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Daily GBP/JPY analysis

  • #13,801
  • Oct 17, 2007 4:43am Oct 17, 2007 4:43am
UJ is currently supporting this rally (Dow Futures are + 52) - it put in its low at 01:10 EDT, right on its daily M1 and is now closing on its DP at 116.94. Cable spiked around its news time and is now pulling back from its DP at 2.0352.

This has allowed GJ to make a double top on its 5 min at 237.71 - 9 pips under its earlier high - momentum is lower, giving bearish divergence, so as soon as (IF) UJ turns we can expect GJ to fall......

mm....also need to watch Cable....it might bounce of its 5m 200ema at 2.0326
Trading Levels with WRBs
  • #13,802
  • Oct 17, 2007 5:14am Oct 17, 2007 5:14am
Quoting Islander
Yes, please go to bed and hopefully when you wake up your language will be better and your post clearer.
Oh, you r right! I set my alarm at 6:00 GMT for catching any possible crazy wing. I reckon my brain wasn't function perfectly at that time.

But,,,,,seriouly!!! anyone got in that 2:30 GMT wave?
  • #13,803
  • Oct 17, 2007 5:17am Oct 17, 2007 5:17am
Quoting Wolf.
I posted similar then deleted it after realising I was just giving him more advertising.


Anyway we have resistance area's coming up if we can make it past the daily pivot 238.05 the bulls may be in charge?
I hoped that people in this thread would ignore such rubbish and I red flagged his post to the Mod.
Trading Levels with WRBs
  • #13,804
  • Oct 17, 2007 5:20am Oct 17, 2007 5:20am
Quoting winwise
Oh, you r right! I set my alarm at 6:00 GMT for catching any possible crazy wing. I reckon my brain wasn't function perfectly at that time.

But,,,,,seriouly!!! anyone got in that 2:30 GMT wave?
ThatŽs bed time for me.....I need my 8 hours to feel human - and stay married!
Trading Levels with WRBs
  • #13,805
  • Oct 17, 2007 5:32am Oct 17, 2007 5:32am
Islander, what is current positon?

Geppy is coming back, isn't it? where do reckon is the best entry now?
  • #13,806
  • Oct 17, 2007 6:31am Oct 17, 2007 6:31am
Quoting winwise
Islander, what is current positon?

Geppy is coming back, isn't it? where do reckon is the best entry now?
Sorry Win, I dont give trading advice. I suggest that you put a 34 ema on a 5 mim chart and use it as your guide for intra day trading. If you look at some of my earlier posts youŽll soon get the idea.

Basically you want to enter when price breaks it AND it changes direction. Also, when price pulls back towards it, you often get another entry. Put on a momentum indicator if that helps you for divergence......also you can drill down to the 1 min if you need clarification. http://www.forexfactory.com/images/icons/icon12.gif

As you can see, the earlier Buy is still in force - supported by the 34ema.

For S/R I use fibbos and pivots - all standard stuff.
Trading Levels with WRBs
  • #13,807
  • Oct 17, 2007 9:09am Oct 17, 2007 9:09am
IŽve just been checking my 4hr and daily charts and see that the Zup has just drawn a new pattern for UJ which shows the potential for higher prices into the end of the month.

I can see the possibility of a similar pattern in cable.

IF these do become active there would be a strong rally in GJ back towards its highs at 251 - or even more......mm, IŽll wait to see if a meaningfull rally starts first before getting to carried away!

Zoran.....can you please take a look and pass comment - IŽm still learning!
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Trading Levels with WRBs
  • #13,808
  • Oct 17, 2007 9:30am Oct 17, 2007 9:30am
This is a great thread. I just started trading this pair, and I've been pleased with results.

Thanks to everyone for giving their insight.

Has anyone used this indicator? It looks like it tells you what large institutional traders are doing with the GBP/JPY.

http://www.pfxglobal.com/index.php?o...sk=view&id=994
  • #13,809
  • Oct 17, 2007 9:38am Oct 17, 2007 9:38am
Quoting USDlightful
This is a great thread. I just started trading this pair, and I've been pleased with results.

Thanks to everyone for giving their insight.

Has anyone used this indicator? It looks like it tells you what large institutional traders are doing with the GBP/JPY.

http://www.pfxglobal.com/index.php?o...sk=view&id=994
Steve Brise ran a service using COT data, but as the data is based on the Futures Markets, IŽm not certain how well it would work with Forex - also, its weekly data. Try back testing it and see what it shows.
Trading Levels with WRBs
  • #13,810
  • Oct 17, 2007 10:48am Oct 17, 2007 10:48am
Great sell when price hit the 61.8% retrace of the fall from yesterday and the Daily M3 at 238.74 - drilling down to the 1min it was a single spinning top that hit and the bearish divergence in 5 min momentum was already warning that it might happen. Also, cable had run into its daily R1 and UJ had already turned at its M3 an hour earlier.

