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Daily GBP/JPY analysis

  • #9,101
  • Jul 24, 2007 4:03am Jul 24, 2007 4:03am
Quoting musicman007
Two nations seperated by a common language !
And one speaks it correctly (you), and the other (me) makes it worse. LOL

Looks like the 30 min opened the same as the last, but the 4 Hour opened up from the 61 last to 84 on this candle + 23 pips higher.

I will be monitoring this after 8:30am EST, I am going to take my daily sleep here.

Good Trades to all!
  • #9,102
  • Jul 24, 2007 4:06am Jul 24, 2007 4:06am
Quoting smikester
I have been following this thread with interest and agree that all the (H4) indicators are bearish.
I dont know about the H4 indicators, but the Daily chart points clearly up. Betting against the longer time frames is tricky. Plus you got a very heavy swap hit shorting GBPJPY.
Attached Image
  • #9,103
  • Jul 24, 2007 4:23am Jul 24, 2007 4:23am
I am long from 248.92 on the 5 min chart

I know that 5 min is crazy talk but it is exciting at the same time
  • #9,104
  • Jul 24, 2007 4:25am Jul 24, 2007 4:25am
Quoting Islander
You should only ever trade with funds that you can afford to loose and IMO the GBPJPY is NOT the pair for a beginner - try the EURUSD first before moving on to the more volatile and dangerous pairs.

These links might help:

http://www.forexfactory.com/showthre...=27286&page=30

and....http://www.forexfactory.com/showthread.php?t=22680

Good luck.
i've tried trading those pairs before when i starting out and it really got me bored. so i looked around for a more volatile pair... against what most people have told me, i traded it anyway. I have more winning trades on this actually. I think my problem is money management. In the 5th day, i lose all my profits and then some from the 4 day winning trades.

for the most part my style of trading with gbp/jpy is scalping or day trading.

I don't nkow... i just don't want to give up on this one. I'm not one for quitting so easily.

so if you guys have any advice that would be great especially when it concerns scalping.

oh, monarch, i read that you scalp this pair when it ranges.... can you share how you do that?
  • #9,105
  • Jul 24, 2007 4:26am Jul 24, 2007 4:26am
Quoting WTB
I dont know about the H4 indicators, but the Daily chart points clearly up. Betting against the longer time frames is tricky. Plus you got a very heavy swap hit shorting GBPJPY.
As i see it we have the hourly CCi bouncing off the -100 line, until we break that level we cannot go down.The top end bounce on the CCI incidentally is 0 and that coincidentally is where the upper limit restriction is at present.
  • #9,106
  • Jul 24, 2007 4:32am Jul 24, 2007 4:32am
Quoting musicman007
As i see it we have the hourly CCi bouncing off the -100 line, until we break that level we cannot go down.The top end bounce on the CCI incidentally is 0 and that coincidentally is where the upper limit restriction is at present.
Sorry Musicman007, I cannot give you any feedback. I know nothing about CCI indicator, or any other indicator to be honest
  • #9,107
  • Jul 24, 2007 4:34am Jul 24, 2007 4:34am
Quoting TacitTrader
so if you guys have any advice that would be great especially when it concerns scalping.
I dont scalp so not much I could advice you with, but my common sense tells me that high momentum, low-spread pairs such as GBPUSD or EURJPY would seem like a good beginning.
  • #9,108
  • Jul 24, 2007 4:39am Jul 24, 2007 4:39am
Quoting demontaz
I am long from 248.92 on the 5 min chart

I know that 5 min is crazy talk but it is exciting at the same time
You are doing a good thing cause it will probably break the rezistance at 249,05. After that we will see a 20 pips move upside, over there I will watch out cause it can quickly turn around to a huge sell.
  • #9,109
  • Jul 24, 2007 4:50am Jul 24, 2007 4:50am
Sold for a 5 pip profit, could have had more but was not watching like I should have been, had SL at breakeven for worse case scenario anyways
  • #9,110
  • Jul 24, 2007 5:04am Jul 24, 2007 5:04am
The very negative CBI accounts for the drop of the GJ I suppose.
  • #9,111
  • Jul 24, 2007 5:47am Jul 24, 2007 5:47am
Quoting TacitTrader
i've tried trading those pairs before when i starting out and it really got me bored. so i looked around for a more volatile pair... against what most people have told me, i traded it anyway. I have more winning trades on this actually. I think my problem is money management. In the 5th day, i lose all my profits and then some from the 4 day winning trades.

for the most part my style of trading with gbp/jpy is scalping or day trading.

