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Daily GBP/JPY analysis

  • #8,461
  • Jul 17, 2007 4:56am Jul 17, 2007 4:56am
Quoting monarch
Okay, we broke above the recent 248.92 line set last week, and were above the 249.00 line now.

The next area of importance is the 249.17 which is a high dating back from August of 1992. I am watching now as were pushing against this line, the important factor is close of candles above these areas, for now Fixme1too is basing candle factors on a 30 minute. I am use to the 4 hour candle only, so will watch both the 30 min - 1 hour and 4 hour closing candles, which I have been posting the data on for the past day here.

4 Hour Candle Closed 5am EST
Open 248.27
High 248.83
Low 247.99
Close 248.75
Distance 84 pips
Range 248.41

New Candle 5am EST
Open 248.76
High 249.20 (as of 6am EST)
Low 248.69 (as of 6am EST)
Distance 44 pips (still in progress)
Range

The high is at 249.20 which is 3 pips above the key level to breach 249.17, now lets see if the 30 min or hourly can open above this level during this session today.
Any impressions on support levels?
  • #8,462
  • Jul 17, 2007 5:06am Jul 17, 2007 5:06am
Quoting Timingy
Any impressions on support levels?
Yea, the recent high at 248.92 would be the first level of support we could see.

Based on a 4 hour candle (5am EST) I have the following data (personal Supp/Res):

Pivot 248.46

R3 249.87
R2 249.50
R1 249.14

S1 248.09
S2 247.42
S3 247.05

This is changed every 4 hour candle based on data input from previous candle close.

I will update this again at 9am EST

I also use Fibo Levels and Extensions.
  • #8,463
  • Jul 17, 2007 5:17am Jul 17, 2007 5:17am
Quoting Se[V]eN

PUSH !!!!!


whats your position?
  • #8,464
  • Jul 17, 2007 5:31am Jul 17, 2007 5:31am
30 Minute Candle
6am to 6:30 am EST
Open 249.09
High 249.34
Low 249.05
Close 249.30

Looks like the 30 minute candle is over the 248.92, 249.00 and 249.17 line as of now.

I will be watching the 4 hour candle data when it closes at 9am EST.
  • #8,465
  • Jul 17, 2007 5:42am Jul 17, 2007 5:42am
Quoting monarch
30 Minute Candle
6am to 6:30 am EST
Open 249.09
High 249.34
Low 249.05
Close 249.30

Looks like the 30 minute candle is over the 248.92, 249.00 and 249.17 line as of now.

I will be watching the 4 hour candle data when it closes at 9am EST.
can we see 249.00 again ?
byebye costly moments.
  • #8,466
  • Jul 17, 2007 5:54am Jul 17, 2007 5:54am
wow, my 4 hr chart is showing tp extension at 249.99 based on the two last retraces - cant help feeling we will have a retrace of the current move before then though.
  • #8,467
  • Jul 17, 2007 6:57am Jul 17, 2007 6:57am

Quoting persian.forex
whats your position?


long @248.63...and considering 1 more long after news
"Analysis Is Hard But Trade Is Easy"
  • #8,468
  • Jul 17, 2007 7:03am Jul 17, 2007 7:03am

4 hour candle is valid now...i think GJ will jump another 100 pips before it collapse

"Analysis Is Hard But Trade Is Easy"
  • #8,469
  • Jul 17, 2007 7:45am Jul 17, 2007 7:45am
it's too early in the day for this pair to stop at 250... although we have passed the daily atr
  • #8,470
  • Jul 17, 2007 7:52am Jul 17, 2007 7:52am
goin to 300 or 325...
the train just Never STops

:surprised
taking series 3 and 34
  • #8,471
  • Jul 17, 2007 8:03am Jul 17, 2007 8:03am
Quoting 1000USD
can we see 249.00 again ?
yes, i think so, why? you wanna sell?