Entry off the 1 min 34ema gave a good 100 pips before price stalled at a 50% retrace of the run up at 237.28 and just below the 5m 200ema.

Sundowner time here - I think I deserve a San Miguel.
Trading Levels with WRBs
  • #13,811
  • Oct 18, 2007 1:32am Oct 18, 2007 1:32am
GM - When I logged on an hour ago I saw this clear wedge with price just moving above the DP - so I bought the breakout.

Cable traded up to its M3 - also a resistance from yesterday around 2.0416 and UJ just failed to get up to its DP at 116.65....with GJ unable to get above 238.09, I closed for +25.....now to see what the FO the LO bring.

Cable has another resistance at 0436 and IF UJ can get above its DP, it has resistance at 116.79.
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Trading Levels with WRBs
  • #13,812
  • Oct 18, 2007 1:55am Oct 18, 2007 1:55am
Quoting Islander
GM - When I logged on an hour ago I saw this clear wedge with price just moving above the DP - so I bought the breakout.

Cable traded up to its M3 - also a resistance from yesterday around 2.0416 and UJ just failed to get up to its DP at 116.65....with GJ unable to get above 238.09, I closed for +25.....now to see what the FO the LO bring.

Cable has another resistance at 0436 and IF UJ can get above its DP, it has resistance at 116.79.
Maybe, u need to be sligtly patient
  • #13,813
  • Oct 18, 2007 2:19am Oct 18, 2007 2:19am
So we have cable trading in a 220 pip range all of this month and its now pulled back from a slightly lower high at 2.0438 against its spike up to 2.0476, so IŽm feeling that IF the 0416 area of M3 and yesterdays highs hold it will head back towards the lower end of its range. There is a clear rising TL now around 0400 that it has to break first.

Unlike cable, UJ is close to the bottom of its current range, with a low at 116.15 yesterday morning, with two slightly higher lows since. However, it does have this clear Bearish Gartley, which may have already completed, although it could go as far at 116.75 - its 15 min 200ema - and still be valid. UJ has also stayed under its DP at 116.65.

So cable is on the shorter TFs still in an uptrend, but close to the top of its current range and UJ is trending down on its higher TFs, but slightly upwards on its shorter TFs and has a Bearish Gartley. Lets see what UK Retail Sales bring at 04:30
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Trading Levels with WRBs
  • #13,814
  • Oct 18, 2007 2:22am Oct 18, 2007 2:22am
Quoting Islander
GM - When I logged on an hour ago I saw this clear wedge with price just moving above the DP - so I bought the breakout.

Cable traded up to its M3 - also a resistance from yesterday around 2.0416 and UJ just failed to get up to its DP at 116.65....with GJ unable to get above 238.09, I closed for +25.....now to see what the FO the LO bring.

Cable has another resistance at 0436 and IF UJ can get above its DP, it has resistance at 116.79.
Good Morning,

Looked a good reason to go long Islander and a nice +25 to start the day, I too would have longed there but I was still in bed .

Still flat waiting for direction.
  • #13,815
  • Oct 18, 2007 2:39am Oct 18, 2007 2:39am
Quoting Wolf.
Good Morning,

Looked a good reason to go long Islander and a nice +25 to start the day, I too would have longed there but I was still in bed .

Still flat waiting for direction.
Hi Wolf, agreed, pips in the bank are great and as I have to go out IŽll probably stay flat too.
Trading Levels with WRBs
  • #13,816
  • Oct 18, 2007 2:53am Oct 18, 2007 2:53am
OK Shorted 237.57 reject of the lower trend line, tight stop though as I feel really unsure of the direction. Its also a bounce off the lower side of the F/L open and price now is just below the pivot.

Time will tell!!
  • #13,817
  • Oct 18, 2007 2:54am Oct 18, 2007 2:54am
Quoting Wolf.
OK Shorted 237.57 reject of the lower trend line, tight stop though as I feel really unsure of the direction. Its also a bounce off the lower side of the F/L open and price now is just below the pivot.

Time will tell!!
trust me
good call
  • #13,818
  • Oct 18, 2007 2:54am Oct 18, 2007 2:54am
Quoting Wolf.
OK Shorted 237.57 reject of the lower trend line, tight stop though as I feel really unsure of the direction. Its also a bounce off the lower side of the F/L open and price now is just below the pivot.

Time will tell!!
yeah, just no one knows!
  • #13,819
  • Edited 4:54am Oct 18, 2007 3:05am | Edited 4:54am
Thanks for the support Ben , feeling much better about this position now .

Edit 0955: +58 on 1/2.... +1 on the other 1/2 Av 29.5

Short again @71 similar scenario.

Stop at +1

Stopped +1
  • #13,820
  • Oct 18, 2007 4:50am Oct 18, 2007 4:50am
Looks like some kind of diamond formation is in progress (bearish sign) and the way things are going, we could retest that ascending trendline sideways. I'm still waiting for a downward break.
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