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Daily GBP/JPY analysis

  • #12,661
  • Aug 3, 2007 9:48am Aug 3, 2007 9:48am
If this thing goes back and touches 1hr 5SMA wouldn't that be at like the 242 level??
Craazy
  • #12,662
  • Aug 3, 2007 9:49am Aug 3, 2007 9:49am
Quoting craazy
If this thing goes back and touches 1hr 5SMA wouldn't that be at like the 242 level??
The 1H candle will close in 10 mins, the 5SMA will be much lower, so check back in 10 mins craazy
Trade what you see, not what you think.
  • #12,663
  • Aug 3, 2007 9:52am Aug 3, 2007 9:52am
Quoting karmostaji
The 1H candle will close in 10 mins, the 5SMA will be much lower, so check back in 10 mins craazy
OH yeah lol! As you can tell I just woke up
Craazy
  • #12,664
  • Aug 3, 2007 9:55am Aug 3, 2007 9:55am
Quoting Holypendant
actually, with usd/jpy falliing and gbp/usd rising, how is g/j goin to move.. will it be hard?
If UJ goes down 10 pips and GU goes up the same 10 pips.

Gy goes down anyway almost 10 pips. Gy its rulled by UJ so there you have it.
  • #12,665
  • Aug 3, 2007 9:59am Aug 3, 2007 9:59am
My Prediction:

Small Long retracement within the next 2-3 hours setting up next week for a Yen week maybe seeing price hit as low as 238.00 but more likely 240.00. Will let you guys know if/when I go long(it will probably be for small pips)
  • #12,666
  • Aug 3, 2007 9:59am Aug 3, 2007 9:59am
What are your thoughts Majd?
  • #12,667
  • Aug 3, 2007 10:01am Aug 3, 2007 10:01am
241.90 seems like the most likely retracement point to get in a short at... anyone else?
Craazy
  • #12,668
  • Aug 3, 2007 10:06am Aug 3, 2007 10:06am
I think I might stay out until London session closes.
  • #12,669
  • Aug 3, 2007 10:54am Aug 3, 2007 10:54am
Lookin to sell 42.07 or 50% which ever comes first again
"Millionaires don't use astrology, billionaires do"
  • #12,670
  • Edited 11:11am Aug 3, 2007 11:01am | Edited 11:11am
Got the go ahead to go long for now.

Long @ 241.91

EDIT: T/P hit for EASY 20 pips.. 10 minutes
  • #12,671
  • Aug 3, 2007 11:16am Aug 3, 2007 11:16am
Quoting kharvell
Got the go ahead to go long for now.

Long @ 241.91

EDIT: T/P hit for EASY 20 pips.. 10 minutes
looks good to me ---- stoped out of my short at 242.17 for +50pips
won't traded again till next week --- happy trading
  • #12,672
  • Edited 11:49am Aug 3, 2007 11:33am | Edited 11:49am
The chart below is for GU...
The pair is testing the major daily resistance after breaking 2.0400
5SMA closing up on the 5min chart.
The pair is in overbought area (meaning it can tank from here)...This will also help GJ to fall
Waiting for the 30min candle to turn bearish in order to confirm this

http://www.forexfactory.com/C:%5CDoc...sktop%5Cgu.jpg
Attached Image (click to enlarge)
Click to Enlarge Name: gu.JPG Size: 68 KB
  • #12,673
  • Aug 3, 2007 11:52am Aug 3, 2007 11:52am
Long here at 241.89

Target somewhere around 244.00

Also long DOW at 13,385
  • #12,674
  • Aug 3, 2007 11:53am Aug 3, 2007 11:53am
Quoting Zoran
What are your thoughts Majd?
I am out for today, the range seems to be tight but will be watching for 243.3 break to long or buying a dip from the 240.77 or 239.60 next week.

Happy trading everyone
  • #12,675
  • Aug 3, 2007 11:58am Aug 3, 2007 11:58am
Quoting Zoran
Long here at 241.89

Target somewhere around 244.00

Also long DOW at 13,385
If your position goes your way, why not plan to take profit at 243.00 and reopen a second long if 243.30 is reached and hence protect a winning trade against a the 38.2 retracement which proved to be solid at least this week?
  • #12,676
  • Aug 3, 2007 11:59am Aug 3, 2007 11:59am
Quoting Zoran
Long here at 241.89

Target somewhere around 244.00

Also long DOW at 13,385
I hope you're right... I think the market may go back down to 238.00 before it goes up again. Good luck to you!
  • #12,677
  • Aug 3, 2007 12:08pm Aug 3, 2007 12:08pm
Quoting Majd
If your position goes your way, why not plan to take profit at 243.00 and reopen a second long if 243.30 is reached and hence protect a winning trade against a the 38.2 retracement which proved to be solid at least this week?
This trade is based on a harmonic pattern and the projection is the 161.8% of the XA leg (which comes to about 243.70). This is a bearish harmonic so it should reverse around that projection. I'll post a chart when I get some time but lets wait and see what happens first.

I'll be sure to move progressive stops up (to lock in profit) if this goes my way. I also entered with multiples so I'll be taking some off and re-entering at certain levels.

Z
  • #12,678
  • Aug 3, 2007 12:14pm Aug 3, 2007 12:14pm
Quoting kharvell
I hope you're right... I think the market may go back down to 238.00 before it goes up again. Good luck to you!
Could do but I'll be stopped out way before then and probably in a reverse trade.

At the moment my stop is my trigger finger but hard stop would be below 241.00 (GJ) and 13,330 (DOW).

Z
  • #12,679
  • Aug 3, 2007 12:15pm Aug 3, 2007 12:15pm
I don't know if anyone else agrees but a resistance line still holds on my daily chart

Attached Image (click to enlarge)
Click to Enlarge Name: untitled.jpg Size: 72 KB
  • #12,680
  • Aug 3, 2007 1:13pm Aug 3, 2007 1:13pm
Quoting Majd
I don't know if anyone else agrees but a resistance line still holds on my daily chart

Attachment
I'm in agreement. There are fib levels, projection points and S/R lines all around 244.00 so I think it will offer resistance for a few days. Once the point is established, it will provide a good line to scalp from and when broken a good reserval point with stops just below it.

Z
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