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Daily GBP/JPY analysis

  • #9,301
  • Jul 24, 2007 6:48pm Jul 24, 2007 6:48pm
Quoting trader8686
Read the message, again, I was reponding to #9287.
Re: current downtrend retracement from 249.15
I caluculate the 4 hr retracemnt from open to close of the previous breakout 4hr bar....
  • #9,302
  • Jul 24, 2007 6:53pm Jul 24, 2007 6:53pm
Quoting auslanco
I caluculate the 4 hr retracemnt from open to close of the previous breakout 4hr bar....
I know that, thanks.
  • #9,303
  • Jul 24, 2007 6:54pm Jul 24, 2007 6:54pm
Break out bar is the long red bar just befor the current bar. Current bar is the retracement bar.
Attached Image
  • #9,304
  • Jul 24, 2007 6:56pm Jul 24, 2007 6:56pm
Quoting trader8686
I know that, thanks.
sorry.. I thought you asked me the guestion
  • #9,305
  • Jul 24, 2007 7:02pm Jul 24, 2007 7:02pm
Ok guys lets buckle up we will reach low 246 withn next 4hrs
  • #9,306
  • Jul 24, 2007 7:04pm Jul 24, 2007 7:04pm
246.5 next step
Quoting auslanco
Ok guys lets buckle up we will reach low 246 withn next 4hrs
Don't be panic when it's negative
  • #9,307
  • Jul 24, 2007 7:05pm Jul 24, 2007 7:05pm
Quoting auslanco
sorry.. I thought you asked me the guestion
Thanks anyway, good education for everybody.
I do have a question about the break: S/L, at this point of short position.
Where is the best place to set the S/L?
  • #9,308
  • Jul 24, 2007 7:18pm Jul 24, 2007 7:18pm
thats the million dollar question... since i catch the trend from the very begining my S loses are way up there @ 251.52... and I have brought it down to my break even 250.02. usually the start of the break out is a good position... so you can have it around 249 area which was the seconed break out.
  • #9,309
  • Jul 24, 2007 7:29pm Jul 24, 2007 7:29pm
Short Term Daily Channel (BLUE) Broken
Long Term Daily Channel (RED) still holding.
Attached Image
  • #9,310
  • Jul 24, 2007 7:53pm Jul 24, 2007 7:53pm
Buy at 246.50!
Don't be panic when it's negative
  • #9,311
  • Jul 24, 2007 7:56pm Jul 24, 2007 7:56pm
closed my 70 pip scalp
  • #9,312
  • Jul 24, 2007 8:00pm Jul 24, 2007 8:00pm
Quoting Dobin
Buy at 246.50!

Dont go against the trend.... its very risky..
  • #9,313
  • Jul 24, 2007 8:04pm Jul 24, 2007 8:04pm
it's nonstop?
should stop around 246.50 and take a break then go down to 245

Quoting auslanco
Dont go against the trend.... its very risky..
Don't be panic when it's negative
  • #9,314
  • Jul 24, 2007 8:06pm Jul 24, 2007 8:06pm
I am at +132 and +110 g/j short now.
  • #9,315
  • Jul 24, 2007 8:09pm Jul 24, 2007 8:09pm
Quoting Dobin
it's nonstop?
should stop around 246.50 and take a break then go down to 245

I agree with you.... but it doesnt mean that you have to buy...you are going against the trend and this is the number 1 mistake most of the traders do. If you feel its going up for a retracemnt just stay away and watch.. the more postions you take more risks you have to face... you just making your broker rich in the long run...
  • #9,316
  • Jul 24, 2007 8:11pm Jul 24, 2007 8:11pm
hopefully, back to 247.35 then ,let's continute short!

Quoting Dobin
it's nonstop?
should stop around 246.50 and take a break then go down to 245
Don't be panic when it's negative
  • #9,317
  • Jul 24, 2007 8:11pm Jul 24, 2007 8:11pm

how deep more it gonna dive??...
another re-entry at 247.20?

"Analysis Is Hard But Trade Is Easy"
  • #9,318
  • Jul 24, 2007 8:12pm Jul 24, 2007 8:12pm
you are right, but I am trying to build my long position step by step.
I believe it will bullish eventually as long as big interest rate difference.
what do you think?
Quoting auslanco
I agree with you.... but it doesnt mean that you have to buy...you are going against the trend and this is the number 1 mistake most of the traders do. If you feel its going up for a retracemnt just stay away and watch.. the more postions you take more risks you have to face... you just making your broker rich in the long run...
Don't be panic when it's negative
  • #9,319
  • Jul 24, 2007 8:13pm Jul 24, 2007 8:13pm
Quoting Dobin
Buy at 246.50!
Good you are making money now! No one can beat the carry trades "buy on dips" system!
  • #9,320
  • Jul 24, 2007 8:13pm Jul 24, 2007 8:13pm
auslanco,
You have been spot on with your gbp/jpy analysis!

Congrats.....
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