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Daily GBP/JPY analysis

  • #8,901
  • Jul 23, 2007 2:49am Jul 23, 2007 2:49am
Buy limit at 248.80 was filled overnight, second limit at 247.6, no stops. I'll keep adding longs on the way down with a 200 pips between.
USDJPY still holds above 120.90 so I'm still not seeing a major correction happening untill that breaks. But it could during NY trading, all depends on the perceived risk of the subprime blowup. We're still to see solid evidence of subprime affecting US economy......
  • #8,902
  • Jul 23, 2007 2:55am Jul 23, 2007 2:55am
Agree with you BaasHarm! with subprime fact, waiting for the USDJPY to break 120,90 to sell GBPJPY..
  • #8,903
  • Jul 23, 2007 2:55am Jul 23, 2007 2:55am
Quoting BaasHarm!
Buy limit at 248.80 was filled overnight, second limit at 247.6, no stops. I'll keep adding longs on the way down with a 200 pips between.
USDJPY still holds above 120.90 so I'm still not seeing a major correction happening untill that breaks. But it could during NY trading, all depends on the perceived risk of the subprime blowup. We're still to see solid evidence of subprime affecting US economy......
Very big.
  • #8,904
  • Jul 23, 2007 2:58am Jul 23, 2007 2:58am
Quoting auslanco
My 1/2 position target would be around 247.50 area.
The 247.50 is the low on 7-16 and also the 61.8 fibo area.

Will keep my eye on break below today's low at 248.54.

The UJ range is 121.11 high and 120.82 low

GU range is 2.0599 high and 2.0562 low.

I will be watching for a breakout of these lines on the hourly chart.
  • #8,905
  • Jul 23, 2007 2:58am Jul 23, 2007 2:58am
is down week???

complete, i think
  • #8,906
  • Jul 23, 2007 3:02am Jul 23, 2007 3:02am
Quoting persian.forex
is down week???

complete, i think
i somehow share the same opinion...but i think we'll have to wait for new york...zzzzz
"it doesn't come any sharper than this!"
  • #8,907
  • Jul 23, 2007 3:15am Jul 23, 2007 3:15am
Quoting BaasHarm!
Buy limit at 248.80 was filled overnight, second limit at 247.6, no stops. I'll keep adding longs on the way down with a 200 pips between.
USDJPY still holds above 120.90 so I'm still not seeing a major correction happening untill that breaks. But it could during NY trading, all depends on the perceived risk of the subprime blowup. We're still to see solid evidence of subprime affecting US economy......
Actually it is Ok, for I just checked USDJPY this pair on each time frame:
except for the month, every time frame is down trend. That is W, D, 4h, 1h, 30m, 15m, 5m, all down trend.
  • #8,908
  • Jul 23, 2007 3:19am Jul 23, 2007 3:19am
I'm not waiting the decrease of the gbp/jpy.

245.15 and 244.30 is strong supporting levels. The pair have good opportunity for growth, imho.
  • #8,909
  • Edited 3:25am Jul 23, 2007 3:22am | Edited 3:25am
I'm not sure where everyone is on this post, but we just had another night of beautiful rain here in the UK. Doesn't look to good for the flood vic's, or for the water receeding. It's still drizzeling right now. 3 out of the next 5 days it's supposed to rain. FYI.
  • #8,910
  • Jul 23, 2007 3:28am Jul 23, 2007 3:28am
Quoting JDAMv3
I'm not sure where everyone is on this post, but we just had another night of beautiful rain here in the UK. Doesn't look to good for the flood vic's, or for the water receeding. It's still drizzeling right now. 3 out of the next 5 days it's supposed to rain. FYI.
Very beautiful post)
  • #8,911
  • Jul 23, 2007 3:33am Jul 23, 2007 3:33am
Quoting JDAMv3
I'm not sure where everyone is on this post, but we just had another night of beautiful rain here in the UK. Doesn't look to good for the flood vic's, or for the water receeding. It's still drizzeling right now. 3 out of the next 5 days it's supposed to rain. FYI.

It looks like hedge fund managers and bank dealers cant get to work because of the floods.
  • #8,912
  • Jul 23, 2007 4:27am Jul 23, 2007 4:27am
I have shorts at 249.74 and 248.85, I need to leave for about 5 hours, would you let this ride or close it out?
  • #8,913
  • Jul 23, 2007 4:31am Jul 23, 2007 4:31am
Quoting JDAMv3
I have shorts at 249.74 and 248.85, I need to leave for about 5 hours, would you let this ride or close it out?
You better set S/L
  • #8,914
  • Jul 23, 2007 4:32am Jul 23, 2007 4:32am
Market is moving in to a dead zone ( range). Market is still very much bearish and still my target is 245. I'm going to set my Stop Loss @ 250.65 and going to take a nap untill the US Open.. see you soon every body .
  • #8,915
  • Jul 23, 2007 4:34am Jul 23, 2007 4:34am
Quoting trader8686
You better set S/L
What is a good rule of thumb for S/L? How many pip's? Obviously I'm new.
  • #8,916
  • Jul 23, 2007 4:35am Jul 23, 2007 4:35am
going back up to 250 me thinks.
  • #8,917
  • Jul 23, 2007 4:39am Jul 23, 2007 4:39am
By the way... I opened another lot short@ 249.50
  • #8,918
  • Jul 23, 2007 4:45am Jul 23, 2007 4:45am
Quoting JDAMv3
What is a good rule of thumb for S/L? How many pip's? Obviously I'm new.
A good SL level is slightly above the break out area . On this Occassion the breakout is on friday 250.50 area. But always make sure the maximum SL per pair is only 2% of your account.

Just an advise for newbies.
  • #8,919
  • Jul 23, 2007 4:50am Jul 23, 2007 4:50am
any particular reason you are loading up on shorts?
  • #8,920
  • Jul 23, 2007 5:05am Jul 23, 2007 5:05am
Resistance @ 250.30
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