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Daily GBP/JPY analysis

  • #3,661
  • Apr 22, 2007 9:55pm Apr 22, 2007 9:55pm
I'm not sure we won't be seeing a deeper correction here.
All hard work brings a profit, but mere talk leads only to poverty.
  • #3,662
  • Apr 22, 2007 10:02pm Apr 22, 2007 10:02pm
Quoting Sami7
USD/JPY is right now at 118.86 recovering its bullish trend that will be confirmed above our first resistance for today at 119.05. A break trough this point, could lead the pair to 119.30, 119.55 and finally the zone around 119.80/90. Supports today will be at 118.55, 118.20 and 117.90.

GBP/USD is right now at 2.0032 and the pair seems exhausted after two bullish weeks; although the pair remains bullish and over bought, 4 hours charts are giving signals of a possible correction today, being supports 2.0005, 1.9985, and 1.9940. Resistances today will be at the zone around 2.0050/60, 2.0080 and 2.0110.

Have a great trading day!
We may be heading down to 117.90 if we blow through 118.20
All hard work brings a profit, but mere talk leads only to poverty.
  • #3,663
  • Apr 22, 2007 10:07pm Apr 22, 2007 10:07pm
Went short @237.58, looking to get back out around 236.50, then waiting on London.
  • #3,664
  • Apr 22, 2007 10:14pm Apr 22, 2007 10:14pm
Quoting dedhed
Went short @237.58, looking to get back out around 236.50, then waiting on London.

cool avatar dedhed, hang on to that position perhaps, much more to come me thinks
"Millionaires don't use astrology, billionaires do"
  • #3,665
  • Edited 10:21pm Apr 22, 2007 10:17pm | Edited 10:21pm
If we stay another 30-40 pips down in the next 4 hours, then I hate to say this but we will be in another dip period. I am +40 on a short (dangerous trade, but the big boys are on my side).

I strongly recommend those holding longs abandon them for the moment at least. Maybe London will completely reverse this and we will be happy again, but long positions *right now* are at risk.

Just learned sellers in Tokyo AND Europe triggering this. How do they decide these things together like that?
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #3,666
  • Apr 22, 2007 10:27pm Apr 22, 2007 10:27pm
Thanks Orion, nice av yourself. I agree with yours and Plutonite's statements, that there is more to come , and that there is a really good chance of a nice drop here, though I have yet to see any real signs of a reversal on any timeframes longer than one hour, and am moving my SL to BE as I type this, hehe. (+55 atm)
  • #3,667
  • Apr 22, 2007 10:30pm Apr 22, 2007 10:30pm
Dedhed yes days of it
"Millionaires don't use astrology, billionaires do"
  • #3,668
  • Apr 22, 2007 10:49pm Apr 22, 2007 10:49pm
Closed my short and i think its now time to move up... Getting ready for a long Who else?
  • #3,669
  • Apr 22, 2007 10:52pm Apr 22, 2007 10:52pm
Quoting jaree
Closed my short and i think its now time to move up... Getting ready for a long Who else?
I also closed mine.......but not thinking of going long. or may go.....undecided.
  • #3,670
  • Apr 22, 2007 10:59pm Apr 22, 2007 10:59pm
Here is why I am not closing my short , also why I am not considering a long just yet.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpyh1.gif Size: 10 KB
  • #3,671
  • Apr 22, 2007 11:06pm Apr 22, 2007 11:06pm
Quoting dedhed
Here is why I am not closing my short , also why I am not considering a long just yet.
Ded,

would you please tell me what is the parmameters of those MAs?
  • #3,672
  • Apr 22, 2007 11:06pm Apr 22, 2007 11:06pm
hopefully long ... my SL is almost hit ....236.77....
  • #3,673
  • Apr 22, 2007 11:13pm Apr 22, 2007 11:13pm
Quoting Vitaliy
hopefully long ... my SL is almost hit ....236.77....
I'm thinking further down perhaps to 236.20?
All hard work brings a profit, but mere talk leads only to poverty.
  • #3,674
  • Apr 22, 2007 11:17pm Apr 22, 2007 11:17pm
Quoting Sami7
I'm thinking further down perhaps to 236.20?
Now it is at 61.8% line if you draw fibs from the high and low of last week.
  • #3,675
  • Apr 22, 2007 11:18pm Apr 22, 2007 11:18pm
The drop has stopped exactly at the 50% retrace of the last rally on the 15 min chart. So far, not even the 1 min chart has turned up, so the down move is still valid, and could continue.
Trading Levels with WRBs
  • #3,676
  • Apr 22, 2007 11:21pm Apr 22, 2007 11:21pm
Closed short far too early only to see it has dropped another 60 pips down lol. Oh well at least it served its purpose as week open gap scalp.
Tra-X
  • #3,677
  • Apr 22, 2007 11:22pm Apr 22, 2007 11:22pm
236.80 is am important level - has held as support for the last 4 daily bars - if it breaks, those holding shorts will be in business.

Kind Regards
Steve
  • #3,678
  • Apr 22, 2007 11:22pm Apr 22, 2007 11:22pm
That's around 236.50 on my chart.

Quoting sarama001
Now it is at 61.8% line if you draw fibs from the high and low of last week.
  • #3,679
  • Apr 22, 2007 11:25pm Apr 22, 2007 11:25pm
Quoting steviet
236.80 is am important level - has held as support for the last 4 daily bars - if it breaks, those holding shorts will be in business.

Kind Regards
Steve
Why do i have the nagging feeling that its where you will place your entries? hehe. And i am looking for the exact same break here, before i move the stops.
  • #3,680
  • Apr 22, 2007 11:26pm Apr 22, 2007 11:26pm
Quoting Traex
Closed short far too early only to see it has dropped another 60 pips down lol. Oh well at least it served its purpose as week open gap scalp.
See you decided to give trading this pair a shot - even if it may only be for the gap scalp.
All hard work brings a profit, but mere talk leads only to poverty.
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