Intra Day Yen - Naked

My Cable Hourly chart was still showing a short bias so I let the trade run a little, hit T1 and then moved my stop up to the "0" line. Hit T2 and moved my stop to the T2 line, stopped out on the next retrace candle for a nice 31 pip profit.

UK GDP due out today so must be patient now and wait for more action.

That's the way to go Pip - it looks like it will test yesterdays low at 1.9684.

As I said in my post yesterday, when GJ is in a sideways consolidation, its often best to concentrate on one of the majors and you're having success with cable - great trading http://www.forexfactory.com/images/icons/icon14.gif

Thanks Issy,

The U.S. Peso seems to be getting stronger here lately which is not good for GJ right now. Cable/Peso going down, Peso/Yen going up????

you are right, when GJ ranges, time to trade one of it's Majors, I have only traded Cable the last three mornings....

Too busy watching Cable................How'd I miss this one GRRRRRRRRRRR!!!!

beautiful set up of UJ and GJ step for step this morning. UJ respecting the daily pivot "twice" then walking up the fib levels very orderly to T1.

GJ was ascending nicely up on it's own 50 and 100 levels after being rejected twice off of the support DZ level which was also the 205.50 level.

GJ's rally was on the back of this set up in UJ - another clear use of the pivots with confirmation from the upper DZ hit and support from a gann line.

Timewise, the buy signal was 40 mins before Frankies Hour, so I guess some European traders made an early start - well it is POETS Day!

Cable actually made a new low 15 mins after the London Open and this pulled GJ down into the top of its DZ and onto support from a gann line.

100+ pips were available from that Buy Signal......http://www.forexfactory.com/images/icons/icon12.gif

wah...tought could see some naked women here...

LOL - try this for naked trading!

http://www.forexfactory.com/showthread.php?t=74385

As we can never be certain how far a move will go, I trade in multiple lots and exit some of my position as price hits target areas - here the stall at the R1 level of 206.60, and then put in a stop on the remainder to lock in some profit.

Cable's reversal has been fast and furious, so after the pause at R1, GJ carried on up to its R2 level at 207.37 - also the fibo T2 level - its great when you get synchronicity like this! Take some more profit and move up the stop on the remainder - now its a super Poets Day, so I'm finished for this week http://www.forexfactory.com/images/icons/icon6.gif

The last chart of the week - the rally overshot T2 and R2 by 30 or so pips before pulling back and bouncing just above the DZ - a continuation that then FAILED to make a new high. A clear signal for a fall - that pull back turned out to be a 100 pip drop before the next bounce.

So just watch the action around the S & R levels and dont get fixated on expecting GJ to necessarily make its turing point at a specific level or target - with practice you'll learn to read the signals and pirate a ship full off pips!

Over the weekend I review my longer term charts and have posted the weekly GJ chart to focus on last weeks candle - a bearish long legged doji, with almost no upper wick.

Hussin Naiji's statistics reveal that there have only been five of these patterns during the past 14 years, with last week's being the sixth.

The results were:

1-Apr 1994 ,then after three weeks with -900 p
2-Nov 1994 , then after four weeks with -2000 p
3-Nov 2000 , then after one week with -1400 p
4-Feb 2002 ,then after two weeks with -1000 p
5-Jun 2007 , then after three weeks with -2500 p

with the actual reversals:

1-Apr 1994 first +170 p then downtrend
2-Nov 1994 first +130 p then downtrend
3-Nov 2000 at once downtrend
4-Feb 2002 first +200 p then downtrend
5-Jun 2007 first +220 p then downtrend

Remember that the FOMC meeting is on Wednesday and on Friday the NFP data comes out. Also, there are several other "Red" news releases this week, so this is potentially a volatile 5 days! http://www.forexfactory.com/images/icons/icon11.gif

I rarely post daily or 4 hour charts as the individual candles vary greatly from broker to broker - however, this shows GJ's current overall move.

IF the 209 high holds, price could still fall to catch up with the last magenta gann line.......

Here as we wait for the Europeans and Londoners to start trading is my 15 min chart.

UJ has held in the Sunday / Asian session with a double top at Fridays high - 104.80 area and cable is also holding under Fridays high of 1.9890.

GJ has managed a slightly higher high at 207.85, corresponding to UJ's second hit on its 104.80 area.

Now I'll let the Brits finish their morning tea and show us some movement......

Morning Islander,

Great work, very interesting statistics.

I'm intrigued to see how this one pans out.

Personnally still long from last week although I almost have a short signal, I think there is still some room to move up and until reading your post had initial targets of around 210 and had been thinking (hoping ) that 212 - 216 wasn't out of the question.

Just shorted on the break of a T/l on a separate acc.

Well the brits obliged with a push down out of this narrow range fib - good for 30 or 40 pips so far......but keep a close watch that this is not one of their famous "Big Ben" fake-outs.....

Issy,

Thanks for the Long term analysis info. On my weekly chart I see that the last moves downward have held resistance and continued downward.

The latest current move is still forming, looks like we'll have to see around a 400 pip drop in the coming weeks for price to continue respecting it's resistance levels.

Good morning Pip - from the statistics that I posted above, the maximum rise after this weekly doji has been 220 pips - i.e. the 210 area - now that's a very nice round number!! - and well below the strong resistance around 214.

For now, I favour the continuation of the uptrend until I can see the hourly chart turning south - I'll post a chart.....

The rally is clearly running out of momentum - at least, judged by the action so far this week.

The 50% fib here at 206.17 is reminding us that this area that was resistance will now be support and an hourly close under it will be the first clear signal that the up trend is rolling over.....

With the big news events due this week, we may get a sideways chop until their release, so I'll be happy with some more scalps like the one I've just posted.....

Good morning Wolf - thanks - I too found thoses statistics quite compelling.

Just looking back I see that the 208.14 area has held 4 times on the daily chart as ressistance, so with the support at 206.14, we currently have a 200 pip range to trade in whilst watching for a breakout - I guess that you'll be voting for the upwards break!.....http://www.forexfactory.com/images/icons/icon12.gif