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Daily GBP/JPY analysis

  • #901
  • Mar 4, 2007 6:39pm Mar 4, 2007 6:39pm
What's Next? Good Support in 222.50
  • #902
  • Mar 4, 2007 6:43pm Mar 4, 2007 6:43pm
wow! this pair flies!
I was just looking around a few pairs this morning, and this one has already done almost 400pips! well done to those who locked in the profit.
  • #903
  • Mar 4, 2007 7:07pm Mar 4, 2007 7:07pm
good support at 221.72
Sorry about my english...
  • #904
  • Mar 4, 2007 7:16pm Mar 4, 2007 7:16pm
120 pips for me. All the shorts must have made a killing from this one.
  • #905
  • Mar 4, 2007 7:34pm Mar 4, 2007 7:34pm
By getting out at bounces and then back in as close to the top as possible (sometimes not very close), I had so far 393 pips from this pair today. I did not think that I would ever see that many pips from one pair in one day, ever. Yes, that is on one lot, and I hope to get more.

I hope everybody else is hauling in the pips also. It is as though the pair had fallen down a well.
  • #906
  • Mar 4, 2007 7:36pm Mar 4, 2007 7:36pm
400 pips on the first wave. Retraced and 82 pips on the 2nd wave on M5 chart. Thought to start the week... in 3 hours can say... done for the week! and my fib telling me its going to 200.36!
Attached Image
  • #907
  • Mar 4, 2007 7:41pm Mar 4, 2007 7:41pm
Quoting im7i4z
400 pips on the first wave. Retraced and 82 pips on the 2nd wave on M5 chart. Thought to start the week... in 3 hours can say... done for the week! and my fib telling me its going to 200.36!
I sincerely hope that you are right, but how did you come to that conclusion. I have increased my lots and would be thrilled for it to continue all the way.

I shorted this pair last spring for 285 pips in I believe 2 days and thought that that was unbelievable. It is nothing compared to friday and even more so today.
  • #908
  • Mar 4, 2007 7:45pm Mar 4, 2007 7:45pm
Quoting moonchild
but how did you come to that conclusion.
Fibonacci... 200.36 is FE 100 level. on H4 the trend is still very strong and unless I see M5 then M15 then H1 is turning up I'll keep going short.
  • #909
  • Mar 4, 2007 7:49pm Mar 4, 2007 7:49pm
Quoting im7i4z
Fibonacci... 200.36 is FE 100 level. on H4 the trend is still very strong and unless I see M5 then M15 then H1 is turning up I'll keep going short.
Thank you for the clarification. I usually study charts on Saturday but for some reason all my broker's charts were down except fiber until half hour into trading today. I never did get the opportunity to the analysis and planning I usually do, and frankly I have been too busy since trading started.
  • #910
  • Mar 4, 2007 7:54pm Mar 4, 2007 7:54pm
Quoting im7i4z
400 pips on the first wave. Retraced and 82 pips on the 2nd wave on M5 chart. Thought to start the week... in 3 hours can say... done for the week! and my fib telling me its going to 200.36!
im7i4z, Hi, nice weekend to you. I don't see the 200.36 level on your attached image.
Can you post that one for us? very curious.http://www.forexfactory.com/images/icons/icon12.gif
  • #911
  • Mar 4, 2007 8:02pm Mar 4, 2007 8:02pm
Well i missed that 400 pip drop. But its only sunday. The markets opened a few hours ago. i still believe that there is more downard movement coming. There seems to be strong support level around 222.73. So i am looking for a break south of that before this downward movement continues.
  • #912
  • Mar 4, 2007 8:07pm Mar 4, 2007 8:07pm
HI moonchild, I always backtest the whole weekend instead of going off for vacation. Being a student , I've the time :-) + I analyze the current market as soon as it confirmed a retracement but just to get an idea...

trader8686, sorry the chart wasnt showing the FE 100 line I had to go to Weekly chart to take a look at the expansion lines. haha
  • #913
  • Mar 4, 2007 8:16pm Mar 4, 2007 8:16pm
200.36? the way it's going it'll hit that tonight.

Quoting trader8686
im7i4z, Hi, nice weekend to you. I don't see the 200.36 level on your attached image.
Can you post that one for us? very curious.http://www.forexfactory.com/images/icons/icon12.gif
  • #914
  • Mar 4, 2007 8:21pm Mar 4, 2007 8:21pm
Quoting im7i4z
HI moonchild, I always backtest the whole weekend instead of going off for vacation. Being a student , I've the time :-) + I analyze the current market as soon as it confirmed a retracement but just to get an idea...

trader8686, sorry the chart wasnt showing the FE 100 line I had to go to Weekly chart to take a look at the expansion lines. haha
im7i4z, I am stucked here at 223.50. Now the new M15, M30, H1, and H4 are all up. Are we in a retracement now ?
  • #915
  • Mar 4, 2007 8:30pm Mar 4, 2007 8:30pm
The one thing I am wondering about at the moment is whether the pair has to stop to catch its breath for a little while.

What I am thinking is that it may not drop significantly and may even go up a bit until the european session, but I really do not know. It just seems logical. But who ever said that forex was logical?
  • #916
  • Mar 4, 2007 8:40pm Mar 4, 2007 8:40pm
Quoting trader8686
im7i4z, I am stucked here at 223.50. Now the new M15, M30, H1, and H4 are all up. Are we in a retracement now ?
my CCI is showing a divergence on M5. It should not go much up. I'm out of the market unless it breaks 222.42 or I get a H4 uptrend confirmed. It should range till london opens. The hard fact I've learned in last 14 months of live trading is guess the market to prepare never enter unless its confirmed.
  • #917
  • Mar 4, 2007 9:06pm Mar 4, 2007 9:06pm
Quoting im7i4z
my CCI is showing a divergence on M5. It should not go much up. I'm out of the market unless it breaks 222.42 or I get a H4 uptrend confirmed. It should range till london opens. The hard fact I've learned in last 14 months of live trading is guess the market to prepare never enter unless its confirmed.
I totally agree with you.
  • #918
  • Mar 5, 2007 1:23am Mar 5, 2007 1:23am
Good to see that it has now started to fall. 221.40
  • #919
  • Mar 5, 2007 2:38am Mar 5, 2007 2:38am
Support 3 at 221.52 along with Long term Fib 50.0 level near 221.60-70 is making this pair stall. If broken 220.36 is next target.

Personally I'm seeing a good reversal point here. My system is giving secondary long signal.
  • #920
  • Mar 5, 2007 3:35am Mar 5, 2007 3:35am
Price is currently on a major support area stretching between 1986-1992.
I'll be looking for a good long in the next day or three.

But then again.....

I'm new to this pair (usually trade GBP/USD). What session do you guys find is best for GBP/JPY - asian, europe or us? It seems to work pretty well in the asian session if today is anything to judge by.

Mike
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