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Daily GBP/JPY analysis

  • #341
  • Feb 14, 2007 10:25pm Feb 14, 2007 10:25pm
Quoting simplecoders
The one hour chart shows again a northward move . It might reach 237 again.

I could not take advantage of the dropdown. As it is sleeping time here .

Any how it is on its northward journey again. So says the one hour chart and also the four chart.
I look at my 1H and 4H charts and see indications consistent with both upward and downward movement. My 5M chart is more consistent with upward movement. What particular indications are you focusing on to determine that you see an upward movement on the 1H and 4H charts?
  • #342
  • Feb 14, 2007 10:37pm Feb 14, 2007 10:37pm
Quoting moonchild
I look at my 1H and 4H charts and see indications consistent with both upward and downward movement. My 5M chart is more consistent with upward movement. What particular indications are you focusing on to determine that you see an upward movement on the 1H and 4H charts?
Please check this H1 chart. I will be posting the H4 chart next
Attached Image
  • #343
  • Feb 14, 2007 10:50pm Feb 14, 2007 10:50pm
The below H4 chart shows that the candles did not complete the northward journey fully, leaving a gap of 30-40 pips approx before proceeding down.
Now they have to trvael up to complete the gap.

But how much time it will take to complete it s northward journey is the question? All the expected news from now are against GBP. Will these news have any efect on its northward journey , if so , by how much ?
Time to wait and watch
Attached Image
  • #344
  • Feb 14, 2007 10:57pm Feb 14, 2007 10:57pm
Saw your charts. You seem to be using different indicators. I have never found that it was necessary or particularly consistent that the BB be touched.

I have a strong UJ down move on my charts but mixed signals on my cable charts, similar to my poundyen charts. Not sure yet where either is going. Can still make a case for either direction although from the point of view of fundamentals, I do not see a fundamental basis for cable to go up and, as I said my technicals are conflicting.
  • #345
  • Feb 14, 2007 11:07pm Feb 14, 2007 11:07pm
Quoting moonchild
Saw your 1H chart but did not find the 4H chart. You seem to be using different indicators.

I have a strong UJ down move on my charts but mixed signals on my cable charts, similar to my poundyen charts. Not sure yet where either is going. Can still make a case for either direction although from the point of view of fundamentals, I do not see a fundamental basis for cable to go up and, as I said my technicals are conflicting.
If news is taken into consideration, then it is anti-GBP today.
GBP Retail Sales m/m expected 0.2% Previous 1.1%

USD Empire State Business Conditions Index expected 10.5 Previous 9.1
The H1 chart is clear about the upward movement. Even though the H4 chart is not so clear, its movements are dictated by H1 chart. So I am concluding that it should be a northward journey.

So you are right about the conflicting element.
It is technicals Vs. fundamentals

Time is the best master.
  • #346
  • Feb 14, 2007 11:19pm Feb 14, 2007 11:19pm
M forcasting the market properly but its Economic indicator which troubling due to which I m coming out of market or not reading the Economic Indicator properly & loosing confidence in my won forcast & later kicking myself not to belive myself.............pls tell how u trade with ecomocmic Indicator & also how to get Ecomonomics news as fast as possible bcos yestraday Richmands Report from US went agiianst me & i had no idea what he actually said & but effect of his speech is seen in market
"Trade for sake of trading & not for winning or Lossing"
  • #347
  • Feb 14, 2007 11:36pm Feb 14, 2007 11:36pm
Quoting HonaForex
M forcasting the market properly but its Economic indicator which troubling due to which I m coming out of market or not reading the Economic Indicator properly & loosing confidence in my won forcast & later kicking myself not to belive myself.............pls tell how u trade with ecomocmic Indicator & also how to get Ecomonomics news as fast as possible bcos yestraday Richmands Report from US went agiianst me & i had no idea what he actually said & but effect of his speech is seen in market
Personally, I do not have the ability to judge the effect of news on the price movement. Even i do not know what Richmand said. So I rely on technical indicators. Of course misjudgenment is common. Diffrenet people have diffrenet way of reading indicators.
The ultimate goal is to earn pips. That is common for everybody.

