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Daily GBP/JPY analysis

  • #861
  • Mar 2, 2007 7:39am Mar 2, 2007 7:39am
Need help with the following.

Does anyone think there will be some profit taking this afternoon, in which case an opportunity to scalp some pips on a small long position, just till end of session.

And if this were to happen, close longs at end of session, and then set up shorts for the longer term move down, which would hopefully continue into next week? (sell the rally)


Thanks.
  • #862
  • Edited 8:33am Mar 2, 2007 8:21am | Edited 8:33am
Even though my TP2 was at 226.85 which is hit today, I didn't follow my system and went long after reaching TP1. My stop loss was too close (for obvious reasons) so lost around 60 pips and missed the move. However, my chart is telling me, if it doesn't cross 226.60-70 level then its a good time to go long. The week is ending so personally I wouldn't enter any trade.

http://i119.photobucket.com/albums/o...jpy2802073.gif
  • #863
  • Mar 2, 2007 9:04am Mar 2, 2007 9:04am
I believe that we are seeing more than just a bounce but rather the beginning of a retracement. The target is likely to be 230.10 or 231.15 which are the 23.6 and 38.2 levels.

I am not particularly looking for the pair to retrace more than that because I have been noticing that quite a few times lately retracements have been small.

That is for the immediate future, although there is a chance that the carry trade will reestablish itself and this would entail a rise in the price of this pair, possibly as high as 241.
  • #864
  • Mar 2, 2007 9:31am Mar 2, 2007 9:31am
Quoting im7i4z
Even though my TP2 was at 226.85 which is hit today, I didn't follow my system and went long after reaching TP1. My stop loss was too close (for obvious reasons) so lost around 60 pips and missed the move. However, my chart is telling me, if it doesn't cross 226.60-70 level then its a good time to go long. The week is ending so personally I wouldn't enter any trade.

http://i119.photobucket.com/albums/o...jpy2802073.gif
Nice one. Your chart doesn't lie. Load up while you still can
  • #865
  • Mar 2, 2007 9:44am Mar 2, 2007 9:44am
yen rate has been increased to 0.8575. where u see yen open on monday?
  • #866
  • Mar 2, 2007 9:50am Mar 2, 2007 9:50am
Let's hear it for Japan
Attached Image
They call me "Hondo"
  • #867
  • Mar 2, 2007 10:33am Mar 2, 2007 10:33am
hey guys,anyone know when was the last time that the G/J dropped around 1000 pips in 1 week? i mean this is to good to be true, i know thats a rare week but would be great to have more 2 or 3 like this one this year.

with my system i just tryed 3 trades, 1 short monday that give me 450 pips, then one long that was going good but hit a 38% fibonacci and retrace killing my long and making it -150 . and the last one 400 pips in another short. that i closed in a very good place , near the lows of today.
its so far my best week ever, i dont think tha ti will live enought to see another one. anyone else doing good this week? i got almost 50% profit , something like that, im very happy. i will leave G/u and trade only G/J now.
  • #868
  • Mar 2, 2007 10:42am Mar 2, 2007 10:42am
Quoting hazz
hey guys,anyone know when was the last time that the G/J dropped around 1000 pips in 1 week? i mean this is to good to be true, i know thats a rare week but would be great to have more 2 or 3 like this one this year.

with my system i just tryed 3 trades, 1 short monday that give me 450 pips, then one long that was going good but hit a 38% fibonacci and retrace killing my long and making it -150 . and the last one 400 pips in another short. that i closed in a very good place , near the lows of today.
its so far my best week ever, i dont think tha ti will live enought to see another one. anyone else doing good this week? i got almost 50% profit , something like that, im very happy. i will leave G/u and trade only G/J now.
can you explain your system??

tell me about your money management?

thank you
Sorry about my english...
  • #869
  • Mar 2, 2007 10:46am Mar 2, 2007 10:46am
Quoting Nacho_1975
what woudl be a good support, to go long?
Estás en el horno !!!
  • #870
  • Mar 2, 2007 10:55am Mar 2, 2007 10:55am
http://i119.photobucket.com/albums/o...pjpyweekly.gif

