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GBPJPY scalpers

  • #2,181
  • Apr 7, 2008 11:17am Apr 7, 2008 11:17am
break of this triangle forming should tell the tale..
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  • #2,182
  • Apr 7, 2008 11:29am Apr 7, 2008 11:29am
I think this question is not asked for the first time:

Do you look at the charts of GBPUSD and USDJPY ?
I suppose yes.
But how does it affect your trading of GBPJPY ?

An example:
You see such a triangle like piptrain showed it in the last post,
but in USDJPY, or GBPUSD.
How do you use this information for GBPJPY ?
Donīt live for working, but work for living.
  • #2,183
  • Apr 7, 2008 11:36am Apr 7, 2008 11:36am
UJ looks like an inverse head and shoulders is building on the 1h chart. The GU is also in a triangle on the 1h, but seems more bearish on several time frames.

when i trade GJ, i have my tradestation set up with GU chart, next to GJ chart, next to UJ chart. easier to see the overall movements.

cheers
  • #2,184
  • Apr 7, 2008 11:39am Apr 7, 2008 11:39am
you also must take USD strength or weakness into account when trading these three pairs.
  • #2,185
  • Apr 7, 2008 11:40am Apr 7, 2008 11:40am
Hello,
General rule of thumb for those to pairs is if they are going in the same direction, so will the Gbp/Jpy. Right now they are going in opposite directions, on the 30 min chart.....so the G/Jpy is doing its own thing. Hope this helps.
  • #2,186
  • Apr 7, 2008 1:10pm Apr 7, 2008 1:10pm
Quoting Money-RX
G/J possibly stalled on the way up because U/J couldn't break past the strong resistance levels in the 102.60s. Futures and markets up for the evening.
The dollar is rallying and beating up the weakened GBP.

BTW I think 103 and higher is in the cards for the UJ.
  • #2,187
  • Apr 7, 2008 1:17pm Apr 7, 2008 1:17pm
i agree about UJ ram, which is partly why i am holding this GJ long, but lookin less and less nice..

BUT, that 4h 200ema is still holding on, and the 1h 50ema.

dow ticking down....
  • #2,188
  • Apr 7, 2008 1:28pm Apr 7, 2008 1:28pm
Quoting piptrain
you also must take USD strength or weakness into account when trading these three pairs.

Absolutely correct.
  • #2,189
  • Apr 7, 2008 1:31pm Apr 7, 2008 1:31pm
So thank you for your answers and help.
I appreciate that.
Donīt live for working, but work for living.
  • #2,190
  • Apr 7, 2008 1:31pm Apr 7, 2008 1:31pm
Quoting sifoorex
Absolutely correct.
Hello pipstrain do you have YM or SKYPE?

Add mine :

YM : edel_fx @ yahoo.com

SKYPE : sifoorex

I would like to discuss with you about tips on trading.
  • #2,191
  • Apr 7, 2008 1:36pm Apr 7, 2008 1:36pm
Wonder what the market is waiting for.

GJ has been in this tight consolidation all day with buuyers and sellers battling it out.

The 60 min could be classifed as still being in an uptrend.

The Ym has been very tradeable off the 2 min today , once the ' noise ' settled down after 7:30 am PST we have had a very nice 100 point move up and 70 point move down .

I traded some ,. but not all of the YM move.

GJ ... lost on that today , but no technique or method is 100 % right all the time. I did OK last night , and if i had of traded my sell trigger this morning at 05:40 with an entry of 204.12 , would have done ok today.

Still there is always the rest of the week.

AS i speak YM is testing low of day ... odd day indeed
Blogging daily now at www.volume.zone
  • #2,192
  • Apr 7, 2008 1:36pm Apr 7, 2008 1:36pm
sorry but i cannot give out my personal skype right now. but we can chat here.
  • #2,193
  • Apr 7, 2008 1:39pm Apr 7, 2008 1:39pm
Quoting malcolmb14
Wonder what the market is waiting for.

GJ has been in this tight consolidation all day with buuyers and sellers battling it out.

The 60 min could be classifed as still being in an uptrend.

The Ym has been very tradeable off the 2 min today , once the ' noise ' settled down after 7:30 am PST we have had a very nice 100 point move up and 70 point move down .

I traded some ,. but not all of the YM move.

GJ ... lost on that today , but no technique or method is 100 % right all the time. I did OK last night , and if i had of traded my sell trigger this morning at 05:40 with an entry of 204.12 , would have done ok today.

