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Daily GBP/JPY analysis

  • #2,781
  • Apr 8, 2007 5:11pm Apr 8, 2007 5:11pm
Try placing a huge buy order below your short position..you know, a few hundred million might pull the price down a bit so you can get out.
Illegitimi Non Carborundum
  • #2,782
  • Apr 8, 2007 5:40pm Apr 8, 2007 5:40pm
Quoting Choopyaz
Try placing a huge buy order below your short position..you know, a few hundred million might pull the price down a bit so you can get out.
a few billion might move it... maybe a few pips... lol
  • #2,783
  • Apr 8, 2007 5:42pm Apr 8, 2007 5:42pm
Quoting Vitaliy

P.S. somebody pull the price down for a few min plz
I hope that we do have a dip into lower 234's so I can pick up some longs. Maybe during the Asian session. Nothing but noise right now.
  • #2,784
  • Apr 8, 2007 5:45pm Apr 8, 2007 5:45pm
Good to see you have an exit strategy
Illegitimi Non Carborundum
  • #2,785
  • Apr 8, 2007 5:57pm Apr 8, 2007 5:57pm
Wow, look what we have here:


http://fxtrade.oanda.com/resources/t...ce_GBP_JPY.png
"Only when the tide goes out will we know who is swimming naked."
  • #2,786
  • Apr 8, 2007 6:04pm Apr 8, 2007 6:04pm
Do you think there's a concensus building?
Illegitimi Non Carborundum
  • #2,787
  • Apr 8, 2007 6:08pm Apr 8, 2007 6:08pm
waiting for the right moment to short gj.

right now it could go either way. my bias bearish.
BAM BAM BOOM! -bravado
  • #2,788
  • Apr 8, 2007 6:09pm Apr 8, 2007 6:09pm
http://fxtrade.oanda.com/resources/t...ve_GBP_JPY.png

how is it possible for people to have positions at 240?
  • #2,789
  • Apr 8, 2007 6:25pm Apr 8, 2007 6:25pm
long term traders. or maybe traders who forgot their account, or dead.
BAM BAM BOOM! -bravado
  • #2,790
  • Apr 8, 2007 6:34pm Apr 8, 2007 6:34pm
oops, i totally forgot that the high 3 months ago was 241..
  • #2,791
  • Apr 8, 2007 7:14pm Apr 8, 2007 7:14pm
Quoting bravado
waiting for the right moment to short gj.

right now it could go either way. my bias bearish.
What's your selling price? 3480/3500 I'm short. 3380/3400 I'm long. I think that we will be in a range until BOJ rate statement.
  • #2,792
  • Apr 8, 2007 7:24pm Apr 8, 2007 7:24pm
For the divergence expert - I don't really understand divergence. I also don't care much about very complex technicalities. But when it comes to DAILY chart, then I start worring.

GBPJPY is in overbought RSI area in the DAILY chart. And the Price x RSI formation looks like a divergence to me.

Is that something to keep in mind? Looks like the potential is for a big fall...

Now coming to what I'm better at:

Dow Jones is also making consecutive highs for 2 weeks without retracement / profit taking. Once this happen, it can fuel a big GJ selloff, thus matching with the divergence - if there's one.

I'd like to know it this price x RSI formation is a divergence that we should start worring about.

Thanks.
  • #2,793
  • Apr 8, 2007 7:29pm Apr 8, 2007 7:29pm
Quoting wep561
What's your selling price? 3480/3500 I'm short. 3380/3400 I'm long. I think that we will be in a range until BOJ rate statement.
i'd like to see it go below 234.20 first and stay there.

the fundamental and technical both point at longing this pair for now. i'm looking for signs that would tell me otherwise cause longing this pair would be too easy. maybe it's just one of those free money trades. who knows?

about ranging- this monday and tuesday are passover in the states so technically holiday as well.

not much can be ruled out at this moment.

we'll see what happens.
BAM BAM BOOM! -bravado
  • #2,794
  • Apr 8, 2007 7:33pm Apr 8, 2007 7:33pm
yes also I was going to mention that its a holiday time ... crazy things can happen... there was a short signal when I entered short... after that next few bars were neutral, and on friday it became an uptrend .... weird stuff happens sometimes.
  • #2,795
  • Apr 8, 2007 7:37pm Apr 8, 2007 7:37pm
Quoting cesarnc
For the divergence expert - I don't really understand divergence. I also don't care much about very complex technicalities. But when it comes to DAILY chart, then I start worring.

