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Daily GBP/JPY analysis

  • #12,821
  • Aug 7, 2007 3:01am Aug 7, 2007 3:01am
UJ rallied up to its central pivot and turned south....that allowed GJ to follow cable on down and so far its stopped at the 240.50 level....what a surprise.

Cable has bounced twice off its S1 support at 0264 and provided that holds GJ looks ready for a bounce.....if not its next support is the pivot at 240.30
Trading Levels with WRBs
  • #12,822
  • Aug 7, 2007 4:32am Aug 7, 2007 4:32am
Quoting HalifaxCB
76.4 is also a fib ratio (in fact there are lots of others). Just as the first fib ratio is the limit of the ratios of the next to last number in the sequence to the last number, you can form the limit of the 2nd to last to the last and look at the limiting value, as well as the 3rd to last to the last, etc, as well as the ratio's subrtracted from 1. The ratio of the 3rd to last to last is 23.6%; one minus that is 76.4
VT Trader, which is one of the platforms I use for charting, uses 76.4 by default although I have replaced this value with 78.6. Some important fib levels below:

The primary ratios are 0.618 and 1.618

0.786 is the square root of 0.618
1.27 is the inverse of 0.786
0.886 is the fourth root of 0.618

Z
  • #12,823
  • Aug 7, 2007 5:24am Aug 7, 2007 5:24am
Quoting kharvell
May see a large move up in the next 12 hours. 15-min, 30-min, 1-hour, and 4-hour stochastics all oversold, and I'm just going to wait for most of the stochastics to be showing upwards movement above 20.
Great call Kharvell a lovely up move.

I am a buyer again at the 50% fib of that last move with +10 locked in. (which is now a bit close to the price now on GJ and I may alter it to plus +1 dependiing on price action)

Above the pivot now so hopefully it will break the 241.50 level.

If it does and returns back to that level I see a great buying opportunity there.

Of course it could about turn or just stay in a range here (where ever it goes I will go with it)

Just my novice take on things I may be wrong!!!

Regards,

Chris
  • #12,824
  • Edited 11:26am Aug 7, 2007 11:16am | Edited 11:26am
Long @ 239.79

I'm feeling a little iffy on this one, but 15-min and 30-min stoch's are both oversold coming out above 20. 1-hour is ALMOST above 20 and oversold. Mostly though, this support around 239.30 seems convincing enough.

Anywho, I'm in it to win it
  • #12,825
  • Aug 7, 2007 11:19am Aug 7, 2007 11:19am
Good call, I'm long too @ 239.38
Trade what you see, not what you think.
  • #12,826
  • Aug 7, 2007 11:27am Aug 7, 2007 11:27am
Quoting karmostaji
Good call, I'm long too @ 239.38
There's always comfort in numbers I think I may have been a bit early, as it seems like there may be one more push down before it heads up, but if that happens, I'll just put in another position.

Good luck
  • #12,827
  • Aug 7, 2007 11:47am Aug 7, 2007 11:47am
Well I took +16 on the trade I mentioned earlier after it looked bearish and I too am long at 239.34 with profit locked in.

You may be right Kharvell there could be another leg down.

Lets just hope it decides to move in our direction.

Regards,

Chris.
  • #12,828
  • Aug 7, 2007 1:04pm Aug 7, 2007 1:04pm
what do we think the market will do after the fed tell us the rate if it stays the same same???
  • #12,829
  • Aug 7, 2007 2:03pm Aug 7, 2007 2:03pm
grrr I leave for 10 minutes and my stop gets hit... I would have moved it if I were there... whatever...
  • #12,830
  • Edited 2:46pm Aug 7, 2007 2:14pm | Edited 2:46pm
Long again @ 240.16

EDIT: Stopped out for +15
  • #12,831
  • Aug 7, 2007 2:48pm Aug 7, 2007 2:48pm
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BAM BAM BOOM! -bravado
  • #12,832
  • Aug 7, 2007 3:14pm Aug 7, 2007 3:14pm
Time to break out of here
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  • #12,833
  • Aug 7, 2007 3:48pm Aug 7, 2007 3:48pm
Quoting bravado
Attachment
Pull him into the boat brotha!!!
  • #12,834
  • Aug 7, 2007 5:58pm Aug 7, 2007 5:58pm
Anyone see this going above 240.60ish? I don't
  • #12,835
  • Aug 7, 2007 6:18pm Aug 7, 2007 6:18pm
Quoting bravado
Attachment
are you short?
  • #12,836
  • Aug 7, 2007 6:53pm Aug 7, 2007 6:53pm
Ouchy, core machinery orders -10% !!! That's a big figure...

Quoting kharvell
Anyone see this going above 240.60ish? I don't
hit 240.85, latest figure gave the yen a good slap
  • #12,837
  • Aug 7, 2007 6:56pm Aug 7, 2007 6:56pm
now to see where this monster will go.
  • #12,838
  • Aug 7, 2007 7:19pm Aug 7, 2007 7:19pm
that was a rush, shorted at .85 and just covered at .35
  • #12,839
  • Aug 7, 2007 7:27pm Aug 7, 2007 7:27pm
Quoting bmwboyee
that was a rush, shorted at .85 and just covered at .35
made the reverse move on the upside .28 to .73 did not had the guts to short it...

edit : how did you picked .85 ? just a feeling ? same question goes for .35... It's not that i doubt but it seems just too perfect to be true
  • #12,840
  • Aug 7, 2007 7:38pm Aug 7, 2007 7:38pm
I'm getting ready to short.
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