look einstein,
you've just made a post. short term memory?
Lady in the drugstore
"Hey Mister, I'd like pills for amnesia".
"Yes, m'am. How many"
"How many what?"
here is a daily view of the GBP/JPY. I see a H&S with the neckline broken at 232.50 or so. The distance from the top of the head to the neckline equals the distance from the neckline all the way down to 221 where the drop stopped. This is what one would expect from a H&S pattern. A 38.2 retracement would bring us at about 228, but i think more likely is to go for a 50fib retracement to 231.50or so, just shy of the current levels of the 50SMA. (Draw a longterm daily on the GBP/JPY and put a 50SMA, see how many times it acted as support, so now likely to be first major resistance on the way up. The fall from there might bring us back down to 229 (the 38Fib) or 226 (23.6Fib). Then I would prob expect a further rise to test the old neckline at 235, which are also the current levels of the 100SMA. Of course these are just my scribblings , any insights welcomehttp://img73.imageshack.us/img73/273...pydailykn6.jpg
Start building a short position now and will keep pilling up for every 100pip rise, all the way to 241 (if it ever goes back up there)
Basilides nicely done!
just curious i am rather new here. and as you sad you start pilling up shorts one. what do you mean exaly?
I just mean that I began building a short position and if the pair keep creeping up, I will just keep entering more short positions. I can do that because my trading style is such that I do not go for 50-100pips profit, as you can see. I may have some small secondary positions where I go for such profits in the short term, but my main positions are kept for several days/weeks, and as such are often built gradualy.
