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Daily GBP/JPY analysis

  • #13,461
  • Sep 24, 2007 3:36am Sep 24, 2007 3:36am
Quoting Wolf.
Stopped out of my GU trade for +242 trading that pair Jacko style with a 75 pip trail, so far it is working well, will now wait for a retrace.

Anyway hopefully this will help our GJ shorts.

Going to get some breakfast now my stomach think my throats been cut lol, I have been up since 0645.
Great start to your week.....Bon Appetite
Trading Levels with WRBs
  • #13,462
  • Sep 24, 2007 3:47am Sep 24, 2007 3:47am
Out of the remainder at 232.60 - neither cable nor UJ seem to want to go any lower for now.
Trading Levels with WRBs
  • #13,463
  • Sep 24, 2007 3:51am Sep 24, 2007 3:51am
Quoting Islander
Great start to your week.....Bon Appetite
Thank you
  • #13,464
  • Edited 7:51am Sep 24, 2007 4:02am | Edited 7:51am
Missed two good chances to exit so I am still short, will leave it and see what happens.

Edit: removed 1/2 at 232.65. ....2nd 1/2 +10 av +27.5
  • #13,465
  • Edited 8:53am Sep 24, 2007 8:13am | Edited 8:53am
In a declining channel and need a solid move out of this range for direction, above I have a daily/4h trend line (green). Below the usual fibs and the rising 4h trend line, if we break out of the channel south this area may be a good target?

Alternativley this formation can be seen as a bull flag!!?

GJ has steadily been sqeezed since the end of August and will hopfully break out soon. Although my bias has only been to short this morning, my feeling is that it will eventually breakout long. I just think it would have fallen before now if it was going a long way south. But of course a fall to the lower trend line is highly probable first.

Maybe the September range and sqeeze will continue for the rest of the month.

Just thinking out loud as I really don't know!!

Edit: daily pivot 232.40 acting as support right now, can it be broken?
Attached Image (click to enlarge)
Click to Enlarge Name: gj 15m 240907.gif Size: 18 KB
  • #13,466
  • Sep 24, 2007 8:33am Sep 24, 2007 8:33am
Quoting Wolf.
Stopped out of my trade last night at 230.50 +90, long this morning from 231.94 a break of the 5m trend line.

Just spotted a deliberate mistake, fridays entry should read long from 230.94
  • #13,467
  • Edited 9:23am Sep 24, 2007 9:01am | Edited 9:23am
I came back to find that IŽd missed 4 hours of sideways trading, so glad I wasnt around.

Now short from 32.73 after the 5m 200ema held as resistance.

Price now held at the support of the daily and monthly pivots -232.37 & 232.30 - it will need some help from cable and UJ to break, but if it does I think the 232 level and then the 50% fibo at 231.58 become the next targets - the Dow going negative would help too.

Edit: 10 mins hanging around the pivot and loosing momentum, so taken partials at 232.39. It may need to retrace and take a run at this support area

Edit: stop to 52 on remainder.
Trading Levels with WRBs
  • #13,468
  • Sep 24, 2007 9:30am Sep 24, 2007 9:30am
Hit stop on remainder, so out for +34 and +21, so IŽŽm above my target of 100 pips for today. I think IŽll call it a day - its too easy to give back pips when the markets like this!
Trading Levels with WRBs
  • #13,469
  • Edited 9:56am Sep 24, 2007 9:36am | Edited 9:56am
Quoting Islander
Hit stop on remainder, so out for +34 and +21, so IŽŽm above my target of 100 pips for today. I think IŽll call it a day - its too easy to give back pips when the markets like this!
Very true it is so easy to give them back.

I'm still short from 233.05 reject of the F/L lower opening range then again at 232.70 break of a 5m T/L. Stop now at 70 for both positions.


Edit: Stopped out of both my positions. +35 and +1 ....may renter?
  • #13,470
  • Sep 25, 2007 1:59am Sep 25, 2007 1:59am
Quoting Wolf.
Stopped out of my GU trade for +242 trading that pair Jacko style with a 75 pip trail, so far it is working well, will now wait for a retrace.

Anyway hopefully this will help our GJ shorts.

Going to get some breakfast now my stomach think my throats been cut lol, I have been up since 0645.
I am trading G/U too using Jacko's method. good trading.
  • #13,471
  • Edited 2:24am Sep 25, 2007 2:12am | Edited 2:24am
Made it to the lower trend line.

