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Daily GBP/JPY analysis

  • #2,881
  • Apr 9, 2007 11:01am Apr 9, 2007 11:01am
Lower trendline breached on GBPJPY @ 233.86 on 240 minute timeframe

TRADING ALERT: Mouteki Signal Trigger
FREE ALERT PROVIDED BY http://www.4xwatch.com

Summary

Trendline point 1: low at 2007.04.06 12:00 (233.80)

Trendline point 2: low at 2007.04.05 12:00 (233.50)

First candle below line: 233.86 - 2007.04.09 16:00

Projected profit: 233.13

Details:

1. Lower trendline was drawn by the indicator between the low of the bar at 2007.04.06 12:00( price level of 233.80) and the low of the bar at 2007.04.05 12:00( price level of 233.50)
2. The indicator has detected a qualified breach of that trendline by a candle (bar) opening at a price of 233.86, below the trendline at 2007.04.09 16:00, 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 2007.04.06 16:00 at a price level of 234.58.
2. That distance was found to be 0.73.
3. This gives us a projected takeprofit level at 233.13 (that being a distance of 0.73 from the opening of the qualifying candle at 233.86).




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-2402007.04.09 16:00
  • #2,882
  • Apr 9, 2007 11:15am Apr 9, 2007 11:15am
Quoting yezbick
Lower trendline breached on GBPJPY @ 233.86 on 240 minute timeframe

TRADING ALERT: Mouteki Signal Trigger
FREE ALERT PROVIDED BY http://www.4xwatch.com

Summary

Trendline point 1: low at 2007.04.06 12:00 (233.80)

Trendline point 2: low at 2007.04.05 12:00 (233.50)

First candle below line: 233.86 - 2007.04.09 16:00

Projected profit: 233.13

Details:

1. Lower trendline was drawn by the indicator between the low of the bar at 2007.04.06 12:00( price level of 233.80) and the low of the bar at 2007.04.05 12:00( price level of 233.50)
2. The indicator has detected a qualified breach of that trendline by a candle (bar) opening at a price of 233.86, below the trendline at 2007.04.09 16:00, 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 2007.04.06 16:00 at a price level of 234.58.
2. That distance was found to be 0.73.
3. This gives us a projected takeprofit level at 233.13 (that being a distance of 0.73 from the opening of the qualifying candle at 233.86).




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-2402007.04.09 16:00

thanks.
All hard work brings a profit, but mere talk leads only to poverty.
  • #2,883
  • Apr 9, 2007 11:24am Apr 9, 2007 11:24am
Quoting yezbick
Lower trendline breached on GBPJPY @ 233.86 on 240 minute timeframe


3. This gives us a projected takeprofit level at 233.13 (that being a distance of 0.73 from the opening of the qualifying candle at 233.86).
Hope this is right cause I have my buy limit sitting right there...

However, I don't like declarations of broken trendlines, trend reversals and breakouts in a thin market like this. One trader in the opposite direction and there you have the experts coming back declaring "false trendline break, fase trend reversal, false breakouts"

I know I'm only going to start making money here when I start thinking like the big money think. And today the big money mind is: "go do something else".
  • #2,884
  • Apr 9, 2007 11:38am Apr 9, 2007 11:38am
Quoting cesarnc
Hope this is right cause I have my buy limit sitting right there...

However, I don't like declarations of broken trendlines, trend reversals and breakouts in a thin market like this. One trader in the opposite direction and there you have the experts coming back declaring "false trendline break, fase trend reversal, false breakouts"

I know I'm only going to start making money here when I start thinking like the big money think. And today the big money mind is: "go do something else".
buy limit? buy order?
All hard work brings a profit, but mere talk leads only to poverty.
  • #2,885
  • Apr 9, 2007 11:43am Apr 9, 2007 11:43am
Quoting cesarnc
I know I'm only going to start making money here when I start thinking like the big money think. And today the big money mind is: "go do something else".
I agree. I am out until we see movement for sure.
  • #2,886
  • Apr 9, 2007 11:43am Apr 9, 2007 11:43am
Quoting Sami7
buy limit? buy order?
I won't trade short to 233.13 no way. I'll start building long inventories at that level... Keep it inline with the trend...
  • #2,887
  • Apr 9, 2007 12:02pm Apr 9, 2007 12:02pm
i've been long since Friday from 234.33. the price action this morning didn't look good but if it begins to turnaround and sets up just right i'd be willing to add to my position.


my stop is in the 233.40 area; limit in the 236.20 area.
  • #2,888
  • Apr 9, 2007 12:04pm Apr 9, 2007 12:04pm
Quoting risktaker989
i've been long since Friday from 234.33. the price action this morning didn't look good but if it begins to turnaround and sets up just right i'd be willing to add to my position.


my stop is in the 233.40 area; limit in the 236.20 area.
I also have been in a long since Friday, and at this point will let it ride.
All hard work brings a profit, but mere talk leads only to poverty.
  • #2,889
  • Apr 9, 2007 12:27pm Apr 9, 2007 12:27pm
Quoting cesarnc
Hope this is right cause I have my buy limit sitting right there...

