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Daily GBP/JPY analysis

  • #741
  • Feb 28, 2007 9:45pm Feb 28, 2007 9:45pm
For me Northward journey is confirmed at 232.39 on a H4 chartThe close of the recent candle. Let us see how long it will take us.

Yes, the weekly and monthly charts show that we will be approaching the bearish trend soon. But in that bearish trend we should be having some bullish and bearish behaviours on an H4 or H1 chart... Let us make money with that.
  • #742
  • Feb 28, 2007 9:46pm Feb 28, 2007 9:46pm
Well try this- Always interesting to read others opinions including yours.

mizuho-cb.co.uk


Quoting trader8686
JokersWild,

Your link won't work, I can't bring up anything.
Don't understand what are you talking about, either.
T
  • #743
  • Feb 28, 2007 9:54pm Feb 28, 2007 9:54pm
Quoting iboersma
Hi JokersWild,

Thanks for the link.

I think Nicole Elliott is a very sharp analyst and I have a lot of respect for her. I actually corresponded with her a bit when I first started studying Ichimoku. However, while we both rely on Ichimoku for our analysis, we differ in our approach in a couple of fundamental ways. First, she is confident making predictions about where price will go, whereas I am not. I look at the market on whatever time frame I'm executing my trade on and come up with both a Bull and Bear trade idea. This forces me to remain objective in my view and provides me with a solid mathematical probability of success regardless which way price ends up going. Second, she provides relatively little explanation for the rationale behind her analyses, whereas I try to be as transparent as possible.

Either way, we both have different styles, and that is OK. I know that Nicole just published a book on her view of Ichimoku, so I am anxiously awaiting that, hoping she will be a bit more forthcoming in how she uses that charting system.

Best,

Ian
iboersma,

How can I have more detail on your trading plan to this pair ?

trader8686
  • #744
  • Feb 28, 2007 10:03pm Feb 28, 2007 10:03pm
Quoting JokersWild
Well try this- Always interesting to read others opinions including yours.

mizuho-cb.co.uk
Ok, I found this site, and whick link did you click on this page ?
  • #745
  • Edited 10:22pm Feb 28, 2007 10:12pm | Edited 10:22pm
Click on the Research link
T
  • #746
  • Feb 28, 2007 10:13pm Feb 28, 2007 10:13pm
Quoting trader8686
Now that we broke this resistance 232.99. Any suggestion from here?
currently 231.86 @posting time here, am out of the market on this pair till price action kicks in with s/r and gives me some kind of sign.....
  • #747
  • Feb 28, 2007 10:17pm Feb 28, 2007 10:17pm
Quoting zawodowiec
Im really liking your attitude and approach. Predicting future price movements can only get you in a whole lot of trouble, whereas creating a plan with different alternatives and executing that plan is the way to go. By doing so, you take all the guess work out of it and just follow your previously established rules no matter what happens. There's no way to predict the future, so you just have to react to what is happening at the moment by implementing the plan you've previously established. Way to go!
Thanks, Zawodowiec. I appreciate the kind words!

I found out the hard way about the futility of trying to predict the market's next move - I lost a significant portion of my account equity early-on, like many who start out in the Forex. After that, I got a mentor who got my head on straight and drove into it the fact that psychology and mindset are 90% of trading success. The system we use is obviously important, but in the end, if we don't have clear view of how we are approaching the market, what our trading style is, and when we need to cut our losses and take our gains, we are already defeated.

I will definitely stay with this thread and see if I can produce an analysis or two for this pair over the next couple of days. I am currently sidelined on the Yen crosses to just observe price action. This is due in part because I am a trend trader and need more confirmation of this pair's direction, but also because there is much indecision right now in the market regarding the Yen and its relationship with other major currencies.

Best,

Ian
  • #748
  • Feb 28, 2007 10:23pm Feb 28, 2007 10:23pm
Quoting trader8686
iboersma,

How can I have more detail on your trading plan to this pair ?

trader8686
Hi Trader8686,

I don't have any active trading plan on this pair due to a variety of reasons. One of the biggest is the fact that price is trading inside the 1D kumo ("cloud" in Japanese). This is essentially an area of "no trend" where price action can get very volatile. That is why the kumo plays such a pivotal role in Ichimoku - it is the "yellow line in the middle of the road" that separates Bull from Bear. When you're driving on the line - in the middle of the road - you risk getting hit by traffic from both sides of the road...

