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Daily GBP/JPY analysis

  • #2,621
  • Apr 5, 2007 12:52am Apr 5, 2007 12:52am
I'm holding 3 short. Great 1st post BTW.
Do not focus on making money; focus on protecting what you have.
  • #2,622
  • Apr 5, 2007 1:29am Apr 5, 2007 1:29am
Yesterdays range was 82 pips - thatīs only 32% of its current average daily range. With such compression, we should expect a wider range - probably above 300 pips soon. Perhaps the Easter Holiday sessions will provide the opportunity.
Will the trendline and 78.6 retrace hold?.....
Attached Image
Trading Levels with WRBs
  • #2,623
  • Apr 5, 2007 1:47am Apr 5, 2007 1:47am
Thanks for the trendline in above chart, Islander.
Almost time for breakout from this triangle (yellow). Islander's trendline is shown in light blue in zoomed-in mode.
Attached Image
Tra-X
  • #2,624
  • Apr 5, 2007 3:44am Apr 5, 2007 3:44am
UK Industrial Production and Manufacturing Production came out pretty bad. The BoE would have had prior access to this information. Rate increase looks more in doubt with this news.

I see a gradual release of some GJ longs coming up before the UK BoE rate decision.
  • #2,625
  • Apr 5, 2007 3:51am Apr 5, 2007 3:51am
On 15 min charts, High-234.78 low 234.17

78.6 fibo @ 234.30 has been reached

Currently long frm 234.30 TP 234.64 SL 234.16
  • #2,626
  • Apr 5, 2007 3:57am Apr 5, 2007 3:57am
Sold at 234.71 (Camarilla H3) took profit at 234.32 (Camarilla L2)

Just wondering how far this baby will go down. Any suggesstion guys?
  • #2,627
  • Apr 5, 2007 4:00am Apr 5, 2007 4:00am
Quoting forexnovice
On 15 min charts, High-234.78 low 234.17

78.6 fibo @ 234.30 has been reached

Currently long frm 234.30 TP 234.64 SL 234.16
SL increased 2 234.14
As per GMT time 00:00hrs high is 234.78 & low is 234.00. The 78.6 fibo is 234.17, so I increased SL by 3 pips
  • #2,628
  • Apr 5, 2007 4:04am Apr 5, 2007 4:04am
Quoting forex_newbie
Sold at 234.71 (Camarilla H3) took profit at 234.32 (Camarilla L2)

Just wondering how far this baby will go down. Any suggesstion guys?
234.17 imho
  • #2,629
  • Apr 5, 2007 4:10am Apr 5, 2007 4:10am
Quoting forexnovice
234.17 imho
An attempt was made at 234.04 during Asia which is just below the S1 support. I think it may try this low once more before the BoE.
  • #2,630
  • Apr 5, 2007 5:20am Apr 5, 2007 5:20am
Quoting forexnovice
On 15 min charts, High-234.78 low 234.17

78.6 fibo @ 234.30 has been reached

Currently long frm 234.30 TP 234.64 SL 234.16
Stopped out 4 -16 pips. Price bounced up frm 234.09. Will have 2 use wider stops on G/J. Out of the market till interest rate statement. Good luck Every1!
  • #2,631
  • Apr 5, 2007 5:47am Apr 5, 2007 5:47am
short 234.34 with 100 pips stop
as Uk interest is likely not be to increased so take chance
  • #2,632
  • Edited 6:08am Apr 5, 2007 5:58am | Edited 6:08am
Quoting hello1234
short 234.34 with 100 pips stop
as Uk interest is likely not be to increased so take chance
Depending on your broker you may have difficulty exiting your position/getting fillled if things are going bad during the fast move. I'd suggest to stay out before the decision.
  • #2,633
  • Apr 5, 2007 5:59am Apr 5, 2007 5:59am
Just bounced off 234.04 again
  • #2,634
  • Apr 5, 2007 6:14am Apr 5, 2007 6:14am
My indicators show a strong resistance at 233.99. If this breaks again I'm expecting a fast move down to 233.63-68 . Lets see.
  • #2,635
  • Apr 5, 2007 6:17am Apr 5, 2007 6:17am
False break spike to 233.65 then bounced back inside triangle.
Let's see now. Upside target remains at 237.
Tra-X
  • #2,636
  • Apr 5, 2007 6:23am Apr 5, 2007 6:23am
Quoting Traex
False break spike to 233.65 then bounced back inside triangle.
Let's see now. Upside target remains at 237.
You know I'm going to ask this - is this the false break you mentioned yesterday?
All hard work brings a profit, but mere talk leads only to poverty.
  • #2,637
  • Apr 5, 2007 6:26am Apr 5, 2007 6:26am
Quoting Sami7
You know I'm going to ask this - is this the false break you mentioned yesterday?
Daily FX :Those dip buyers are banking on the Old Lady hiking the base rate
by 25bp to 5.5% next month (May 10).

Fuckin Buyers...I cant understand this psychology. Buy now hoping they will raise rates in May. Wtf? I expected a serious move and what? now its back to the shit range in which it stayed for 2 days.
We leave no soldier behind.
  • #2,638
  • Apr 5, 2007 6:30am Apr 5, 2007 6:30am
Quoting Sami7
You know I'm going to ask this - is this the false break you mentioned yesterday?
Yep supposedly, altho it was a really quick one. There's possibility that it'll retract the spike again.
Tra-X
  • #2,639
  • Apr 5, 2007 6:30am Apr 5, 2007 6:30am
Just be patient. The rest of the world will have its say soon. It can't stay here for long.

I understand your pain though since I'm in the same boat. Hopefully with the US markets coming online soon we'll see the move we've been expecting.
  • #2,640
  • Apr 5, 2007 6:35am Apr 5, 2007 6:35am
Move upside? or down?
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