Intra Day Yen - Naked

Thanks for the heads up on the early Asian. I have been starting a bit later than the opening.

Cable took a strong run up yesterday and then stopped in a narrow range and stayed there for almost 12hrs. Price on Cable didn't seem to be able to get any sort of significant retrace below the 24% fib level so it was apparent that when Cable did move this morning that it was going to the upside again and I was waiting for it on GJ. Took an entry at the AL and played it only up to the breakout "0" line because Cable was having to do all the heavy lifting as UJ was in a downtrend and was not helping out at all.

P.S. Lou.....that was 60 pips from only entering and exiting between the inner fib points.

Cable trending downward this morning...but UJ was heading up so we had some consolodation till right before Frankfurt open then UJ hit a wall at 104.05 and brought down GJ rather quickly.

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WHAT ABOUT GJ??

The pull back from Fridays wide range day allowed me to pull this fib which cinfirmed a Sell as price stalled round the 208 level in the Asian Session.

200+ pips from this move so far........http://www.forexfactory.com/images/icons/icon12.gif

Some retrace - even the T3 level got hit - over a 380 pip fall.....

I wake up in the middle of Frankie open and look at the charts and see that GJ appears as if it's in a freefall......GJ has been fueled by some big moves by UJ as well as Cable. 5M GJ has 6 very long bearish candles. Too late for me to enter anyway so I'll just watch for another entry to go short.

We just had a 76 pip GJ downstroke so we'll wait for a little retracement after the penetration of 203.41. Price retraces up and out of the DZ area and I'm still thinking short "but" the thing to observe is that UJ has now moved into a very tight zone around 103 and is making higher highs and higher lows and Cable is also heading upwards.

So now I'm even more cautious and I wait some more and see GJ move out of the other side of the DZ to signal a long entry but I'm still not convinced so I wait till the AL break before entering, I'm still not 100% convinced of a LONG move on GJ but I entered a small position anyways and got out at the 50 line (because GJ likes the 0 and 50 lines) with 33 pips.

In hindsight I should have entered off the three bounces off the DZ @ 204.00 and could have bagged 50 pips but I was very wary of the choppy whipsaw action this morning and my GJ hourly chart is still looking like more of a short bias than long.

Clever analysis PHM. Resourceful as usual. Good day.

from Tokyo to Frankie...........stuck in the DZ.........somethings gotta give

while waiting for GJ to get it's act together, took a nice entry on a Cable short at Frankie time AL to T1.

Nice one Pip - I took the same trade in cable - exited at the 800 level! http://www.forexfactory.com/images/icons/icon14.gif

Edit; now to see if this is a "Frankie Fakeout".....TWT

Working at some possible moves on a 4 hour chart - all of the trend lines are Gann Lines. The last timeline on April 18 was 1 candle out in over 230 - will the next one be as close? - TWT

The orange red gann line is from the November 1st high at 241 and will need to come back into play IF this suggested scenario is to work out.

Back to actual trading off the shorter time frames, from yesterdays action after the Frankfurt Open.....


Here's a good example of the KISS approach. A good reminder of simple price action with double tops and bottoms in this sideways market - just take the short moves whilst the market contines to consolidate before its next big move

Edit: Now at todays Frankfurt Open and price still around the 205 level, I dont need any fibos to tell me that its hanging around the 50% retrace and deciding which way to go. Plenty of data due out today to help it......

just as a visual, here's what I'm looking at on my 4H GJ chart right now, what I noticed most was the two rejections off the 50 fib on my tighter range fib.....

No clear signal on GJ yet but Cable had a nice entry for a few pips at Frankie open. Would have liked to get in earlier but pips is pips.

Nice on pip. I am watching you guys and will post as i catch some moves.
You did well to get some out of all this mess this morning, pound is really wild today. Geppy seems to be fib trapped at the moment with no clear direction and i am waiting for this to breakout, let price show us the hand first.
Up, down, up, down, hmm, think i will stay out for now!

Hey pip, on that cable trade this morning, where would you have placed your stop, around the pivot area?

Steve

Steve,

please do post your trades, it's nice to see different sets of eyes on the I-fib method......

Yes, I probably would have placed my SL it right above the pivot, I took that trade too late for my liking, (too close to the breakout area) but I saw some good momentum all of a sudden and just jumped into the waterfall......I did the same quick trade yesterday on Cable right around Frankie open when it fell pretty quickly.
Cable & GJ were all over the place today leading up to the GBP retail sales report so I just stayed out after that initial little burst trade around Frankie, doesn't look like much is going to happen again till the U.S. data comes out. I'll be in bed anyways so good luck trading.

As GBPJPY is the cross of GBPUSD and USDJPY, it pays to watch the action on both of the majors - here UJ.

Whilst fibos are a useful tool, sometimes its clearer just to watch the action around the daily pivot lines as shown on this chart and earlier today there was plenty!

The only fibo I used was just to confirm what is obvious by looking at the chart - that after the 10am EST data, price pulled back around half of the previous news inspired rally and then became a buy....

saw a nice little doji and pinbar reversal set up form on Cable (blue ellipse) 1/2 way into Frankie so I entered a sell trade at the AL.................looking good so far.

winner winner burnt chicken dinner.