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Daily GBP/JPY analysis

  • #14,021
  • Nov 9, 2007 7:12am Nov 9, 2007 7:12am
Quoting Zoran
There is a historical SR line sitting at 241.06 so I'll be building shorts in the 240s. I already have some entries in the 239.90 area. Target could be another 1000+ pips down.

See chart (though there's nothing really important there apart from the purple line sitting at 241.06 (top of the chart). The grey shaded area is also a buildup of resistance. There is a Gann timepoint on 1st/2nd Nov so that could see a reversal.
Going back to the post above

http://www.forexfactory.com/showthre...28#post1691628

Those 1000 pips on guppy are nearing. I expect my target in the 231 region to be hit.

On the cable front, I have taken my 4 lower entries off for 200 pips each and I am leaving the remaining 4 for a 500-550 pip target (2.0665 area).
  • #14,022
  • Nov 9, 2007 7:14am Nov 9, 2007 7:14am
Quoting Wolf.
Yeah Winwise, would be nice to see some charts .

Hope your girlfriend problems are sorted, my wife constantly complains of being a forex widow. Don't know what she means?
My wife isn't complaining so much these days as I decided to go for the bigger "set and forget" trades. They take longer to complete but they produce pips in the many hundreds (and potentially thousands).

She does still complain though. Are you near the Herts area? Perhaps we can send them on shopping trips together?
  • #14,023
  • Nov 9, 2007 7:21am Nov 9, 2007 7:21am
Quoting Zoran
My wife isn't complaining so much these days as I decided to go for the bigger "set and forget" trades. They take longer to complete but they produce pips in the many hundreds (thousands).

She does still complain though. Are you near the Herts area? Perhaps we can send them on shopping trips together?


Nope I'm in East Yorkshire....which thinking about it is maybe a good thing, she spends enough money going shopping lol.


Shorts are working out nicely eh.....what do you reckon 232 today or is this it for this week.
  • #14,024
  • Nov 9, 2007 7:35am Nov 9, 2007 7:35am
Quoting Wolf.


Nope I'm in East Yorkshire....which thinking about it is maybe a good thing, she spends enough money going shopping lol.


Shorts are working out nicely eh.....what do you reckon 232 today or is this it for this week.
My wife goes beyond that and goes out shopping (still complaining though!) and leaves the three kids here. So it is Kindergraden trading what I do!
  • #14,025
  • Nov 9, 2007 7:46am Nov 9, 2007 7:46am
Quoting winwise
I closed my short from 23755. at 23450.
and did a long from 23446, and closed at 23520.
now i am waiting for its "bottom" should be +_20 around 23400 in 4-6 candles time(15mins each)

I would like to see cable retrace a bit more...... and signs are showing....Asian are behind this high( I am c)! every morning---asian trading time, dollar goes lower.
Nice job. I closed mine out at 234.2 I'm not looking for a buy yet it could go even lower. I am waiting on the momentum on the open of next weeks daily and weekly bar before I make a move. Have a great weekend.
Winning Trades: 1 Losing Trades: 0 Profit in pips: +40
  • #14,026
  • Nov 9, 2007 8:03am Nov 9, 2007 8:03am
Quoting Gnat
My wife goes beyond that and goes out shopping (still complaining though!) and leaves the three kids here. So it is Kindergraden trading what I do!
Hi Gnat,

You have your work cut out then. My kids are pretty much grown up but still cause plenty of distraction.
  • #14,027
  • Nov 9, 2007 8:14am Nov 9, 2007 8:14am
Quoting Wolf.

