PearsonFX Trades

i can see the h and s on the hourly and it looks strong support around the 207.50 area
Tom

Hey Tom...

no reason to hide my strategy....honestly trading G/J to me is no different than trading gbp/usd....technicals work the same, patterns exist, fibs are applied...etc etc...

I have found that G/J holds to Fib levels very well, and is extremely fond of patterns. This is the volatility that most are scared of....they may see a bearish signal, then it goes short for a bit and reverses, and does it again....people take that for it being too eratic. Well while it was "ranging" up and down....G/J actually was forming a head and shoulders or a double top/bottom...etc etc....

G/J can be traded using patterns, oversold/ overbought levels...anything really that you use on one of your major pairs like euro/usd or gbp/usd

Zack

OK, G/J has a very nice Bearish Engulfing candle on Hourly Chart.....

Unfortunately there are still 45 minutes left....let's see what happens....but I am still biased on the short side. Looking at Usd/Jpy, same concept, Head N Shoulders a little harder to make out, but still there, only price is sitting on the neckline there.

great analysis, where do you take your fibo levels from on gb/jp?
Tom

Highs to Lows for Fib levels.

I am short on G/J at 207.53....let's see what happens

Also short on usd/jpy 103.17

what is your tp on g/j, i am looking at 23% fib 206.70? area
Tom

Affirmative
Pivot: 206.55

Target: 206.70

Alternative scenario: Below 206.55 look for further downside with 206.08 & 205.50 as targets.

Ok Zack im in just taking daughter school, be back in a hour
Tom

Gb/jpy, you dont see this breaking up at all?
Tom

What is your thinking on gb/jpy
Tom

I still see downside to it....Euro and Pound just formed a triple top, I see, I am short on G/U at 2.0202 and Short on the Euro at 1.5470

Zack

made a few pips there, though mainly generated by news
Tom

wot are your targets Zack

Tom,

I am looking at 100 pips plus on each of them....we have a quadruple top on cable, and a triple top on euro. It's great that the Euro and GBP are strong right now....but their welcome this high is not going well....I see 1.5250 area for the euro and 2.0050 area for GBP before days end

Zack

I see targets as pound 2.0125 and euro around 1.5400
Tom

very optimistic especially on Euro
Tom

i have gone short on euro with target at 5.350 and short on pound target at 2.0000
Tom

Euro and Pound are STILL strong don't get me wrong.....but this is big time resistance here, and it is the 3rd and 4th time they are hitting it. We are going to see some strong pullbacks.

After the pullbacks though, I will be looking for some good buy entries if indicators line up.

My outlook on GBP still remains at 2.0350 area

Euro Is above 1.5500

Shorter term is down....US Open in 1 hour I think we are going to see some bear downs....

Zack
its great to share trades and love your knowledge and enthusiasm, i have my trades on and will ride them all the way now.
going to get some other work done now speak to you later, give me your email address
Tom