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Daily GBP/JPY analysis

  • #1,781
  • Mar 18, 2007 2:54pm Mar 18, 2007 2:54pm
Quoting Monk
how is this possible with the market closed??
you know of an online website that will show these prices.

keep in mind the market will tend to close that gap sometime within the first few hours after the open.

so the first sign of a reverse after the open i would close it or take a hedge and look to reenter if the downtrend continues once the gap is closed.
The market may be closed for you and me but it is certainly not closed. Take a look at a data feed site like http://forex.tradingcharts.com/quotes/

The fact that most brokers are closed because of lack of liquidity does not mean that the market is closed and that is the reason for the gaps which often appear at Sunday opening. The current quote on GJ is 225.97, but with an hour before most brokers go live, that could change significantly.
  • #1,782
  • Mar 18, 2007 2:57pm Mar 18, 2007 2:57pm
Quoting hazz
its possible cuz im using a broker that got dealing desk. why it droped 100 pips already i dont know. if anyone know plz tell me, anyway im wining =)

well it first droped to aroubd 225.50 or 60 and is around 226 atm. but i cant know if it is reversing or whatever cuz my charting software inst even working yet. so i will keep the short until i have my technicals indicators back.
  • #1,783
  • Mar 18, 2007 3:36pm Mar 18, 2007 3:36pm

im short here...short to the ocean....(im salvaging)

To The Sea My Friend....oh we already on the sea!!!!
  • #1,784
  • Mar 18, 2007 4:14pm Mar 18, 2007 4:14pm
i think if 225.80 a good support from 3-12 goes, we could see another nice move down.

the concept of closing the gap scares the crap out of me though.
--post hoc ergo propter hoc--
  • #1,785
  • Mar 18, 2007 4:15pm Mar 18, 2007 4:15pm
I've had to close down my charts two times already. Looks like that 100 pip drop had an equal candle 100 pips in the opposite direction?
All hard work brings a profit, but mere talk leads only to poverty.
  • #1,786
  • Mar 18, 2007 4:20pm Mar 18, 2007 4:20pm
Quoting Sami7
I've had to close down my charts two times already. Looks like that 100 pip drop had an equal candle 100 pips in the opposite direction?
This is saying that we will fill up the gap ? I am waiting to short here.
  • #1,787
  • Mar 18, 2007 4:24pm Mar 18, 2007 4:24pm
Quoting trader8686
This is saying that we will fill up the gap ?
Normally, I can view any gaps on my accucharts, unfortunately they have an error. I'm not sure if there was a gap. These candles are on my 5 minute chart - FX Solutions. Perhaps, there was one and it was filled. Not sure, would really like to know what caused the spike down.
All hard work brings a profit, but mere talk leads only to poverty.
  • #1,788
  • Mar 18, 2007 4:30pm Mar 18, 2007 4:30pm
Quoting Sami7
Not sure, would really like to know what caused the spike down.
Are you sure it's not the Chinese Central Bank interest rate hike that caused it?
  • #1,789
  • Mar 18, 2007 4:46pm Mar 18, 2007 4:46pm
Reinstalled accuchart - no gap that I can tell of.
Attached Image
All hard work brings a profit, but mere talk leads only to poverty.
  • #1,790
  • Mar 18, 2007 4:53pm Mar 18, 2007 4:53pm
Quoting jurrigggg
Are you sure it's not the Chinese Central Bank interest rate hike that caused it?
Was not aware of that, do you have a link. Thanks for the information.
All hard work brings a profit, but mere talk leads only to poverty.
  • #1,791
  • Mar 18, 2007 5:00pm Mar 18, 2007 5:00pm
Quoting Sami7
Reinstalled accuchart - no gap that I can tell of.
interesting....my charts show a gap from from about 25.80 to 26.50

anyone have the next few levels of support / resistence?
--post hoc ergo propter hoc--
  • #1,792
  • Mar 18, 2007 5:03pm Mar 18, 2007 5:03pm
Quoting Monk
interesting....my charts show a gap from from about 25.80 to 26.50

anyone have the next few levels of support / resistence?
Mine too.
  • #1,793
  • Mar 18, 2007 5:03pm Mar 18, 2007 5:03pm
Our next directional move in this cross will come from resolution of the 225.88/227.04 area.

In Friday's analysis, I recommended that traders establish longs on a push through River in front of 225.88. The market gave you the opportunity to establish longs.

If you are long, stay long with your risk well below 225.88. I continue to look for a move back above River at 227.04, then to 229.35/230.03 and up to 233.

A significant close below 225.88 would cancel my upside view in the short term.

Remember to review the price distribution analysis for this pair located her in the forum to get a better view of overall value.


NEUTRAL UNTIL RIVER IS RESOLVED AT 227.04

http://www.theviewdownriver.com/pics...y3-19-2007.PNG
  • #1,794
  • Mar 18, 2007 5:09pm Mar 18, 2007 5:09pm
225.59, I say, we are sure heading for a downtrend, finally.
  • #1,795
  • Mar 18, 2007 5:09pm Mar 18, 2007 5:09pm
Broker is back online and I am up 153 pips.
The basis of a democratic state is liberty. ~ Aristotle
  • #1,796
  • Mar 18, 2007 5:09pm Mar 18, 2007 5:09pm
Quoting DownRiverTrader

A significant close below 225.88 would cancel my upside view in the short term.
Thanks for the chart.
Can you give a better defintion of the above for "significant "?
Also what would the time frame be? 1hr? 4hr?
--post hoc ergo propter hoc--
  • #1,797
  • Mar 18, 2007 5:14pm Mar 18, 2007 5:14pm
Quoting Vensik
Broker is back online and I am up 153 pips.
Did you say your chart is up 153 pips now? I don't believe it.
  • #1,798
  • Mar 18, 2007 5:14pm Mar 18, 2007 5:14pm
I would wait on a push down through this level on a daily chart. My analysis is based on the daily time frame. Look to buy value under 225.88. Obviously, if there is a strong move through and no buyers materialize you need to use your own judgement.

Often sellers will get trapped under a known demand level and will have to cover quickly and price moves up fast. Other times, it doesn't
  • #1,799
  • Mar 18, 2007 5:15pm Mar 18, 2007 5:15pm
Sydney March 19. The Chinese
decision to raise rates 27bps in a bid to control inflation and growth at the
weekend has resulted in a stronger JPY and softer commodity currencies in early
trading. The USD/JPY closed in NY around 116.70 and has traded down to 116.31,
the EUR/JPY closed at 155.40 and has tested 154.91, while the EUR/USD opened
around 1.3237 and dipped to 1.3205.
The AUD closed in NY at 0.7963 and has traded in a 0.7932/50 range and the Kiwi
closed at 0.6975 and has seen 0.6944/65.
The response of the Asian equity and commodity markets to the Chinese rate rise
will be the key for the currencies in Asia today
  • #1,800
  • Mar 18, 2007 5:15pm Mar 18, 2007 5:15pm
Best start of week EVER
Let's hope it will not decide to come back where it was
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