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Daily GBP/JPY analysis

  • #1,321
  • Mar 13, 2007 1:59am Mar 13, 2007 1:59am
Quoting Qwiktrader
I was just curious as to what your price targets are currently. I've never traded this pair and I'm starting to study it as lately it's gained a lot of attention. Thanks!
be careful G/J is crazy pair
SPEED SPEED SPEED
  • #1,322
  • Mar 13, 2007 2:19am Mar 13, 2007 2:19am
Quoting Qwiktrader
Come on TANK baby TANK! I hate how she shoots down then comes back up like 40 pips then continues down. Looks like you need bigger stops in this pair.
Yup, this baby isnt called The Beast for no reason. If you read the last 5 pages should get an idea of how this pair trades. IF you want to trade this pair be prepared to wait and have large SL. I usually set mine to 150. 225.75 should be a good resting area and a time to take some profit. BUt now its bed time

good success.
  • #1,323
  • Mar 13, 2007 2:33am Mar 13, 2007 2:33am
The first time I traded this pair I had 90 pip stops but got stopped out anyway. Since then I will not consider anything under 100 pips, but I would rather just go without stops if I can stay around and watch what is happening.

I wonder whether we will have to sit and go nowhere until the Trade Balance.
  • #1,324
  • Mar 13, 2007 2:52am Mar 13, 2007 2:52am
Hi guys any nice websites where I can get more info on this pair, technical/fundamental/signals - in fact everything about this pair?
  • #1,325
  • Mar 13, 2007 5:19am Mar 13, 2007 5:19am
Looks like 226.05 really very hard to break. Time will tell
Attached Image
  • #1,326
  • Mar 13, 2007 5:32am Mar 13, 2007 5:32am
Trying to break big wave (red) 3's 38.2% fib still. Critical area.
Attached Image
Tra-X
  • #1,327
  • Mar 13, 2007 6:54am Mar 13, 2007 6:54am
Quoting wallym
Have you seen this.?
thanks!! I'll check it out.
--post hoc ergo propter hoc--
  • #1,328
  • Mar 13, 2007 7:08am Mar 13, 2007 7:08am
thinking of closing my short from 226.80 and looking for a reentry.
i've had so many small losing trades.....i winner might help my spirits some.

was so nice to wake up this morning and see a positive number in the open positions box.

a bounce back to 226.40 looks possible by the us open.

i'll let a couple more 15 minute bars take a stab at 225.

The 1hr RSI is really bottemed out.
--post hoc ergo propter hoc--
  • #1,329
  • Mar 13, 2007 8:06am Mar 13, 2007 8:06am
Quoting pipple
im short from friday at 228.78, i think it will go down to 222 again.
i usually scalp but im swingin with this one

I just noticed a nice clean potential cross on the 4H TF using sidus method, not to mention the 5/13/62 cross just happened not too long ago on the 1H TF

whatever will happen will happen but i think the beast is good for 221
  • #1,330
  • Mar 13, 2007 8:10am Mar 13, 2007 8:10am
Quoting pipple
I just noticed a nice clean potential cross on the 4H TF using sidus method, not to mention the 5/13/62 cross just happened not too long ago on the 1H TF

whatever will happen will happen but i think the beast is good for 221
I don't know how big this 225.20 retracement will be ?
The 4H bar has turned green (up).
  • #1,331
  • Mar 13, 2007 8:15am Mar 13, 2007 8:15am
lookin to short around 225.90
  • #1,332
  • Mar 13, 2007 8:20am Mar 13, 2007 8:20am
Ihope the 225.00 area wont be as stubborn as the 226 support.
  • #1,333
  • Mar 13, 2007 8:24am Mar 13, 2007 8:24am
Quoting nikim
Ihope the 225.00 area wont be as stubborn as the 226 support.

