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Daily GBP/JPY analysis

  • #2,641
  • Apr 5, 2007 6:47am Apr 5, 2007 6:47am
Quoting Traex
Yep supposedly, altho it was a really quick one. There's possibility that it'll retract the spike again.
Yep....sure did.
All hard work brings a profit, but mere talk leads only to poverty.
  • #2,642
  • Apr 5, 2007 6:55am Apr 5, 2007 6:55am
My indicators are saying we need a break below 233.84 to sustain a downward movement.

A couple of points still in the way S1 at 234.01. Time will tell, but it appearst that it might go through these points slowly.
  • #2,643
  • Apr 5, 2007 6:58am Apr 5, 2007 6:58am
Appears to be staircasing down the fib lines from the previous high.
Attached Image
  • #2,644
  • Apr 5, 2007 6:58am Apr 5, 2007 6:58am
Quoting yezbick
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.
Thanx man, that was a very frustrating event, this rate hike, same like last month. Im starting to not care for US not related news anymore, they are just a bunch of crap.
Im also expecting NY session to see the long awaited sell-off, due to the expected strong NFP tomorrow. At least until NFP comes, I wish for a strong sell-off, to cool off the market a bit. Its too overbought and dangerous.
We leave no soldier behind.
  • #2,645
  • Apr 5, 2007 7:01am Apr 5, 2007 7:01am
TRADING ALERT: Mouteki Signal Trigger
FREE ALERT PROVIDED BY http://www.4xwatch.com

Summary

Trendline point 1: low at 2007.04.04 12:00 (234.07)

Trendline point 2: low at 2007.04.04 00:00 (234.06)

First candle below line: 234.03 - 2007.04.05 12:00

Projected profit: 233.22

Details:

1. Lower trendline was drawn by the indicator between the low of the bar at 2007.04.04 12:00( price level of 234.07) and the low of the bar at 2007.04.04 00:00( price level of 234.06)
2. The indicator has detected a qualified breach of that trendline by a candle (bar) opening at a price of 234.03, below the trendline at 2007.04.05 12:00, after a cross of the trendline by a previous candle (bar).
3. In accordance with the Mouteki rules (http://www.forexfactory.com/forexfor...ad.php?t=8464), that is a signal for a possible short entry.


Target projections:

1. Distance from trendline to the highest point was calculated based on the high of the bar on 2007.04.04 08:00 at a price level of 234.88.
2. That distance was found to be 0.81.
3. This gives us a projected takeprofit level at 233.22 (that being a distance of 0.81 from the opening of the qualifying candle at 234.03).




Please note that this indicator is in its Beta stage and is being continually improved.

Please view our terms and conditions regarding these alerts at http://www.4xwatch.com/index.php?opt...d=38&Itemid=45



Alert reference: Alert # DM3.1.3.G-GBPJPY-2402007.04.05 12:00
  • #2,646
  • Apr 5, 2007 7:09am Apr 5, 2007 7:09am
My trip to Bahamas is about to unfold in a week or so.

Awesome the vegas fibs the support 2 for today and 61.8 fib line all met at one place. Pretty rock solid wall of troy to break in.
Attached Image
  • #2,647
  • Apr 5, 2007 7:11am Apr 5, 2007 7:11am
Quoting DonaldInvest
SHORT @234.74

MY 4 LOTS
Closed 3 lots @233.74 (+100) ( 1 running for fun )
  • #2,648
  • Apr 5, 2007 7:44am Apr 5, 2007 7:44am
The spike was not a joke it seems..clear breakout from 1H waves, swing down on the 50 EMA, bad GP news, several signals..etc..etc.