However, I don't like declarations of broken trendlines, trend reversals and breakouts in a thin market like this. One trader in the opposite direction and there you have the experts coming back declaring "false trendline break, fase trend reversal, false breakouts"

I know I'm only going to start making money here when I start thinking like the big money think. And today the big money mind is: "go do something else".
233.10~30 sounds about right. also just above 233.50 must be breached first.

gj is still in the neutral stance.
BAM BAM BOOM! -bravado
  • #2,890
  • Apr 9, 2007 12:33pm Apr 9, 2007 12:33pm
Quoting cesarnc
Hope this is right cause I have my buy limit sitting right there...
the avatar. it's better then the cat one.

i approve.
BAM BAM BOOM! -bravado
  • #2,891
  • Apr 9, 2007 12:37pm Apr 9, 2007 12:37pm
Quoting bravado
the avatar. it's better then the cat one.

i approve.
Thanks...

It is just me or this is the worst day to trade EVER ?
  • #2,892
  • Apr 9, 2007 1:20pm Apr 9, 2007 1:20pm
Here is Oanda's current position chart. If we could just see 234.60 ish we might pick up a few orders for a running start. On 3, 1 2 3 ....

http://fxtrade.oanda.com/resources/t...ce_GBP_JPY.png
"Only when the tide goes out will we know who is swimming naked."
  • #2,893
  • Apr 9, 2007 1:36pm Apr 9, 2007 1:36pm
Quoting cesarnc
Thanks...

It is just me or this is the worst day to trade EVER ?
it's you.

but seriously though, i am going to take your advice. got some business i have to take care of. be back around asian session.
BAM BAM BOOM! -bravado
  • #2,894
  • Apr 9, 2007 1:45pm Apr 9, 2007 1:45pm
Quoting pipped oFF
Here is Oanda's current position chart. If we could just see 234.60 ish we might pick up a few orders for a running start. On 3, 1 2 3 ....
Practical question: How many pips would all Oanda traders be able to move, say, Cable if they enter all together at the same time in the same direction?

I always looked at Oanda's charts for reference only. Never to imagine that the positions there were actual market movers...
  • #2,895
  • Apr 9, 2007 2:57pm Apr 9, 2007 2:57pm
Quoting cesarnc
Practical question: How many pips would all Oanda traders be able to move, say, Cable if they enter all together at the same time in the same direction?

I always looked at Oanda's charts for reference only. Never to imagine that the positions there were actual market movers...

I wonder the same, but you can figure that Oanda could be seen as a sample of the positions that the market has taken as a whole. In the case of no motion like today. The sample taken at Oanda appears to be a small version of the whole market.
  • #2,896
  • Apr 9, 2007 3:07pm Apr 9, 2007 3:07pm
Hey Cesar this Oanda chart may just be their pending orders. I doubt it accounts for commercial / institutional trades but i just posted it as a gauge; which could be a problem as there are many retailers who just aren't sure and place both long and shorts. I haven't actually compared it to the COT data yet. I know everyone has been talking about getting on the same page and swinging the market but forex is nothing like the futures market, right?
"Only when the tide goes out will we know who is swimming naked."
  • #2,897
  • Apr 9, 2007 3:28pm Apr 9, 2007 3:28pm
Quoting pipped oFF
Hey Cesar this Oanda chart may just be their pending orders. I doubt it accounts for commercial / institutional trades but i just posted it as a gauge; which could be a problem as there are many retailers who just aren't sure and place both long and shorts. I haven't actually compared it to the COT data yet. I know everyone has been talking about getting on the same page and swinging the market but forex is nothing like the futures market, right?
"Future" is all we have to rely on after this lousy day...

It happens that some strong statements made here during a nearly non-trading-day get to my nervers... Trendline BUSTED declarations, trend reversal, the whole package.

The market today was a FART. And everybody spent the whole day trying to figure out where this HURRICANE was going to....
  • #2,898
  • Apr 9, 2007 3:50pm Apr 9, 2007 3:50pm
Quoting cesarnc
... Trendline BUSTED declarations, trend reversal, the whole package.
The market today was a FART. And everybody spent the whole day trying to figure out where this HURRICANE was going to....
This was an amusing thread to read today. That trendline break really caught me off guard.
  • #2,899
  • Apr 9, 2007 4:14pm Apr 9, 2007 4:14pm
looks like it woke up for a minute here.
  • #2,900
  • Apr 9, 2007 4:31pm Apr 9, 2007 4:31pm
Added another position - long.
All hard work brings a profit, but mere talk leads only to poverty.
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