Intra Day Yen - Naked

just wanna say hi and thanks alot for the great stuff...

Thanks Affandiz - just trying to help everyone - me included! - to make some pips....

I hope that comment helped.......as we can now see, there were 2 bounces off the Daily Pivot level, the last one 25 mins after LO, so instead of following the red down trend, it was a fakeout and price reversed and went up and has now accelerated above the green up trend gann line, passing out of the top of the DZ to hit T2 - and the MR2 / M4 line at 208.55 - a good place to bank some more pips.

Cable made a low right at the London Open after falling over 70 pips in Frankies Hour - a typical fakeout as I suggested yesterday. The Brits then took it up 180 pips into a new high for this move.

Now price is holding above its Daily Pivot, waiting for the UK Housing Data at 04:30 EDT, followed by the speach by the BOE Governor King 15 mins later.

The double top at 02:00 GMT was yesterdays high and UJ slowly sold off all day before a late bounce that is currently holding under todays pivot and the DZ.

The Consumer Confidence data is due out at 10am EDT

Yesterday's action was all about cable's move and after the 100 pip drop into the London Open, the rally went up over 190 pips into the early US session before retracing 80% of the rally.

Price is now holding just under the DZ and Daily Pivot and is forming a wedge with the shallow magenta gann line acting as support.

I can see another sideways day, with the possibility of some news driven action whilst the markets await tomorrows more important data.

Cable finally broke down below support at 1.9893 and has just broken below the intraday pivot.....currently trying to push down to the next support level sitting at 1.9850 area. needs to get and STAY below 1.9850 to continue........we'll see what London brings........

Cable broke under its daily pivot in the 6am GMT candle - LO - and that was a clear sell in GJ which held inside the falling red gann line which is set to the average daily range.

UJ turned away from its DP at 9:30 and its fall accelerated GJ's drop - which has been greater than I expected - obviously the Brits didnt like the news.

I closed my short in the last fall towards the 205 level, some 250 pips since price was rejected at the daily pivot.

things started warming up a bit right before Frankie open.

took a short position below the intraday low once the Frankfurt traders pushed it below the Intraday low level for the third time, rode it down to a smaller take profit area from a smaller fib range. 37 pips.

Yesterday was a classic buy from the London Open that ran up more than 400 pips.

The pull back after the FOMC finally spiked down early in the Asian Session to hit the 50% retracement at 205.75 for a Buy - now lets see where the Brits take it - the Europeans are on holiday today, so the main action should be after the LO at 7 am GMT

The pull back to the 206 level - also the DP - allowed an add on buy.

Now with a fib on the pull back we have levels in case the rally fails - the 207 level was a good one at which to take profit on part of the buy.

Now we wait to see if the mid pivot at 207.16 can be broken.....

GJ hit the 207.16 mid point level to the pip and then pulled back right thru the DZ, but failed to break the lower AL level which would have confirmed a reversal sell.

Instead it bounced back up BUT failed to break the 207 level and the US data turned price down and confirmed a sell on the failure to continue the rally.

I had a limit order to close my short a few pips above the 205.05 mid pivot and so allowing for my spread, I closed partial at 205.20 and will now watch for the action at the open of the US markets and again at the next data - the ISM Manufacturing Index at 10am EDT.

Whilst 204.66 is at the average daily range from todays high, the fall has stalled, so I'll tighten my stop on the remainder of my short and also put a limit order in at 204.75 in case there is a break of the 205 level - cable to its 700 level would probably do the trick.

Well done Issy,

I didn't even trade today figuring on a rather slow London/Euro session due to holiday.........

but a pip pirate such as yourself always finds a way to extract some pips from the markets, holiday or not.

GJ pulled back into its DZ and then bounced up off the green gann line for a Buy. It now needs to break the 207.20 area to confirm a continuation on towards the strong resistance just under the 208 level.

This is where UJ has its strong resistance at the 104.87 level and cable its Daily Pivot and 9800 level.

The Halifax House Price data is due at 3am EDT / London Open and later the all important NFP at 8:30 EDT - probably difficult trading until then, I'll be looking for quick scalps on small trades....

Edit: I exited partials as UJ spiked to 105 and GJ to its R1 level - now for the UK data...

Hey Islander...

Is your Gann line off of a charting tool or have you done some calculations in order to make use of it?

Lou

Hi Lou - its the standard MT4 tool, and yes I've tested numerous different angles accross the time frames that I use.

Here the same angle caught the high and the "slower" light green has provided support - PM me if you want more info.

No Japanese trading until Wednesday and the Brits are also on holiday today - Monday.

Cable is holding under the well established falling gann line, BUT has now put in 2 higher lows, the last at the 9700 level - can it now break 9800?

UJ has bounced up off a rising gann line, but has been halted by the strong resistance in the 105.65 area.

We may have to wait until the US session for clarification....

The above mentioned situation leaves GJ in the upper section of the rising gann line channel. This was after the second bounce from the 50% retracement level of 203.53, that bounce led to the second attempt at the 209 level via the unconvincing green doji on Friday afternoon.

With the rest of Europe recovering from the long weekend, we'll probably have to wait until the US session for some action - the ISM Manufacturing data's due at 10am EDT.

The trend is still up, BUT the 209 level must be broken for the move to continue to the next resistance around 213.90 - I'll be watching the action on my 15 min charts....

Not a lot of action yesterday, the ISM data turned UJ south and GJ followed down to the bottom DZ line which held in late US trading and again overnight with a higher low giving a buy that ideally needs confirmation by breaking up out of the DZ.

The green gann 1 line has been broken and may act as resistance IF the Brits decide to buy when they return from their long weekend....

UK Services PMI is due out at 4:30am EDT