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GBPJPY scalpers

  • #661
  • Mar 18, 2008 5:52pm Mar 18, 2008 5:52pm
Quoting Billser
I wonder if this puppy is going to go all the way back to 197.65 area and then back down from there.....The USA is still in the poop and nothing really changed except the 3/4 % rate change.


Any thoughts any one!!

EDIT: Maybe the Big Dogs need to get some more longs on board before they drop this thing....

Billser
this may pullback to 200 yen.would expect support at that level
  • #662
  • Mar 18, 2008 7:18pm Mar 18, 2008 7:18pm
For all you Elliott wave enthusiasts, take a look the daily chart. We are currently nearing the C/5/5 wave and the maximum GBPJPY can go up is the 203-203.50 area without violating the overlap 2/4 rule, and it is approaching that. However, today it made a 20 hour move up which is a very strong indication that this is all she wrote for this day. Once the 5th wave is currently under way, I personally think that we might not see a low near the 194 ish levels and I also doubt it will be a straight up or down move.

Bottom line, expect a move down but not too low because this could be the beginning of a long move up...

Al
  • #663
  • Mar 18, 2008 7:50pm Mar 18, 2008 7:50pm
Quoting zebra7860
For all you Elliott wave enthusiasts, take a look the daily chart. We are currently nearing the C/5/5 wave and the maximum GBPJPY can go up is the 203-203.50 area without violating the overlap 2/4 rule, and it is approaching that. However, today it made a 20 hour move up which is a very strong indication that this is all she wrote for this day. Once the 5th wave is currently under way, I personally think that we might not see a low near the 194 ish levels and I also doubt it will be a straight up or down move.

Bottom line, expect a move down but not too low because this could be the beginning of a long move up...

Al

thanks. all the trading theories or methods are valid until the market changes and violates them.... I wouldn't underestimate the market. Trading systems or common rules are defined under normal market conditions... but I think we are living a special market condition at the current moment. Just be careful and good luck
  • #664
  • Mar 18, 2008 8:48pm Mar 18, 2008 8:48pm
Hope you got the profit off the table on that gold trade this morning.
Blogging daily now at www.volume.zone
  • #665
  • Mar 18, 2008 9:09pm Mar 18, 2008 9:09pm
Quoting malcolmb14
Hope you got the profit off the table on that gold trade this morning.
Hey Malcolmb,

What are those futures that you watch that seem to predict the geppy's movement? I though one of them was the ESH8...
  • #666
  • Mar 18, 2008 10:09pm Mar 18, 2008 10:09pm
I am reading through that ebook you mentioned earlier in this thread. Wanting to get some more info on trading these open ranges.

Here are three questions addressed therein:
1. Does the OR have a well-defined area of support or resistance at its low or high?
2. Is there a distinctly bullish or bearish bias to the OR?
3. Is the volume for the entire OR unusually high?

Have you found what is written about these questions in the ebook to be the same for currencies? This ebook is written with the stock market in mind.Thanks
  • #667
  • Mar 19, 2008 6:41am Mar 19, 2008 6:41am
Quoting 59fender
this may pullback to 200 yen.would expect support at that level
Looks like the pullback went sub 196. I am with scotty on this one.
I think it is going to bottom out lower than the previous new low of 192.66
I would have liked to get a few long at 196.99 or something.
But its is Ok i'll feel better getting long around 192.

It looks like the US stock market is still in the crapper, regardless of any rallies Tuesday.
  • #668
  • Mar 19, 2008 6:54am Mar 19, 2008 6:54am
Where did Scotty post a reply? He doesn't seem to be on this thread anymore. I just went long at 4:26 and out at 4:44 and was happy with the few pips I made...
  • #669
  • Mar 19, 2008 8:27am Mar 19, 2008 8:27am
Hi, there,
banked already 240 pips on jpy pairs in just an hour or two....
on long, of course....

still rising those pairs
waiting anyway for the drop down

and we have hidden bullish div on those pairs 5min chart
I don't say
  • #670
  • Mar 19, 2008 8:46am Mar 19, 2008 8:46am
Quoting malcolmb14
Hope you got the profit off the table on that gold trade this morning.
yes thanks... not as many as I could have... but at least not negative....
look at gold today.. wow...
  • #671
  • Mar 19, 2008 9:09am Mar 19, 2008 9:09am
Guys can anyone suggest me where i can get charts for gold? or if possible with link?
thanks in advance.
Quoting emda
yes thanks... not as many as I could have... but at least not negative....
look at gold today.. wow...
  • #672
  • Mar 19, 2008 9:38am Mar 19, 2008 9:38am
Quoting zebra7860
Where did Scotty post a reply? He doesn't seem to be on this thread anymore. I just went long at 4:26 and out at 4:44 and was happy with the few pips I made...
Scotty posted here not that many days ago about how he thought it was going to hit 196.90 and it did and he mentioned he also thought it was going to hit 191.91 or something.

