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Daily GBP/JPY analysis

  • #4,961
  • May 28, 2007 7:15pm May 28, 2007 7:15pm
Quoting trader8686
Are you using the MT4 ? If so, I am too. But, I don't see EMA.????
100 Exponential Moving Average. It's an indicator
  • #4,962
  • May 28, 2007 7:22pm May 28, 2007 7:22pm
Quoting yezbick
?

This is from a system started by Don Steinitz. You can research his system here.

http://www.forex-tsd.com/suggestions...aled-here.html

He does have an EA that was recently opened to the public, but it is in testing at this time.

You can find more about his EA's here.

http://www.forex-tsd.com/expert-advi...method-ea.html

and here.

http://www.forex-tsd.com/expert-advi...method-ea.html

His system is very good in determining the trend direction. As for his EA's I don't know yet how well they work.
I guess my recent prayer has already been heard by God, thanks many.
  • #4,963
  • May 28, 2007 7:33pm May 28, 2007 7:33pm
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http://www.forexfactory.com/images/icons/icon1.gif Chinese Stocks Continue Higher; Shanghai Composite breaks 4300
Reports are indicating that retail traders are fueling the Chinese stocks rally. According to industry figures, 300,000 people a day opened brokerage accounts in China last week.

Money is flowing from bank savings accounts to the stock market. According to Chinese government sources, the recent boom has meant that the value of shares on the stock market, at £1.1 trillion, now exceeds the value of deposits in China's banks.
  • #4,964
  • May 28, 2007 7:35pm May 28, 2007 7:35pm
Looks like it bounced back at 61.8%, correct me if I were wrong at the fibonacci retracement.
  • #4,965
  • May 28, 2007 7:36pm May 28, 2007 7:36pm
Quoting trader8686
Looks like it bounced back at 61.8%, correct me if I were wrong at the fibonacci retracement.

yes, it appears to be holding here.
  • #4,966
  • May 28, 2007 7:40pm May 28, 2007 7:40pm
Chinas composite up 1.18% so far for the day.
  • #4,967
  • May 28, 2007 7:46pm May 28, 2007 7:46pm
In my humble opinion about the fundamentals, the recent jap news were quite mixed, even if some were better than expected, so as always, my conclusion is that they just provide again some good bottoms to fish or retracements.

I will be looking to buy UY around 121.00-30 and GY around 240.50...but wont enter until London open, coz it seems Tokyo is quite bearish this morning. To be honest, I went short around 241.10 for a quick down scalp though...
We leave no soldier behind.
  • #4,968
  • May 28, 2007 7:51pm May 28, 2007 7:51pm
Quoting gagiul
In my humble opinion about the fundamentals, the recent jap news were quite mixed, even if some were better than expected, so as always, my conclusion is that they just provide again some good bottoms to fish or retracements.

I will be looking to buy UY around 121.00-30 and GY around 240.50...but wont enter until London open, coz it seems Tokyo is quite bearish this morning. To be honest, I went short around 241.10 for a quick down scalp though...
If looking to buy UY around 121.00-30 and GY around 240.50...
How do you look at this: GY weekly pivot at 240.79?
Is pivot something to look at or not?
(just to learn and to remind )
  • #4,969
  • May 28, 2007 7:55pm May 28, 2007 7:55pm
Quoting trader8686
If looking to buy UY around 121.00-30 and GY around 240.50...
How do you look at this: GY weekly pivot at 240.79?
Is pivot something to look at or not?
(just to learn and to remind )

Just watch the price movement. You will notice that often times it will come back to and hang around different pivots, supports and resistances. S&R's are the most basic indicator for trading. Many traders base their decisions around them as seen by the prive movement as mentioned above.
  • #4,970
  • May 28, 2007 8:02pm May 28, 2007 8:02pm
Quoting trader8686
If looking to buy UY around 121.00-30 and GY around 240.50...
How do you look at this: GY weekly pivot at 240.79?
Is pivot something to look at or not?
(just to learn and to remind )
I dont rely on the weekly pivot, but I will start doing from now, thanx I just decide upon the fib retracement levels on the 4 h charts together with some indicators. Also, 240.60 was the last support we saw before the final up move, so I will look to buy around here if I see a bounce back.
We leave no soldier behind.
  • #4,971
  • May 28, 2007 8:27pm May 28, 2007 8:27pm
China Composite Index now up 1.08%. Seems to be declining from its high of 1.5%

GBPJPY could be going back north soon.
  • #4,972
  • May 28, 2007 8:34pm May 28, 2007 8:34pm
Finding support at 240.66 after first of the week correction. The gbpjpy has a 20 day (DAR) of 128 pips it has currently ranged 96 pips
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  • #4,973
  • May 28, 2007 8:35pm May 28, 2007 8:35pm
Just my opinion/possible insight and not a rate prediction 'cause there may be a lot of over optimistic interptetation by young traders and the government propaganda machine.