I don't nkow... i just don't want to give up on this one. I'm not one for quitting so easily.

so if you guys have any advice that would be great especially when it concerns scalping.

oh, monarch, i read that you scalp this pair when it ranges.... can you share how you do that?
This is the chart I have been using this morning for scalping around the 249.00 - 248.50 levels.....plenty of nice divergence showing up on the Stochastic to help confirm entries. I use price action around the MAs, rather than the MA crosses which lag too much.
Attached Image (click to enlarge)
Click to Enlarge Name: jly 23 1m.jpg Size: 45 KB
Trading Levels with WRBs
  • #9,112
  • Edited 6:53am Jul 24, 2007 6:24am | Edited 6:53am
Being very inexperienced in this business I feel a bit intimidated in the company of all these experienced traders but I don't understand why the 4H trend is thought to be DOWN. If I put 1 100ma on my 4H chart it is sloping diagonally upwards from left to right. What is it I don't understand please ?

Thanks.
  • #9,113
  • Jul 24, 2007 7:22am Jul 24, 2007 7:22am
Quoting bundubill
Being very inexperienced in this business I feel a bit intimidated in the company of all these experienced traders but I don't understand why the 4H trend is thought to be DOWN. If I put 1 100ma on my 4H chart it is sloping diagonally upwards from left to right. What is it I don't understand please ?

Thanks.
You have correctly observed what several others have seen over several hours but the current expert and shortists in the group have worked hard to argue that this is not the case. They have not been gentle about it and they will now be squirming at the current upward price movement (and which is why I currently have a smile on my face).

The long and short of it (get the joke?) is that it doesnt matter whether it goes up or down as long as you are quick enough to open and close your trades and have decent indicators (like Islander but moreso the regulars in this forum who currently seem to be hiding from the bs merchant).

Over the past 5 hours I have been long four times and short once. Four wins one loss for a nice profit. I use EMA 8, 12, 24, 72, CCI and stochastic indicators. Lining them all up before a trade works well for me as long as I am careful and patient.

May your trades be kind to you. I go shopping now for something to buy/sell.
  • #9,114
  • Jul 24, 2007 7:25am Jul 24, 2007 7:25am
4 hr trend is much important so keep that in focous
  • #9,115
  • Jul 24, 2007 7:26am Jul 24, 2007 7:26am
Hi guys...WoW...longer spike than I expected towards north.. Just very tempting to short another lot.. but I have maxed out my 2%
  • #9,116
  • Jul 24, 2007 7:29am Jul 24, 2007 7:29am
Quoting bundubill
Being very inexperienced in this business I feel a bit intimidated in the company of all these experienced traders but I don't understand why the 4H trend is thought to be DOWN. If I put 1 100ma on my 4H chart it is sloping diagonally upwards from left to right. What is it I don't understand please ?

Thanks.
That's the beauty of all those fancy indicators, they can tell you anything you'd like to see. Just pick the one that agrees with your view

Still long from 248.80 and 249.25 stop order got filled too. Bring it on, 252, 245 or 237 this week, I don't care. The main trend is still up and accelerating and a bit of a correction won't stop this train, not untill the IRD decreases significant.
  • #9,117
  • Jul 24, 2007 7:44am Jul 24, 2007 7:44am
Quoting ShoppingGuy
You have correctly observed what several others have seen over several hours but the current expert and shortists in the group have worked hard to argue that this is not the case. They have not been gentle about it and they will now be squirming at the current upward price movement (and which is why I currently have a smile on my face).

The long and short of it (get the joke?) is that it doesnt matter whether it goes up or down as long as you are quick enough to open and close your trades and have decent indicators (like Islander but moreso the regulars in this forum who currently seem to be hiding from the bs merchant).

Over the past 5 hours I have been long four times and short once. Four wins one loss for a nice profit. I use EMA 8, 12, 24, 72, CCI and stochastic indicators. Lining them all up before a trade works well for me as long as I am careful and patient.

May your trades be kind to you. I go shopping now for something to buy/sell.

Hmmm... I call this type of traders.. "Forex Rambo's"... it's nothing wrong with that style if you are an experienced scalper. But this is not kinda advise I give to a new trader.. speacially with GBP/JPY.
  • #9,118
  • Jul 24, 2007 7:49am Jul 24, 2007 7:49am
I know that this is promarily for the G/J, but For all of you that have those cool indicators, do you see any rebounding of the USD anytime soon? It is literally killing me. I don't know enough about the G/J to invest in it so I can close out some of my other crap. Any help would be nice.

Thanks
  • #9,119
  • Jul 24, 2007 7:54am Jul 24, 2007 7:54am
Hi JDAMv3
Today I saw a bloomberg report that G/U can go up to 2.500 and U/Y might drop down to 119 within 3 months... But becareful... I have seen many false reports on Bloomberg
  • #9,120
  • Jul 24, 2007 7:55am Jul 24, 2007 7:55am
Quoting ShoppingGuy
You have correctly observed what several others have seen over several hours but the current expert and shortists in this forum who currently seem to be hiding from the bs merchant).



May your trades be kind to you. I go shopping now for something to buy/sell.
Hey thanks for taking the time to explain ShoppingGuy. It's appreciated. I was beginning to think I was going to have to re-learn all the little bit I've managed to learn so far
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