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Daily GBP/JPY analysis

  • #8,201
  • Jul 10, 2007 11:35pm Jul 10, 2007 11:35pm
Hi....

My Elliot Wave counting..... Stay calm don't trade till London Open.... Key Level for short is 244.00. If the price didnt break, then surf with the uptrend wave. Monthly is in WAVE 3 MAJOR.....
  • #8,202
  • Jul 10, 2007 11:48pm Jul 10, 2007 11:48pm
Quoting cesarnc
I would PAY to see the Japanese faces when they get back to their desks today.
http://img398.imageshack.us/img398/6...escreamgj2.jpg
  • #8,203
  • Jul 10, 2007 11:50pm Jul 10, 2007 11:50pm
Yeah, I agree 244.00 will be a MAJOR support level. It might fall much further if that is broken. 100 pips initially to 243.00 even before you blink an eye. Just remember early March... Ouch.

That being said I hope it does not fall further, so I can open some longs.
  • #8,204
  • Jul 11, 2007 1:19am Jul 11, 2007 1:19am
slowly pushing up....but id like to see it move up with conviction...sheesh
"it doesn't come any sharper than this!"
  • #8,205
  • Jul 11, 2007 1:28am Jul 11, 2007 1:28am
Quoting DR.ich
slowly pushing up....but id like to see it move up with conviction...sheesh
Nagbuy ka ba pare?
Long ako 245.80,...
  • #8,206
  • Jul 11, 2007 1:31am Jul 11, 2007 1:31am
Quoting plicksboy
Nagbuy ka ba pare?
Long ako 245.80,...
i see your sitting on some profits already ...im still waiting
"it doesn't come any sharper than this!"
  • #8,207
  • Jul 11, 2007 1:34am Jul 11, 2007 1:34am
Did a long at 245.90

SL at 245.40

target 248.

C ya.
  • #8,208
  • Jul 11, 2007 1:41am Jul 11, 2007 1:41am
Quoting henrycarol
Did a long at 245.90

SL at 245.40

target 248.

C ya.
That makes two of us
  • #8,209
  • Jul 11, 2007 2:06am Jul 11, 2007 2:06am

make a long @last 247.49
and another [email protected]

"Analysis Is Hard But Trade Is Easy"
  • #8,210
  • Jul 11, 2007 2:10am Jul 11, 2007 2:10am
Quoting Se[V]eN

make a long @last 247.49
and another [email protected]

You're still holding long from 247.49? That's brave
Gone to a better place
  • #8,211
  • Jul 11, 2007 2:15am Jul 11, 2007 2:15am

Quoting smikester
You're still holding long from 247.49? That's brave



yup i got a large margin...
and the whole retracement seems to finish soon..
maybe one more fall and its done...
"Analysis Is Hard But Trade Is Easy"
  • #8,212
  • Jul 11, 2007 2:18am Jul 11, 2007 2:18am
Quoting Se[V]eN




yup i got a large margin...
and the whole retracement seems to finish soon..
maybe one more fall and its done...
lots a nerves....
"it doesn't come any sharper than this!"
  • #8,213
  • Jul 11, 2007 2:34am Jul 11, 2007 2:34am
Quoting Plutonite
Now fellow trader..when the voices from afar speak you better darn listen! I'm closing because although it is clearly going to go up further in the next 72 hours, the next H4 candle will probably be a retest and I don't have the heart to see it go down.

USDJPY and USDCHF longs still open from below (121.28, 1.2003), but I am seriously feeling unclean with this scalping and will shower then go to bed. Let it do it's worst.

Good luck.
Does anybody know where I can get a job as a professional fortune teller (and maker lol).

Preliminary target 247.34 GJ, UJ unknown (watch prices at around same time GJ is abandoned).

USDCHF 1.2140 TP. Does anybody else have similar targets (I'm using a 61.8 fibs here among other things)? cesar what are you doing?

All stop losses set below the lows (maybe moved a little now).

Good luck
-P
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #8,214
  • Jul 11, 2007 3:08am Jul 11, 2007 3:08am
I'm long from 245.75 but I don't have a huge amount of faith in this upswing given yesterday's actions after the NY session opened. With that in mind, I've added a 50pip trailing stop so at the moment I have 95 pips locked away. We'll see how it goes.
  • #8,215
  • Jul 11, 2007 3:19am Jul 11, 2007 3:19am
I believe the price might stall around the 247.50 area, if it gets there, and possibly fall again from there.

247.34 is a resistance level for me too, based on the 61.8% fib level, drawn from yesterday's high to today's low.

It may eventually go up to 148 (since this is a carry trade pair after all), but it will take some time. We'll need to see the risk aversion fade away first, which may take a while, and plus all the USD bearishness may continue in the NY Session dragging the USDJPY lower, and the crosses with it.

Plus BoJ tomorrow may have a weight on this.

Questions...
  • #8,216
  • Jul 11, 2007 4:20am Jul 11, 2007 4:20am
Trailing stop taken out at 246.75 for a 100pip gain.

What a crazy day. I honestly don't know what to do next at this point, so I'm staying out until something solidifies.
  • #8,217
  • Jul 11, 2007 4:21am Jul 11, 2007 4:21am
Indeed... seems that NY Session traders want to revert the gains...

Although I see 246.75~90 as a minor support zone. Might want to see what happens at the close of the current 4h candle.
  • #8,218
  • Jul 11, 2007 5:16am Jul 11, 2007 5:16am
100 pips today
  • #8,219
  • Jul 11, 2007 5:23am Jul 11, 2007 5:23am
398pips on this pair alone, I guess I shouldn't complain about being undecided on a next step right now

Gut instinct is saying short, but don't have much to confirm it.
  • #8,220
  • Jul 11, 2007 5:40am Jul 11, 2007 5:40am
Kinda glad I didn't trust my instinct at this point.
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