Daily GBP/JPY analysis

Really like your new avatar Sami7.

Nice stand off

tabasco sauce, i just realized tonight it makes everything or anything taste pretty much the same.

2:30am JPYBOJ Governor Fukui Speaks http://www.forexfactory.com/images/m...mpact_high.gif

http://www.forexfactory.com/images/m...l_analysis.gif

Just found this on FF......

wow nice rally guys. should have bought at 233.70...starting to admire cesarnc more and more

Wht do u guys think? 235 breakthrough seems likely or some of u still have short term downtrend view?

Alot of supply at 235. If you noticed last Friday and also today, the market had to be taken down 100+ pips to absorb positive news. Seems that big money flows are a little nervous. It will be interesting to see how the market reacts to the 235 level this time.

Dip buy pay off... Taking 1/2 GJ for 82pips...

2 positions left, carrying 83 and 10 pips now... Let this baby run...

Well, Im curious too, but I have a feeling it will react by going through it...probably not during London, but NY session. Seems that now cable supports gy, instead of u-y, which is strangely quiet. Im also confident abt this because it also broke a down trend line which started last wed...so I guess the consolidation period of 1 week is over.

No reason for admiration... Save it for the day I make a miliion out of this dreaded market.

Sharing my view:

It happens that I care little for techis and very, very much for fundis.

Fundi#1: Dollar is weak: needs very strong NFP to go up and just one rumor to be sold hard - (The WTO against China this time)

UJ
By Tokyo open there was this sudden dollar selloff. Just ahead of BOJ rate statment that was said across the board to be keeping rates unchanged, which does not favour JPY longs.

So this USD selloff brought UJ to a very attractive price just ahead of this rate statement. I bought it.


GJ
Fundi #2: carry trades favoured on strong Equity Market sessions:

At the same time, Cable (GU) soared and broke resistance at 9630. So the chance that Cable was going to rebound was minimal, because that would require USD buyout across the board, just after it was sold heavily...

By 223.70 I jumpped in, never to look back. This price was at the side of the smaller risk.

The major risk was only a sudden carry trade selloff that would be buffered by the BOJ statement, not favouring JPY longs.

Second risk was UJ going up (backed by BOJ) and GU going down for some reason. And then my GJ would stall, no problem...

Never looked an indicator for this trade.

But my blood was chilling with all bears calling for GU at 9550 (or lower). This time I stood with my view, since I've lost money before jumpping in other people's.

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

Summary

Trendline point 1: high at 2007.04.06 16:00 (234.58)

Trendline point 2: high at 2007.04.05 08:00 (234.78)

First candle above line: 234.44 - 2007.04.10 08:00

Projected profit: 235.69

Details:

1. Upper trendline was drawn by the indicator between the high of the bar at 2007.04.06 16:00( price level of 234.58) and the high of the bar at 2007.04.05 08:00( price level of 234.78)
2. The indicator has detected a qualified breach of that trendline by a candle (bar) opening at a price of 234.44, above the trendline at 2007.04.10 08:00, 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 long entry.


Target projections:

1. Distance from trendline to the lowest point was calculated based on the low of the bar on 2007.04.05 12:00 at a price level of 233.50.
2. That distance was found to be 1.25.
3. This gives us a projected takeprofit level at 235.69 (that being a distance of 1.25 from the opening of the qualifying candle at 234.44).




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-2402007.04.10 08:00

yes sir. great job my friend. I loaded some gbp/usd also. i closed the gbp/usd out though for 65 pips.

Just T/P'd GBP/JPY @ 235.05, from 234.30., Nice 75pip profit.

Now I'm short EUR/JPY @ 160.05, with 159.55 target.


Happy trading everyone.

any ideas when we will see trend down ? looks like I'm stuck with henging order

my suggestion to all : do not trade against the trend. I see a lot of people doing that in this thread. Just one of the lessons i learned the hard way.

Anyone else letting this run? Still in long from Friday and additional long positions. Target 236.53.

233.85 ................> holding


wat a nice day ?

Kind of like the trading this last week?

I am only buying on dips. This morning I took a lot off the table. Will look to add other positions as well.

Good luck man.

Actually I'm a lady

Even better. Good lady luck there.