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Daily GBP/JPY analysis

  • #1,741
  • Mar 16, 2007 8:27am Mar 16, 2007 8:27am
We are seeing some up side movement now, according to DRT's chart will see 229.30...Thanks DRT.. keep posting your River Theory...
  • #1,742
  • Mar 16, 2007 8:29am Mar 16, 2007 8:29am
There has been a steady creep up since the candle hit the daily support line at 226.61. I'm currently in a long. However, market is choppy so far.
All hard work brings a profit, but mere talk leads only to poverty.
  • #1,743
  • Mar 16, 2007 8:37am Mar 16, 2007 8:37am
Quoting DrainBamage
I really liked DRT's analyses, hopefully its not the last time we will see it for this pair.
Would be nice to get to 229.35 today
A suggestion only - Perhaps a PM to DRT to thank him for his analysis. I already have PM'd him to thank him for going above and beyond since his interest does not involve trading this specific pair.
All hard work brings a profit, but mere talk leads only to poverty.
  • #1,744
  • Mar 16, 2007 8:44am Mar 16, 2007 8:44am
That is not necessary. I just wanted to give some ideas in here to supplement what you are doing. I am going to add this pair to my daily analysis on my website since so many are interested.

I enjoy doing the analysis and who knows I might start trading it. Many are doing well with the EURJPY cross also.

Keep up the nice thread here. I am learning too.

DRT
  • #1,745
  • Mar 16, 2007 8:46am Mar 16, 2007 8:46am
Thanks once again DRT... not a bad idea to trade is pair
  • #1,746
  • Mar 16, 2007 9:00am Mar 16, 2007 9:00am
Quoting DownRiverTrader
That is not necessary. I just wanted to give some ideas in here to supplement what you are doing. I am going to add this pair to my daily analysis on my website since so many are interested.

I enjoy doing the analysis and who knows I might start trading it. Many are doing well with the EURJPY cross also.

Keep up the nice thread here. I am learning too.

DRT
I recently switched to this pair and like the movement as opposed to the GBP/USD - Euro/USD. It keeps you on your toes.
All hard work brings a profit, but mere talk leads only to poverty.
  • #1,747
  • Mar 16, 2007 9:48am Mar 16, 2007 9:48am
Quoting Vensik
First attempt at posting a picture here, so hopefully it works.

Here's what I'm looking at. I'll wait for a bounce down and a cross of my MA's before entering.

http://img90.imageshack.us/img90/322...y031607qp6.jpg

Hi Vensik, very interesting.. how did you add the green H&S line in your chart?
  • #1,748
  • Mar 16, 2007 10:12am Mar 16, 2007 10:12am
I took a screen shot and put it in power point to draw that line. Hoping to better visualize for you guys the pattern I was seeing.
The basis of a democratic state is liberty. ~ Aristotle
  • #1,749
  • Mar 16, 2007 11:12am Mar 16, 2007 11:12am
It seems it's going to break the neck line soon.
  • #1,750
  • Mar 16, 2007 11:37am Mar 16, 2007 11:37am
Hey Vensik i took a look at the 1hr chart and i do see the H&S and as well see some bearish divergence as well.
Attached Image
  • #1,751
  • Mar 16, 2007 12:15pm Mar 16, 2007 12:15pm
Quoting mimas
Staying Demo is nice because you don't lose any money but you don't make any money.....either !
Actually, I'd take the advice if I were you. What do you prefer, not losing money and not making money on demo, or losing all your money and not making any live?
  • #1,752
  • Mar 16, 2007 12:41pm Mar 16, 2007 12:41pm
  •  Trader#0000
  • | Status: Unregistered Trader
Dont demo too long .. demo is a good thing for a few weeks till you have a recipe that works and which you can trust.

If you demo too long it teaches you bad habits after all its only fake money.
Its better to get real and start small after a few weeks on demo then start with 10c a pip most of us can afford a small account. Then the ball game change because its real money.

It will also urge you to get better all the time as real losses even small ones on 10c a pip does affect yr purse.
  • #1,753
  • Mar 16, 2007 1:10pm Mar 16, 2007 1:10pm
According to my system, there will be a massive attack of bears on monday

Who's with me?
  • #1,754
  • Mar 16, 2007 1:10pm Mar 16, 2007 1:10pm
Money management
  • #1,755
  • Mar 16, 2007 1:21pm Mar 16, 2007 1:21pm
Quoting Dexis
According to my system, there will be a massive attack of bears on monday

Who's with me?
And your system is?
All hard work brings a profit, but mere talk leads only to poverty.
  • #1,756
  • Mar 16, 2007 1:23pm Mar 16, 2007 1:23pm
Quoting Dexis
According to my system, there will be a massive attack of bears on monday

Who's with me?
I am also on the bearish team for the new week open. Technically for 2 days now the market has been trading sideways. And the market looks like it will go south if it can break that 1h neckline line. Over the weekend i will get all my thoughts and analysis together and come up with some support lines.
  • #1,757
  • Mar 16, 2007 1:25pm Mar 16, 2007 1:25pm
Quoting Sami7
And your system is?
Home made pip cooking machine,lol

Just kidding...

It's based on moving averages and channels and price action itself.

What does Your system tell You? Maybe there are opposite oppinions about what's likely to happen on monday?
  • #1,758
  • Mar 16, 2007 1:29pm Mar 16, 2007 1:29pm
As my picture before suggests, I agree with the Bearish view and am already up 93 pips and locked in since that picture was taken. Got in off that 1hr Trendline.

I like it when everything agree's. Since I'm at 0 risk on the trade now, I will look for positive cost average area's.
The basis of a democratic state is liberty. ~ Aristotle
  • #1,759
  • Mar 16, 2007 1:35pm Mar 16, 2007 1:35pm
Quoting Dexis
Home made pip cooking machine,lol

Just kidding...

It's based on moving averages and channels and price action itself.

What does Your system tell You? Maybe there are opposite oppinions about what's likely to happen on monday?
Funny, I'm not venturing an opinion until Sunday and maybe Monday. Why, Learned not to second-guess the market, although if I were to guess it would be the bears will rule.
All hard work brings a profit, but mere talk leads only to poverty.
  • #1,760
  • Mar 16, 2007 2:11pm Mar 16, 2007 2:11pm
So, I am comparing the market right now to watching paint dry. That being the case - any of you short right now and will keep your positions over the weekend, or anyone staying out until Sunday or Monday? Also since I am fairly new to this pair, how is the movement on Sunday, with the other pairs I've traded I found it erratic and tended to stay out.
All hard work brings a profit, but mere talk leads only to poverty.
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