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GBPJPY scalpers

  • #2,341
  • Apr 10, 2008 9:00pm Apr 10, 2008 9:00pm
I only trade the dailies!
  • #2,342
  • Edited 11:09pm Apr 10, 2008 9:56pm | Edited 11:09pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
It doesn't appear that the GBP has been too much of a factor in the movements of the beast. It looks like USD/JPY has been the main influence. Check it out: The charts are almost identical. First is USD/JPY and then GBP/JPY.

That being said, I have slight Bull bias on USD/JPY up to 102.82 where it will encounter 4 hr resistance. After that my main targets would be 103.78 followed by 104.42.

However, if she breaks 101.06 (RSI and MACD pointing South) then she'll be going down and my 1st target would be 100.26 - 4 hr support. Would expect a lot of buying near the 100 level.

Anyways I just thought it was interesting how closely the 2 pairs are mirroring each other lately.

Malcolmb (or anyone for that regards), any thoughts on why you think they're following so closely? Or is that a pointless question because the markets do whatever they want? lol
Attached Image(s) (click to enlarge)
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"Wishful thinking dies hard." Igor T.
  • #2,343
  • Apr 11, 2008 3:13am Apr 11, 2008 3:13am
Quoting FxChi
It doesn't appear that the GBP has been too much of a factor in the movements of the beast. It looks like USD/JPY has been the main influence. Check it out: The charts are almost identical. First is USD/JPY and then GBP/JPY.
I'm trying to say this all over the place, but noone seems to listen. GBP/JPY = USD/JPY * GBP/USD.
And why does USD/JPY have more influence than GBP/USD?
They both have about the same daily range. But 1 pip movement on USD/JPY makes about 2 pips on GBP/JPY, while 1 pip movement on GBP/USD is about 1 pip on GBP/JPY.
In other words, USD/JPY moves about double as much as GBP/USD in %.
  • #2,344
  • Apr 11, 2008 3:32am Apr 11, 2008 3:32am
DJIA moving down
Patience + Humility + Study = Success
  • #2,345
  • Apr 11, 2008 3:38am Apr 11, 2008 3:38am
Quoting FxChi
It doesn't appear that the GBP has been too much of a factor in the movements of the beast. It looks like USD/JPY has been the main influence. Check it out: The charts are almost identical. First is USD/JPY and then GBP/JPY.

That being said, I have slight Bull bias on USD/JPY up to 102.82 where it will encounter 4 hr resistance. After that my main targets would be 103.78 followed by 104.42.

However, if she breaks 101.06 (RSI and MACD pointing South) then she'll be going down and my 1st target would be 100.26 - 4 hr support. Would expect a lot of buying near the 100 level.

Anyways I just thought it was interesting how closely the 2 pairs are mirroring each other lately.

Malcolmb (or anyone for that regards), any thoughts on why you think they're following so closely? Or is that a pointless question because the markets do whatever they want? lol
GBPJPY is the cross of GBPUSD and USDJPY - to get GBPJPY's value, you multiply GBPUSD by USDJPY.

You will also find that for each 1 pip move of USDJPY, GBPJPY will move 2 pips (approx). When GBPUSD and USDJPY both move in the same direction GBPJPY will move 3 pips for every one in the two major pairs.

So many traders - Bobokus included - will only trade GBPJPY when both of the majors are trading in the same direction.
Trading Levels with WRBs
  • #2,346
  • Apr 11, 2008 4:18am Apr 11, 2008 4:18am
This is why I like Fridays!
Money & Pain Respect the market, protect your capital, be patient
  • #2,347
  • Apr 11, 2008 4:24am Apr 11, 2008 4:24am
Quoting toyboy tramp
This is why I like Fridays!
Any idea why the spike? Or is this the correction taking it back to March 14ths lows?
All that is left in FF is just plain garbage. "Cloggie"
  • #2,348
  • Edited 4:44am Apr 11, 2008 4:43am | Edited 4:44am
Looks like we have bottomed out again.

I got a double bottom on the 12MIN GJ at 199.33 at 7:12 EDT and 199.28 7:24EDT.

I am looking for a wild day today with lots of whipsawing which makes for excellent scalping.

UJ looks to be headed up nicely long term, as as everyone knows when UJ goes up steady and GU stays put GJ goes up steady.

There will be quite a few small runs down, but I think we are in for a LT trend change from down to UP.
  • #2,349
  • Apr 11, 2008 4:50am Apr 11, 2008 4:50am
Quoting rrram2
Looks like we have bottomed out again.

I got a double bottom on the 12MIN GJ at 199.33 at 7:12 EDT and 199.28 7:24EDT.

I am looking for a wild day today with lots of whipsawing which makes for excellent scalping.

UJ looks to be headed up nicely long term, as as everyone knows when UJ goes up steady and GU stays put GJ goes up steady.

There will be quite a few small runs down, but I think we are in for a LT trend change from down to UP.
You sure about that?
Patience + Humility + Study = Success
  • #2,350
  • Apr 11, 2008 4:51am Apr 11, 2008 4:51am
It hasn't broken the trend channel, from where I'm standing there's little evidence of a reversal CONFIRMATION. The recent double bounce off the top channel and price action generally indicates a lot of buying pressure, but not enough.
Money & Pain Respect the market, protect your capital, be patient
  • #2,351
  • Apr 11, 2008 5:09am Apr 11, 2008 5:09am
Daily pivot gj is 200.00

I would not be trying to catch this bottom and going long unless this is broken .