back around march 5-8 the 225 was a pretty good resistance level for a few days, so it wouldn't be crazy to see it become the opposite right now, i do like the pin bar a few hours ago on the 1hr tf, i dont like the reversal candle the 1hr just made, this pair makes the most fake out reversal candles than any other that i trade, im riding it down
  • #1,334
  • Edited 9:55am Mar 13, 2007 8:31am | Edited 9:55am
Quoting pipple
back around march 5-8 the 225 was a pretty good resistance level for a few days, so it wouldn't be crazy to see it become the opposite right now, i do like the pin bar a few hours ago on the 1hr tf, i dont like the reversal candle the 1hr just made, this pair makes the most fake out reversal candles than any other that i trade, im riding it down
I don't get it. here.
So, we will see it clear 225 soon or not soon ?
(Oh! I get it now, the opposite is the up side.)
  • #1,335
  • Mar 13, 2007 9:10am Mar 13, 2007 9:10am
Quoting ssvirk
lookin to short around 225.90
i am in again
  • #1,336
  • Mar 13, 2007 9:25am Mar 13, 2007 9:25am
I just closed half my shorts for a nice £14k profit. Keeping the rest having moved position at break even. Need capital to short the EUR/USD
  • #1,337
  • Mar 13, 2007 9:33am Mar 13, 2007 9:33am
Quoting Basilides
I just closed half my shorts for a nice £14k profit. Keeping the rest having moved position at break even. Need capital to short the EUR/USD
wow, how many lots do you trade?
  • #1,338
  • Mar 13, 2007 9:38am Mar 13, 2007 9:38am
Quoting trader8686
I don't get it. here.
So, we will see it clear 225 soon or not soon ?
(Oh! I get it, the opposite is the up side.)

usually previous resistance levels have a tendency to become future support levels, and vice-versa, sort of like your future wife becoming your ex-wife eventually. its kind of like a self fulfilling prophecy
  • #1,339
  • Mar 13, 2007 9:46am Mar 13, 2007 9:46am
Hi all admirers of the beast.

I only started trading G-J a few weeks ago and like to ask advice from those with more experience and feel for the pair.

Since the start of 2007 I have been successful with my system averaging 30 pips profit per day with only occasional lapses of discipline... one of those made me keep a long @ 233.10 justifying it with the interest gained and assuming or rather hoping (I know hope and FX don't mix at all) that it will come back up at some point. Now whilst I can stomach the drawdown and keep it in check with shorting where possible it is far from ideal and wonder how long I should live with this position.

Should I close it right now?
Should I wait for the next peak in this what could be big drop? 227 or maybe 228?
Should I stick with it as there is a good chance it will go back up.

What got me worried was someone's recent analyis comparing with what happened after a peak in 1998 where a huge drop was seen - surely I would not want to wait years for it to turn around.

Any advice greatly appreciated!
Consistency and patience is everything
  • #1,340
  • Mar 13, 2007 9:53am Mar 13, 2007 9:53am
Quoting Geldmeister
Hi all admirers of the beast.

I only started trading G-J a few weeks ago and like to ask advice from those with more experience and feel for the pair.

Since the start of 2007 I have been successful with my system averaging 30 pips profit per day with only occasional lapses of discipline... one of those made me keep a long @ 233.10 justifying it with the interest gained and assuming or rather hoping (I know hope and FX don't mix at all) that it will come back up at some point. Now whilst I can stomach the drawdown and keep it in check with shorting where possible it is far from ideal and wonder how long I should live with this position.

Should I close it right now?
Should I wait for the next peak in this what could be big drop? 227 or maybe 228?
Should I stick with it as there is a good chance it will go back up.

What got me worried was someone's recent analyis comparing with what happened after a peak in 1998 where a huge drop was seen - surely I would not want to wait years for it to turn around.

Any advice greatly appreciated!

Man i think that noone can tell it for sure right now. the carry trades was re-building and then we got another crash (cuz of stock etc) and now i think that the market is waiting the next move.
I would bet on a long ,since i believe that after the end of the fear started with china couple weeks ago the carry trades will resume again.
I would say to close it only if we break 221.25 but i think that if u wait until there u will lost all the margim,hehe.
man your situation is not easy. maybe i would close it and start trading all over again but with a diferrent system. (one that wont let u lost mroe then 120 pips)
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