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Daily GBP/JPY analysis

  • #561
  • Feb 27, 2007 12:41am Feb 27, 2007 12:41am
Quoting dukeofdents
1 more for the road, since I just got my break and locked in over 100 pips. Buy low and sell high, that's how you trade!
.

A very good mantra!!!
  • #562
  • Feb 27, 2007 1:02am Feb 27, 2007 1:02am
Massive sell off. Congrats to everyone who got in on the short. I guess this pair is predictable. Anyone think it has a chance to hit 232 again before making it way back to 238?
  • #563
  • Feb 27, 2007 1:12am Feb 27, 2007 1:12am
Quoting Pipsqueak
Massive sell off. Congrats to everyone who got in on the short. I guess this pair is predictable. Anyone think it has a chance to hit 232 again before making it way back to 238?
How does 234 sound?

My crystal ball is broken so all I can do is guess. There are all sorts of levels it might turn around at.
  • #564
  • Edited 1:36am Feb 27, 2007 1:30am | Edited 1:36am
Is 232 is in the cards?


Quoting moonchild
How does 234 sound?

My crystal ball is broken so all I can do is guess. There are all sorts of levels it might turn around at.
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T
  • #565
  • Feb 27, 2007 1:48am Feb 27, 2007 1:48am
The critical level here is 235.35. If we get a sustained break below that, road to 232 is open.
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  • #566
  • Feb 27, 2007 2:11am Feb 27, 2007 2:11am
I think I might have been right. 10% this week will be nice...
"The time to act is when others show signs of tire." --W.D. Gann
  • #567
  • Feb 27, 2007 2:19am Feb 27, 2007 2:19am
Quoting dukeofdents
I wonder what all the communists out there think about all this money we're making lately with this pair. They probably want to apply the Tobin tax to it to feed the starving pygmies in Africa. Any thoughts, Che?
Buy at 232
They call me "Hondo"
  • #568
  • Feb 27, 2007 5:30am Feb 27, 2007 5:30am
I went short at 236.70 during the asian session. Looks to me like open space until it hits the daily trendline. I intent to TP when it hits the trendline some where between 234 and 233.
  • #569
  • Feb 27, 2007 5:45am Feb 27, 2007 5:45am
I went short at 236.60. Nice run so far. I have the 61.8 fib at 234.47, right where it has stalled now. The next level, the 76.4 fib is at 233.59. I hope it will break through and run another 100 pips.
  • #570
  • Feb 27, 2007 7:10am Feb 27, 2007 7:10am
233.75 looks like a good place to look for some support. If if breaks that i will be surprised, but happy. More pips for us.

Good trading to all
And much thanks to the duke for discovering this beautiful beast that should help us pay our mortgage.
  • #571
  • Feb 27, 2007 7:39am Feb 27, 2007 7:39am
The usd/jpy has hit a wall at 119. Time to close and tp? Any opinions?
  • #572
  • Feb 27, 2007 8:02am Feb 27, 2007 8:02am
Yeh I just took some profit, minor retrace probably, will be looking to get in short again.
  • #573
  • Feb 27, 2007 8:07am Feb 27, 2007 8:07am
  •  Trader#0000
  • | Status: Unregistered Trader
A questions for all of you trading this pair for awhile: Would you agree that choppiness is limited? Most of the days the trend is clear?

Thanks!
  • #574
  • Feb 27, 2007 8:24am Feb 27, 2007 8:24am
hello guys,
this has been a great short, however we are facing some support at 233.50-55 level and it seems stuck there for a while.
I am pretty new to this pair, what do u think is a safe level it will go down to; 233.00? 232?
any help is appreciated
thankyou.
learn something everyday
  • #575
  • Edited 8:38am Feb 27, 2007 8:36am | Edited 8:38am
H4 chart

2 more lines to break, 23.6% last week range and last week low.
Attached Image
in
  • #576
  • Feb 27, 2007 8:37am Feb 27, 2007 8:37am
Quoting faddy
hello guys,
this has been a great short, however we are facing some support at 233.50-55 level and it seems stuck there for a while.
I am pretty new to this pair, what do u think is a safe level it will go down to; 233.00? 232?
any help is appreciated
thankyou.
Hey faddy, I have the 76% fib line at 233.53 but I also read a report saying 233.13 was a target level today. I was concerned about the usd/jpy at 119 but it broke below that earlier. I have 232 as support, the previous low last week. I'm trailing this thing with a 100 pip trailing stop, but just like the last 2 weeks, I'm going to ride this horse until it drops!
  • #577
  • Feb 27, 2007 8:42am Feb 27, 2007 8:42am
I think we have now started a more substantial retrace of this monster move (350 pips in a day! - this pair really has mortgage paying potential if you can master it). It will most definitely go back up to ~ 234.15 (23 fib), quite possibly 234.70 (38 fib), or maybe even ~235.15 (50 fib) before continuing down to 232 (if it wants to)
Consistency and patience is everything
  • #578
  • Feb 27, 2007 8:51am Feb 27, 2007 8:51am
Thanks coolhand
still new to this so 100 pip trail is a bit tough for me
appreciate ur opinion
thanks
Quoting coolhand
Hey faddy, I have the 76% fib line at 233.53 but I also read a report saying 233.13 was a target level today. I was concerned about the usd/jpy at 119 but it broke below that earlier. I have 232 as support, the previous low last week. I'm trailing this thing with a 100 pip trailing stop, but just like the last 2 weeks, I'm going to ride this horse until it drops!
learn something everyday
  • #579
  • Feb 27, 2007 9:38am Feb 27, 2007 9:38am
then I would say "dont trade this pair" !!!!

stopped out this night at 237 damn ok had some profit, got in again at 234.35
now took profit...just thinking of falling some more and than buy it again (just thinking)
  • #580
  • Feb 27, 2007 9:45am Feb 27, 2007 9:45am
OK, now that it took a breather, it's back for the attack! Let's see if it can get past 233.50 and stay there. Then it's down to 232. IMHO
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