I am short form 200.33

Right now 199.52 is 61.8% of the move down from last night.

If you are not short sell under this at say breakdown of 5 min support 199.20 with a stop above
Blogging daily now at www.volume.zone
  • #2,352
  • Apr 11, 2008 5:30am Apr 11, 2008 5:30am
Malcom, Just checking the YMM chart. ( if I am getting a good read today) Looks like the YM sank almost anhour ahead of the GE news and G/J plunge. Another indicator of the usefulness of the YM? You trading YM this morning?
  • #2,353
  • Apr 11, 2008 5:51am Apr 11, 2008 5:51am
Quoting DutchTrader
You sure about that?
My chart wasn't all the way down so it wasn't exactly a double bottom.

I am sure the USD is going up against the JPY long term. And the GU
has been looking sad and weak all WEEK. And if its true that one pip on UJ =
2 pips on GJ if GU is holding steady or even going down 1, it would still end up that GJ would go up.

But I only use UJ and GU as guides as they don't always seem to logically
correnspond to GJ.

I am banking on GJ heading up over the next few weeks into the month end.
Of course if GJ goes down I will lose money as I am mad long on some fat lots
all the way down to 199.39. IN fact I hope it dips into the 198's so I can pick up some more cheaper long lots.

A couple days ago it looked like we were heading back to the low area from 3/16/08 but that doesn't look like that will happen quite yet. I will hold my longs into 197 if I have too and even into 196.20's which if that breaks down I am in trouble.
  • #2,354
  • Apr 11, 2008 6:02am Apr 11, 2008 6:02am
Quoting 13.1 Runner
Malcom, Just checking the YMM chart. ( if I am getting a good read today) Looks like the YM sank almost anhour ahead of the GE news and G/J plunge. Another indicator of the usefulness of the YM? You trading YM this morning?
80 points on ym so far this morning
Blogging daily now at www.volume.zone
  • #2,355
  • Apr 11, 2008 6:38am Apr 11, 2008 6:38am
Quoting malcolmb14
Daily pivot gj is 200.00

I would not be trying to catch this bottom and going long unless this is broken .

I am short form 200.33

Right now 199.52 is 61.8% of the move down from last night.

If you are not short sell under this at say breakdown of 5 min support 199.20 with a stop above
Support seems to be 198.7 zone , once we get thru this we are heading down into 198
Blogging daily now at www.volume.zone
  • #2,356
  • Apr 11, 2008 6:53am Apr 11, 2008 6:53am
Consumer Confidence next, if that tanks, 198 is a certainty. They might cook then numbers just for the hell of it though
Patience + Humility + Study = Success
  • #2,357
  • Apr 11, 2008 7:16am Apr 11, 2008 7:16am
Morning,

What I have noticed on the Yen pairs is that, if one hits a support or restistance area or hits a fib line or pivot point, then they all stall and wait for the one that hit the S/R area to either bounce off it or go through it.Then the others appear to follow suite. very interesting to watch.

For scalping this can be a great early warning sign to either get in or get out.

Billser


Quoting SimonJ
I'm trying to say this all over the place, but noone seems to listen. GBP/JPY = USD/JPY * GBP/USD.
And why does USD/JPY have more influence than GBP/USD?
They both have about the same daily range. But 1 pip movement on USD/JPY makes about 2 pips on GBP/JPY, while 1 pip movement on GBP/USD is about 1 pip on GBP/JPY.
In other words, USD/JPY moves about double as much as GBP/USD in %.
It's All About Attitude ...
  • #2,358
  • Apr 11, 2008 7:19am Apr 11, 2008 7:19am
Quoting timewilltell
we are going up, wayyy up. lol. i see 220 tomorrow (now lets see if your method works)
man forget indicators that reverse pyschology stuff works!
  • #2,359
  • Apr 11, 2008 7:39am Apr 11, 2008 7:39am
Quoting rrram2
My chart wasn't all the way down so it wasn't exactly a double bottom.

I am sure the USD is going up against the JPY long term. And the GU
has been looking sad and weak all WEEK. And if its true that one pip on UJ =
2 pips on GJ if GU is holding steady or even going down 1, it would still end up that GJ would go up.

But I only use UJ and GU as guides as they don't always seem to logically
correnspond to GJ.

I am banking on GJ heading up over the next few weeks into the month end.
Of course if GJ goes down I will lose money as I am mad long on some fat lots
all the way down to 199.39. IN fact I hope it dips into the 198's so I can pick up some more cheaper long lots.

A couple days ago it looked like we were heading back to the low area from 3/16/08 but that doesn't look like that will happen quite yet. I will hold my longs into 197 if I have too and even into 196.20's which if that breaks down I am in trouble.

Hey Elijah,

Can I ask a question - why do you keep fighting the market.

The PY has been heading south for weeks but you are still long.

You need to park your convictions and go with the flow - IMHO.

Just some friendly advice.

Regards
Stew.
  • #2,360
  • Apr 11, 2008 8:08am Apr 11, 2008 8:08am
Quoting Billser
Morning,

What I have noticed on the Yen pairs is that, if one hits a support or restistance area or hits a fib line or pivot point, then they all stall and wait for the one that hit the S/R area to either bounce off it or go through it.Then the others appear to follow suite. very interesting to watch.

For scalping this can be a great early warning sign to either get in or get out.

Billser
This is all the scalpers sitting on the sidelines waiting for confirmation so they can get in.

JUST JUMP in the water is fine!
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