Still there is always the rest of the week.

AS i speak YM is testing low of day ... odd day indeed
roger that, malcomb. but guess what, its monday. typical. tomorrow will be lovely.

cheers
  • #2,194
  • Apr 7, 2008 1:44pm Apr 7, 2008 1:44pm
Dow heading south, might take GJ with it. 203.38 was the previous congestion, below that 203.20 is good support
Patience + Humility + Study = Success
  • #2,195
  • Apr 7, 2008 1:51pm Apr 7, 2008 1:51pm
Get ready for short covering rally on dj ... it might happen , I have my Ym long order filled and heading up.

Could take gj up a few pips
Blogging daily now at www.volume.zone
  • #2,196
  • Apr 7, 2008 2:02pm Apr 7, 2008 2:02pm
Quoting malcolmb14
Get ready for short covering rally on dj ... it might happen , I have my Ym long order filled and heading up.

Could take gj up a few pips

dj turned down on consumer credit up to 10.5 billion . expected was 5.6 billion.

That is a load of credit !!!
Blogging daily now at www.volume.zone
  • #2,197
  • Edited 3:15pm Apr 7, 2008 2:25pm | Edited 3:15pm
Quoting malcolmb14
dj turned down on consumer credit up to 10.5 billion . expected was 5.6 billion.

That is a load of credit !!!
NO thats off. Previous was 10.3Billion expected was 5.5B

it came out lower at 5.2B which while this number is RED on forexfactory a lower number is actually MORE USD positive because it means that consumers who previously owed 10.3 Billion now owe much less and even less than what was expected.

So this low impact report is actually USD positive. But it is normally not traded by anyone and almost an insignificant number as it is also PROBABLY
not very accurate.
  • #2,198
  • Apr 7, 2008 2:31pm Apr 7, 2008 2:31pm
Quoting rrram2
NO thats off. Previous was 10.3Billion expected was 5.5B

it came out lower at 5.2B which while this number is RED on forexfactory a lower number is actually MORE USD positive because it means that consumers who previously owed 10.3 Billion now owe much less and even less than what was expected.

So this low impact reward is actually USD positive. But it is normally not traded by anyone and almost an insignificant number as it is also PROBABLY
not very accurate.

Thanks for correction .. .read this wrong.


DJ US Feb Consumer Credit Increased $5.2B

Mon Apr 07 15:00:05 2008 EDT
By Jeff Bater Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--U.S. consumers increased their borrowing duringFebruary, boosting use of credit cards, Federal Reserve data Monday showed. Consumer credit outstanding grew $5.16 billion to $2.540 trillion inFebruary, according to the latest report from the Fed. The increase, however, wasn't as big as the $10.29 billion climb in January,an upward revision from the previously estimated $6.9 billion increase. The $5.16 billion increase wasn't as big as expected on Wall Street, whichwas looking for borrowing up $6.0 billion in February. Revolving credit, which mainly reflects credit card financing, grew $4.66billion in February to $951.7 billion, compared with a $5.57 billion expansionin January. Non-revolving credit, such as car and boat loans, grew $497 million. Thatfollowed a $4.72 billion increase in January. The credit data are often volatile from month to month and frequentlyrevised. They exclude home mortgages and other real estate-secured loans.
Blogging daily now at www.volume.zone
  • #2,199
  • Apr 7, 2008 3:28pm Apr 7, 2008 3:28pm
Hi Malcolm,
I have a quick question :
When looking for a 123 set up does the #3 point have to reach a certain level of retrace of the 1-2 range like >382% or >50% or >62.8% in order to consider the set up valid?
and from #3 point how do you set your targets? (FE lines? other?)
Thanks
Schmurex
  • #2,200
  • Apr 7, 2008 3:31pm Apr 7, 2008 3:31pm
Quoting schmurex
Hi Malcolm,
I have a quick question :
When looking for a 123 set up does the #3 point have to reach a certain level of retrace of the 1-2 range like >382% or >50% or >62.8% in order to consider the set up valid?
and from #3 point how do you set your targets? (FE lines? other?)
Thanks
Schmurex
All you need is a high , low and lower high for the sell and a low , high and higher low for the buy set up.

Once I have these then I put Fib extenions on the 1-2-3 these give me targets.
Blogging daily now at www.volume.zone
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