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Daily GBP/JPY analysis

  • #13,281
  • Aug 23, 2007 2:07am Aug 23, 2007 2:07am
Quoting Islander
....OR just scalp between the two - I´ll drop down to my 1 min IF I´m going to scalp.....for now, I´m just watching
How do you scalp on this pair?
  • #13,282
  • Aug 23, 2007 2:30am Aug 23, 2007 2:30am
Quoting karmostaji
TP 231.50 reached

Well done karmo! Just curious, I can see your targets were fib levels. Do you use much else apart from fibs or do you just keep it simple?

Thanks

Z
  • #13,283
  • Aug 23, 2007 3:09am Aug 23, 2007 3:09am
another TP hit @ 234.50

It's a good week (knock on wood)
Trade what you see, not what you think.
  • #13,284
  • Aug 23, 2007 3:10am Aug 23, 2007 3:10am
Quoting Zoran
Well done karmo! Just curious, I can see your targets were fib levels. Do you use much else apart from fibs or do you just keep it simple?

Thanks

Z
Thanks Zoran

I keep it simple and stupid, I just use fibs, TLs, candlestick patterns, and price action
Trade what you see, not what you think.
  • #13,285
  • Aug 23, 2007 3:37am Aug 23, 2007 3:37am
WOW...what a blast.....the breakout above the high of 231.58 gave a great entry that kept on going and eventually started to stall at M4 - it even touched the 200ema + 400 dashed band, a rare occurance

Now to see if it will retrace to a fibbo and allow another entry
Attached Image
Trading Levels with WRBs
  • #13,286
  • Aug 23, 2007 7:40am Aug 23, 2007 7:40am
A very nice looking chart Islander...I was long from 231.21.

Its amazing how when you are in on the move it makes the chart looks like a work of art!

Can you tell me how you use the 200ema + 400, ie did it infuence were you took profit or was that the normal resistance level.

My system has me short right now although I'm not too sure about direction either way.

Scrat has just posted some interesting analysis on Auslanco's thread which makes me feel bit more confident about the position.

Time will tell.

Chris.
  • #13,287
  • Aug 23, 2007 7:57am Aug 23, 2007 7:57am
I'm long again and my TP's are in my sig
Trade what you see, not what you think.
  • #13,288
  • Aug 23, 2007 8:04am Aug 23, 2007 8:04am
Why are you long Karmo? explain pls
  • #13,289
  • Aug 23, 2007 8:08am Aug 23, 2007 8:08am
Quoting venci
Why are you long Karmo? explain pls
based on my fib from the last bull run, price retraced to the 50% fib and bounced off it twice, and the last candle is a doji.
Trade what you see, not what you think.
  • #13,290
  • Aug 23, 2007 8:13am Aug 23, 2007 8:13am
im long too. double top on 30 min 233.30
watching
  • #13,291
  • Aug 23, 2007 8:13am Aug 23, 2007 8:13am
if dow stops falling, gj will go up
Trade what you see, not what you think.
  • #13,292
  • Aug 23, 2007 8:20am Aug 23, 2007 8:20am
As I suggested earlier, there was a bounce off a fibbo - actually the first one, the 23.6% at 6:55. The follow on lacked power and failed exactly at M4, 13 pips under the high, allowing a sell which went all the way to R2, more than 160 pips lower. Again it stopped exactly at the pivot level, however, neither cable nor UJ confirmed a buy, so it remains suspect and may retrace further. Also, for me its too late in the day to iniate a new position.
Attached Image
Trading Levels with WRBs
  • #13,293
  • Aug 23, 2007 8:27am Aug 23, 2007 8:27am
Quoting karmostaji
based on my fib from the last bull run, price retraced to the 50% fib and bounced off it twice, and the last candle is a doji.
Excuse me but when you went long it had only bounced once (please correct me if I am wrong)

Otherwise I do agree with your analysis (the second bounce) and as I type It is making higher lows. Although I do think we may just go sideways for a while now.


Posted Today, at 3:02pm
New position, Long @ 233.18 becareful, we can still go down to 232.10
Forum: Forex Discussion Thread: Auslanco - GBP/JPY and GBP/USD (newstrade)

O
  • #13,294
  • Aug 23, 2007 8:29am Aug 23, 2007 8:29am
Quoting Wolf.
Excuse me but when you went long it had only bounced once (please correct me if I am wrong)

Otherwise I do agree with your analysis (the second bounce) and as I type It is making higher lows. Although I do think we may just go sideways for a while now.


Posted Today, at 3:02pm
New position, Long @ 233.18 becareful, we can still go down to 232.10
Forum: Forex Discussion Thread: Auslanco - GBP/JPY and GBP/USD (newstrade)

O
http://img72.imageshack.us/img72/5705/gjyf3.gif
Trade what you see, not what you think.
  • #13,295
  • Aug 23, 2007 8:39am Aug 23, 2007 8:39am
probably Dow will ruin your plan Karmo
  • #13,296
  • Aug 23, 2007 8:47am Aug 23, 2007 8:47am
Quoting karmostaji
http://img72.imageshack.us/img72/5705/gjyf3.gif
.
Attached Image (click to enlarge)
Click to Enlarge Name: gj 5m 230807.jpg Size: 45 KB
  • #13,297
  • Aug 23, 2007 9:00am Aug 23, 2007 9:00am
Well I was wrong we didn't go sideways.
  • #13,298
  • Aug 23, 2007 9:06am Aug 23, 2007 9:06am
Well, technically, from the start of the day until now (Australian time), it's pretty sideways.

Just ignore the 400 pip mountain in the middle and we're only 60 pips away from where we started. =)
  • #13,299
  • Aug 23, 2007 9:17am Aug 23, 2007 9:17am
Quoting nathbear
Well, technically, from the start of the day until now (Australian time), it's pretty sideways.

Just ignore the 400 pip mountain in the middle and we're only 60 pips away from where we started. =)
Yes I agree it turned into a nice steady move down, I am staying short for now.

Seems a possible good long entry around here, a bit late in the day though.
  • #13,300
  • Aug 23, 2007 9:37am Aug 23, 2007 9:37am
Quoting nathbear
Well, technically, from the start of the day until now (Australian time), it's pretty sideways.

Just ignore the 400 pip mountain in the middle and we're only 60 pips away from where we started. =)
LOL....just like pretending that Ayers Rock is only 100 feet tall
Trading Levels with WRBs
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