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Daily GBP/JPY analysis

  • #9,561
  • Jul 25, 2007 1:10am Jul 25, 2007 1:10am
Quoting trader8686
I can tell you right now, US housing data is going to be BAD.
For, I am also in home investment business.
gov. figures have nothing to do with reallity
  • #9,562
  • Jul 25, 2007 1:11am Jul 25, 2007 1:11am
I keep my profit target as 245.20.. but remember.. I went short @ 250.02 area... so take adequate precautions as price could go back up to 248 area..
  • #9,563
  • Jul 25, 2007 1:16am Jul 25, 2007 1:16am
Quoting auslanco
Ok guys .. be little careful... didnt get a good reading from the new 4hr bar... will see how far it will go down.. most probably it will be a rangebound between 247.90 - 246.35.. untill the newyork starts.. if it breaks 246.50... it will storm down to 245 and below... but the trend is very much bearish...
I was just contemplating a similar view but am not totally decided on the overall effect of bad housing data on the this current situation. IF the data is US negative I would expect cable to rally and drag up the GY with it in normal circumstances - however, bad data would also weaken the UJ which is having a bigger impact on GY at present and therefore down we go.

I concur with the 246.90 level at present see a top around 247.40 so we are pretty close.
  • #9,564
  • Jul 25, 2007 1:17am Jul 25, 2007 1:17am
I figured the GBPJPY will test the previous lows on the Daily chart #1 244.00 level and chart #2 245.00 level

Just my Opinion!!

rgitt05
Attached Image (click to enlarge)
Click to Enlarge Name: Daily chart GBPJPY.jpg Size: 46 KB
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  • #9,565
  • Jul 25, 2007 1:18am Jul 25, 2007 1:18am
Quoting auslanco
If you are overloaded with postions please release them @ a suitable price... cant predict the price for next 4 hours... but it's not going to be bullish unless it shoots up 200 pips which is hilghly unlikely
it has already shot up 200 pips! ok 169 so far
  • #9,566
  • Jul 25, 2007 1:20am Jul 25, 2007 1:20am
In addition to my last post I forgot to mention that the 78,6 fib is at 246.34 on the dailys based on a low to high of the last push up. We touched 246.28 earlier today and retraced.
  • #9,567
  • Jul 25, 2007 1:21am Jul 25, 2007 1:21am
Are we in Franfurt or London now? Thanks BR
  • #9,568
  • Jul 25, 2007 1:22am Jul 25, 2007 1:22am
Quoting bluerose
Are we in Franfurt or London now? Thanks BR
Most definitely London !
  • #9,569
  • Jul 25, 2007 1:22am Jul 25, 2007 1:22am
this thread is like a chat heh why don't you create a trading room with realtime charts and chats?... maybe a good idea... but it is also nice to read all in the forum in an assorted way if one missed the opportunity to be there...
  • #9,570
  • Jul 25, 2007 1:23am Jul 25, 2007 1:23am
Quoting musicman007
Most definitely London !
thanks BR
  • #9,571
  • Jul 25, 2007 1:26am Jul 25, 2007 1:26am
Quoting musicman007
I was just contemplating a similar view but am not totally decided on the overall effect of bad housing data on the this current situation. IF the data is US negative I would expect cable to rally and drag up the GY with it in normal circumstances - however, bad data would also weaken the UJ which is having a bigger impact on GY at present and therefore down we go.

I concur with the 246.90 level at present see a top around 247.40 so we are pretty close.

I mentioned the worst case scenario... as I understood from some emails which I recieved little while ago... some traders have gone up to 50-80% of their account loading up positions...Apperently they want to cover the loosses of past six months , today. so if anyone has done that make sure you wont get a margin call if it goes 100 pips upwards... because there's a possibility... But still the trend is very much bearish...
  • #9,572
  • Jul 25, 2007 1:31am Jul 25, 2007 1:31am
Guys.

If your putting 50%-80% of your account in....Please listen to auslanco,

Please learn Money Management and discipline if you want to be a long term trader..

Glenn
  • #9,573
  • Jul 25, 2007 1:34am Jul 25, 2007 1:34am
Quoting glenn5t
Guys.

If your putting 50%-80% of your account in....Please listen to auslanco,

Please learn Money Management and discipline if you want to be a long term trader..

Glenn
If you are putting that much you are seriously mentally deficient or are emplyed by an Institution/Bank and could easily be heading for Rogue Trader status !
  • #9,574
  • Jul 25, 2007 1:37am Jul 25, 2007 1:37am
musicman007.

maybe all of the above....one thing is for sure you wont be in Forex for long..

Glenn


  • #9,575
  • Jul 25, 2007 1:38am Jul 25, 2007 1:38am
Quoting glenn5t
Guys.

If your putting 50%-80% of your account in....Please listen to auslanco,

Please learn Money Management and discipline if you want to be a long term trader..

Glenn
Thanks Glenn.. This is the single biggest reason why 90% of the traders fail... If you have a good money managemnt startegy , even if you toss a coin and trade you still make money. I received more than 30 emails and messages today asking for my trading startgy... but only very few new traders want to know about the money mangemnt strategy. I blame Big 3 brokers(FXCM, GFT, FXSOL ) for giving people a false hope that they could make millions in 6 months by trading forex...by heavy advertising.
  • #9,576
  • Jul 25, 2007 1:42am Jul 25, 2007 1:42am
auslanco

I agree, I get the same question's...I then explain that my system is cobbled from many that I have tried over many years.

And it suites my trading style and my not suite everyone..


But..discipline and M-M....are by far the corner stones of any success trader.


Glenn
  • #9,577
  • Jul 25, 2007 1:48am Jul 25, 2007 1:48am
We are heading slowly and inexorably to 246.34 again
  • #9,578
  • Jul 25, 2007 1:50am Jul 25, 2007 1:50am
next hour is going to be very interesting
  • #9,579
  • Jul 25, 2007 1:58am Jul 25, 2007 1:58am
Yes it will be.

I currently still have a couple sell in minimal profit and buys all along the drop.


I would love to see 245, then I can start loading up some more for LONGs
  • #9,580
  • Jul 25, 2007 1:59am Jul 25, 2007 1:59am
Quoting auslanco
next hour is going to be very interesting
You seem to have a very good feel for this pair. I entered at 247.14 on my real account - would you recommend me staying in or getting out with a small profit now as it's too early to move my stop down.

Thanks for your help, I hope we hear a lot more from you in this section.

regards

Mike
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