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Daily GBP/JPY analysis

  • #4,241
  • May 3, 2007 5:32am May 3, 2007 5:32am
Things moving a little now, NY traders and all that. Hope they don't push it down too far. I'm long here, who else is bullish/ buying this current dip?
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #4,242
  • May 3, 2007 5:40am May 3, 2007 5:40am
Quoting southernmind
Would you guys say that the 4hr chart is the best one to use to gauge price movement? It seems that way to me. An almost perfect money-maker. Too bad I found out about it numerous dead presidents later.
Hi there, I would say yes for sure. H4 is a pretty good guage for movements on this pair, without having to stay glued to the screen all the time. When I wake up and look at the charts I also like to glance at H1 to see who's who in the past few hours and when I plan trades the Daily chart comes in handy as well, to determine general market trend.

But hey, ask cesar, he's the resident GBPJPY guru here
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #4,243
  • May 3, 2007 6:08am May 3, 2007 6:08am
Quoting Plutonite
Things moving a little now, NY traders and all that. Hope they don't push it down too far. I'm long here, who else is bullish/ buying this current dip?
I would be, but the spread spoils that kind of trading for me... (Unless, of course, you're going to stay in)
Gone to a better place
  • #4,244
  • May 3, 2007 6:13am May 3, 2007 6:13am
I am, however, now I am concerned. What will the News today do to this long I'm in?
All hard work brings a profit, but mere talk leads only to poverty.
  • #4,245
  • May 3, 2007 6:14am May 3, 2007 6:14am
Quoting Plutonite
Things moving a little now, NY traders and all that. Hope they don't push it down too far. I'm long here, who else is bullish/ buying this current dip?
Im also long at 239,... Any suggestions Cesar?,...
  • #4,246
  • May 3, 2007 6:22am May 3, 2007 6:22am
I am, however, now I am concerned. What will the News today do to this long I'm in?

Adding - if the news is better than expected won't that drive the UJ up, then it will drive the GBP/JY up?
All hard work brings a profit, but mere talk leads only to poverty.
  • #4,247
  • May 3, 2007 6:43am May 3, 2007 6:43am
Quoting plicksboy
Im also long at 239,... Any suggestions Cesar?,...
I aways long GBP. Buying dips, most of the time....

GJ has pivot 239,09 and it's trading above of it... expect bumpy rides until tomorrow, since dollar is being traded havily lately, stalling Cable.

Tomorrow's NFP, so not a day to carry trade on high exposure... Next week thing start getting interesting with likely BOE's hike...
  • #4,248
  • May 3, 2007 7:17am May 3, 2007 7:17am
Quoting Sami7
I am, however, now I am concerned. What will the News today do to this long I'm in?

Adding - if the news is better than expected won't that drive the UJ up, then it will drive the GBP/JY up?
In this case I believe it is a yes. I have a long on GBPUSD as well. and If that turns out to be a good trade we will made very decent pipage on this beautiful day.

Good luck to you all!
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #4,249
  • May 3, 2007 7:53am May 3, 2007 7:53am
Quoting Plutonite
In this case I believe it is a yes. I have a long on GBPUSD as well. and If that turns out to be a good trade we will made very decent pipage on this beautiful day.