It's time to sell in other words. My TP is 233.45. Expected fulfillment in 7 hours.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #2,649
  • Apr 5, 2007 7:55am Apr 5, 2007 7:55am
Quoting yezbick
Appears to be staircasing down the fib lines from the previous high.
This is an innocent question: do you actually trade monthly charts on GJ? I only ever met a few people who see the wisdom in weekly EUR/USD and GPB/USD charts, but monthly? Do you have grandchildren?
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #2,650
  • Apr 5, 2007 7:58am Apr 5, 2007 7:58am

Yeah, it seems like it, I entered already since it went again under 234...then I cursed the back to 234. 25 up movement, but I am pretty sure that it will go down at least to 233 according to my rules and all the overbought indicators are screaming for downside. What I dont like is this very slow and annoying movement, was expecting a little more volatility. And I wish to see an hourly close under 234.

Would we need more stronger confirmation?

We leave no soldier behind.
  • #2,651
  • Apr 5, 2007 7:59am Apr 5, 2007 7:59am
Quoting Plutonite
This is an innocent question: do you actually trade monthly charts on GJ? I only ever met a few people who see the wisdom in weekly EUR/USD and GPB/USD charts, but monthly? Do you have grandchildren?
Dude M1 chart is 1-min chart, not monthly!
Tra-X
  • #2,652
  • Apr 5, 2007 8:06am Apr 5, 2007 8:06am
Quoting Traex
Dude M1 chart is 1-min chart, not monthly!
Priceless moment. The idea of ppl trading a pair with a 8-pip spread on a 1 min chart never for a second occurred to me. He's still crazy though
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #2,653
  • Apr 5, 2007 8:06am Apr 5, 2007 8:06am
Quoting Plutonite
This is an innocent question: do you actually trade monthly charts on GJ? I only ever met a few people who see the wisdom in weekly EUR/USD and GPB/USD charts, but monthly? Do you have grandchildren?
Just to clarify,

The chart I posted was a 1 minute. I trade the H1 with the GJ.
  • #2,654
  • Apr 5, 2007 8:13am Apr 5, 2007 8:13am
Do we might see in 4H chars first bounce at round 232.50/80 nearbourhood? just looking some fibos and trend lines and wondering.
  • #2,655
  • Apr 5, 2007 8:14am Apr 5, 2007 8:14am
i have been short since i talked with ceasar at 234.05. My question is, is this a movement or will we see this bounce to go higher?
  • #2,656
  • Apr 5, 2007 8:18am Apr 5, 2007 8:18am
Holding out for another test of the 233.64 23.6% fibo on the HOURLY chart -

Adding fibo of the most recent movement up on the Hourly Chart.
All hard work brings a profit, but mere talk leads only to poverty.
  • #2,657
  • Apr 5, 2007 8:20am Apr 5, 2007 8:20am
Quoting bmwboyee
i have been short since i talked with ceasar at 234.05. My question is, is this a movement or will we see this bounce to go higher?
At the speed its moving now, we might reach 233 on Monday But i still trust it. GBP fell under 1.9720, and U/Y was rejected at 119, so I cant understand why so much hesitation
We leave no soldier behind.
  • #2,658
  • Apr 5, 2007 8:21am Apr 5, 2007 8:21am
Quoting gagiul
At the speed its moving now, we might reach 233 on Monday But i still trust it. GBP fell under 1.9720, and U/Y was rejected at 119, so I cant understand why so much hesitation
All hard work brings a profit, but mere talk leads only to poverty.
  • #2,659
  • Apr 5, 2007 8:22am Apr 5, 2007 8:22am
Quoting Sami7
Holding out for another test of the 233.64 23.6% fibo on the HOURLY chart
Yeah, plus 61.8% fib of wave A down (241.XX - 221.XX), that's quite a big one. Bouncing here might take it to 78.6% at 237.
Tra-X
  • #2,660
  • Apr 5, 2007 8:24am Apr 5, 2007 8:24am
Quoting yezbick
Just to clarify,

The chart I posted was a 1 minute. I trade the H1 with the GJ.
That's ok, very funny moment, I trade H1 too on this pair (see above post).

So how is everyone doing today? Thoughts on current movements?
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
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