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Daily GBP/JPY analysis

  • #1,381
  • Mar 13, 2007 2:14pm Mar 13, 2007 2:14pm
Just don't want to go long until I'm a little more clearer on direction
All hard work brings a profit, but mere talk leads only to poverty.
  • #1,382
  • Mar 13, 2007 2:21pm Mar 13, 2007 2:21pm
Sami7, out of curiousity what signals are u waiting for to go long? are u taking a day trade or a longer term trade? im looking at a longer term.
  • #1,383
  • Mar 13, 2007 2:36pm Mar 13, 2007 2:36pm
Quoting NasdaqNinja
Sami7, out of curiousity what signals are u waiting for to go long? are u taking a day trade or a longer term trade? im looking at a longer term.
Actually, I'm neither taking a long or short position at this point. Since I last posted it looks like a short may be in the works....however, time will tell. As far as the indicators I use - MACD, RSI, Trend Lines, Daily Support and Resistance, EMA 50, 100, 200. And the forum is a good source too . Longer terms suit me better than short term scalping.
All hard work brings a profit, but mere talk leads only to poverty.
  • #1,384
  • Mar 13, 2007 2:47pm Mar 13, 2007 2:47pm
Based on the pennant formation yesterday, we could expect stalling at 225.8 and at 225 or so. We are currently stalling around 225, but once past 224.7, it should keep going down. As long as cable is heading down, which it seems to be, and probably independently of GJ, we can expect GJ to continue dropping.

I can project how far down it is going to go. I can draw all sorts of S and R lines and trendlines, the only problem is that none of it tells me at which of them the pair will choose to turn around, it it does.
  • #1,385
  • Mar 13, 2007 2:48pm Mar 13, 2007 2:48pm
some movement
  • #1,386
  • Mar 13, 2007 2:53pm Mar 13, 2007 2:53pm
Quoting moonchild
Based on the pennant formation yesterday, we could expect stalling at 225.8 and at 225 or so. We are currently stalling around 225, but once past 224.7, it should keep going down. As long as cable is heading down, which it seems to be, and probably independently of GJ, we can expect GJ to continue dropping.

I can project how far down it is going to go. I can draw all sorts of S and R lines and trendlines, the only problem is that none of it tells me at which of them the pair will choose to turn around, it it does.
I'm in a short now.
All hard work brings a profit, but mere talk leads only to poverty.
  • #1,387
  • Mar 13, 2007 2:59pm Mar 13, 2007 2:59pm
I have the next resistance at 223.80

Lets see if it has the legs to make it
  • #1,388
  • Edited 3:30pm Mar 13, 2007 3:02pm | Edited 3:30pm
224.34 is the 61.8 ret of 221.05 to 229.66. Wonder if it holds.

Edit - Guess not.
  • #1,389
  • Mar 13, 2007 3:02pm Mar 13, 2007 3:02pm
do any of you guys know how gbp/jpy and eur/jpy correlate with each other?
If I Go Broke Trying Then I Will die happy.
  • #1,390
  • Mar 13, 2007 3:08pm Mar 13, 2007 3:08pm
Quoting Moe
do any of you guys know how gbp/jpy and eur/jpy correlate with each other?
yes they do move very simialr to each other, eur/jpy is just less volatile
  • #1,391
  • Mar 13, 2007 3:10pm Mar 13, 2007 3:10pm
  •  Trader#0000
  • | Status: Unregistered Trader
Short off 4h chart today was a good choice.

Anyone trading with Woodies and Lsma here the gbp/yen ?

Notice when lsma line enters through 0 up into the vertical bars of Woodies.. its a sure few pips every time and the same when it goes down into the vertical bars.

Yellow cross shows when the upmove was surely over... blue line going down through 100 ...time to get out of any buys then if you have not already taken all profits off the table.

The pink down arrow shifted a bit it should be more to the left to show a safe sell entry.
Attached Image
  • #1,392
  • Mar 13, 2007 3:27pm Mar 13, 2007 3:27pm
Quoting HelloDollie
Short off 4h chart today was a good choice.

Anyone trading with Woodies and Lsma here the gbp/yen ?

Notice when lsma line enters through 0 up into the vertical bars of Woodies.. its a sure few pips every time and the same when it goes down into the vertical bars.

Yellow cross shows when the upmove was surely over... blue line going down through 100 ...time to get out of any buys then if you have not already taken all profits off the table.

The pink down arrow shifted a bit it should be more to the left to show a safe sell entry.
Uhh.....ok....so whats this mean moving forward into the asia open and over the next 8 hours?
--post hoc ergo propter hoc--
  • #1,393
  • Mar 13, 2007 3:31pm Mar 13, 2007 3:31pm
  •  Trader#0000
  • | Status: Unregistered Trader
Monk, please share with us what you see.

I do find the posts here very helpful thanks for everyone who is contributing.
  • #1,394
  • Mar 13, 2007 3:38pm Mar 13, 2007 3:38pm
  •  Trader#0000
  • | Status: Unregistered Trader
I stay with the trend this is my daily chart .. showing sell
Attached Image
  • #1,395
  • Mar 13, 2007 3:44pm Mar 13, 2007 3:44pm
the dow dropped 240 points, i see gbpjpy dropping when asian market opens. Chinese Market will fall this week. After the US rally, they are scared. they are afraid. THIS IS JUST MY OPINION. So if I'm wrong, don't be mad. We're all learning. I'm just trying to contribute.
  • #1,396
  • Mar 13, 2007 3:50pm Mar 13, 2007 3:50pm
ok EJ has a clear HS now, better than GJ..so yesterdays doubt we can set aside

All seellllllll signal, unless some kinda comet falls on earth

Good Luck to all.
  • #1,397
  • Mar 13, 2007 3:54pm Mar 13, 2007 3:54pm
Quoting spiderforex
ok EJ has a clear HS now, better than GJ..so yesterdays doubt we can set aside

All seellllllll signal, unless some kinda comet falls on earth

Good Luck to all.
comet = japanese yen traders.

they can still be sneaky.....luring us down into the pit.......then WHAM.....shutting the 227 door on us.

i'm still short and hopeful.....but really don't trust that side of the ocean moving into thier market open.
--post hoc ergo propter hoc--
  • #1,398
  • Mar 13, 2007 4:22pm Mar 13, 2007 4:22pm
everyone glued to thier screens???
--post hoc ergo propter hoc--
  • #1,399
  • Mar 13, 2007 4:26pm Mar 13, 2007 4:26pm
<------------ I'm certainly am.
  • #1,400
  • Mar 13, 2007 4:26pm Mar 13, 2007 4:26pm
Quoting Monk
everyone glued to thier screens???
yep.....
All hard work brings a profit, but mere talk leads only to poverty.
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