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Daily GBP/JPY analysis

  • #801
  • Mar 1, 2007 12:40pm Mar 1, 2007 12:40pm
Quoting im7i4z
http://i119.photobucket.com/albums/o...pjpy010307.gif

Today GBP/JPY bounced off the 38.2 fib retracement line. Went down up to expansion level 61.8 where my target was. Over 350 pips. my TP2 is at FE 100 level at 226.85

GBP data came as

3:30pm GBP Manufacturing PMI 55.4
53.0 52.8
3:30pm GBP Net Lending to Individuals m/m 10.7B
11.0B 11.3Bhttp://www.forexfactory.com/images/m...us_revised.gif
4:00pm EUR CPI y/y (p) 1.8%
1.9% 1.9%
5:00pm GBP CBI Distributive Trades Realized 19
22 30
5:00pm GBP CBI Distributive Trades Expected 16
18 22


After today's bad GBP data and H4/D1 5/9 cross everything is telling me that TP2 will be hit. Unless Brits do something about it!

Any comment will be much appreciated.
All these announcement were out 6-8 hours ago, and that's why we have these big drop. I thought that the last one is Construction PMI (very minor important)
  • #802
  • Mar 1, 2007 12:51pm Mar 1, 2007 12:51pm
I have been stairing on my screen for hours, not sure which direction market is going to. I hope it keeps low, for I still have not close my short position, yet. It is trying to go up at 230.30, but got down, again.
im7i4z, I hope your chart TP2 was hit.


im7i4z, Do you have any idea, how long we stay at this 230 level ?
  • #803
  • Mar 1, 2007 1:01pm Mar 1, 2007 1:01pm
Ok, are we rally now ? 230.57
  • #804
  • Mar 1, 2007 1:14pm Mar 1, 2007 1:14pm
Quoting trader8686
Ok, are we rally now ? 230.57
Maybe more of a bounce than a real rally.
  • #805
  • Mar 1, 2007 1:22pm Mar 1, 2007 1:22pm
Quoting moonchild
Maybe more of a bounce than a real rally.
Really nice to hear your voice, I am bored to death.
  • #806
  • Mar 1, 2007 1:25pm Mar 1, 2007 1:25pm
im7i4z, I clearly knew the GBP number announcement time, but did not pay any attaintion to the details.
Now, these GBP numbers that you posted, the actual number is lower than estimation.
I guess, am I right ?
  • #807
  • Mar 1, 2007 1:26pm Mar 1, 2007 1:26pm
Have you been able to set up the indicators on your chart?
  • #808
  • Mar 1, 2007 1:27pm Mar 1, 2007 1:27pm
Quoting trader8686
I have been stairing on my screen for hours, not sure which direction market is going to. I hope it keeps low, for I still have not close my short position, yet. It is trying to go up at 230.30, but got down, again.
im7i4z, I hope your chart TP2 was hit.


im7i4z, Do you have any idea, how long we stay at this 230 level ?
US is went into late hours. Market should get slower till Tokyo open. It tried to go up but went down from 0.0 fib.. I've moved my stop loss on short to 0.0 at 230.64 I'm not putting any long order till 5/9 cross on H4... if my stop is hit (which is set at +320).. then i m done for the week no more trading tomorrow.

Happy pipping guys.
  • #809
  • Mar 1, 2007 1:34pm Mar 1, 2007 1:34pm
I would avoid any long orders at this time; don't try to catch a falling knife. All the time the rest of the world was buying these pairs, somebody had to sell to them, to provide liquidity. The market makers, the large banks. At some point they would need to buy themselves. Anyone trying to pick bottoms now is simply providing liquidity to the big boys who sell.
  • #810
  • Mar 1, 2007 1:53pm Mar 1, 2007 1:53pm
Quoting moonchild
Have you been able to set up the indicators on your chart?
No, not yet.
Now I understand your message.
  • #811
  • Mar 1, 2007 2:22pm Mar 1, 2007 2:22pm
youre right but there also can be said: avoid placing shorts now if you have shorts running then let them go thats good
nothings clear how ever...
luck too all of us!
lets see whats gonna happen later
  • #812
  • Mar 1, 2007 2:43pm Mar 1, 2007 2:43pm
I take profit from my short.


Now I'm long now for tomorrow and the weekend surely
I hate to stay on the side line.
I want to have fun. I don't make it boring.
I have already lost a couple of thousands with trade like that in the past.
But who risk nothing have nothing.
Good luck all
  • #813
  • Mar 1, 2007 2:50pm Mar 1, 2007 2:50pm
See attached
Attached Image
They call me "Hondo"
  • #814
  • Mar 1, 2007 3:05pm Mar 1, 2007 3:05pm
Quoting eventtrading
See attached
Hondo,
Your chart is hard to read (font so small).
Can you just briefly describe it ?
  • #815
  • Mar 1, 2007 3:08pm Mar 1, 2007 3:08pm
Quoting eventtrading
See attached
I see your chart, but I am not sure what I am looking at. I do not recognize the indicator(s) used and therefore have no idea how to interpret it or where the information on the left is coming from and what it is based on.

Could you explain?
  • #816
  • Mar 1, 2007 3:10pm Mar 1, 2007 3:10pm
Quoting Pedolino
youre right but there also can be said: avoid placing shorts now if you have shorts running then let them go thats good
nothings clear how ever...
luck too all of us!
lets see whats gonna happen later
Why let them (short lots) go? I have been watching them all day.
I look forward to go to 228 level.
  • #817
  • Mar 1, 2007 3:16pm Mar 1, 2007 3:16pm
Pedolino,
Do you think that maybe we are in a rally now ?

trader8686
  • #818
  • Mar 1, 2007 3:24pm Mar 1, 2007 3:24pm
My chart setup
Attached Image
  • #819
  • Mar 1, 2007 3:26pm Mar 1, 2007 3:26pm
Ok, Gambler997, Please tell me: How is your chart saying ?
  • #820
  • Mar 1, 2007 3:29pm Mar 1, 2007 3:29pm
Quoting trader8686
Ok, Gambler997, Please tell me: How is your chart saying ?
Just a bunch of custom indicators.
They have a copyright.!!

Don't follow my trade I'm a gambler not a guru.
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