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Daily GBP/JPY analysis

  • #2,261
  • Apr 2, 2007 7:16pm Apr 2, 2007 7:16pm
i'll take that just keep on heading north
  • #2,262
  • Apr 2, 2007 7:16pm Apr 2, 2007 7:16pm
the sentiment is definitely long right now. its making HHs and HLs. would not recommend going short atm. wait for wave 5 to finish first.
  • #2,263
  • Apr 2, 2007 7:18pm Apr 2, 2007 7:18pm
its right on the resistence from 2/28
  • #2,264
  • Apr 2, 2007 7:19pm Apr 2, 2007 7:19pm
getting knocked down now.
  • #2,265
  • Apr 2, 2007 7:22pm Apr 2, 2007 7:22pm
Quoting karma729
the sentiment is definitely long right now. its making HHs and HLs. would not recommend going short atm. wait for wave 5 to finish first.
Karma....what price do you see as the completion of wave 5? thx
  • #2,266
  • Apr 2, 2007 7:22pm Apr 2, 2007 7:22pm
Whatta smash..
  • #2,267
  • Apr 2, 2007 7:23pm Apr 2, 2007 7:23pm
cesarnc : are you still buying?
  • #2,268
  • Apr 2, 2007 7:27pm Apr 2, 2007 7:27pm
Quoting khmr
Karma....what price do you see as the completion of wave 5? thx
id have to say 234.50, plus or minus 50 pips... its the peak of an earlier wave 3. this is pure speculation, however.

whatever the peak may be, i have a feeling that wave 5 will not be very long lived. i feel that a large portion of it has already been presented. all it had to do in order to qualify as wave 5 was break through the 233 level, which has already happened. so the possibility of wave 'a' occuring now is not totally out of the question.
  • #2,269
  • Apr 2, 2007 7:30pm Apr 2, 2007 7:30pm
Quoting bmwboyee
cesarnc : are you still buying?
Compulsively

Just kidding... let buy limits below and TP 233.50 so far. may change that when I go to sleep or close the trade...

But sentiment is Yen down... Check this

Yen May Decline as Investor Appetite for Riskier Assets Rises

By Chris Young

April 3 (Bloomberg) -- The yen may drop on speculation rising prices of stocks and commodities will give investors confidence to buy riskier assets with money borrowed in Japan.

Full story.
  • #2,270
  • Apr 2, 2007 7:32pm Apr 2, 2007 7:32pm
i wouldnt go short until these support levels have been broken though.

Support:
232.21 - weak
232.13 - weak
230.54 - moderate
228.75 - strong

break through of 228.75 indicates formation of wave 'a'
  • #2,271
  • Apr 2, 2007 7:39pm Apr 2, 2007 7:39pm
http://i130.photobucket.com/albums/p...dfyter/1-1.gif

if it doesnt break the 100 fib, look for a retracement.
  • #2,272
  • Apr 2, 2007 7:44pm Apr 2, 2007 7:44pm
Quoting karma729

if it doesnt break the 100 fib, look for a retracement.
Are you still long
  • #2,273
  • Apr 2, 2007 7:52pm Apr 2, 2007 7:52pm
Quoting rav700
Are you still long
im not in a trade right now, just watching. entry is not ideal atm. but as long as 228.75 isnt breached, the trend is still bullish and i never trade against the trend.
  • #2,274
  • Apr 2, 2007 7:54pm Apr 2, 2007 7:54pm
I have been long since 231.99. thinking about exiting the trade right now. what is everyone's thoughts?
  • #2,275
  • Apr 2, 2007 8:00pm Apr 2, 2007 8:00pm
Quoting bmwboyee
I have been long since 231.99. thinking about exiting the trade right now. what is everyone's thoughts?
I wouldn't take chances ... its better not to make pips than to lose them =)))

mmmmm I took short on CADJPY since 101.88 and now just chilling in the cornen and waiting for this snaky(GBPJPY) to decide either its going up or down ....
  • #2,276
  • Apr 2, 2007 8:13pm Apr 2, 2007 8:13pm
i am thinking about a straddle at this point.
  • #2,277
  • Apr 2, 2007 8:18pm Apr 2, 2007 8:18pm
the retracent is merely technical i believe. Fundamentals will drive the price higher. This week is a week for carry trades ... at least till Interest rates report.
  • #2,278
  • Apr 2, 2007 8:23pm Apr 2, 2007 8:23pm
Quoting jest1081
the retracent is merely technical i believe. Fundamentals will drive the price higher. This week is a week for carry trades ... at least till Interest rates report.
Agreed...

I'm keeping all trade as they are and buying dips. 232.50 and 2-100s below that...

calling it a day
  • #2,279
  • Apr 2, 2007 8:24pm Apr 2, 2007 8:24pm
true, but u never know what will happen next ... what news will come out and ect. ... I have seen cases when the market was moving just against news and thats was confusing
  • #2,280
  • Apr 2, 2007 9:19pm Apr 2, 2007 9:19pm
Vitaliy,

Market is sentiment driven. You see alot of emotion in price action..even more when you see news. But if we incorporate technicals to it, we will realise a big portion of the market also respond to technicals, which is why institutional currency traders all over the world uses TA to trade FX. Right now the only thing that can move the Pound down like a steam roller is a war declaration with Iran.
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