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Daily GBP/JPY analysis

  • #1,581
  • Mar 14, 2007 8:05pm Mar 14, 2007 8:05pm
shorted at 226.98, what is the next resistance level?
  • #1,582
  • Mar 14, 2007 8:11pm Mar 14, 2007 8:11pm
You went in without knowing that?


I'd say somewhere around 22650 and then 22550. It has paused around these levels over the past few days.
I don't have any fib numbers though.
  • #1,583
  • Mar 14, 2007 8:14pm Mar 14, 2007 8:14pm
first fib level is 226.40, next is 225.35. watch PA around these levels...
  • #1,584
  • Mar 14, 2007 8:15pm Mar 14, 2007 8:15pm
Quoting fireslayer26
shorted at 226.98, what is the next resistance level?
looks like you may be on the wrong side of the run, I would not enter a short at the moment.

just make sure you set a stop and stick to it for i could be wrong
  • #1,585
  • Mar 14, 2007 8:15pm Mar 14, 2007 8:15pm
Yes, I'm still learning. I got out of the short 226.87
  • #1,586
  • Mar 14, 2007 8:18pm Mar 14, 2007 8:18pm
Quoting superdezign
looks like you may be on the wrong side of the run, I would not enter a short at the moment.

just make sure you set a stop and stick to it for i could be wrong
I'm not sure how much steam this has to the downside. Got out of my short, probably too early, however, I'm locking in profit.
All hard work brings a profit, but mere talk leads only to poverty.
  • #1,587
  • Mar 14, 2007 8:25pm Mar 14, 2007 8:25pm
Quoting Sami7
I'm not sure how much steam this has to the downside. Got out of my short, probably too early, however, I'm locking in profit.
well if you were in profit im glad to hear you closed your trade,

dont be mad at me if it drops 1,000 pips tonight hahaha but im just saying the gbp/jpy is a crazy pair to trade, this upward move could have another 500 pips behind it!
  • #1,588
  • Mar 14, 2007 8:29pm Mar 14, 2007 8:29pm
Quoting superdezign
well if you were in profit im glad to hear you closed your trade,

dont be mad at me if it drops 1,000 pips tonight hahaha but im just saying the gbp/jpy is a crazy pair to trade, this upward move could have another 500 pips behind it!
Nope, won't be mad, when I make mistakes, I take responsibility. That is part of trading.
All hard work brings a profit, but mere talk leads only to poverty.
  • #1,589
  • Mar 14, 2007 8:34pm Mar 14, 2007 8:34pm
I'm still holding my short from 722. Set stop at 715 so even after spread this will be risk free.

Current target is around the 650 area. Main basis for this feeling is high RSI still on 30min chart.

Watching and waiting. I'll either end up with nothing, or about $50.



at least it keeps me entertained while I'm working..
  • #1,590
  • Mar 14, 2007 8:44pm Mar 14, 2007 8:44pm
any other tips to start trading this pairs?
  • #1,591
  • Mar 14, 2007 8:47pm Mar 14, 2007 8:47pm
Quoting kobukuku
any other tips to start trading this pairs?
have alot of capital and trade small lots... you have to have over 100 pip stop, and a strong stomach
  • #1,592
  • Mar 14, 2007 9:02pm Mar 14, 2007 9:02pm
Could someone please give me the location of the mq4 indicator that shows
the price on a chart in large white numbers. I believe it was on this thread
but I can't locate it.

thanks and happy trading.....
just trying to make a little on a lot.....
  • #1,593
  • Mar 14, 2007 9:15pm Mar 14, 2007 9:15pm
I've been following this thread for a while with great interest and it seems there is a lot of knowledge to be shared here and thanks to all for that input. Can never tell with this pair but I got out of a long early this morning (I'm in the southern hemisphere so morning here is opposite to most of you here) and sometime later it reversed bake a bit. I got out when it crossed a minor resistant point at 226.62. It then came back and has now bounced back off that point to head North again. Got my fingers crossed and hope it on the way up as I have just gone long again. Probably a bit iof a gamble but isn't it always with this pair
  • #1,594
  • Mar 14, 2007 9:20pm Mar 14, 2007 9:20pm
Quoting saa
I'm still holding my short from 722. Set stop at 715 so even after spread this will be risk free.

Current target is around the 650 area. Main basis for this feeling is high RSI still on 30min chart.

Watching and waiting. I'll either end up with nothing, or about $50.



at least it keeps me entertained while I'm working..

Looks like it was a 1 pip profit. Bit annoying after being about 40 up. I'll look for another run up towards 22750 and see if the resistance holds again and get set for a short.
  • #1,595
  • Edited Mar 15, 2007 12:53am Mar 14, 2007 9:56pm | Edited Mar 15, 2007 12:53am
Looks as though there is a head and shoulders forming and my line is at the shoulder line. Necessary here since the formation is not horizontal.

According to the maths, when the price crosses the neck (red) line, that is the time to enter and the target should be the same distance as the distance to the top of the head--about 226.11.

The stochastics are neutral, anyway not opposed to the trade in this time frame, the 30M stochastics seem to be turning in the right direction.

The trade ended up producing 58 pips and missed the target by 11 pips. Good results for the head and shoulders even if a little short on pips. We only got down to 226.22.
Attached Image
  • #1,596
  • Mar 14, 2007 10:11pm Mar 14, 2007 10:11pm
Quoting moonchild
Looks as though there is a head and shoulders forming and my line is at the shoulder line. Necessary here since the formation is not horizontal.

According to the maths, when the price crosses the neck (red) line, that is the time to enter and the target should be the same distance as the distance to the top of the head--about 226.11.

The stochastics are neutral, anyway not opposed to the trade in this time frame, the 30M stochastics seem to be turning in the right direction.
Moonchild,
Did you look at the 1hr?
Stochs setup look perfect for a ride up.
Need some more confirmation.
  • #1,597
  • Mar 14, 2007 10:29pm Mar 14, 2007 10:29pm
Quoting smnitro1
Moonchild,
Did you look at the 1hr?
Stochs setup look perfect for a ride up.
Need some more confirmation.
stochs setup look perfect for a ride up on the 1hr??

http://farm1.static.flickr.com/131/4...f9f376e907.jpg
  • #1,598
  • Mar 14, 2007 10:30pm Mar 14, 2007 10:30pm
Quoting smnitro1
Moonchild,
Did you look at the 1hr?
Stochs setup look perfect for a ride up.
Need some more confirmation.

The reason I was not totally convinced by the 1H stoch is because while the 20 and 50 were heading up the 5 was heading down. By the time te 5 turns upward there is a good chance that the 20 and 50 will be preparing to turn down.

That in addition to the fact that the primary reason for considering a move down is the head and shoulders formation, with support only being offered by the 30M stoch in this case. In this particular case, the stoch was not the primary reason for deciding on the direction down.

No matter what, it does not mean that this is going to be right. I have seen the occasional case where the stochastics were absolutely perfect on more than one time frame and the trade still did not work. So--no guarantees, only probabilities.
  • #1,599
  • Mar 14, 2007 10:31pm Mar 14, 2007 10:31pm
Question - I haven't stayed up late (past 12:00 am ET) to trade this specific pair. Although I have traded GBP and Euro. What time does this pair normally start really moving?
All hard work brings a profit, but mere talk leads only to poverty.
  • #1,600
  • Mar 14, 2007 10:33pm Mar 14, 2007 10:33pm
Quoting Sami7
Question - I haven't stayed up late (past 12:00 am ET) to trade this specific pair. Although I have traded GBP and Euro. What time does this pair normally start really moving?
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