Shorts are working out nicely eh.....what do you reckon 232 today or is this it for this week.
Could be, there is some strong resistance now (black line). I'm still expecting 231.5 region before a nice retrace.
Attached Image (click to enlarge)
Click to Enlarge Name: guppy-daily.gif Size: 16 KB
  • #14,028
  • Nov 9, 2007 8:53am Nov 9, 2007 8:53am
231.5 is my target but it could go lower. I am expecting a fairly big bounce back up from that area. Could even go to 230.5.
  • #14,029
  • Nov 9, 2007 9:48am Nov 9, 2007 9:48am
Quoting Zoran
231.5 is my target but it could go lower. I am expecting a fairly big bounce back up from that area. Could even go to 230.5.
Both the Dow an S&P are in 4 hrly TL....the S&P stalled at its 61.8% support of its rally from its August low of 1370. The Dow at about 55% of its rally at a 261.8 extension. IF they can hold, then a bounce in UJ / GJ should happen.
Trading Levels with WRBs
  • #14,030
  • Nov 9, 2007 9:55am Nov 9, 2007 9:55am
Quoting Islander
IF they can hold
if...
  • #14,031
  • Nov 9, 2007 10:33am Nov 9, 2007 10:33am
I'll say that lows are in for now (both cable and guppy). This is not a trading recommendation though. More action next week.

If we break 231 then 221 is next but a retrace first.
  • #14,032
  • Nov 9, 2007 11:10am Nov 9, 2007 11:10am
Quoting Zoran
I'll say that lows are in for now (both cable and guppy). This is not a trading recommendation though. More action next week.

If we break 231 then 221 is next but a retrace first.
How big of a bounce do you expect from this level Zoran?
Trade what you see, not what you think.
  • #14,033
  • Nov 9, 2007 11:19am Nov 9, 2007 11:19am
Quoting karmostaji
How big of a bounce do you expect from this level Zoran?
Not sure.... I have some longs in with strict MM. It could go back to the 50% level at 235. First target is 232.8.
  • #14,034
  • Nov 9, 2007 11:27am Nov 9, 2007 11:27am
Quoting Zoran
Not sure.... I have some longs in with strict MM. It could go back to the 50% level at 235. First target is 232.8.
Nice, i'm on the same train now.. missed the short train coz I decided to enjoy life today lol

IMO if daily candle closes above 233.60 area, bulls will be back in business.
Trade what you see, not what you think.
  • #14,035
  • Nov 9, 2007 11:37am Nov 9, 2007 11:37am
Sounds good. The only thing now is that I have to sit in front of the screen and wait! I prefer my "set and forget" trades.

If we break 232.8 then I can see 235.00 as the next target.
  • #14,036
  • Nov 9, 2007 11:39am Nov 9, 2007 11:39am
Quoting Zoran
Sounds good. The only thing now is that I have to sit in front of the screen and wait! I prefer my "set and forget" trades.

If we break 232.8 then I can see 235.00 as the next target.
based on auslanco's strategy, 4h QQE is nearing oversold level and whenever that happens, it usually crosses back up so if it does next week then your 235 will come and maybe even higher. I'll keep you updated with that.
Trade what you see, not what you think.
  • #14,037
  • Nov 9, 2007 11:40am Nov 9, 2007 11:40am
I expect a retrace to 234.7 and then fall to a resistance of 229.75 by end of next week.
  • #14,038
  • Nov 9, 2007 12:38pm Nov 9, 2007 12:38pm
Its good to draw on experience and also learn too

rumrunner35
  • #14,039
  • Nov 10, 2007 11:17am Nov 10, 2007 11:17am
What should we expect tomorrow, a retracement still to 233 area and more sell off or just a sell off?
Losers Complain, Winners Train! Utah
  • #14,040
  • Nov 11, 2007 8:31am Nov 11, 2007 8:31am
My bias is short (longer term) but I am expecting a retracement now (not a reversal) so I am long for it. Here is some strong support I see.

1. We have just completed a bullish bat with the fib levels lining up nicely.
2. The consolisation in Sept produced a triangle and we are at the apex.
3. Price has pierced a few strong trendlines but a break is not conclusive as yet.
4. We have also reached medium to strong support levels on other pairs.

So Sunday could see a bit more down but I will expect a bounce somewhere within that bottom grey shaded area that starts at the apex of the triangle. Since these points live on the daily, we should see a reasonable bounce and some consolidation around this area before continuing to fall. Now the only thing that will break it easily is panic selling so I am prepared to accept a slap on the face and reverse should that be the case.

I expect the retracement to hit the 235 region or just below. First target and stops set to BE+1 at 232.8. Chart attached.
Attached Image (click to enlarge)
Click to Enlarge Name: guppy-daily.gif Size: 17 KB
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