I will keep in touch once I see a worthy break, however.

Best,

Ian
  • #749
  • Feb 28, 2007 10:25pm Feb 28, 2007 10:25pm
Quoting JokersWild
Click on the Research link
And then ?
(You are a nice guy!)
  • #750
  • Feb 28, 2007 10:26pm Feb 28, 2007 10:26pm
Quoting iboersma
Thanks, Zawodowiec. I appreciate the kind words!

I found out the hard way about the futility of trying to predict the market's next move - I lost a significant portion of my account equity early-on, like many who start out in the Forex. After that, I got a mentor who got my head on straight and drove into my head the fact that psychology and mindset are 90% of trading success. The system we use is obviously important, but in the end, if we don't have clear view of how we are approaching the market, what our trading style is, and when we need to cut our losses and take our gains, we are already defeated.

I will definitely stay with this thread and see if I can produce an analysis or two for this pair over the next couple of days. I am currently sidelined on the Yen crosses to just observe price action. This is due in part because I am a trend trader and need more confirmation of this pair's direction, but also because there is much indecision right now in the market regarding the Yen and its relationship with other major currencies.

Best,

Ian
Thats really good that youre gonna hang around. Looking forward to your analysis!
  • #751
  • Feb 28, 2007 10:40pm Feb 28, 2007 10:40pm
I've had enough fun tonight. Trader8686 you can learn plenty right here on on the FF. A wealth of information is here for the taking. Post less- Read more.
Earlier today, I posted that the Eur/Cad looked overcooked. I took it short at 1.5485 and now I've moved my stop to BE so it's a free ride for me. I started trading FX in April 06 and learned mostly everything here so there's hope for you 2. I need to post less and read more!

http://www.forexfactory.com/showthread.php?t=19282

Quoting trader8686
And then ?
(You are a nice guy!)
T
  • #752
  • Feb 28, 2007 11:17pm Feb 28, 2007 11:17pm
Quoting JokersWild
I've had enough fun tonight. Trader8686 you can learn plenty right here on on the FF. A wealth of information is here for the taking. Post less- Read more.
Earlier today, I posted that the Eur/Cad looked overcooked. I took it short at 1.5485 and now I've moved my stop to BE so it's a free ride for me. I started trading FX in April 06 and learned mostly everything here so there's hope for you 2. I need to post less and read more!

http://www.forexfactory.com/showthread.php?t=19282
You are right, and I like to read, too.
  • #753
  • Feb 28, 2007 11:28pm Feb 28, 2007 11:28pm
Cool- check out the "new" Heiken-Ashi thread- Some joker thinks he found the Holy Grail. He's spreading the Word~ My cockroach theory in Action

Quoting trader8686
You are right, and I like to read, too.
T
  • #754
  • Mar 1, 2007 1:59am Mar 1, 2007 1:59am
H4 chart confusing, even though the london market opened.
  • #755
  • Mar 1, 2007 2:09am Mar 1, 2007 2:09am
Quoting simplecoders
H4 chart confusing, even though the london market opened.
I see it, hopefully it will reverse.
  • #756
  • Mar 1, 2007 2:16am Mar 1, 2007 2:16am
Quoting trader8686
I see it, hopefully it will reverse.
Do u mean reverse to long?

Currently I am out of the market.
  • #757
  • Mar 1, 2007 2:20am Mar 1, 2007 2:20am
Oh! I find that even , EUR/JPY and USD/JPY are equally confusing on H4 charts
  • #758
  • Mar 1, 2007 2:41am Mar 1, 2007 2:41am
Quoting simplecoders
Do u mean reverse to long?

Currently I am out of the market.
That's right. I am looking at candle sticks chart, that's what I meant.
  • #759
  • Mar 1, 2007 2:43am Mar 1, 2007 2:43am
Ok, now, where is our resistance, 232.35 again ?
  • #760
  • Mar 1, 2007 2:47am Mar 1, 2007 2:47am
Has anyone here heard of GBP CBI numbers (less than 1 hr from now) ?
Good or bad ?
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