226.43 where fib 38.2 retracement level is. A very good reversal point. If it goes up from here the TP1 should be at 245.45 at FE 61.8 and TP2 will be 261.50 at FE 100

If it breaks fib 38.2, hopefully the next major support will be at fib 50.0 at 221.68

Any comment will be much appreciated.
  • #871
  • Mar 2, 2007 10:58am Mar 2, 2007 10:58am
Quoting hazz
hey guys,anyone know when was the last time that the G/J dropped around 1000 pips in 1 week? i mean this is to good to be true, i know thats a rare week but would be great to have more 2 or 3 like this one this year.

with my system i just tryed 3 trades, 1 short monday that give me 450 pips, then one long that was going good but hit a 38% fibonacci and retrace killing my long and making it -150 . and the last one 400 pips in another short. that i closed in a very good place , near the lows of today.
its so far my best week ever, i dont think tha ti will live enought to see another one. anyone else doing good this week? i got almost 50% profit , something like that, im very happy. i will leave G/u and trade only G/J now.
I trade mostly GJ,but also GU and UJ. When the conditions are good I will trade anything else which has a high probability by the system I use.

I totally agree with your sentiment. I made over 500 pips in the past 18 hours. I will have to do some calculations, but it is probably closer to 600 pips. If I had one day like this per month, I would just wait for that day and not trade the rest of the time. Of course, once a week would be unbelievable.
  • #872
  • Mar 2, 2007 11:03am Mar 2, 2007 11:03am
I seldom trade this monster, just an input here. Touching 38.2% fib first then going back to 23.6% next? Just my opinion.
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Tra-X
  • #873
  • Mar 2, 2007 11:09am Mar 2, 2007 11:09am
Quoting mandoaddam
in the week of 4-10-98 it drop down !!!!!!!!!!!!!!!!!!!!!!!!!!!!

3070 pips

I think that was the famous George Soros week...
  • #874
  • Mar 2, 2007 11:47am Mar 2, 2007 11:47am
Quoting hazz
hey guys,anyone know when was the last time that the G/J dropped around 1000 pips in 1 week? i mean this is to good to be true, i know thats a rare week but would be great to have more 2 or 3 like this one this year.
.
During 2007 you will probably see this happen again
  • #875
  • Mar 2, 2007 11:56am Mar 2, 2007 11:56am
The move in January starting on the 8th was a thing of beauty! It started at 228.50 and ended at 241 on the 24th. That one trade made my month, AND the next!
  • #876
  • Mar 2, 2007 11:56am Mar 2, 2007 11:56am
Quoting Taters
I think that was the famous George Soros week...
Actually in 98 those were the carry trades unwinding. Geore Soros' week was in 92.
  • #877
  • Mar 2, 2007 11:59am Mar 2, 2007 11:59am
I wonder what spooked the market in '98...
Anyway we gots a loong way down to go if they really let go of the carries...
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  • #878
  • Mar 2, 2007 12:05pm Mar 2, 2007 12:05pm
Thanks to all of your company, this week I harvest 1,500 pips with bounch of standard short lots. Not only becuase of your support, but also simply by luck. Again, thanks to all of you. Let me know, if I can be your help, too.http://www.forexfactory.com/images/icons/icon7.gif
  • #879
  • Mar 2, 2007 12:14pm Mar 2, 2007 12:14pm
Wow..What a week..perfect to the T.

To GBPJPY,

You rock dude, You were the only hope when i was unemployed, You are still the only hope when i go and spend all i got from you on women and wine

buddy but i know you will be there for me as always..handing me easy money..you are better than my GF, my wife, my parents, my enginnering and my MBA degree.

you are ther only one whom i look upto when im down, when im up..i can count on you..you are my real friend.

I will never be unemployed or be short of money again..now i know i have a real friend in you.

Thanks for everything pal...See you next week
  • #880
  • Edited 3:32pm Mar 2, 2007 12:32pm | Edited 3:32pm
if u look to the weekly and monthly charts you'll found that they just start thier down trend ......
If you count on hope in any trade ……. Get out of it
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