Looking like we may just break it too.
Attached Image (click to enlarge)
Click to Enlarge Name: gj 15m 250907.gif Size: 19 KB
  • #13,472
  • Sep 25, 2007 2:33am Sep 25, 2007 2:33am
Nice sell off during the Asian session....pity I was asleep!

Got a continuation Sell when price was held by the 5m 34ema at the FO - 230.75.

Now need cable to make a convincing break under its 0100 level to allow GJ to drop to its last Thursday low of 229.40
Trading Levels with WRBs
  • #13,473
  • Edited 3:10am Sep 25, 2007 2:36am | Edited 3:10am
Quoting Wolf.
Made it to the lower trend line.

Looking like we may just break it too.
GM Wolf......hope it breaks the TL - a convincing move by cable under its 100 level should do the trick http://www.forexfactory.com/images/icons/icon12.gif

Edit: Darn it...cableŽs done its favourite trick and bounced off its 85 level......now, is it a bounce or a reversal??

Edit: out at 30.55, cableŽs bounce is a strong one. Now to wait for another signal
Trading Levels with WRBs
  • #13,474
  • Sep 25, 2007 3:31am Sep 25, 2007 3:31am
This is looking like another nasty European session, just bouncing around in a narrow range.

CableŽs now got up to its S2 at 2.0125 and its acting as resistance.

UJ, which bounced off its S1 earlier has been in a 25 pip range for the last 7 hours.

This leaves GJ following cableŽs meanderings.....ugh!
Trading Levels with WRBs
  • #13,475
  • Sep 25, 2007 6:01am Sep 25, 2007 6:01am
Good Morning Islander,

Had to go out this morning (hate leaving my trades), pleased to see GJ has continued to move lower.

Would be nice to see it come back up and retest the T/L a good place to short again and would give fuel for a downward move, or it can just continue to move lower (thats fine too).
  • #13,476
  • Sep 25, 2007 6:15am Sep 25, 2007 6:15am
Hi Wolf - glad youŽre short and making pips.

I missed the last entry at around 5:25am when it got above the 231 level - my first entry was at 231.20 and it turned at 231.14 after cable put in a lower high and UJ held at its 5m 200ema. That was worth a good 100 pips, but I was not by my screen and so missed taking a manual entry too...http://www.forexfactory.com/images/icons/icon9.gif

Now I guess IŽll wait for the US Housing data at 10edt - IŽll be out for a couple of hours, so hope IŽm back in time.
Trading Levels with WRBs
  • #13,477
  • Sep 25, 2007 6:25am Sep 25, 2007 6:25am
Quoting newbietrader101
I am trading G/U too using Jacko's method. good trading.
Hi Newbietrader,

So far it is working well, thinking about reentering at 2.0100 50% of the last move up from the 1.9880 level, also the weekly pivot and above the lower trend line.

But...we have a pin bar on the daily and price is within a triangle so may just hold on and see what happens.
  • #13,478
  • Sep 25, 2007 5:30pm Sep 25, 2007 5:30pm
Just taken a long position 231.51, also have another running from 230.60 with stops giving me an average of +10 if price reverses. Looking for it to break the two blue trend lines and the weekly pivot (maybe a tall order?!!) and target the upper green trend line.

I would have gone long also from the reject of the declining trend line around 231 but missed the entry (my wife said something about being a forex widow LOL)

Bed time for me that why my stops are in profit, I can sleep soundly !

Lets see what the morning brings GN.
Attached Image (click to enlarge)
Click to Enlarge Name: gj 15m 250907n2.gif Size: 28 KB
  • #13,479
  • Sep 25, 2007 7:04pm Sep 25, 2007 7:04pm
Quoting Wolf.
Just taken a long position 231.51, also have another running from 230.60 with stops giving me an average of +10 if price reverses. Looking for it to break the two blue trend lines and the weekly pivot (maybe a tall order?!!) and target the upper green trend line.

I would have gone long also from the reject of the declining trend line around 231 but missed the entry (my wife said something about being a forex widow LOL)

Bed time for me that why my stops are in profit, I can sleep soundly !

Lets see what the morning brings GN.
I am with you on this one...
.
  • #13,480
  • Sep 25, 2007 7:22pm Sep 25, 2007 7:22pm
i am short on GJ... target 220.++
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