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Daily GBP/JPY analysis

  • #5,741
  • Jun 8, 2007 2:32am Jun 8, 2007 2:32am
Price has hit that fib I mentioned - Long entry at 237.80 - 238 area possibly?
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  • #5,742
  • Jun 8, 2007 2:34am Jun 8, 2007 2:34am
I'd be nervous going long at the moment, but you could be right. If GU can't hold above 9700 we could be in for a rough ride down in the Yen pairs, though.
  • #5,743
  • Jun 8, 2007 2:34am Jun 8, 2007 2:34am
I might be wrong, but it seems an EXCELLENT opportunity to buy into GBP/JPY.
  • #5,744
  • Jun 8, 2007 2:36am Jun 8, 2007 2:36am
GBPUSD now in 1.96** area - a 50 % retrace in GU is around 1.9655

I think hold off on longs for time being and see what happens around this fib level in GBP/JPY and GBP/USD
  • #5,745
  • Jun 8, 2007 2:43am Jun 8, 2007 2:43am
I closed my short at 238.04 (a clean +200pips plus wanted to avoid your fib just in case!)... I'm looking at the same thing though, really. I'd love to see this rebound consolidate and continue but we've been in a downtrend all week so it's going to be interesting to see.
  • #5,746
  • Jun 8, 2007 2:45am Jun 8, 2007 2:45am
I expect a retest of the 237.79 fib area before we really look to go north.
  • #5,747
  • Jun 8, 2007 2:55am Jun 8, 2007 2:55am

I wasnt the loser today, and Im out already As I said earlier tonite, sell rallies is the best strategy in my opinion. Sold at 239.50, and another 2 lots at 238.80. Really crazy money. TP 237.90, 23.6 % fib level of El_duende which coincides perfectly with a 38% of a smaller wave. I love Fibs these days. And Im out of market. Recovered all my losses in these 2 days, so I can afford a beer in the weekend. Maybe more...

We leave no soldier behind.
  • #5,748
  • Jun 8, 2007 2:59am Jun 8, 2007 2:59am
The power of hedging ^^

i have closed my hedge @ 239.20 making a good 100 pips of profit and did not paid the swap and reopened it @ 240 this night (lucky me, i had to pee )

So with this hedging i save 100 pips from my loss.

I'm waiting now for an exit of my hedge to eventually reopen it if the unwinding continues
  • #5,749
  • Jun 8, 2007 3:01am Jun 8, 2007 3:01am
Quoting cesarnc
Ok, call me crazy....

Short UJ @ market + sell limit 121.35 (100 hour EMA) - risk 121.60, reward 120.60...

Sell stop 120.99.

Tomorrow will tell....

Technically and fundamentally these trades are based on GUT FEELING only.
Forget the techs... Forget the fundis... I'm a GUT FEELING trader now

  • #5,750
  • Jun 8, 2007 3:03am Jun 8, 2007 3:03am
Where do we see GBPJPY in the next few hours.. ?
  • #5,751
  • Jun 8, 2007 3:04am Jun 8, 2007 3:04am
Quoting gagiul

I wasnt the loser today, and Im out already As I said earlier tonite, sell rallies is the best strategy in my opinion. Sold at 239.50, and another 2 lots at 238.80. Really crazy money. TP 237.90, 23.6 % fib level of El_duende which coincides perfectly with a 38% of a smaller wave. I love Fibs these days. And Im out of market. Recovered all my losses in these 2 days, so I can afford a beer in the weekend. Maybe more...


As Hannibal would say 'I love it when a plan comes together!'
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  • #5,752
  • Jun 8, 2007 3:06am Jun 8, 2007 3:06am
I have no guts right now. I still have buy limits set across the board.

I got a heavy draw-down but collecting nice swaps in the mean-time.

Waiting for UJ to turn back up anytime. but it more likely next week.
  • #5,753
  • Jun 8, 2007 3:07am Jun 8, 2007 3:07am
Quoting musicman007
I expect a retest of the 237.79 fib area before we really look to go north.
Oh I so love it when I am right !
  • #5,754
  • Jun 8, 2007 3:08am Jun 8, 2007 3:08am
It's dropping like a bomb. What is the next step ? Is it the 20% unwinding ? Who knows ?
  • #5,755
  • Jun 8, 2007 3:11am Jun 8, 2007 3:11am
Quoting melpheos
It's dropping like a bomb. What is the next step ? Is it the 20% unwinding ? Who knows ?
The next stop I see for this baby is 236.39 if the momentum continue - that will be a full retrace of move up from 11th May, unless the 78.6 holds.
  • #5,756
  • Jun 8, 2007 3:13am Jun 8, 2007 3:13am
I am staying out now until the news at 9.30
  • #5,757
  • Jun 8, 2007 3:17am Jun 8, 2007 3:17am
Quoting musicman007
I am staying out now until the news at 9.30
Do you mean 8:30 EST for US trade news?
  • #5,758
  • Jun 8, 2007 3:19am Jun 8, 2007 3:19am
Quoting newjersey24
Do you mean 8:30 EST for US trade news?
Sorry bud, Im in the UK so waiting for UK news!
  • #5,759
  • Jun 8, 2007 3:20am Jun 8, 2007 3:20am
What sort of impact do you think the GBP Industrial Production announce that is supposed to be made in about 12 minutes from now?
  • #5,760
  • Jun 8, 2007 3:24am Jun 8, 2007 3:24am
Quoting DigitalFX
What sort of impact do you think the GBP Industrial Production announce that is supposed to be made in about 12 minutes from now?
on a Friday, in this market ?? - take your pick !!! Anything could happen. Interesting that the 15 min macd has just crossed though. I am buying on dips and selling at tops at present.
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