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Daily GBP/JPY analysis

  • #13,981
  • Edited 3:00pm Nov 6, 2007 2:46pm | Edited 3:00pm
Just a quick post.

The weekly pivot and channel centre line turned out to be good support.

We are now approaching an area of resistance 239.3-239.6, R1 is at 239.53, and we have declining trend line to break.

A point of note is that we had reasonably large volume at todays support level and yesterdays support level (yellow daily T/L).

This looks hopefull for continued longs IMO with 241 being a reasonable target in the short term (not forgetting the good old 240 level).
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  • #13,982
  • Edited 3:45am Nov 7, 2007 3:26am | Edited 3:45am
Good Morning,

Stopped out of my longs (taken at the weekly pivot) last night for +72, had been hoping to see it still in play and much further in profit but I'm not complaining.

Just longed at 238.59 on a break and retest of the newly formed t/l and a bounce off the weekly pivot and M2 area. I have 20 pip stop, the daily pivot is the first and important resistance to break for more up movement.

There is also support from S1 and a rising t/l on the 1H were price reversed at the FL open.

I missed a good opportunity to short at at the Frankfurt open earlier on a reject of the pivot. My fault for being late getting up.

Not too hopefull looking at the price action right now but we know anything can happen LOL.

Edit: Increased my stop to 30 just in case some stupid little movement takes me out. So now i can just loose a bit more.

Well that was a bad Idea
  • #13,983
  • Nov 7, 2007 3:30am Nov 7, 2007 3:30am
Morning Islander,

How do you see things this morning.
  • #13,984
  • Nov 7, 2007 3:39am Nov 7, 2007 3:39am
Man this is wild!!!!!!!!!!!!!!
  • #13,985
  • Nov 7, 2007 5:44am Nov 7, 2007 5:44am
Quoting Wolf.
Morning Islander,

How do you see things this morning.
wolf, it seens what i had in mind two days ago, is now happening
it didnt break 23970 region.
i reckon we will have a rebounce later today get us back to 23880 region.....
and again. if it doesnt break that area (-+15),two candles, in hourly chart.
then short from there!
300 pips guaranteed! 500 pips possible

so far only 100 pips for me today.
  • #13,986
  • Nov 7, 2007 6:28am Nov 7, 2007 6:28am
Quoting Wolf.
Morning Islander,

How do you see things this morning.
Good Afternoon Wolf....I had a sell order in for the early ~50% retrace at 239....but it only got to the DP! Now back from a couple of hours out and see that both UJ and GJ have hit 00 levels at their lower 200ema bands and are extended / oversold and due for a bounce. Also GJ hit Mondays low.

UJ has now fallen 180+ from its overnight high and could be expected to have some retracement, BUT cable has also made a big spike up above its 2.1000 level and could also have a retrace.....mm IŽll wait to see what happens after the US data.
Trading Levels with WRBs
  • #13,987
  • Nov 7, 2007 6:49am Nov 7, 2007 6:49am
Quoting Islander
Good Afternoon Wolf....I had a sell order in for the early ~50% retrace at 239....but it only got to the DP! Now back from a couple of hours out and see that both UJ and GJ have hit 00 levels at their lower 200ema bands and are extended / oversold and due for a bounce. Also GJ hit Mondays low.

UJ has now fallen 180+ from its overnight high and could be expected to have some retracement, BUT cable has also made a big spike up above its 2.1000 level and could also have a retrace.....mm IŽll wait to see what happens after the US data.

Good Afternoon,

Would have been a nice short from the 50%.

I was up late again, been under the weather lately and it doesn't help missing early entries.

We are back down at the daily declining T/l and i've taken a tentative long at 237.13 and will lock in profits quickly it may turn in a move though.
  • #13,988
  • Nov 7, 2007 7:12am Nov 7, 2007 7:12am
Quoting Wolf.
Good Afternoon,

Would have been a nice short from the 50%.

I was up late again, been under the weather lately and it doesn't help missing early entries.

