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Daily GBP/JPY analysis

  • #1,441
  • Mar 13, 2007 7:47pm Mar 13, 2007 7:47pm
nothing like a 100 pip retrace over an hours time.
i'm still no good at picking a bottom and knowing when its going to do this.

all shorts closed......looking for a re-entry.
--post hoc ergo propter hoc--
  • #1,442
  • Mar 13, 2007 7:53pm Mar 13, 2007 7:53pm
Quoting raytracy
I guess the retracement will touch 224.30, next is 225.45. If it stay lower than 224.60 after asian session, the trend will continue down. By the way, if you feel GJ is too much risker, but missed the good entry of EJ, you may look at AUD/JPY after this retracement. AJ patten are very similar like EJ but get a little lag.
Excellent call - how did you come up with your targets?
All hard work brings a profit, but mere talk leads only to poverty.
  • #1,443
  • Mar 13, 2007 7:54pm Mar 13, 2007 7:54pm
Looks like I had the right idea for a retrace but was about 30-45mins too early!

Now waiting to see how high it goes before looking for a short
  • #1,444
  • Edited 8:21pm Mar 13, 2007 8:08pm | Edited 8:21pm
Any idea of this retrace is going to break 224.60 level or not?
YES!
  • #1,445
  • Mar 13, 2007 8:11pm Mar 13, 2007 8:11pm
Quoting karma729
http://www.babypips.com/school/fibon...tracement.html

http://i7.tinypic.com/4852q88.gif
Thanks, I wasn't as close with my targets and I was curious. I'll read through the link - much appreciated.
All hard work brings a profit, but mere talk leads only to poverty.
  • #1,446
  • Mar 13, 2007 8:44pm Mar 13, 2007 8:44pm
Ok,now it has pulled back. Should we come back to continue shorts?
  • #1,447
  • Edited 8:57pm Mar 13, 2007 8:52pm | Edited 8:57pm
i'm short at 224.32 at 4:40 fxdd time. have HAS alert on 5 min chart and a few other things. up some pips so. but thats just me and i'm newbie. MTFHAS seems to be turning red on 5 min. *shrug*
  • #1,448
  • Mar 13, 2007 9:03pm Mar 13, 2007 9:03pm
at least 25 pip move right there. i'm out cause i believe "you never go broke taking profits" and i only traded one lot(which i should have traded two and let one run eh) but still.

edit at : 10:08 est shoulda stayed in didnt even have a exit signal. woulda had more pips haha ohw ell
  • #1,449
  • Mar 13, 2007 9:09pm Mar 13, 2007 9:09pm
Quoting RaverStyleTim2
i'm short at 224.32 at 4:40 fxdd time. have HAS alert on 5 min chart and a few other things. up some pips so. but thats just me and i'm newbie. MTFHAS seems to be turning red on 5 min. *shrug*
scalps are fun....

Reason for editing: stoned comments.....??
nice
--post hoc ergo propter hoc--
  • #1,450
  • Mar 13, 2007 9:10pm Mar 13, 2007 9:10pm
RaverstyleTim2,
If you trade gbp/jpy, you should have a strong stomach. 25 pips ain't gonna cut it. There is a lot on the table, that you are leaving. Go for a min. of 50 pips with this pair.

kingmaker
  • #1,451
  • Mar 13, 2007 9:16pm Mar 13, 2007 9:16pm
monks got it right on target. scalping baby. long term on this pair risks lots of pips. get in when market moves enough to make money then leave when it starts moving the other way. then get right back in haha.
and yeah, i was saying something my MTF HAS but i realized i was on the wrong time frame on that comment. everyting i do is on 5 min chart. except maybe exits.

on second thought, dont get me wrong. long term is good i just dont get it myself. not hating on long term or anything.
  • #1,452
  • Mar 13, 2007 9:26pm Mar 13, 2007 9:26pm
Quoting RaverStyleTim2
monks got it right on target. scalping baby. long term on this pair risks lots of pips. get in when market moves enough to make money then leave when it starts moving the other way. then get right back in haha.
and yeah, i was saying something my MTF HAS but i realized i was on the wrong time frame on that comment. everyting i do is on 5 min chart. except maybe exits.

on second thought, dont get me wrong. long term is good i just dont get it myself. not hating on long term or anything.
scalping in this market is very difficult and not worth the risk of doing full positions......

very difficult to do it right most of the time.
--post hoc ergo propter hoc--
  • #1,453
  • Mar 13, 2007 9:43pm Mar 13, 2007 9:43pm
Is there some service scalpers provide? Is there some way they make more money than just following the trend? Seriously? Or is some internal evil inside these somsofbitches that says, hey, no matter what I hate people and what them to feel hate? Because you could make just as much money selling as scalping. I'm pretty sure,
  • #1,454
  • Mar 13, 2007 9:46pm Mar 13, 2007 9:46pm
Quoting KingColossus3rd
Is there some service scalpers provide? Is there some way they make more money than just following the trend? Seriously? Or is some internal evil inside these somsofbitches that says, hey, no matter what I hate people and what them to feel hate? Because you could make just as much money selling as scalping. I'm pretty sure,
woke up on the wrong side of the bed this morning?
  • #1,455
  • Mar 13, 2007 9:49pm Mar 13, 2007 9:49pm
Quoting KingColossus3rd
Is there some service scalpers provide? Is there some way they make more money than just following the trend? Seriously? Or is some internal evil inside these somsofbitches that says, hey, no matter what I hate people and what them to feel hate? Because you could make just as much money selling as scalping. I'm pretty sure,
great way to intoduce yourself to the board.

as was mentioned before....a scalp in this market is risky and is usually only done while also holding a long term position....taking advantage of retracements.

i would call it more of a hedge then a scalp....at least thats what i do.

see a 150 pip drop.....expect a 50 pip pullback.....why not hedge. especially since it can move more then 50......like 250.

long term is always the best though.
--post hoc ergo propter hoc--
  • #1,456
  • Mar 13, 2007 9:50pm Mar 13, 2007 9:50pm
I don't get it I just do not see what the hell is making anyone buy right now, I see it bounce off the 223.80, but seriously this is not an important line so someone please tell me, why anyone right now would consider buying.
  • #1,457
  • Mar 13, 2007 9:59pm Mar 13, 2007 9:59pm
well i mean, during your 4 hour 200 pip long there could 15 times it went up and down 50 pips and ideally one of those times is trendy enough to go in a short burst. i got tons of computer time and i get anxious seeing swings, be it on eur/usd or gbp/jpy. But i dont mind sittng in front of the computer all day looking for that one good(hopefully) shot.
like i said, props to long term traders but everyones got their own style

edit: all numbers and crosses are arbitrary
  • #1,458
  • Mar 13, 2007 10:59pm Mar 13, 2007 10:59pm
Watch out for a retracemnt to the upside coming up. Look at the doji on the 4hour chart. Also there seems to be strong support at around 224. Good luck
Attached Image
  • #1,459
  • Mar 13, 2007 11:02pm Mar 13, 2007 11:02pm
Quoting KingColossus3rd
I don't get it I just do not see what the hell is making anyone buy right now, I see it bounce off the 223.80, but seriously this is not an important line so someone please tell me, why anyone right now would consider buying.
Whats with the attitude??
  • #1,460
  • Edited 11:35pm Mar 13, 2007 11:23pm | Edited 11:35pm
since im not sure whats going to go on at the eur open on the gj but i think its going to be a big move im placing buy stops on both sides of the market, 223.40 is short and 225.65 is long. im not sure about the long stop placement tho. anyone have a better spot?

im out to sleep. good luck.
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