When in doubt stay away from the market. No trade is better than bad trade.
  • #348
  • Feb 14, 2007 11:55pm Feb 14, 2007 11:55pm
Quoting simplecoders
Personally, I do not have the ability to judge the effect of news on the price movement. Even i do not know what Richmand said. So I rely on technical indicators. Of course misjudgenment is common. Diffrenet people have diffrenet way of reading indicators.
The ultimate goal is to earn pips. That is common for everybody.

When in doubt stay away from the market. No trade is better than bad trade.

Hey thank man for ur suggestion, Well if u go technical indicator its seems that we will go in right direction but also market dances on Econonmic Indicator & i think Experinece GURU's do have some smart statergies,hope some one out there will come farward to help us...........


Shivaji
"Trade for sake of trading & not for winning or Lossing"
  • #349
  • Feb 15, 2007 12:02am Feb 15, 2007 12:02am
Remember, There are no gurus only learners: first time learners, advanced learners. Everybody is a learner. Nobody can tell to exact pip at which to enter or its destination.

Seems you are from India. Me too
  • #350
  • Feb 15, 2007 12:16am Feb 15, 2007 12:16am
If the PIN bar is confirmed in the H4 chart, then northward journey should be confirmed. It will be confirmed in another hour when the current H4 candle will close.
  • #351
  • Feb 15, 2007 2:45am Feb 15, 2007 2:45am
Quoting Pickensrulz
Any retracement up to 236/236.30 should be a selling opp. A break below 234.70/80 opens the door for much much larger move down.

short at 236.05
  • #352
  • Feb 15, 2007 2:48am Feb 15, 2007 2:48am
Quoting Pickensrulz
short at 236.05
damn that was fast. LOL -29

SAR 236.34

whippy lil bastard ..closed out -15
  • #353
  • Feb 15, 2007 2:54am Feb 15, 2007 2:54am
there will be another sharp move, the recent sharp move was a result of double low bar on 30 minutes chart, the next one will be on 1 hour chart..
I am just here to talk nonsense =D
  • #354
  • Feb 15, 2007 2:56am Feb 15, 2007 2:56am
LONG LONG LONG till 237.20 approx ( similar to yesteraday's) that's what the goal should be! as per my indictaors

Will news come along the journey!!! time to watch

30 mins to go for the first lap of the news
  • #355
  • Feb 15, 2007 3:00am Feb 15, 2007 3:00am
the recent sharp move was a good call, if the news come to be bad, atleast we are above important line and for sure don't have to be worried about the Daily 50 EMA being broken which will probably mean a major down movement......
I am just here to talk nonsense =D
  • #356
  • Feb 15, 2007 3:01am Feb 15, 2007 3:01am
the new 1 hour candle just open, hopefully we will have enough buying power to break the EMA 50 on 1 hour chart...
I am just here to talk nonsense =D
  • #357
  • Feb 15, 2007 3:04am Feb 15, 2007 3:04am
to be honest this move doesn't benefit me at all, I left my order running without SL last night, but I forgot about the JPY news, my TP was at 1.3730 about 6 pips above yesterday high, so it wasn't hit.. As a result I got a negative 100 pips this morning...But I didn't close after seeing USDJPY and everything seems to point for upper movement though we will probably seeing a GBP negative news later...
I am just here to talk nonsense =D
  • #358
  • Feb 15, 2007 3:12am Feb 15, 2007 3:12am
Market was and is merciless. It was when GBP has fallen some hours back by 150 pips and now when it will rise by the same amount approx. Some gain some lose.
  • #359
  • Feb 15, 2007 3:26am Feb 15, 2007 3:26am
I wish the news should have zero or positive effect on GBP. 5 mins to go
  • #360
  • Feb 15, 2007 3:31am Feb 15, 2007 3:31am
But who cares for the wishes... goes negative. now to time to go back to above 236
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