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Daily GBP/JPY analysis

  • #481
  • Feb 20, 2007 11:08pm Feb 20, 2007 11:08pm
Quoting zawodowiec
Here's a chart showing the key level right now (235.35). If a sustained breakout occurs above this price, it could mean a return to uptrend. The next level up would be the 237.15 level (the high of Feb14-15). Overall, it might be a very whipshawy action around the BOJ announcement. I think Merlin mentioned somewhere else that the strategy is to sell Yen into strenght. Just have to wait and see what happens.
Rightly said.

At this point of time it is short on a H4 chart. Could not go above 235.50
  • #482
  • Feb 20, 2007 11:30pm Feb 20, 2007 11:30pm
H4 chart in a matter of few seconds changed to long!

CLearly GBP is very very very volatile.. I am feeling that it is better to trade it only on 5 min chart
  • #483
  • Feb 20, 2007 11:35pm Feb 20, 2007 11:35pm
God, this pair is damn mad!!!! You can wipe out your account or become rich in day, for this pair...
I am just here to talk nonsense =D
  • #484
  • Feb 20, 2007 11:38pm Feb 20, 2007 11:38pm
Quoting simplecoders
H4 chart in a matter of few seconds changed to long!

CLearly GBP is very very very volatile.. I am feeling that it is better to trade it only on 5 min chart
Even 5 min is too slow, 1 min is the most right now lol.
  • #485
  • Feb 20, 2007 11:39pm Feb 20, 2007 11:39pm
So right now we are back to square one. As if nothing happened
  • #486
  • Feb 20, 2007 11:42pm Feb 20, 2007 11:42pm
closed all my trades, closing my eyes, looking into oblivion...gradually pondering over whthee ther is anything which can be done to protect/ take advantage of these mad movements ( other than using stop loss)
  • #487
  • Feb 20, 2007 11:42pm Feb 20, 2007 11:42pm
This pair is doing some stretching today... down...up....sideways...
  • #488
  • Feb 20, 2007 11:49pm Feb 20, 2007 11:49pm
I lost money this morning due to the interest rate hike and now recovered back 90% of this, thank god, this is good for my winning/lost setup...
I am just here to talk nonsense =D
  • #489
  • Feb 20, 2007 11:53pm Feb 20, 2007 11:53pm
Oanda sux today, one of the reason I lost my money is because it gets disconnected every 1 minute..
I am just here to talk nonsense =D
  • #490
  • Feb 20, 2007 11:53pm Feb 20, 2007 11:53pm
It's dancing.. makes me happy... then upsets me.. then happy... then upsets me again
Trade what you see, not what you think.
  • #491
  • Feb 20, 2007 11:55pm Feb 20, 2007 11:55pm
The key resistance (235.35) is still very much in play and needs to be breached first before any further upward movement can be seen.
  • #492
  • Feb 21, 2007 12:07am Feb 21, 2007 12:07am
Quoting zawodowiec
The key resistance (235.35) is still very much in play and needs to be breached first before any further upward movement can be seen.
235.35 - 35-35...pizza hut delivery (at my place)

man...GJ driving me nuts
  • #493
  • Feb 21, 2007 12:09am Feb 21, 2007 12:09am
this pair should be banned from trading
  • #494
  • Feb 21, 2007 12:33am Feb 21, 2007 12:33am
In today's recent movement from 234 to 235 FxSniper's Ergodic CCI & Trigger
failed on 4h chart. After showing short the indicator corrected itself back to long. Horrible.
  • #495
  • Feb 21, 2007 12:38am Feb 21, 2007 12:38am
Quoting simplecoders
In today's recent movement from 234 to 235 FxSniper's Ergodic CCI & Trigger
failed on 4h chart. After showing short the indicator corrected itself back to long. Horrible.

Hey,
why would you rely on a lagging indicator on a 4 hour chart when there are such marketing moving events going on ? obviously, no indicator can predict the announcements.
  • #496
  • Feb 21, 2007 12:48am Feb 21, 2007 12:48am
Like everyone else, I was on pins & needles while awaiting the rate announcement. When it came out and the pair went down some, I almost entered a sell trade. Then I thought that since the pair had already taken a dive from it's highs before the announcement that it might reverse. I didn't know what to do. Almost instantly, the pair reversed and was going up but then I began to doubt that this was a true run to the upside. I sat frozen as the pair started to go up and so I decided to wait until it ran its course and reversed to enter a sell trade. At the point when I was just about to do it (which would have been a huge mistake), I noticed that my account balance had increased. It was then that I realized that earlier I had put in a buy stop for two standard lots and had not cancelled it. Ninety pips later I am a happy sailor.
  • #497
  • Feb 21, 2007 12:52am Feb 21, 2007 12:52am
Quoting zawodowiec
Hey,
why would you rely on a lagging indicator on a 4 hour chart when there are such marketing moving events going on ? obviously, no indicator can predict the announcements.
You are right. But is it possible to predict the exact quantum of the effect of the market events! Nor is it possible to keep track of each and every minor market events. At least for me holding a day job is not possible.

Of course I use the fibos etc also to detremine my startegy. In the present case my stop loss saved me from incurring huge losses.
  • #498
  • Feb 21, 2007 12:53am Feb 21, 2007 12:53am
Quoting southernmind
Like everyone else, I was on pins & needles while awaiting the rate announcement. When it came out and the pair went down some, I almost entered a sell trade. Then I thought that since the pair had already taken a dive from it's highs before the announcement that it might reverse. I didn't know what to do. Almost instantly, the pair reversed and was going up but then I began to doubt that this was a true run to the upside. I sat frozen as the pair started to go up and so I decided to wait until it ran its course and reversed to enter a sell trade. At the point when I was just about to do it (which would have been a huge mistake), I noticed that my account balance had increased. It was then that I realized that earlier I had put in a buy stop for two standard lots and had not cancelled it. Ninety pips later I am a happy sailor.
LOL well done!
  • #499
  • Feb 21, 2007 12:58am Feb 21, 2007 12:58am
Quoting southernmind
It was then that I realized that earlier I had put in a buy stop for two standard lots and had not cancelled it. Ninety pips later I am a happy sailor.

I had got stopped out of a long when it went down but then just took a gamble and double downed and rode it back up.

When you are used to trading micro lots and then put on two full lots it's crazy how fast your balance changes. I don't recommend this approach but it was money I could lose. My stops are now at BE.
  • #500
  • Feb 21, 2007 1:03am Feb 21, 2007 1:03am
Since trading in the forex market for a short while now and learning some costly lessons, I really do see that you have to have some strong testicular fortitude to be in it. Especially if you are trading the GBP/JPY pair. What a beast!!!
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