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Daily GBP/JPY analysis

  • #6,161
  • Jun 15, 2007 7:02am Jun 15, 2007 7:02am
Good risk to reward ratio. Already 4 consecutive bullish candles in daily chart. I'm "expecting" a retracement. I'm not worried even if it got to 244. It will make a retracement today or sometimes next week. That's been my approach for trading this pair for the past month. Buy on dips and sell on weekly highs. Believe me, the Chinese are committed to keeping their currency weaker. They want to keep "made in China" products as high quality and as cheap as possible.

Buy low, sell high
  • #6,162
  • Jun 15, 2007 7:03am Jun 15, 2007 7:03am
I trade short term swings, so I generally go off PA and S/R. Like I said I'm not expecting much from a down move and when it hits bottom (normally the trendline) I'll get back in long. My stops are generally really small 7-15 pips, so I tend not to risk much. I do sometimes miss out on moves when it breaks against me, but it all evens out.
  • #6,163
  • Jun 15, 2007 7:08am Jun 15, 2007 7:08am
Quoting Pipsqueak
Good risk to reward ratio. Already 4 consecutive bullish candles in daily chart. I'm "expecting" a retracement. I'm not worried even if it got to 244. It will make a retracement today or sometimes next week. That's been my approach for trading this pair for the past month. Buy on dips and sell on weekly highs. Believe me, the Chinese are committed to keeping their currency weaker. They want to keep "made in China" products as high quality and as cheap as possible.

Buy low, sell high
I dont mean to be disrespectful but... holy shit mate... what the f...

I wish you good luck with your trading.
  • #6,164
  • Jun 15, 2007 7:16am Jun 15, 2007 7:16am
I don't get it either. I know next to nothing about the forex market and I've been making serious money. Maybe I've been very lucky the past 2 months. Only time will tell if I can sustain this. At 10% return per week, I can double my account every 3 months. Starting with a 10k account, I can grow it to 1.2 trillion dollars in 9 years if I compound quarterly.
  • #6,165
  • Jun 15, 2007 7:17am Jun 15, 2007 7:17am
i guessed.
now seriously: i think all JPY pairs should go for a correction pretty soon, although i don't know if now or after another 100 pips up.

Quoting WTB
what exactly are you guys basing your shorts on? because I cannot see ANYTHING in my chart showing weakness on GBPJPY...
Nihil Sine Deo.
  • #6,166
  • Jun 15, 2007 7:23am Jun 15, 2007 7:23am
Quoting Scrat
i guessed.
I hope you're a good guesser.
  • #6,167
  • Jun 15, 2007 7:24am Jun 15, 2007 7:24am
did i mention that it might be a sharp one?
Nihil Sine Deo.
  • #6,168
  • Jun 15, 2007 7:25am Jun 15, 2007 7:25am
30 min shows signs of turning down now, 90 is where I'll re-asses if it will continue downward. Doubtful it will get past 242.60
  • #6,169
  • Jun 15, 2007 7:28am Jun 15, 2007 7:28am
Quoting Pipsqueak
I don't get it either. I know next to nothing about the forex market and I've been making serious money. Maybe I've been very lucky the past 2 months. Only time will tell if I can sustain this. At 10% return per week, I can double my account every 3 months. Starting with a 10k account, I can grow it to 1.2 trillion dollars in 9 years if I compound quarterly.
Alright. A piece of advice here Pipsqueak, take it if you will, discard it otherwise: drop that way of thinking, it will NOT work in the long term. I recommend you to do some serious studying and forget about trying to guess tops and bottoms, the 10% return weekly and the 1.2 trillions in 9 years stuff. Trading just doesnt work like that. There are some valid posters in this forum, do some heavy research and think long term.

But anyway, whatever you do I wish you good luck with your trading.
  • #6,170
  • Jun 15, 2007 7:41am Jun 15, 2007 7:41am
meh stopped out for 5 plus spread.

Made it up easily on others though.
  • #6,171
  • Jun 15, 2007 7:47am Jun 15, 2007 7:47am
just to say that in January of this year GY rose from 227 to 241 without even so much as a 200 pip retrace.
quote of the day: . It's like deja-vu all over again
  • #6,172
  • Jun 15, 2007 8:03am Jun 15, 2007 8:03am
Quoting Pipsqueak
I don't get it either. I know next to nothing about the forex market and I've been making serious money. Maybe I've been very lucky the past 2 months. Only time will tell if I can sustain this. At 10% return per week, I can double my account every 3 months. Starting with a 10k account, I can grow it to 1.2 trillion dollars in 9 years if I compound quarterly.
1.2 Trillion eh?
Patience + Humility + Study = Success
  • #6,173
  • Jun 15, 2007 8:07am Jun 15, 2007 8:07am
I must like the punishment, looking for another short.
  • #6,174
  • Jun 15, 2007 8:08am Jun 15, 2007 8:08am
all 3 crosses are at huge resistances...good place to short any of the crosses with 20-30 pips SL...
  • #6,175
  • Jun 15, 2007 8:10am Jun 15, 2007 8:10am
looks like the dow is ready for gains today, should gbp/jpy follow or is this bull run temporarily exhausted?
  • #6,176
  • Jun 15, 2007 8:10am Jun 15, 2007 8:10am
ns. out of interest what would your indicators have informed you about the gigantic surge I mentioned in January?
quote of the day: . It's like deja-vu all over again
  • #6,177
  • Jun 15, 2007 8:12am Jun 15, 2007 8:12am
well, my indicators work on a day to day basis....so i dont know what they would have said in January...in any case, i always say that the trend for the crosses is up....if u go short, u r mainly looking to scalp 10-20 pips using 20-30 pips as SL....i am not saying that the short is going to fetch u 100-200 pips...
  • #6,178
  • Jun 15, 2007 8:14am Jun 15, 2007 8:14am
Fair enough, I just have an in built terror of shorting a market that looks like this.
quote of the day: . It's like deja-vu all over again
  • #6,179
  • Jun 15, 2007 8:51am Jun 15, 2007 8:51am
Quoting Gmak
just to say that in January of this year GY rose from 227 to 241 without even so much as a 200 pip retrace.
I started trading in February. There are much I still don't know.
  • #6,180
  • Jun 15, 2007 8:57am Jun 15, 2007 8:57am
Quoting DutchTrader
1.2 Trillion eh?
Yup, with a capital T. If you think about, it is possible if trading with a larger account is the same as trading with a smaller account. All I have to do is maintain the same percentage returns and compounding periods. But I heard from the experts on this forum that it is not the same when trading with larger amount. So I guess my goal of 50 billions and richest man in the US will suffice.

Back to g/j, I'm shorting again at 243.90. With no stop loss. That's my secret. Using no stop loss and high leverage. Only close my position when it is in black. Going back to sleep now.
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