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Daily GBP/JPY analysis

  • #1,081
  • Mar 7, 2007 10:31pm Mar 7, 2007 10:31pm
Quoting JokersWild
...
hi joker
you have template with indicators for your chart setup?
look easy to read
  • #1,082
  • Mar 7, 2007 10:44pm Mar 7, 2007 10:44pm
220~222 seems like a strong support.
  • #1,083
  • Mar 7, 2007 11:00pm Mar 7, 2007 11:00pm
Seems to have pretty big resistance at 225.
  • #1,084
  • Mar 7, 2007 11:06pm Mar 7, 2007 11:06pm
Quoting nuancom
hi joker
you have template with indicators for your chart setup?
look easy to read
Have a look at the Heiken Ashi Smoothed thread where you can pick up those indicators

http://www.forexfactory.com/showpost...21&postcount=1
Cheers
Antra
  • #1,085
  • Mar 7, 2007 11:11pm Mar 7, 2007 11:11pm
Either a double top at 226 or if taken out, smooth sailing to 229.
  • #1,086
  • Mar 7, 2007 11:12pm Mar 7, 2007 11:12pm
Quoting Antra
Have a look at the Heiken Ashi Smoothed thread where you can pick up those indicators

http://www.forexfactory.com/showpost...21&postcount=1
Cheers
Antra
thanks antra
  • #1,087
  • Mar 8, 2007 2:05am Mar 8, 2007 2:05am
From the technical point of view, it looks like the pair is bullish in the mid term. It found strong support at 221, followed by 223.50, and right now its formed a piercing pattern, which could turn into an engulfing candle if the day closes higher than yesterdays open. First target to the upside would be the .38 fib retracement of the move down, followed by the resistance of 229.00. Also, keep in mind that there are rate announcements due tonite, so that can always change things for us. Good luck!
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  • #1,088
  • Mar 8, 2007 6:23am Mar 8, 2007 6:23am
... made some decent pips.
long on a touch of price pivot @ 222.90, exit on a touch of another one at 226.00. All the thanks go to J16. They taught me this over a year ago..
Agressive... yeah, but that's my style for smaller account.

R
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  • #1,089
  • Mar 8, 2007 6:51am Mar 8, 2007 6:51am
Quoting raczekfx
... made some decent pips.
long on a touch of price pivot @ 222.90, exit on a touch of another one at 226.00. All the thanks go to J16. They taught me this over a year ago..
Agressive... yeah, but that's my style for smaller account.

R
What pivots are those may I ask? Weekly?
  • #1,090
  • Mar 8, 2007 7:09am Mar 8, 2007 7:09am
almost 400pips range for this pair today.alot of pips to grab!!
  • #1,091
  • Mar 8, 2007 9:21am Mar 8, 2007 9:21am
GBPJPY - a really difficult pair to trade!
waiting for a 123, but now we have a new mini uptrend!
the best moves are now happening during the asian session
have not been able to trade this, as often it is a waiting game...........
than it takes off!
anybody how this can be traded? - Profitably!
  • #1,092
  • Mar 8, 2007 10:54am Mar 8, 2007 10:54am
Quoting MarkGavalda
What pivots are those may I ask? Weekly?
no, I don't use indicators with exception of one or two for price reference. pivots i'm referring to, are simply lines of support and resistance
  • #1,093
  • Mar 8, 2007 11:46am Mar 8, 2007 11:46am
Quoting raczekfx
no, I don't use indicators with exception of one or two for price reference. pivots i'm referring to, are simply lines of support and resistance
?? I know what pivots are but none of my daily pivots coincide with those on your chart.
Making it simpler: how did you calculate those line on your chart?
  • #1,094
  • Mar 8, 2007 12:46pm Mar 8, 2007 12:46pm
Quoting MarkGavalda
?? I know what pivots are but none of my daily pivots coincide with those on your chart.
Making it simpler: how did you calculate those line on your chart?
Mark,
Perhaps I shouldn't have used a word pivot since you're thinking of mathematically calculated pivots (h+l+c/3). i'm not talking about those. just think about support and resistance areas. that's what those lines represent. how are they calculated? very simple. train your eye to look for areas where good support or resistance gets broken and draw a line. now support turning resistance and the other way around. the larger time frame, the more pips you'll collect. that's all...

btw. i don't use your pivots simply because 95% of traders use them ..
  • #1,095
  • Mar 8, 2007 12:47pm Mar 8, 2007 12:47pm
Quoting marwan2010
GBPJPY - a really difficult pair to trade!
waiting for a 123, but now we have a new mini uptrend!
the best moves are now happening during the asian session
have not been able to trade this, as often it is a waiting game...........
than it takes off!
anybody how this can be traded? - Profitably!

As is already mentioned, the volatility of this pair is huge when measured in absolute pips (in percentage basis maybe some other major pair, not sure). It trade it profitably, just this week it made me £12k, but I use large SL - of course this is my style, to go for the larger moves. I don't trade for the 50-pip moves, and especially on this pair. Scalping and/or swing trading at very short timeframes is not my strength.
  • #1,096
  • Mar 8, 2007 12:58pm Mar 8, 2007 12:58pm
Quoting raczekfx
Mark,
Perhaps I shouldn't have used a word pivot since you're thinking of mathematically calculated pivots (h+l+c/3). i'm not talking about those. just think about support and resistance areas. that's what those lines represent. how are they calculated? very simple. train your eye to look for areas where good support or resistance gets broken and draw a line. now support turning resistance and the other way around. the larger time frame, the more pips you'll collect. that's all...

btw. i don't use your pivots simply because 95% of traders use them ..
Thanks for explaining it raczekfx, yes the "pivot" word confused me a little bit Those were indeed hand-drawn support & resistance lines and looks like you're a master of this art, because you made a very ***** good trade today! Congrats!
Unfortunately I lost some on GBP/USD today, and didn't take any trades on G/J.
Have a nice evening everyone!
  • #1,097
  • Mar 8, 2007 1:13pm Mar 8, 2007 1:13pm
yeah i lost some too.
the volatility is to high and they dont give time to my indicators to adpt to a new trend so i was with 260,150,150 3x this week and ended losing it all in the retrace, but atm im with 150 and i dont think that the market will retrace before hit 38.2 fibo, so i may finish with a little of profit this week, not like the last one where i got around 700,hehe
  • #1,098
  • Mar 8, 2007 1:19pm Mar 8, 2007 1:19pm
down to 225.20s it goes. Then up to 227.50s, then downnnnnn? Or is it so weak that it won't even reach the 38s FIB before it falls?
  • #1,099
  • Mar 8, 2007 1:29pm Mar 8, 2007 1:29pm
Looks like a triangle is forming, with a possible breakout to the downside. Notice the lower highs, seems that the price wasn't able to get much higher.
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  • #1,100
  • Mar 8, 2007 1:31pm Mar 8, 2007 1:31pm
Also notice the doji formed on usdjpy on the 4 hour chart. Thats a clear bearish sign.
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