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Daily GBP/JPY analysis

  • #13,481
  • Edited 6:24am Sep 26, 2007 2:09am | Edited 6:24am
Quoting bullrock
I am with you on this one...
You with me on the trade or the fact your wife doesn't understand and anyway your more addicted then me still in front of your PC at 1 am .

Trade wise i am still in it by the skin of my teeth!

Looking like it could roll over so maybe Soro's trade will work out, I have a lower 5m T/L which if broke will maybe short although we have the daily pivot not far below but we have M3 directly above providing resistance.

As long as it doesn't go sideways lol.

Cheers.
  • #13,482
  • Sep 26, 2007 6:06am Sep 26, 2007 6:06am
Quoting soros_junior
i am short on GJ... target 220.++
Do you have a chart to explain why?
  • #13,483
  • Sep 26, 2007 6:10am Sep 26, 2007 6:10am
We had a huge storm last night and the first bolt of lightening hit less than 1/2 a mile away and took out my router, one monitor and my satellite TV! - we missed the end of Silent Witness....*#**#**

So a slow start this morning getting my back-ups working - doesnt look as if I´ve missed anything.

So far the lethargic rally has stalled at the monthly pivot - 232.29, with 2 attempts on the 5m chart and lower momentum on the 2nd attempt, allowing a short entry at around the 32.00 level - good for 50 pips if taken.

Again there is conflict, with cable falling and UJ slowly grinding on up.

Best to wait and see what the US Durable Goods Data at 8:30 edt brings....
Trading Levels with WRBs
  • #13,484
  • Sep 26, 2007 6:10am Sep 26, 2007 6:10am
Quoting Wolf.
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).
Great chart Wolf. You always seem to have a few lines that I have yet to discover so it's nice too see things through different eyes.

Now my wife is the same. What's up with these women?
  • #13,485
  • Sep 26, 2007 6:43am Sep 26, 2007 6:43am
Quoting Zoran
Great chart Wolf. You always seem to have a few lines that I have yet to discover so it's nice too see things through different eyes.

Now my wife is the same. What's up with these women?
LOL We will never work that one out?

As for me missing the entry she would blame Silent Witness as the reason but I suppose I could tell Islander whodunnit!

Thanks glad you like my chart.

Trend lines...have to remove loads before posting a chart, pleased if my lines help though your charts are certainly benificial to me.

Don't forget they are just my novice view .

Whoa ....looks like long is they correct direction!!
  • #13,486
  • Sep 26, 2007 9:13am Sep 26, 2007 9:13am
The falling red trend line is currently holding price, but if the Dow continues above 13,847 then I believe that the yellow line (last Fridays high) will be hit.

However, the lower highs in the Snake are a sign of bearish momentum and show that GJ is going to need cable to turn up again and regain its high made over an hour ago, 40 pips above its current price.

This would IMO allow GJ to continue to follow UJ on up.
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #13,487
  • Sep 26, 2007 1:53pm Sep 26, 2007 1:53pm
I am long from 232.5 tight stop 232.25

Edit: did not mean post this on its own it is meant to be on the post below.
  • #13,488
  • Sep 26, 2007 1:54pm Sep 26, 2007 1:54pm
Why long?
  • #13,489
  • Sep 26, 2007 1:59pm Sep 26, 2007 1:59pm
This trade is just a gamble really and may be completely wrong. If I am wrong will stay out now until tommorow, do not want to spoil a good day.

Just feel there is support here and the possibility of more upward movement.
Attached Image (click to enlarge)
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  • #13,490
  • Sep 26, 2007 2:11pm Sep 26, 2007 2:11pm
Quoting Islander
The falling red trend line is currently holding price, but if the Dow continues above 13,847 then I believe that the yellow line (last Fridays high) will be hit.

However, the lower highs in the Snake are a sign of bearish momentum and show that GJ is going to need cable to turn up again and regain its high made over an hour ago, 40 pips above its current price.

