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Daily GBP/JPY analysis

  • #1,221
  • Mar 11, 2007 10:03pm Mar 11, 2007 10:03pm
What one earth is it doing, now? 228.65
  • #1,222
  • Mar 11, 2007 10:23pm Mar 11, 2007 10:23pm
Quoting trader8686
What one earth is it doing, now? 228.65
we're in the middle of that area i call the pip screw......the middle of that 100 pip range where if you try and "pick" a direction.....you are sure to get screwed out of some pips.

best to wait and see what either 229.20 or 228.20 does

or open a hedge here and close one side or add to it depending on what the top or bottom do.
bouce off of 228.20 add to your long that is underwater fail of 229.20 add to the short. Solid break of either close the losing side and add to the winning.
--post hoc ergo propter hoc--
  • #1,223
  • Edited 10:57pm Mar 11, 2007 10:32pm | Edited 10:57pm
Quoting Monk
we're in the middle of that area i call the pip screw......the middle of that 100 pip range where if you try and "pick" a direction.....you are sure to get screwed out of some pips.

best to wait and see what either 229.20 or 228.20 does

or open a hedge here and close one side or add to it depending on what the top or bottom do.
bouce off of 228.20 add to your long that is underwater fail of 229.20 add to the short. Solid break of either close the losing side and add to the winning.
Thanks a lot for this!
And, your are right, I just take pip screw for about $800. Not much, but it is screwed.
By the way, can you tell me how to tell the pip screw area next time ? (my question may sound funny, but there is always a chance to learn.)
  • #1,224
  • Mar 11, 2007 11:01pm Mar 11, 2007 11:01pm
Quoting zawodowiec
Im watching these levels intraday. We can expect to see some action around them. As Monk just mentioned, 228.20 is in play right now. It looks like it held the first attempt.
Hey Zaw are you drawing those resistance line on your own base your analysis or is that some kind of indicator? thxs
  • #1,225
  • Mar 11, 2007 11:05pm Mar 11, 2007 11:05pm
trader8686,

anytime we are in between some sort of resistence or support. this pair easily has a 100 pip range during any given 4 hour period.

the only way i've ever had successful trades is by buying/selling off of these ranges. you can catch a move in between but its not worth the risk for an extra 30 or 40 pips.

having a large stop range can't hurt either if you are sure of where the price is headed.

some posts tonight mention lower 220 again.....are they willing to place a short now at 228.65 and see 231.65 (not saying its going to either of these levels) BEFORE they see 222.65.

cause that is how this pair trades.
--post hoc ergo propter hoc--
  • #1,226
  • Mar 11, 2007 11:10pm Mar 11, 2007 11:10pm
any anticipation of the JPY Consumer Confidence, or the PPI Input and PPI Output?

Oh....and i am short from 228.50 since 10:30 pm sunday EST
--post hoc ergo propter hoc--
  • #1,227
  • Mar 11, 2007 11:45pm Mar 11, 2007 11:45pm
Quoting khmr
Hey Zaw are you drawing those resistance line on your own base your analysis or is that some kind of indicator? thxs

Hi,
the lines are from my own analysis, I don't use an indicator for this. Usually those red lines show recent swing lows/highs, as well as some congestions areas or simply levels where the price has bounced off a few times in recent past. Hope that helps.
  • #1,228
  • Mar 11, 2007 11:47pm Mar 11, 2007 11:47pm
Heres a chart of usdjpy, as you can see it reached the .50 fib level, as well as a resistance line. It should be interesting to see what happens at this point. Gbpjpy will surely follow.
Attached Image
  • #1,229
  • Mar 11, 2007 11:50pm Mar 11, 2007 11:50pm
the hanging man on the previous post chart should be a bearish sign, and coupled with the strong resistance level, it might be a nice play. However, things are slow right now, and we'll have to wait for the london session or until tomorrow to see the resolution.
  • #1,230
  • Mar 11, 2007 11:50pm Mar 11, 2007 11:50pm
Quoting zawodowiec
Heres a chart of usdjpy, as you can see it reached the .50 fib level, as well as a resistance line. It should be interesting to see what happens at this point. Gbpjpy will surely follow.
nice chart.....you short / long or flat?

looks like 228.50 is the new nut to crack for now.
--post hoc ergo propter hoc--
  • #1,231
  • Mar 11, 2007 11:53pm Mar 11, 2007 11:53pm
Quoting zawodowiec
Hi,
the lines are from my own analysis, I don't use an indicator for this. Usually those red lines show recent swing lows/highs, as well as some congestions areas or simply levels where the price has bounced off a few times in recent past. Hope that helps.
yes it does thx.....
  • #1,232
  • Mar 11, 2007 11:55pm Mar 11, 2007 11:55pm
Im out right now, but watching this closely, a move down may be coming soon, and Id like to catch it as early as possible. Having said that, it's just as possible that it'll move further up in the upcoming days.
  • #1,233
  • Mar 12, 2007 1:52am Mar 12, 2007 1:52am
out of my short at a 20 pip loss
--post hoc ergo propter hoc--
  • #1,234
  • Mar 12, 2007 2:02am Mar 12, 2007 2:02am
long on this upward break.
got on a little too late though at 22915
happy to take 20 pips and run
  • #1,235
  • Mar 12, 2007 2:15am Mar 12, 2007 2:15am
out with a 1 pip profit.
got called away from desk and so just closed my position.
  • #1,236
  • Mar 12, 2007 2:20am Mar 12, 2007 2:20am
break of 229.40 will be bullish looking to go long at 229.50ish, or failure to break past this level than will be looking at a short at around 229.30
  • #1,237
  • Mar 12, 2007 2:39am Mar 12, 2007 2:39am
Come back to see my 20 pips could've been had..

Its running on the GBP at the moment. GBPUSD touched 19400 - currently about 15pips off that.

It'll be interesting to see where GBPJPY goes from here.
  • #1,238
  • Mar 12, 2007 4:13am Mar 12, 2007 4:13am
Quoting marwan2010
break of 229.40 will be bullish looking to go long at 229.50ish, or failure to break past this level than will be looking at a short at around 229.30
guess it was a false breakout, got suckedinto the trade, came out with 29 pip loss. went short at 229.41, stop 75 pips
  • #1,239
  • Mar 12, 2007 4:19am Mar 12, 2007 4:19am
"JPY crosses looked to be back in older manners, with the carry re-establishing itself. Eastern Europeans were the buyers on the open of GBPJPY, with the rest of the yen crosses just lagging this pair as USDJPY ran into good resistance around 118.50. While the carry trade seems to be resuming"

i like of carry trades
  • #1,240
  • Mar 12, 2007 4:25am Mar 12, 2007 4:25am
Quoting hazz
"JPY crosses looked to be back in older manners, with the carry re-establishing itself. Eastern Europeans were the buyers on the open of GBPJPY, with the rest of the yen crosses just lagging this pair as USDJPY ran into good resistance around 118.50. While the carry trade seems to be resuming"

i like of carry trades


From Gain is it~ lol

Good one!
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