The Japanese government would love to be able to show the world that their domestic economy is picking up and that there is a need to raise interest rates but I'm not too sure that todays data is telling us that.

In Japan the academic year changes in April. It's the month when school fees have to be paid and as a majority of children also attend cram schools it's a pretty hefty bill soooo unavoidable increased household spending. April is also the annual freshman hiring month soooo lower unemployment figures.

I would have thought the more important figures are the lower retail sales figures. The increased services spending is just school fees and possibly mobile phone/games charges.

The Japanese people have a high level of anxiety regarding their old age financial security and the governments ability to pay pensions. They don't trust their government and they don't trust investment institutions (they've been burned in the past) so they love to save in the post office at ridiculously low interest rates. Sooo they don't like spending on non essentials ...possible exception would be young ladies love of brand products.

I think, along with the rest of the world, that Japanese products are great so no doubt the overall economy will continue to grow but it could be a while before things change much on the domestic front.
  • #4,974
  • May 28, 2007 8:37pm May 28, 2007 8:37pm
Quoting yezbick
China Composite Index now up 1.08%. Seems to be declining from its high of 1.5%

GBPJPY could be going back north soon.
Now up 1.05 % and dropping.
  • #4,975
  • May 28, 2007 8:56pm May 28, 2007 8:56pm
its now couple of good news pile-up for yen from last week and yen still not move...but today with the 3.8 % unemployment i think some strench coming up...also g/j may loose more in london open as eur/gbp may retrace!Any way g/j at 240 every trader are very cautious in long g/j and put very tie stop...also with china market bubble close to burst!in unwind carry trade situation...fib,ret and chart analyse are not very usefull!
  • #4,976
  • May 28, 2007 9:14pm May 28, 2007 9:14pm
I read many sites and heard ppl talking bout carry trade unwinding. But nothing yet in the market. YEN keep its head up, looking for 122

economic data not helping and Cable struggling to overcome 1.9835
  • #4,977
  • May 28, 2007 10:36pm May 28, 2007 10:36pm
Quoting yezbick
?

This is from a system started by Don Steinitz. You can research his system here.

http://www.forex-tsd.com/suggestions...aled-here.html

He does have an EA that was recently opened to the public, but it is in testing at this time.

You can find more about his EA's here.

http://www.forex-tsd.com/expert-advi...method-ea.html

and here.

http://www.forex-tsd.com/expert-advi...method-ea.html

His system is very good in determining the trend direction. As for his EA's I don't know yet how well they work.
I have question for this HAS system after I studied it.
Can I have your e-mail address?
  • #4,978
  • May 29, 2007 12:26am May 29, 2007 12:26am
Why worry about China so much? If the bubble bursts, you get stopped out. Until then, just buy on dips and make all those easy pips. By the time the bubble actually bursts, you will have made tons of pips already.
  • #4,979
  • May 29, 2007 12:44am May 29, 2007 12:44am
Quoting yezbick
Just watch the price movement. You will notice that often times it will come back to and hang around different pivots, supports and resistances. S&R's are the most basic indicator for trading. Many traders base their decisions around them as seen by the prive movement as mentioned above.
please, i would like for you to acquaint me the setting and reading of the S & R's you talked about as being the most basic indicator for trading.
i would be delighted if you could ablidge me.

UNTIL LATER, TAKE CARE AND MAY YPUR TRADING BE PROSPEROUS!!!
  • #4,980
  • May 29, 2007 1:25am May 29, 2007 1:25am
Quoting Navigator
Just my opinion/possible insight and not a rate prediction 'cause there may be a lot of over optimistic interptetation by young traders and the government propaganda machine.

The Japanese government would love to be able to show the world that their domestic economy is picking up and that there is a need to raise interest rates but I'm not too sure that todays data is telling us that.

In Japan the academic year changes in April. It's the month when school fees have to be paid and as a majority of children also attend cram schools it's a pretty hefty bill soooo unavoidable increased household spending. April is also the annual freshman hiring month soooo lower unemployment figures.

I would have thought the more important figures are the lower retail sales figures. The increased services spending is just school fees and possibly mobile phone/games charges.

The Japanese people have a high level of anxiety regarding their old age financial security and the governments ability to pay pensions. They don't trust their government and they don't trust investment institutions (they've been burned in the past) so they love to save in the post office at ridiculously low interest rates. Sooo they don't like spending on non essentials ...possible exception would be young ladies love of brand products.

I think, along with the rest of the world, that Japanese products are great so no doubt the overall economy will continue to grow but it could be a while before things change much on the domestic front.
very interesting insight. You live in Japan?

Well, even if UY is getting hammered today, Im happy I entered long at 240.60. As one other guy said here, why worry so much about china burst? Instead of losing money on shorts waiting for the prophecy to happen, better buy dips, win on carry and make pips. Its really easy. Ill be buying dips even if it goes down to 239.60.
We leave no soldier behind.
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