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Daily GBP/JPY analysis

  • #9,161
  • Jul 24, 2007 1:25pm Jul 24, 2007 1:25pm
Untill my 4hr indicators change to bullish... if the price goes up to 250.20 my indicators will turn bullish.
  • #9,162
  • Jul 24, 2007 1:32pm Jul 24, 2007 1:32pm
If the 5 SMA crosses downward through 1st support ... then its a good sign of a big fall...
  • #9,163
  • Jul 24, 2007 1:35pm Jul 24, 2007 1:35pm
All right. I agree.

It seems it will retrace. Cable is facing resistance, USDJPY support will probably fail.

Damn it.

If I close now I lose monthly profit.

Probably I will hedge or enter with a stronger short...

Oh, what to do, what to do...
Greed and impatience are our greatest enemies.
  • #9,164
  • Jul 24, 2007 1:38pm Jul 24, 2007 1:38pm
If you can handle a 700-1000 pip drawdown dont close.. by November-december GBP/JPY will reach 258 levels.
  • #9,165
  • Jul 24, 2007 1:50pm Jul 24, 2007 1:50pm
I can handle up to 1500 + 200 drawdown on current positions.

But still... It is not "feel good" position to have.

Swap is tempting tough...

I do however doubt that it could fall to ~233.xx Still the risk is there. I would much rather reach 258 with lots bought at 240
Greed and impatience are our greatest enemies.
  • #9,166
  • Jul 24, 2007 1:53pm Jul 24, 2007 1:53pm
Quoting auslanco
If you can handle a 700-1000 pip drawdown dont close.. by November-december GBP/JPY will reach 258 levels.
would it be better if he could enter 2 short lots, one for hedging the loss (if that is the case of a drop) and 1 slot for taking profits: ratio of 2 shorts and 1 long? Just MHO.

BR
  • #9,167
  • Jul 24, 2007 2:01pm Jul 24, 2007 2:01pm
BINGO
  • #9,168
  • Jul 24, 2007 2:03pm Jul 24, 2007 2:03pm
We are in business gentlemen
Attached Image
  • #9,169
  • Jul 24, 2007 2:03pm Jul 24, 2007 2:03pm
http://www.scottgoto.com/HOME_files/...r-filtered.jpg
"Only when the tide goes out will we know who is swimming naked."
  • #9,170
  • Jul 24, 2007 2:03pm Jul 24, 2007 2:03pm
It has begun...
Greed and impatience are our greatest enemies.
  • #9,171
  • Jul 24, 2007 2:04pm Jul 24, 2007 2:04pm
Yes... if your broker allows hedging... thats the best way to go.
  • #9,172
  • Jul 24, 2007 2:05pm Jul 24, 2007 2:05pm
I hope this move is not like the last move that asia took it down more than 100 pips and london took it up more to 200 pips.
  • #9,173
  • Jul 24, 2007 2:07pm Jul 24, 2007 2:07pm
I entered a 30% stronger short position than my longs.
Greed and impatience are our greatest enemies.
  • #9,174
  • Jul 24, 2007 2:10pm Jul 24, 2007 2:10pm
Quoting sarama001
I hope this move is not like the last move that asia took it down more than 100 pips and london took it up more to 200 pips.

If you study my chart shots i posted you will see why thats not going to happen in next London session... Main support has been broken... JPY is gaining across the board.
  • #9,175
  • Jul 24, 2007 2:11pm Jul 24, 2007 2:11pm
Quoting Rabax
I entered a 30% stronger short position than my longs.

Hedge= not to profit... only to cover your losses. next time be careful
  • #9,176
  • Jul 24, 2007 2:14pm Jul 24, 2007 2:14pm
Quoting auslanco
Hedge= not to profit... only to cover your losses. next time be careful
Well I plan to take some profit
Greed and impatience are our greatest enemies.
  • #9,177
  • Jul 24, 2007 2:16pm Jul 24, 2007 2:16pm
Hello guys. New to the forum. Relatively intermediate trader but newbie to this pair. How far do you think this will drop?

Great insights Auslanco....

Lino
  • #9,178
  • Jul 24, 2007 2:18pm Jul 24, 2007 2:18pm
Quoting magiclino
Hello guys. New to the forum. Relatively intermediate trader but newbie to this pair. How far do you think this will drop?

Great insights Auslanco....

Lino

My target is 245.20 by friday..
  • #9,179
  • Jul 24, 2007 2:22pm Jul 24, 2007 2:22pm
Quoting auslanco
If the 5 SMA crosses downward through 1st support ... then its a good sign of a big fall...
What is that 1st support you refered to?
  • #9,180
  • Jul 24, 2007 2:24pm Jul 24, 2007 2:24pm
Auslanco, are you suggesting he should have opened a larger short to hedge his longs?

Quoting auslanco
Hedge= not to profit... only to cover your losses. next time be careful
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