And ATM its heading south fast so I don't doubt 191.90's could be in the cards as the new low. Granted if it hits that low it should rebound up pretty good. But there is nothing I like more than buying it in the dips long.

Elijah
  • #673
  • Mar 19, 2008 12:03pm Mar 19, 2008 12:03pm
I did not studied right now the sr levels, but fibo says it may go down until 182.00 zone.
Please don't take this as anything else but my personal view, I'm still a novice
I don't say
  • #674
  • Mar 19, 2008 12:25pm Mar 19, 2008 12:25pm
Quoting dragosd1
I did not studied right now the sr levels, but fibo says it may go down until 182.00 zone.
Please don't take this as anything else but my personal view, I'm still a novice
for scalping we only see targets of 20 - 50 pips
  • #675
  • Mar 20, 2008 12:12am Mar 20, 2008 12:12am
Has anyone been scalping since the US close? There has been a nice range of about 50 pips generating 20 - 25 pip trades. A good winning % in these starts to add up if you can stay awake.
History is written by the victors.
  • #676
  • Mar 20, 2008 10:47am Mar 20, 2008 10:47am
Well, today's action in the GBPJPY has confirmed that wave 2 of wave 5 has completed and now we can see a 400-600 pip drop in 2-3 days. Not sure about tomorrow because of the holidays, but next week sure seems like this puppy is heading lower....this was also confirmed by a pattern evident by George Lindsay as well..

Any other thoughts out there? A lot of people are using Fib retracements, so this would be interesting to note. Malcolm, Scotty, et al??? Thoughts??

Al
  • #677
  • Mar 20, 2008 10:53am Mar 20, 2008 10:53am
Quoting zebra7860
Well, today's action in the GBPJPY has confirmed that wave 2 of wave 5 has completed and now we can see a 400-600 pip drop in 2-3 days. Not sure about tomorrow because of the holidays, but next week sure seems like this puppy is heading lower....this was also confirmed by a pattern evident by George Lindsay as well..

Any other thoughts out there? A lot of people are using Fib retracements, so this would be interesting to note. Malcolm, Scotty, et al??? Thoughts??

Al
With my Fibs on the 4H, we are going down to test 193.59 again.
If she is held up there again, I'd say that would be a double bottom situation and we'd retest the 207 area before plummeting again.

If she breaks 193.59 area, then we'll probably see 188 next week sometime.

I have a funny feeling, we retest the 204-207 area by mid next week before being sent to the gutter.

but, the last few weeks, I've only been scalping my 200+/day pips and walking away. Too unpredictable for long term trading.

Good luck. Trade what you see.

kj
  • #678
  • Mar 20, 2008 12:44pm Mar 20, 2008 12:44pm
malcolmb if you r in here i received your pm and i pm'd u back.
TRIALS THAT SHAKE SOME, CONFIRM OTHERS!
  • #679
  • Mar 20, 2008 1:29pm Mar 20, 2008 1:29pm
Quoting zebra7860
Well, today's action in the GBPJPY has confirmed that wave 2 of wave 5 has completed and now we can see a 400-600 pip drop in 2-3 days. Not sure about tomorrow because of the holidays, but next week sure seems like this puppy is heading lower....this was also confirmed by a pattern evident by George Lindsay as well..

Any other thoughts out there? A lot of people are using Fib retracements, so this would be interesting to note. Malcolm, Scotty, et al??? Thoughts??

Al
I've just looked over my charts and I believe we will see a move to roughly 194.90. Because different brokers feeds are all off a little lets say 195.00. The lowest move she is hinting (as of the last 10 swing fractals) is 194.60.
There are several cycles way up north that still need to complete. I have trades still open with valid targets up @ 208.30. Is the market going to get there?-Yes, but when is anyone's guess.
Also, there are open cycles down below - I have valid targets @ 192.20.

Right now: It's not a hard thing for this beast to fall, she will eventually. I do agree with others though that there is a real good possibility that she will go up first. I think we could see strong support in the area of 194.60-195, and then a strong move north.

We'll see!
  • #680
  • Mar 20, 2008 1:38pm Mar 20, 2008 1:38pm
Quoting kujo17
With my Fibs on the 4H, we are going down to test 193.59 again.
If she is held up there again, I'd say that would be a double bottom situation and we'd retest the 207 area before plummeting again.

If she breaks 193.59 area, then we'll probably see 188 next week sometime.

I have a funny feeling, we retest the 204-207 area by mid next week before being sent to the gutter.

but, the last few weeks, I've only been scalping my 200+/day pips and walking away. Too unpredictable for long term trading.

Good luck. Trade what you see.

kj
If Dow closes above 100 points today, I don't think Geppy would go down that low instead would re-test 198 area ..

Bravo on that "Too unpredictable for long term trading" plus don't have enough patience too
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