GBPJPY is in overbought RSI area in the DAILY chart. And the Price x RSI formation looks like a divergence to me.

Is that something to keep in mind? Looks like the potential is for a big fall...

Now coming to what I'm better at:

Dow Jones is also making consecutive highs for 2 weeks without retracement / profit taking. Once this happen, it can fuel a big GJ selloff, thus matching with the divergence - if there's one.

I'd like to know it this price x RSI formation is a divergence that we should start worring about.

Thanks.
good point on dow jones.

i'm not an avid RSI user, but i'm curious about this as well since you mentioned it. if anyone can answer this question, it'll be appreciated.
BAM BAM BOOM! -bravado
  • #2,796
  • Apr 8, 2007 7:41pm Apr 8, 2007 7:41pm
Quoting cesarnc
For the divergence expert - I don't really understand divergence. I also don't care much about very complex technicalities. But when it comes to DAILY chart, then I start worring.

GBPJPY is in overbought RSI area in the DAILY chart. And the Price x RSI formation looks like a divergence to me.

Is that something to keep in mind? Looks like the potential is for a big fall...

Now coming to what I'm better at:

Dow Jones is also making consecutive highs for 2 weeks without retracement / profit taking. Once this happen, it can fuel a big GJ selloff, thus matching with the divergence - if there's one.

I'd like to know it this price x RSI formation is a divergence that we should start worring about.

Thanks.
What settings are you using on your rsi? I just checked my daily with a RSI 14 and I'm not seeing divergence. My Rsi is hanging there at a 58 value and won't become overbought until about 235.50 or better.
  • #2,797
  • Apr 8, 2007 7:44pm Apr 8, 2007 7:44pm
Based on how the Chart formation is now. We really could see 230.30's to 227's...... although 239's are just over ther horizon.... tomorrow will tell for sure anyone who trades this pair and know candle stick formations can see a reversal is imminent this pair trades 200 to 300+ pips per day, for the last 3 days it has not even traded 100pips know your pair and how it's behavior when trading. Price action is the key to everything in forex. There are 1 of 3 postions you can take when trading. Long, Short, or none at all. Its ok not to be in a position at times.. Let the market show it's hand then open your position

Happy Trading.....

FiXmE1ToO
  • #2,798
  • Apr 8, 2007 7:47pm Apr 8, 2007 7:47pm
Quoting dukeofdents
BUY! BUY! BUY!

I do not give individual financial advice. Any information I disseminate is completely general, and based on your specific situation, may result in a gain or loss of money. I am not, nor do I claim to be, a certified financial advisor. The securities, equities, and futures markets carry a high degree of risk only warranted by your own tolerance for that risk. Kids, don't try this at home...
clear your position
indlesomnia
  • #2,799
  • Apr 8, 2007 7:49pm Apr 8, 2007 7:49pm
i do think that the more it ranges the way it has been ranging since april 4th, more likely it is for this pair to go up to 235.50 (+-10 pips) area and more assessment will be needed then for further up or a reversal.
BAM BAM BOOM! -bravado
  • #2,800
  • Apr 8, 2007 7:52pm Apr 8, 2007 7:52pm
Quoting wep561
What settings are you using on your rsi? I just checked my daily with a RSI 14 and I'm not seeing divergence. My Rsi is hanging there at a 58 value and won't become overbought until about 235.50 or better.
RSI tells you this? how? because i happen to agree.
BAM BAM BOOM! -bravado
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