This would IMO allow GJ to continue to follow UJ on up.
After 4 hours sideways, trying to get above the 233.20 area price finally dropped back to the monthly pivot that it broke 6 hours earlier. A strong bounce to make new daily highs is now looking unlikely....
Trading Levels with WRBs
  • #13,491
  • Edited 4:41pm Sep 26, 2007 2:19pm | Edited 4:41pm
LOL Islander I am sure you are most probably correct just slipping back into my over trading ways I guess. But I have had a very good day so if this is a loser so be it.

I will post another chart shortly which has more of a bullish feel to it and lent weight to my trade.


Edit: moved stop to +1...Big sigh of relief

Edit: removed 1/2 +42 stop on remaining half now at 232.28
  • #13,492
  • Edited 3:43pm Sep 26, 2007 2:41pm | Edited 3:43pm
The ellipse I have had on this chart for a few days just playing around with it. Shows the rangeing period and the compression of price. Maybe means nothing just like the way price contained itself within and now seems to be breaking out to the upside.

The Ma seems to be just turning up also, something you can see in the price action.

Just my visual interpretation please tell what you think, feel free to shoot me down in flames .
Attached Image (click to enlarge)
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  • #13,493
  • Sep 26, 2007 3:06pm Sep 26, 2007 3:06pm
currently i just play around the 233 , 230 zone with sell high and buy low.

i don't see any good news on pound / bad news on jpy that can have any strong energy to push the price new high.

may be it can up to 235, but in short tern i "guess" i will drop back around 231-232
  • #13,494
  • Sep 26, 2007 3:31pm Sep 26, 2007 3:31pm
Quoting Wolf.
The elipse I have had on this chart for a few days just playing around with it. Shows the rangeing period and the compression of price. Maybe means nothing just like the way price contained itself within and now seems to be breaking out to the upside.

The Ma seems to be just turning up also, something you can see in the price action.

Just my visual interpretation please tell what you think, feel free to shoot me down in flames .
Interesting observation which just confirms my view. It's a shame, because I love this pair. Currently untradable, in my opinion, except for brave scalping. Looking for trending pairs, misself
Gone to a better place
  • #13,495
  • Sep 26, 2007 3:46pm Sep 26, 2007 3:46pm
Quoting smikester
Interesting observation which just confirms my view. It's a shame, because I love this pair. Currently untradable, in my opinion, except for brave scalping. Looking for trending pairs, misself
I have to respectfully disagree with you there although I would love this pair to break out of this range it has been totally tradeable recently.
  • #13,496
  • Sep 26, 2007 5:11pm Sep 26, 2007 5:11pm
Current support is the 50 period EMA on the 15m chart. Resistance is the channel found on 60m and 240m charts. It's a battle that's tightening up and will break out soon. I'm hoping to the downside
  • #13,497
  • Sep 26, 2007 5:49pm Sep 26, 2007 5:49pm
Quoting Wolf.
Just my visual interpretation please tell what you think, feel free to shoot me down in flames .
Nice observation but what does it mean? I'm not familiar with an ellipse.
  • #13,498
  • Sep 26, 2007 8:09pm Sep 26, 2007 8:09pm
GBP/jpy preparing for a powerful movement and targeted area of 238.80
Attached Image (click to enlarge)
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  • #13,499
  • Sep 27, 2007 1:50am Sep 27, 2007 1:50am
Quoting Zoran
Nice observation but what does it mean? I'm not familiar with an ellipse.
'What does it mean' ain't got a clue...I'm am not familier with ellipses either, just playing around with it a few days ago and found it seemed to fit the recent price action qiuet nicely.

It gave weight to taking the long last night and it may be just luck but the 2nd 1/2 of the position is currently +145 near 234 m4 now.
  • #13,500
  • Sep 27, 2007 2:09am Sep 27, 2007 2:09am
Quoting Wolf.
I have to respectfully disagree with you there although I would love this pair to break out of this range it has been totally tradeable recently.
seem this pair start try breaking out 234. congrate wolf, i think u get the awasome reward.
let's see how far it can go

The pair whether is going up or down doesn't matter for me. as long as i can get profit :.
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