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Daily GBP/JPY analysis

  • #14,141
  • Nov 22, 2007 9:02am Nov 22, 2007 9:02am
Quoting arezab
hey guys do you see the market. It seems nobody out there wants to trade this pair anymore. its almost 6 hours that this pair doesn't move at all. It's a little bit strange specially for GJ. Is it anything wrong or we are waiting any important news ? actually I've never seen like this.
All of North America is on holiday (Thanksgiving) and maybe your broker does not even trade today. Mine is completely offline and will only resume tomorrow. Not such a fine situation, but manageable. Liquidity is very thin and Friday will be much the same until Frankfurt open, as Japan is facing another holiday then. Maybe it would be good to stay out for the week.
  • #14,142
  • Nov 22, 2007 10:22am Nov 22, 2007 10:22am
Quoting Gnat
All of North America is on holiday (Thanksgiving) and maybe your broker does not even trade today. Mine is completely offline and will only resume tomorrow. Not such a fine situation, but manageable. Liquidity is very thin and Friday will be much the same until Frankfurt open, as Japan is facing another holiday then. Maybe it would be good to stay out for the week.
Thank you Gnat, I didn't know that. My broker just started to trade. although it is not so volatile yet but it trades. Since I trade mostly on 5 min chart (and sometimes on 15 min) I don't need huge movements.

Gnat, I'm looking for a RSI indicator for Metatrader 4 which sits directly on chart, not in another window at the bottom. I want to combine it with a bollinger bands. Do you know where I could find it.

thanks for help
Discipline + Patience - Fear - Greed = Success
  • #14,143
  • Nov 22, 2007 8:34pm Nov 22, 2007 8:34pm
Quoting sri
Dear Islander or anyone else,

Can anyone point to me where i can look for DOW futures Quotes,plz.

Thx,

Sri

Hi...

you can go to...finance.yahoo.com or bloomberg.com
  • #14,144
  • Edited 8:47pm Nov 22, 2007 8:45pm | Edited 8:47pm
I'm short and aiming for 219,
it is a 423 fib on the hourly chart and mid point of the pitchfork as in my chart,
price DID overshoot the pitchfork,
but could sneak back in.
Attached Image (click to enlarge)
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Boyy,trap money,like bear hunters.
  • #14,145
  • Nov 22, 2007 9:19pm Nov 22, 2007 9:19pm
Quoting cloudthers
Hi...

you can go to...finance.yahoo.com or bloomberg.com
Hi Sri and cloudthers,

You could also try this....live feed.....from earlier post but as below...

Below is a copy of an earlier post......the link is to the MT4 download if anyone else is interested.


A free MT4 download from Waterhouse (WHC Trader) ...http://www.metaquotes.net/files/whc/whc4setup.exe right click on "Symbol" line below Market Watch and click Show All......DOW is listed as YM...just below Nikkei listed as NQ.

Hope it helps
  • #14,146
  • Nov 23, 2007 2:42am Nov 23, 2007 2:42am
Quoting Navigator
Hi Sri and cloudthers,

You could also try this....live feed.....from earlier post but as below...

Below is a copy of an earlier post......the link is to the MT4 download if anyone else is interested.


A free MT4 download from Waterhouse (WHC Trader) ...http://www.metaquotes.net/files/whc/whc4setup.exe right click on "Symbol" line below Market Watch and click Show All......DOW is listed as YM...just below Nikkei listed as NQ.

Hope it helps

thanks dude...
  • #14,147
  • Nov 23, 2007 3:42am Nov 23, 2007 3:42am
Hi Traders,
if the Geppy's [GBP/JPY] 8hr bar close where it is currently...223.50 or more, i may take a long position
  • #14,148
  • Nov 23, 2007 3:49am Nov 23, 2007 3:49am
Good working 4H upper trendline ..
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  • #14,149
  • Nov 23, 2007 3:53am Nov 23, 2007 3:53am
Quoting sunshine
Hi Traders,
if the Geppy's [GBP/JPY] 8hr bar close where it is currently...223.50 or more, i may take a long position
Where do you gona sat TP
I am at 221.00 area...I am afraid to go all the way down
Work smart not hard
  • #14,150
  • Nov 23, 2007 6:01am Nov 23, 2007 6:01am
If you can afford a 50 pips stop loss, then you should be in by now. This is one of those trades that BIG players will take (and they take 2/3 trades per year)

In BOJ I trust!
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  • #14,151
  • Nov 23, 2007 6:04am Nov 23, 2007 6:04am
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.
Referring back to the post above

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

Target has essentially been hit in the 221/220 region as called from 241 so another 1000 pip call in the bag. I am expecting a reversal from 221.83 (88.6% on the daily high to low - already hit) to 220.52 (purple line). As usual, I'll scale into longs. Target is about 2500 pips up to the 244/245 region. I don't mind holding onto these as the positive interest is nice. http://www.fxsurfer.com/forums/images/smilies/smile.gif

Also, should the 220.52 region break I will consider reversing my positions short for a long journey south. But as usual, whilst within the support area, I'll remain long. It may take some time to exhaust all of the bears.
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  • #14,152
  • Nov 23, 2007 7:08am Nov 23, 2007 7:08am
Oops, that was not the post I should have referred to as it was another 1000 pip call (that had completed over a week ago). The correct ones are here.

