Daily GBP/JPY analysis

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

Summary

Trendline point 1: high at 2007.04.10 12:00 (235.33)

Trendline point 2: high at 2007.02.26 20:00 (237.02)

First candle above line: 235.77 - 2007.04.11 08:00

Projected profit: 251.46

Details:

1. Upper trendline was drawn by the indicator between the high of the bar at 2007.04.10 12:00( price level of 235.33) and the high of the bar at 2007.02.26 20:00( price level of 237.02)
2. The indicator has detected a qualified breach of that trendline by a candle (bar) opening at a price of 235.77, above the trendline at 2007.04.11 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 2007.03.05 20:00 at a price level of 221.05.
2. That distance was found to be 15.69.
3. This gives us a projected takeprofit level at 251.46 (that being a distance of 15.69 from the opening of the qualifying candle at 235.77).




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

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Alert reference: Alert # DM3.1.3.G-GBPJPY-2402007.04.11 08:00

How does the fib rules operate after reaching the 161.8?

Just trying to figure out when the top is coming. This pair at this point will need some bad news to change its direction to the -.

Daily fib shows we have passed the 161.8 level from a daily high on 3-26-07.

Perplexing . Can it reach the 261.8 at 239.76? What doest the Elliot Wave theory have to say?

Well, I can't complain at least it is now moving.

i will start from the good thing my long order since 235.10 got closed at 236.00 90 pips overnight bad thing is my short order still open the question thing , when this demon will go down ???? will it breach 3rd resistance level at 236.32 ? it was getting close to it ...

That's how the fib looks like based on EW. It's a fib expansion. Just my opinion.

stop trading against the trend is my suggestion to you.

I still long since 234.45 .

but i think that it all depends of the USD news later today.

im out guys

see later

still have two long ones open. i will close one of them if it gets somewhere 236.50

I'm out with +168 pips before Bernanke speaks at 1:00 EST.

Agree. I was on a trip and closed my longs at low 235s and 119s to wait for the US news...

Last time Bernanke spoke I ended my day as if I had been hit by a truck. He spoke for 1h, if I remember, and dolalr went nuts for 2 days

First moves across the board...

10:48 Dow is really starting to get hammered, and one cannot help but think, "is there some hawkish comments due out today from the Fed". heads up

http://www.nyse.com/about/listed/lcd...ezd=1D&index=0

Got this, too:

10:24 Stocks down 50 mpts now and we should see that filter into some dollar yen selling and maybe more importantly, yen cross selling. Watch Gbp/Usd below 1.9750

wow indeed dow is getting hammered down. got out.

the order is from 04.05 i thought that the thrend was changing at that time ..... got additional trend indicators .....

I'm looking at 237 when I will be selling. Anyone else?

Good idea.

I think it's a good price to look at. But the "sentiment" that Bernanke will bring to the market is key.

If his speech triggers profit takings in the stock market, most likely we will be able to make nice pips on UJ and GJ correction downwards (I'm not going to call it DOWNTREND, because the move up from 222 - 236 cannot be ignored - strong uptrend).

Fib retracement from lows 222 and 229 to high 236 is good to set the targets for this correction. Although below 233 I´ll start thinking about building long positions again...

Cable breaching 9750 with UJ below 119 then short GJ @ market

anybody up for the scientific experement ? just make as many as you to get the price down and maybe i will close my short order or we will see if we will be able to move market for 1 pip on 1 sec

236.38 looks very interesting. If we get a clean break above this point it could keep going north to 240.94 Monthly R2 pivot point.

Needing one of this for UJ too... coz anything above 238 means UJ above 120.00

What's with all the yen buying? Anyone knows what's up? There's no news release for JPY.