there done that on live account)
is to rush into a trade to early.
i stress this time and time again to newer traders that you have to wait for some kind of confirmation that the trend is going to change , specially if you are going to walk away from the trade and go do something else.
Also look at the 4 hour chart. Before this candle formed we had the two biggest down candles we have had in days, since the 1000 pip drop. That should have been a sign to short the rallies for a swing trade position .
I hope this helps.
Watch this space for next 1000 pips. Today was the start of that run ... 350 pips and counting, means we still have lots to go.
I like to wait for the 60 min chart to confirm a trend reversal after a big drop or rally.Ignored
DislikedHey shahroodi, care to share that time frame adjuster u have there.
Yea seller of yen coming into market again around here careful peepsIgnored
how r u???
i didn't get what you mean????
you mean gj go up or go down????
tks in advanceIgnored
Dislikeddear shahroodi , we see a defective shootnig star .we know that a bearish shooting star pattern is a single candle and have low reliability but with long upper wick this candle , i think this shooting star is winking for sellIgnored