Call was made for a short reversal from 231.5 to 232.7 with an actual of 232.39. Target was 221.

http://www.forexfactory.com/showthre...05#post1713305
http://www.forexfactory.com/showthre...53#post1715053
  • #14,153
  • Nov 23, 2007 8:07am Nov 23, 2007 8:07am
I'm thinking once we break 222.8 then the long should be good. First target is around 224.00, second around 228.00, third around 241.06 and then the final target around 244/245. I'll take some off at each target, re-enter on the bounce and adjust stops (to lock in more profit) once it breaks.
  • #14,154
  • Nov 23, 2007 8:36am Nov 23, 2007 8:36am
Quoting Zoran
I'm thinking once we break 222.8 then the long should be good. First target is around 224.00, second around 228.00, third around 241.06 and then the final target around 244/245. I'll take some off at each target, re-enter on the bounce and adjust stops (to lock in more profit) once it breaks.
HATS OFF, THUMBS UP...

Now I'm gonna actively look for market action, last couple of weeks were just too busy weeks with tons of meetings. And not so good for my minor open positions :| But since I'll be able to look at the market with uninterrupted attention gonna be around. You're doing awfully good amount of pips! Let me join along with you, 2500pips sounds way too good to resist

Do you mind sharing the downside risk potential?
  • #14,155
  • Nov 23, 2007 8:49am Nov 23, 2007 8:49am
Quoting Zoran
I'm thinking once we break 222.8 then the long should be good. First target is around 224.00, second around 228.00, third around 241.06 and then the final target around 244/245. I'll take some off at each target, re-enter on the bounce and adjust stops (to lock in more profit) once it breaks.
I see H&S one fart from being triggered. Also breach of the 100 weeks EMA, which wasn't breached since 2005.

That's OH MY GOD so bearish, imo.
Attached Image
  • #14,156
  • Nov 23, 2007 9:12am Nov 23, 2007 9:12am
Dow "officially" entered a bear market on Wednesday, according to this guy's explanation of Dow Theory.
Is your SL my TP?
  • #14,157
  • Edited 9:51am Nov 23, 2007 9:14am | Edited 9:51am
The only thing that worries me here is Japan government hint of intervention. They are quite capable of intervening to the extent of causing difficulties in trading at the very least. Add to this long term traders buying on dips.

We saw support at 223 and 222. I don't think fundamentals will allow this for too long, but who knows. The Dow seems to be holding up well.
Gone to a better place
  • #14,158
  • Nov 23, 2007 9:15am Nov 23, 2007 9:15am
Quoting im7i4z
If you can afford a 50 pips stop loss, then you should be in by now. This is one of those trades that BIG players will take (and they take 2/3 trades per year)

In BOJ I trust!
Ok, this 50 SL is easily realised.

btw, I always believe that even if GJ drop to '1', yes, '1', not to mention 221, it'll be same difficult to predict that the beast won't move down more than 50 pips. Just my 1 cent.
  • #14,159
  • Nov 23, 2007 9:22am Nov 23, 2007 9:22am
Quoting cesarnc
I see H&S one fart from being triggered. Also breach of the 100 weeks EMA, which wasn't breached since 2005.

That's OH MY GOD so bearish, imo.
Yeah, could be bearish but we are at the critical level. My style is to long on the support line and then to reverse if it breaks.

From my view, we have extremely strong support in the mid 220 area (220.5 - 220.7) so I normally just scale into my longs. If that support breaks then I will join the bears for a long ride down. This support is sitting around the NL of the H&S so unless it breaks I'll stay long.

These are low risk/high probability setups. Even if it does turn out to be bearish, the bounce off the support area should provide enough to take profit on some entries and to set pro-stops (to lock in profit) on the remainders.
  • #14,160
  • Nov 23, 2007 9:35am Nov 23, 2007 9:35am
Quoting Zoran
Yeah, could be bearish but we are at the critical level. My style is to long on the support line and then to reverse if it breaks.

From my view, we have extremely strong support in the mid 220 area (220.5 - 220.7) so I normally just scale into my longs. If that support breaks then I will join the bears for a long ride down. This support is sitting around the NL of the H&S so unless it breaks I'll stay long.

These are low risk/high probability setups. Even if it does turn out to be bearish, the bounce off the support area should provide enough to take profit on some entries and to set pro-stops (to lock in profit) on the remainders.
Good work there, Zoran. How long do you think it will take to reach 205?

Gone to a better place
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