gbp/jpy cup with handle worth 600 pips?? | Forex Factory

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gbp/jpy cup with handle worth 600 pips??

  • #1
  • First Post: Mar 25, 2008 9:51pm Mar 25, 2008 9:51pm
This cup with handle is most visible on the 1H TF.

Link to cup with handle on the web for those who don't know what it looks like.
http://stockcharts.com/school/doku.p...up_with_handle
Attached Image (click to enlarge)
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  • #2
  • Edited 10:46pm Mar 25, 2008 10:26pm | Edited 10:46pm
There has been alot of talk of a DOW bottom.

This Pair is strongly correlated with the DOW.
Attached Image (click to enlarge)
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  • #3
  • Mar 25, 2008 10:50pm Mar 25, 2008 10:50pm
I wanted to reply to thank you Pipmac for posting a link to the explanation of a 'cup'. It's very helpful for someone looking for more learning on all this, like me ;-}

On the formation, the write up states that the cup should form after an up trend of some duration and I don't see this on the G/J. This being my first post, I would not claim to know, though I would love to read more options. I saw another post (chart of the day) that points out multiple pennants in a down trend.
  • #4
  • Mar 25, 2008 11:02pm Mar 25, 2008 11:02pm
PowerbySol:

Good point. The pattern is suppose to be a continuation pattern.

I see it as leg 2 of a previous Leg 1 uptrend.

I wouldnt say that it changes the long term trend of gbp/jpy which is still down.

Also the pattern is not guaranteed. I can post where to place stops to if you like. Good luck.
Attached Image (click to enlarge)
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  • #5
  • Mar 26, 2008 1:08am Mar 26, 2008 1:08am
There's the break, any takers?
  • #6
  • Mar 26, 2008 1:12am Mar 26, 2008 1:12am
not broken yet
  • #7
  • Mar 26, 2008 1:18am Mar 26, 2008 1:18am
Quoting samdelgado
not broken yet
Invest in glasses before you trade.
  • #8
  • Mar 26, 2008 1:32am Mar 26, 2008 1:32am
Have been following other threads on the GBP/GPY and this could be a fraction early call to go long. A look at the weekly rsi14 and MACD suggests the pair could be entering long term consolidataion mode. Rsi testing down trend line again, and histogram of macd pointing lower as well as being in severely negative territory. An opinion of course. :-)
  • #9
  • Mar 26, 2008 2:04am Mar 26, 2008 2:04am
Quoting Trader KGB
There's the break, any takers?
Taken, nice breakout. Nice trade.
  • #10
  • Mar 26, 2008 2:46am Mar 26, 2008 2:46am
Quoting Trader KGB
Invest in glasses before you trade.
Um...I was obviously talking about the fact that it hadn't broken above at the close of the bar....and the funny thing is it ended up NOT closing above so I hope no one lost anything on that trade
  • #11
  • Mar 26, 2008 11:04am Mar 26, 2008 11:04am
Quoting samdelgado
Um...I was obviously talking about the fact that it hadn't broken above at the close of the bar....and the funny thing is it ended up NOT closing above so I hope no one lost anything on that trade
Sorry guys it never closed above the TL. Hourly pattern requires hourly close.

Same pattern on Eur/Jpy. Maybe that one will work out.
  • #12
  • Mar 26, 2008 11:08am Mar 26, 2008 11:08am
Quoting pipmac
Sorry guys it never closed above the TL. Hourly pattern requires hourly close.

Same pattern on Eur/Jpy. Maybe that one will work out.

pipmac what do you think for EUR/JPY
it's going up or downside..
have any news for this pair,,
  • #13
  • Mar 26, 2008 11:11am Mar 26, 2008 11:11am
Im still looking for a close above the same TL for a long position. It still looks like a cup with handle. GL patience is everything
  • #14
  • Mar 26, 2008 11:19am Mar 26, 2008 11:19am
Quoting pipmac
Im still looking for a close above the same TL for a long position. It still looks like a cup with handle. GL patience is everything
if dont mind pipmac, what is that mean TL n GL, i don't know that things,
EUR/JPY look nice going up at Tf15..
but isn't EUR/JPY continue upward..
for me i didn't think so..
im looking for short position
  • #15
  • Mar 26, 2008 11:19am Mar 26, 2008 11:19am
Ultraman: i like the upside but only on the speculation going around that the DOW has bottomed. I will only buy a break above the TL (trendline).
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  • #16
  • Last Post: Mar 27, 2008 12:51pm Mar 27, 2008 12:51pm
The handle on G/J is pretty long now, it's starting to look flat.

On the E/J it looks like the cup pattern held, even though it retraced most of the handle after breakout. The E/J did have a long up trend, and then took a down spike and started an eratic gental down trend if you look at a day chart. If you stick to an hour chart it would be hard to claim an up trend prior to the cup forming. What I wonder now is would the recent activeity on the E/J be called a cup or could a different pattern be pointed out?
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