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Daily GBP/JPY analysis

  • #1,701
  • Mar 15, 2007 6:07pm Mar 15, 2007 6:07pm
Could a stall a 228.00 and a relatively short day candle mean that momentum is reversing for the next 24hrs? Please comment.
  • #1,702
  • Mar 15, 2007 6:08pm Mar 15, 2007 6:08pm
Let's do some experimenting in here. I have started to look at this cross but I do not trade it so bear with me. Everyone feel free to comment and help on this.

Here's the March PDA.

If you notice there is a well rounded and well distributed distribution curve from 222.14 to 229.35. It appears as though we have tested the bottom and are heading up to test the top of the curve at 229.35. We are "building value" in this area. What will happen from here is that we will either move up above to look for new sellers or down below to see if there are buyers who are willing to purchase at a good value. The 225.88 area is our mid-point and should be a gude. Remember that like water, price is always seeking equilibrium. River or equilbrium is at 234.11, so it would appear that we are trying to move up. However, we do not know this yet. We may continue to range trade the curve another time. Dropping back to mid-point and moving up or down to the bottom to look for more buyers. If we do move up and build value above 229.67, I suspect we will head to River. It is very simple when you think about it. http://www.theviewdownriver.com/foru...n_confused.gif

So keep this in mind as we drill down into our dailies. Just having this view sets you apart from novice traders and puts you in control.


http://www.theviewdownriver.com/pics...a3-17-2007.PNG
  • #1,703
  • Mar 15, 2007 6:09pm Mar 15, 2007 6:09pm
Quoting JamDown
Could a stall a 228.00 and a relatively short day candle mean that momentum is reversing for the next 24hrs? Please comment.
Yes, your observation is correct.
  • #1,704
  • Mar 15, 2007 6:09pm Mar 15, 2007 6:09pm
We are currently just above River at 227.42. Traders can establish new longs in this area or on a push down in front of 225.88. Short term risk level would be below the 225.88 level. Ideally, a settle below this area.

Long Targets are 229.35/61 where longs should exit or take partial profits and wait for a resolution of the 229.35 area. We will likely build value in this area before a continuation or reversal of direction occurs. A move above this area would target higher levels near the Transition Level of 234.11.

NEUTRAL UNTIL RIVER IS RESOLVED AT 227.42


http://www.theviewdownriver.com/pics...y3-16-2007.PNG
  • #1,705
  • Mar 15, 2007 6:12pm Mar 15, 2007 6:12pm
Quoting DownRiverTrader
Let's do some experimenting in here. I have started to look at this cross but I do not trade it so bear with me. Everyone feel free to comment and help on this.

Here's the March PDA.

If you notice there is a well rounded and well distributed distribution curve from 222.14 to 229.35. It appears as though we have tested the bottom and are heading up to test the top of the curve at 229.35. We are "building value" in this area. What will happen from here is that we will either move up above to look for new sellers or down below to see if there are buyers who are willing to purchase at a good value. The 225.88 area is our mid-point and should be a gude. Remember that like water, price is always seeking equilibrium. River or equilbrium is at 234.11, so it would appear that we are trying to move up. However, we do not know this yet. We may continue to range trade the curve another time. Dropping back to mid-point and moving up or down to the bottom to look for more buyers. If we do move up and build value above 229.67, I suspect we will head to River. It is very simple when you think about it. http://www.theviewdownriver.com/foru...n_confused.gif

So keep this in mind as we drill down into our dailies. Just having this view sets you apart from novice traders and puts you in control.


http://www.theviewdownriver.com/pics...a3-17-2007.PNG
Is this a J-Chart analysis??
  • #1,706
  • Mar 15, 2007 6:13pm Mar 15, 2007 6:13pm
I have no idea what a j-chart is sorry.
  • #1,707
  • Mar 15, 2007 6:14pm Mar 15, 2007 6:14pm
sami,

I have added this as a test. Let me know what you think.

DRT
  • #1,708
  • Mar 15, 2007 6:17pm Mar 15, 2007 6:17pm
Quoting DownRiverTrader
I have no idea what a j-chart is sorry.
I will explain but first I have a question. Are you long, short or flat? Do you actually trade these levels or is this an analysis only?
  • #1,709
  • Mar 15, 2007 6:23pm Mar 15, 2007 6:23pm
I do not trade crosses. Only majors. If it offers no value for you here, I will not post it. Just let me know.
  • #1,710
  • Mar 15, 2007 6:32pm Mar 15, 2007 6:32pm
Quoting DownRiverTrader
sami,

I have added this as a test. Let me know what you think.

