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The Experts Zone: GBPJPY

  • #361
  • May 31, 2009 10:25pm May 31, 2009 10:25pm
Quoting forexlion
My short targets are denoted by the fib lines in the chart.

Max down will be the 146.58 level if it goes there, then we bounce back upwards.
add 1597 a fib number to 146.53 and we have 162.5 as the target for the uptrend after it hits 46.53

forex is a zero sum game, so if you are holding long positions, there is no need to close, just keep trading.
  • #362
  • May 31, 2009 11:22pm May 31, 2009 11:22pm
Quoting forexlion
add 1597 a fib number to 146.53 and we have 162.5 as the target for the uptrend after it hits 46.53

forex is a zero sum game, so if you are holding long positions, there is no need to close, just keep trading.
Lion
wheres your backstop on your short? Just curious being 35 iin the hole
  • #363
  • May 31, 2009 11:28pm May 31, 2009 11:28pm
Looks like this should be a buy, breaking through upper lines, 4hr turned up and broken into buy one on bollinger, clearly through the clouds on Ichimoku and all lines broken to the upside
  • #364
  • May 31, 2009 11:48pm May 31, 2009 11:48pm
What was the basis for short bias, other than a guesstimate that it might go down and then plugging in fibs this of course assumes that the high was achieved. Just curious as I want to learn something here. I thought it might go down but was leary either way and of course now in the hole quite a bit and if it breaks 154.50 here God knows when it will ever come down
  • #365
  • Jun 1, 2009 12:22am Jun 1, 2009 12:22am
Quoting currencyexch
What was the basis for short bias, other than a guesstimate that it might go down and then plugging in fibs this of course assumes that the high was achieved. Just curious as I want to learn something here. I thought it might go down but was leary either way and of course now in the hole quite a bit and if it breaks 154.50 here God knows when it will ever come down
Quoting forexlion
if you are an intra day trader then it is not advisable for you to follow me, i trade longer weekly/monthly charts
like i said, if you are a short term trader then it is not advisable to follow me.
  • #366
  • Jun 1, 2009 12:23am Jun 1, 2009 12:23am
clear skys above the clouds on this one. Looks like bottom was found in the Asian session Time to cut the losses
  • #367
  • Jun 1, 2009 12:33am Jun 1, 2009 12:33am
Looks like plenty of buyers still ou there as these numbers. I can kick myself on this trade I thought i was getting snookered in aand bought the bait.
  • #368
  • Jun 1, 2009 12:56am Jun 1, 2009 12:56am
How will this affect yen pairs ....
Attached Image (click to enlarge)
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  • #369
  • Jun 1, 2009 1:06am Jun 1, 2009 1:06am
I will just post 2 things here:

 

  1. Never follow the trend, the trend is not your friend, follow the trend to get axed badly. The trend begins when the pros have already made their move, by the time you decide to enter, they are already planning to book profits.
  2. Always trade based on expected reversal levels, look beyond just mere charts and indicators, you should know why the forex market moves the way it does, what affects the moves directly.

  • #370
  • Jun 1, 2009 1:13am Jun 1, 2009 1:13am
Quoting forexlion
How will this affect yen pairs ....

I'm not sure loolking at USD/JPY tells me anything since whether it goes up or down lately has not had much effect on the other pairs as they have been going up even when the USD/JPY was going down. GBP/USD may be a better pair to look at. Just my opinion
  • #371
  • Jun 1, 2009 1:19am Jun 1, 2009 1:19am
Quoting currencyexch
I'm not sure loolking at USD/JPY tells me anything since whether it goes up or down lately has not had much effect on the other pairs as they have been going up even when the USD/JPY was going down. GBP/USD may be a better pair to look at. Just my opinion

I think in hindsight would have been to wait out the Asian market and see if it trended or fell in a range and then sold or bought knowing that direction as it made higher swing high and lower swing low but then broke above that which would seem to indicate buying the dips at this point.
  • #372
  • Jun 1, 2009 4:04am Jun 1, 2009 4:04am
Yen pairs do not correlate the JPY and USD, as the carry trade is anti both currencies, and risk appetite goes into the currencies opposing them. At the moment its AUD.

I have been looking into the yen for the last few days, and it seems to me a bit of a bullish continuation is on the cards for the long term. However if you take a few pips off the table short its possible, but i wouldnt be risking a huge number of pips for a few pips profit in this market.
  • #373
  • Jun 1, 2009 5:01am Jun 1, 2009 5:01am
The only thing that can turn my bias to the upside is the break of 155.72, till then i am bearish for 610 or so pips down.

Added further shorts at 155 and holding.
  • #374
  • Jun 1, 2009 5:34am Jun 1, 2009 5:34am
I thought this is pro thread. Why would you add further shorts to an upmove after a negative rebound in a bullish trend. Its not just the trend of the market, but the psycho trend too. The trend of the mind.

I'm confused.

I would be long for 157 at least (if not longer) stop at 154.10
But I am not trading gbp/jpy today.
  • #375
  • Jun 1, 2009 6:10am Jun 1, 2009 6:10am
Sometime in the near future the reality will set in and the Euphoria that all is well will end and so called risk appetite will come back in, the dollar will rise which will support Gaitners support of a strong dollar. That will be merely rhe correction on the daily chart, otherwise this thing will just rocket back to $2.00, but then that is just my theory. Suspect we will see 156 and maybe 157 but monthly chart is getting very bullish
  • #376
  • Jun 1, 2009 6:43am Jun 1, 2009 6:43am
Got to buy the dips on pair, way to strong to deny it
  • #377
  • Jun 2, 2009 12:09am Jun 2, 2009 12:09am
Quoting forexlion
The only thing that can turn my bias to the upside is the break of 155.72, till then i am bearish for 610 or so pips down.

Added further shorts at 155 and holding.
got stopped out, but nevertheless entered into a long and covered it all later.

i am still long.
  • #378
  • Jun 2, 2009 12:10am Jun 2, 2009 12:10am
Quoting forexlion
My Long target for this month and some part of June.

162.69
looks like i am going to get it after all
  • #379
  • Jun 2, 2009 12:14am Jun 2, 2009 12:14am
Quoting Takisd
I thought this is pro thread. Why would you add further shorts to an upmove after a negative rebound in a bullish trend. Its not just the trend of the market, but the psycho trend too. The trend of the mind.

I'm confused.

I would be long for 157 at least (if not longer) stop at 154.10
But I am not trading gbp/jpy today.
superb,

make one stupid mistake and all of a sudden you are not a pro, i love this.
  • #380
  • Jun 2, 2009 3:35am Jun 2, 2009 3:35am
It is superb, you broke like 4 rules of simple technical trading. Just 1 rule is fair..
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