We are back down at the daily declining T/l and i've taken a tentative long at 237.13 and will lock in profits quickly it may turn in a move though.
ThatŽs a good entry...allows a tight stop and off the 1 min its above the higher low.....if UJ has a retrace and cable holds above R3 2.1026 youŽll get some profit.
Trading Levels with WRBs
  • #13,989
  • Nov 7, 2007 7:13am Nov 7, 2007 7:13am
edited
  • #13,990
  • Nov 7, 2007 7:13am Nov 7, 2007 7:13am
UJ is getting ready for retracement
Trade what you see, not what you think.
  • #13,991
  • Edited 8:12am Nov 7, 2007 8:11am | Edited 8:12am
Quoting karmostaji
UJ is getting ready for retracement
Agreed and 50% of the last leg down is 113.40 or 113.76 for the whole drop since early this morning - CET.

However, look at cable - just made a new high by 17 pips, but on the 5m I have a graveyard doji as the high spike - OK so its only on the 5m, but it is due for a pull back too...its 50% and R2 are at 2.0965
Trading Levels with WRBs
  • #13,992
  • Nov 7, 2007 8:36am Nov 7, 2007 8:36am
Quoting Islander
Agreed and 50% of the last leg down is 113.40 or 113.76 for the whole drop since early this morning - CET.

However, look at cable - just made a new high by 17 pips, but on the 5m I have a graveyard doji as the high spike - OK so its only on the 5m, but it is due for a pull back too...its 50% and R2 are at 2.0965
not too sure, it is gonna happen today. maybe tomorrow.
there are still room for cable to move to the top 21090,(-+ 15)
  • #13,993
  • Nov 7, 2007 9:43am Nov 7, 2007 9:43am
Quoting winwise
not too sure, it is gonna happen today. maybe tomorrow.
there are still room for cable to move to the top 21090,(-+ 15)
yep, so far cable has held above its 5m 34ema although momentum is dropping
Trading Levels with WRBs
  • #13,994
  • Nov 7, 2007 10:45am Nov 7, 2007 10:45am
Quoting winwise
wolf, it seens what i had in mind two days ago, is now happening
it didnt break 23970 region.
i reckon we will have a rebounce later today get us back to 23880 region.....
and again. if it doesnt break that area (-+15),two candles, in hourly chart.
then short from there!
300 pips guaranteed! 500 pips possible

so far only 100 pips for me today.
Hi Winwise,

Just noticed your post.....About reached your 238.80 region I closed my long at the centre of the daily channel and shorted so a 300 - 500 drop would be very nice .

Seems your prediction is pretty good .

Could easily go up or most probably range for now, so have my stops at +1 and that will do for me today. My stop will even get hit or not.
  • #13,995
  • Nov 7, 2007 10:48am Nov 7, 2007 10:48am
Can we please not discuss U/J on this thread. I believe the title says GBP/JPY :-)
  • #13,996
  • Nov 7, 2007 10:50am Nov 7, 2007 10:50am
Trade what you see, not what you think.
  • #13,997
  • Nov 7, 2007 10:51am Nov 7, 2007 10:51am
yes bring on that 300-500 drop
If you never lose, something is wrong...
  • #13,998
  • Nov 7, 2007 3:50pm Nov 7, 2007 3:50pm
Quoting Josmottobos
yes bring on that 300-500 drop
yes, that will be nice.
however, i will close out around 23650 range
  • #13,999
  • Nov 7, 2007 4:34pm Nov 7, 2007 4:34pm
Quoting winwise
yes, that will be nice.
however, i will close out around 23650 range
+300 and counting ..........Very nice call Winwise.

Closed half my position at 235.5 still an important level +309

  • #14,000
  • Nov 8, 2007 3:05am Nov 8, 2007 3:05am
Quoting Wolf.
+300 and counting ..........Very nice call Winwise.

Closed half my position at 235.5 still an important level +309

wolf, i will leave for this forum a while.
currently, my girlfriend seems have a lot of issues with me
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