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Daily GBP/JPY analysis

  • #6,681
  • Jun 25, 2007 12:35pm Jun 25, 2007 12:35pm
Quoting zamans98
Umm, very comical. But, there was a time when GJ playing 570's in 1980
Quoting Sniper
Has anyone else though about this?

Joking apart, there is a point there. Of course it is possible to continue all the way, given the right fundamentals - which we seem to have at the moment. China is the wild card, IMHO, but China has resisted changing interest rates by any significant amount.
Gone to a better place
  • #6,682
  • Jun 25, 2007 12:39pm Jun 25, 2007 12:39pm
Quoting OrionsWay
Alfa naa i dont know, i just observed 3 tops with weakness by the players OR no demand for higher prices than that at least at this moment in life, everything looks like market going offer not bid
because u might be right... The price is having a hard time CLOSING above 247.33 in hourlies... and although 247.33 has been breached it could only go as far as 247.42 and than eventually go below 247.33.
I am long on this pair but not enjoying it so far.
I wouldnt be surprised if the price goes to 246.90 all of a sudden.
  • #6,683
  • Jun 25, 2007 12:43pm Jun 25, 2007 12:43pm
Quoting Alfa159
I rarely trade with the triple top method... How effective is it... Of course I know it cant be perfect but can it be described as a general rule? like shoulder head shoulder method?
An EJ chart from last week. I like using pattern recognition and use it all the time. When I picked up this was forming I took in to factor the carry trade situation. I was buying on dips all week last week including these ones.
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  • #6,684
  • Jun 25, 2007 12:47pm Jun 25, 2007 12:47pm
Quoting Sniper
An EJ chart from last week. I like using pattern recognition and use it all the time. When I picked up this was forming I took in to factor the carry trade situation. I was buying on dips all week last week including these ones.
i know this method... but only one question... when this pennant occurs does it mean that when the pair brakes one of the two lines that it will go into that direction? or did you already know that this pennant was signaling a long position before breaking the trend line you drew?
  • #6,685
  • Jun 25, 2007 12:56pm Jun 25, 2007 12:56pm
Quoting Alfa159
i know this method... but only one question... when this pennant occurs does it mean that when the pair brakes one of the two lines that it will go into that direction? or did you already know that this pennant was signaling a long position before breaking the trend line you drew?
As I have always understood it you're right. How ever I had a strong belief that it would go up simply because of the situation at the time. So imposing that belief over this I made the call to carry on opening long positions on top of the ones I had open. And it paid off. This time...
  • #6,686
  • Jun 25, 2007 1:00pm Jun 25, 2007 1:00pm
Quoting Sniper
As I have always understood it you're right. How ever I had a strong belief that it would go up simply because of the situation at the time. So imposing that belief over this I made the call to carry on opening long positions on top of the ones I had open. And it paid off. This time...
thanx for explaining... I will surely look for it when i am trading.. I wish I had that signal in GJ now... Though I am long.. I dont believe i will profit this time.
  • #6,687
  • Jun 25, 2007 1:03pm Jun 25, 2007 1:03pm
Quoting Alfa159
thanx for explaining... I will surely look for it when i am trading.. I wish I had that signal in GJ now... Though I am long.. I dont believe i will profit this time.

It does not only apply to this formation. You can use many others. That was just and example that classic formations can prevent a heads up as to what could happen in the present situation with all things considered. It was just part of my "holy shit" moment and seems to work for me.
  • #6,688
  • Edited 1:21pm Jun 25, 2007 1:09pm | Edited 1:21pm
agone week

please down

http://www.iexchanger.org/forex/h1.gif

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  • #6,689
  • Jun 25, 2007 1:12pm Jun 25, 2007 1:12pm
Quoting wahidshad
please down
can you fix the width on that chart its messing up the thread.
BAM BAM BOOM! -bravado
  • #6,690
  • Jun 25, 2007 1:12pm Jun 25, 2007 1:12pm
Yen is gaining momentum against all of the ccurrencies.
  • #6,691
  • Jun 25, 2007 1:14pm Jun 25, 2007 1:14pm
Hahahaha

Quoting DailyFX
8:06 USD/JPY: Rumours Of Another "Sub Prime" HF Problem JPY Firms New York, June 25. Spot USD/JPY has slipped back down to 123.80 as rumours circulate that another hedge fund has problems with their "sub- prime" mortgage portfolio. Traders aren"t buying into it fully, there is a preponderance at times like these when traders have a dodgy position to suddenly hear an industry related rumour, and as such it has not gained traction in other markets. There has been good demand around 123.75 over the past couple of sessions, and it has acted as a bit of a pivot point, with the exception of Friday afternoon"s close when it was ruptured due to thin liquidity, but still eked out a close there.
EUR/JPY is also dipping on the rumour, slipping to 166.63 from 166.71 PM session highs, however the response is muted, and seems to imply that overall traders are being cautious, rather than accepting the story"s credibility. Given the recent pick up in the market"s sensitivity to "risk aversion", the fact that the market is not following through speaks volumes. [email protected]
Thats a spanner in the works if ever I saw one.
  • #6,692
  • Jun 25, 2007 1:17pm Jun 25, 2007 1:17pm
anyone switched to short position after the news?
  • #6,693
  • Jun 25, 2007 1:19pm Jun 25, 2007 1:19pm
New long opened will only short a close below 246.40
  • #6,694
  • Jun 25, 2007 1:21pm Jun 25, 2007 1:21pm
Quoting Sniper
New long opened
glad I am not alone in the path of GJ long....

To be honest Ive been trading for a few months... Not a pro yet of course... still doing silly mistakes...
LIKE longing @ 247.40
I thought it closed above my resistance but I was looking at it wrongly when i opened my position...
Still i have faith but it worries me and makes me angry when I do such obvious mistakes.
  • #6,695
  • Jun 25, 2007 1:21pm Jun 25, 2007 1:21pm
Quoting bravado
can you fix the width on that chart its messing up the thread.

done
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  • #6,696
  • Jun 25, 2007 1:26pm Jun 25, 2007 1:26pm
by the way guys.. Does anyone know a place where I can get the latest world news and economical news? like the one that Sniper posted a few mins ago... Because my broker agency does not provide me with news and I would really like to get them. I used to do it with the trial version of FXCM's platform... Anyone know a better platform where it is either free or I just pay to recieve news. I dont intend to open another account in any other broker.
  • #6,697
  • Jun 25, 2007 1:34pm Jun 25, 2007 1:34pm
GBP/JPY droppingg..anyone worried?
  • #6,698
  • Jun 25, 2007 1:34pm Jun 25, 2007 1:34pm
Dow Jones reversing a 100+ day, now trading flat. More from the hedge funds crisis weighting in.

see bloomberg.com
  • #6,699
  • Jun 25, 2007 1:36pm Jun 25, 2007 1:36pm
Quoting syerram2
GBP/JPY droppingg..anyone worried?
worried like hell
  • #6,700
  • Jun 25, 2007 1:44pm Jun 25, 2007 1:44pm
It's already climbing back up. DJI i mean.
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