Good luck to you all!
Actually, I got out right before the news -4 pips having learned it is better to loose small than large. I'll get in again when my indicators are either overbought or oversold.
All hard work brings a profit, but mere talk leads only to poverty.
  • #4,250
  • May 3, 2007 8:06am May 3, 2007 8:06am
Hmm, things starting to look a little freaky here because for some bizarre reason the GBPUSD is losing faster than the USDJPY can gain. I expect the market to calm down a little on the pound though, then we will begin to see real gains. Cautious traders should stay out of GJ and buy UJ instead for now (which is barely budging! Do the Tokyo people have a monopoly on yen trading??!!)
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #4,251
  • May 3, 2007 8:10am May 3, 2007 8:10am
Quoting Plutonite
Hmm, things starting to look a little freaky here because for some bizarre reason the GBPUSD is losing faster than the USDJPY can gain. I expect the market to calm down a little on the pound though, then we will begin to see real gains. Cautious traders should stay out of GJ and buy UJ instead for now (which is barely budging! Do the Tokyo people have a monopoly on yen trading??!!)
I believe it has to do with the holidays in Japan.
All hard work brings a profit, but mere talk leads only to poverty.
  • #4,252
  • May 3, 2007 11:13am May 3, 2007 11:13am
Saying that NFP is likely going higher, then dollar is stronger.
GBP/USD can go lower, again. In that case, GBP/JPY is not going up, and is likely even lower. Who has better/different news here?
  • #4,253
  • May 3, 2007 11:20am May 3, 2007 11:20am
I know this. I don't usually trade the news. I was scalping pips when suddenly, my oversold trades, went 30 pips down. I narrowly missed being margined out and escaped just barely. Meanwhile, put in a hedge and riding the Pound and Euro up. Will be out of my trades by news time tommorrow.
Need a nap just to recover.
All hard work brings a profit, but mere talk leads only to poverty.
  • #4,254
  • May 3, 2007 11:34am May 3, 2007 11:34am
Quoting Sami7
I know this. I don't usually trade the news. I was scalping pips when suddenly, my oversold trades, went 30 pips down. I narrowly missed being margined out and escaped just barely. Meanwhile, put in a hedge and riding the Pound and Euro up. Will be out of my trades by news time tommorrow.
Need a nap just to recover.
Sami7, Do you use EA to trade this scalping, or manually?
  • #4,255
  • May 3, 2007 11:40am May 3, 2007 11:40am
Quoting trader8686
Sami7, Do you use EA to trade this scalping, or manually?
No manually, just using RSI, MACD and EMAs on lower time frames 5 min. How is your trading going these days - How did you do today?
All hard work brings a profit, but mere talk leads only to poverty.
  • #4,256
  • May 3, 2007 11:46am May 3, 2007 11:46am
Quoting Sami7
No manually, just using RSI, MACD and EMAs on lower time frames 5 min. How is your trading going these days - How did you do today?
Sorry for butting in. Hope you didn't get stung as badly as me. GU shook out a week's succesful trading.

An expensive lesson. Next time I will take more care and avoid the news, for the sake of a few pips.
Gone to a better place
  • #4,257
  • May 3, 2007 12:07pm May 3, 2007 12:07pm
Quoting smikester
Sorry for butting in. Hope you didn't get stung as badly as me. GU shook out a week's succesful trading.

An expensive lesson. Next time I will take more care and avoid the news, for the sake of a few pips.
My rollover takes care of part of P/L.
But did you say, "....and avoid the news"?
That's not a good sign, I just figured it out to pay more attaintion on news from now on, if we expect a better trading.
  • #4,258
  • May 3, 2007 12:08pm May 3, 2007 12:08pm
Quoting smikester
Sorry for butting in. Hope you didn't get stung as badly as me. GU shook out a week's succesful trading.

An expensive lesson. Next time I will take more care and avoid the news, for the sake of a few pips.
I am waiting for a better price to close all my longs here.
  • #4,259
  • May 3, 2007 1:03pm May 3, 2007 1:03pm
Quoting smikester
Sorry for butting in. Hope you didn't get stung as badly as me. GU shook out a week's succesful trading.

An expensive lesson. Next time I will take more care and avoid the news, for the sake of a few pips.
Actually no losses so far, small small gains. Been there - have suffered heavy losses before today when I forgot about trading the news (like today - just from lack of sleep) - don't be too hard on yourself. Everyone has done that at one time or another.
All hard work brings a profit, but mere talk leads only to poverty.
  • #4,260
  • May 3, 2007 3:48pm May 3, 2007 3:48pm
In today's case, get ready to long some of USD/JPY is not going to be a bad trade at all. Since USD NFP looks higher (because Jobless rate is lower from this morning: Initial Jobless Claim ), and Yen keeps on weaker.
Anyone agree or correct me?
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