DRT
I think you'll have a good deal of folks looking for your excellent analysis. Thanks for adding this pair.
All hard work brings a profit, but mere talk leads only to poverty.
  • #1,711
  • Mar 15, 2007 6:33pm Mar 15, 2007 6:33pm
Quoting DownRiverTrader
I do not trade crosses. Only majors. If it offers no value for you here, I will not post it. Just let me know.
No No DownRiver don't misunderstand me. I find your charts very interesting. Damn, your analysis is just as good as anyone elses. Keep it going!!
  • #1,712
  • Mar 15, 2007 6:34pm Mar 15, 2007 6:34pm
Quoting zawodowiec
Im not sure about that, Im not that great with MT4. Perhaps someone else will be able to help you with that.
Does anyone have any idea or know who to ask on how to get a popup alert added to this indicator?
Attached File(s)
File Type: mq4 Up_Down.mq4   15 KB | 391 downloads
  • #1,713
  • Mar 15, 2007 6:37pm Mar 15, 2007 6:37pm
Quoting DownRiverTrader
I do not trade crosses. Only majors. If it offers no value for you here, I will not post it. Just let me know.
Hey DownRiver,

I'm an Old Dog always open to learning, am new to FF, so it's tough for me to search around here quickly and time consuming...though I'll get the hang of it one day.....do you have a tread/posts so I can study this charting technique you have......?? I'd appreciate it....or PM with any info, whatever is easiest for you, I know how time consuming trading is ! THX
Proper Prior Planning Prevents Piss Poor Performance
  • #1,714
  • Mar 15, 2007 6:39pm Mar 15, 2007 6:39pm
DRT, thanks for you great analysis...
  • #1,715
  • Mar 15, 2007 6:45pm Mar 15, 2007 6:45pm
Quoting FxJarhead
Hey DownRiver,

I'm an Old Dog always open to learning, am new to FF, so it's tough for me to search around here quickly and time consuming...though I'll get the hang of it one day.....do you have a tread/posts so I can study this charting technique you have......?? I'd appreciate it....or PM with any info, whatever is easiest for you, I know how time consuming trading is ! THX

Take a look at this... http://www.forexfactory.com/showthread.php?t=18243
  • #1,716
  • Mar 15, 2007 6:46pm Mar 15, 2007 6:46pm
Quoting zawodowiec
Take a look at this... http://www.forexfactory.com/showthread.php?t=18243

THX Z, appreciate the help !
Proper Prior Planning Prevents Piss Poor Performance
  • #1,717
  • Mar 15, 2007 6:50pm Mar 15, 2007 6:50pm
Quoting FxJarhead
Hey DownRiver,

I'm an Old Dog always open to learning, am new to FF, so it's tough for me to search around here quickly and time consuming...though I'll get the hang of it one day.....do you have a tread/posts so I can study this charting technique you have......?? I'd appreciate it....or PM with any info, whatever is easiest for you, I know how time consuming trading is ! THX
It is a j-chart clone. I used this aoftware a few years ago as an e-signal add-on. Very interesting way of charting but I never really got the hang of it. No doubt that DownRiver is the expert. Do a websearch for J-chart and you will see what I am talking about.
  • #1,718
  • Mar 15, 2007 7:02pm Mar 15, 2007 7:02pm
DRT,

Please go over briefly where we are and where our target should be. I would like to see if I'm on track.
All hard work brings a profit, but mere talk leads only to poverty.
  • #1,719
  • Mar 15, 2007 7:19pm Mar 15, 2007 7:19pm
Does anyone know how to trade the pair? I am still learning....Well the only thing I know is that this pair is basically controlled by movement of GBPUSD and USDJPY. If both os these pairs move in the oposite direction then GBPJPY goes no where. If one of them get stuck, then follow the direction of the other pair. So , have 3 tiled windows of the 3 pairs in front of you....When it is in trading range mode.... only sell at overbought and vice versa...... never make an entry in the middle... try RSI 5, as ussual use 15 min chart for hit and run. Well.... that is the traditional way.... looking forward to hear a more advanced way to handle gbpjpy... the monster of pair.... (Hanseng index is much worse than GBPJPY)
  • #1,720
  • Mar 15, 2007 7:53pm Mar 15, 2007 7:53pm
Quoting eddyforexedi
Does anyone know how to trade the pair? I am still learning....Well the only thing I know is that this pair is basically controlled by movement of GBPUSD and USDJPY. If both os these pairs move in the oposite direction then GBPJPY goes no where. If one of them get stuck, then follow the direction of the other pair. So , have 3 tiled windows of the 3 pairs in front of you....When it is in trading range mode.... only sell at overbought and vice versa...... never make an entry in the middle... try RSI 5, as ussual use 15 min chart for hit and run. Well.... that is the traditional way.... looking forward to hear a more advanced way to handle gbpjpy... the monster of pair.... (Hanseng index is much worse than GBPJPY)
I think since I have only been trading this monster a couple of weeks, I'm not the best qualified to answer that question although I'd like to make a suggestion. I think what it comes down to - did you trade another currency before? Were you making positive pips with your methodology? If you were, then this pair should not be that difficult. It may require a larger stop loss and needs to be watched carefully. Changing your trading style I believe should only be done in demo. May I suggest you try trading this pair in demo for a while?

I have found that this forum group is willing to share knowledge and not look down on folks who are just starting to trade the pair. You'll find a good knowledge base here and plenty of great traders to help. I wish you the best.
All hard work brings a profit, but mere talk leads only to poverty.
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