Brave Heart of GBP/JPY

Whatever I say it will be only gueses .. Dow is in upward movement today
and drag everithing up with him
usualy at the end there almost always has an oposite movement when people closing their positions .. but this will be after a few hours

gbpjpy is a beast...
i think it broke thru the monthly pivot...
pipskidnapper, would u go long ?

edit : maybe it didnt break yet

Since last week .. all pipskidnapper call was miss .

remember... even a good system has 8 consecutive loss..
so stay on to gain more pip tomorrow.

I agree! If anybody doughts his calls, thats wrong. Right now there is so much going on in this market because of the whole credit crunch and subprime loan thing, not even the big boys call call deals feeling sure of them. Pips is doing a great job for what is going on at the moment.

Stay tuned for more Pip action

triangle

There is a triangle on a daily and weekly charts ... something huge will happen ...

MACD at 4 TF show red.. but RSI is > 50

http://i11.tinypic.com/4v3pue9.jpg

I agree, thats what I was thinking !

The narrowing of the Bollinger Bands on the the daily chart are indicative.
The major price drop that ended on 16 & 17 of August shows 500-680 pip shadows or "exhaustion spikes" on the daily chart, even touching the lower 219 level but closed in the 226.60 area on both of those days.
The latter price level also happens to show a confluence of multiple fibo lines and became a support area.
To me this looks like the bears tried for a determined run but were fiercly repelled by the bulls. (see Daily chart)

The price worked its way up to the next fibo line cluster at 231.60.

On the 27 & 28 of August the bears tried for a push but were equally pushed back the next day to the original price level.
Now the price is almost hovering at the 231.60 level, which incidentally is a price level at which strong support has been found in the past. I think pipskidnapper pointed this one out in one of the previous threads (see 4 Hour chart)

Right now it looks like the calm before the tempest, but I would think that a major move would be initiated by important news like the US Interest Rate Statement at 7:15 GMT next Tuesday. Wednesday BOJ Governor Fukui Speaks and in Britain the MPC Meeting Minutes are released.

Given the fact that basic fundamentals have not changed and the price is currently at a strong support level I dont really see it dropping further. An if it does then only to rise shortly after, though I dont think to the overbloated level of 250.00, but may be more in the region of 238.50 in the coming days/weeks) (red line on 4 Hour chart)

A price rise is imho especially likely because a US rate cut has become very likely at present, which will stimulate investment and counter risk aversion driving away investors from "save havens" such as Treasury Bonds, which by now show a decreasing yield.

I have the feeling that in the US everybody just wants to see the back of the sub-prime mess and positive signals, such as a rate cut, are welcomed enthusiastically.
However, it has to be seen whether or not the FED will cut the base rate.

the rascal broke the triangle

over bought & it arrived aresistance level

The less risky carry currency, the CHF, just lost a bit of its attractivity by a rate hike of .25%. Is there a chance for the scenario that investors will now rather turn to GBPJPY or other HIGHYIELD/JPY pairs?
Maybe we will see a little bit of a buying session in the next few days then, as people are switching their positions.
Short term it may still go down now though!!

Gnat

i think short term ended on weekly TF

Guess you are right!

i hope we get more actions next week...
this week was too boring .. except the movment of the price untill 234.70
it was strong resistance but i preferred to keep out of the market in this thread ... coz we did not get obvious behaving....
@ my real account i gained about 200 pips last week but i did not put adeal coz of the sidway movement of the market... it was just scalping..... so i want to but amode of my deal of this thread which enable all guys to share with them ideas....

1- we will draw the price on daily TF ; 4h TF ; 1h TF

2- we will use moving average simple; close ( 9:9)

3- stochastic to see when the price arrive over sold & bought and that will be on 1h & 1/2 h

4- we will look for the patterns and wait to be broken

5- the basic idea that the trendlines on a high TF will rule the the trendlines on a low TF

6- SUPPORT & RESISTANCE

7- FIBO

8- pivot lines.....
these your weapons guys and lets begin next week to kidnapping pips....
anyone has adeal ... welcome him

now we have triangle on daily frametime .....
the price closed on 50% fibo o 4h frametime....
the triangle which we see on 4h frame time refers to daily frametime and fibo also......

Hello Pipskidnapper!
I would like to know your method of scalping in this pair, and I'm sure other people are interested to know too!
Also, can you maybe give us signals for scalping (when you're online of course)?

scalping in this pair depened on stochastic on 1h & 1/2h we should wait untill get over bought or over sold ...
resistance & support also.
u shoul confirm your position untill the price start moving with strong bearish or bulish....
regard tklev

can u show an example of such scalping u made recently?
thanks!

long @ 231.00

Hi Pips. Good to hear from you again. I wanted to ask you about your thoughts on that upward wedge that is taking place on the daily time frame. Do you have an idea of what it might do? Normally it means up on a breakout, but as we have seen in the past, there was a wedge on the 4H chart and the NFP over ruled the breakout on that one. Because of the global and US problems right now do you think that is something to keep an eye on as well? Or with the rule of a larger time frame over ruling a smaller time frame, It won't matter as much?

Thanks