Everybody drink a glass of champagne, we will see 250 in a bit. Sooner than I thought. Its been a long journey, but it certainly paid off. YEEEY!!!
We leave no soldier behind.
  • #8,472
  • Jul 17, 2007 8:33am Jul 17, 2007 8:33am
okay..whooo, we just crossed 250!
  • #8,473
  • Jul 17, 2007 9:17am Jul 17, 2007 9:17am
What a fantastic day so far, now a nice retrace and the money is made for the week already.
  • #8,474
  • Jul 17, 2007 9:33am Jul 17, 2007 9:33am
4 Hour Candle 5am to 9am EST
Open 248.76
High 249.94
Low 248.69
Distance 125 pips
Range 249.31
Close 249.92

4 Hour Candle (Open 9am Est - presently open)
Open 249.88
High 250.21 (still open)
Low 249.83 (still open)
Distance 38 pips
Range 250.21 (will adjust at close of candle 1pm EST)
Close
  • #8,475
  • Jul 17, 2007 9:42am Jul 17, 2007 9:42am
Quoting monarch
4 Hour Candle 5am to 9am EST


4 Hour Candle (Open 9am Est - presently open)
Open 249.88
High 250.21 (still open)
Low 249.83 (still open)
Distance 38 pips
Range 250.21 (will adjust at close of candle 1pm EST)
Close
I quite like the look of a retrace down to 248.50 here - we are now struggling to hold 250 by the look fo it. Maybe thats overdoing it a bit though, so fancy 249.39 first
  • #8,476
  • Jul 17, 2007 9:42am Jul 17, 2007 9:42am
Quoting Freddyfx
What a fantastic day so far, now a nice retrace and the money is made for the week already.
The money is in the Bank, but the week is young.

Lets rock this thing some more. lol

Ken
  • #8,477
  • Jul 17, 2007 9:47am Jul 17, 2007 9:47am
Quoting musicman007
I quite like the look of a retrace down to 248.50 here - we are now struggling to hold 250 by the look fo it. Maybe thats overdoing it a bit though, so fancy 249.39 first
I think your correct, the 38.2% retrace is at 249.36, we could reach that level to reload on our next push upwards to break the 250 zone.

For now the 4 hour candle is still pushing upwards, I would like to see a close at 1pm EST above the 250 line.

We could be looking at the 251.00 area in our next move upward, if the UJ moves up to the 123.00 area, it would help the GJ move along quicker.
  • #8,478
  • Jul 17, 2007 10:50am Jul 17, 2007 10:50am
Quoting persian.forex
مهسان زود باش این متن مسخره رو پاک کن

خاک بر سرت تو این فروم آبروی مارو بردی

1500 نفر اینو خوندن از همه دنیا

پاکش کن لعنتی 2 نفر تا بحال بهم فحش دادن از
FF
can you translate this farsi plz

I know some Arabic so I catch some words and they seems very bad words

  • #8,479
  • Jul 17, 2007 11:00am Jul 17, 2007 11:00am
Quoting benssol
can you translate this farsi plz

I know some Arabic so I catch some words and they seems very bad words

hey, its no arabic ,

and dont need to u
  • #8,480
  • Jul 17, 2007 11:16am Jul 17, 2007 11:16am
Quoting gagiul
well, this is indeed a very sad story. I hope you learned something from it. Forex is not Lotto or Horse Racing or whatever. For your own sake, do not come back to Forex before you are PREPARED to face it.

Now about the money problem, I sincerely hope you find a way to pay them to that guy without any other extra services. Take care and better try to earn money from something more suitable for you.

Now the basic rules of Forex appear to me clearer than ever:
Do not trade money you cant afford to lose.
Do not trade against the trend.
Cut your losses short and let your profits run.
Forex is not a get-rich quick game.
Forex is a business, not a game of luck.
I had a friend of mine start forex last year with £3k, he knew nothing, didnt learn or demo and was lucky. By end of the first month he had £36000. So, what did he do, lost it all over the next two months, then borrowed £10k as he was sure he knew what he was doing, lost that in a month. Then he borrowed £15k as he was sure he knew where he had gone wrong - he lost it in ONE DAY !! He has since added another £5k to his losses. This , and the aforementioned, should be a lesson to everyone that forex is not easy and you have to follow the rules of engagement or you will get burnt in the process.
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