Daily GBP/JPY analysis

From my technical outlook, the news only made the market perform trap only. Looking forwards for a swing soon. Happy trading.
----------------------------------------------------------------

Gbp vs Jpy (1H) - Favourably, I'm looking forward for a breakout towards the lower red trendline to perform corrective wave c in white. Otherwise, please be careful for any breakout towards the upper green trendline.

Eur vs Usd (4H) - I believed market just performed a "bull trap" scenario and therefore, I'm expecting towards a bearish reversal trend scenario either to perform wave 5 (yellow or white) or corrective wave b (magenta).

Aud vs Usd (Daily) - Preferably, I believed the bullish trend is already exausted and therefore, I'm looking forward for a bearish reversal trend scenario to perform major corrective wave C in magenta. Otherwise, please be careful for any "bull trap" scenario. Good luck.

Gbp vs Jpy (1H) - At this moment, I believed market in progress to perform a bearish reversal trend scenario to complete the subcorrective wave c either in white or magenta. Please be careful towards any strong bullish retracement trend scenario perhaps to complete subwave b in magenta or 5 in yellow.

Eur vs Usd (4H) - At this moment, I'm looking forward for a valid "H and S" bearish reversal pattern. Please be careful for any bullish trend either to perform subwave b or ii later. Happy ramadan to sll muslim and good luck.

Say what you like about indicators, they can be useful tools. Experienced traders know there is a lot more to trading than using a few indicators, but most will use indicators in certain circumstances. One indicator that fascinated me when I was younger is the Ichimoku Kinko Hyu, which was developed by a Japanese journalist in the 1960's. His name was Goichi Hosoda, and he was known as Ichimoku Sanjin, which means "What a man on a mountain sees".

Respect is due there, then. My first experience of Ichimoku charting came along in 1987, when I met an elderly couple who later became friends. Once I called round at their house and the lady said, sarcastically, "he's upstairs, looking for set ups". I was invited up to the home office which, of course, had no computer or internet access. Hand drawn, on an A4 sheet of paper, was a beautiful Ichimoku chart.

In Japan and the Far East, the Ichimoku chart has a strong following. Now a computer can plot one in less than a second. When the daily Tenkan Sen crosses the daily Kijun Sen, and the price drops out of the "cloud" it is a bearish signal. It's a sell signal. Take a look at the chart today:



This is almost identical to EUR/JPY. Now take a look at what happened when this signal occured with USD/JPY:

At this moment, I believed market in progress to complete subwave iv either in white or magenta before expecting for another bearish continuation trend scenario. Otherwise, this scenario would invalid if market further break the magenta/white critical line. Good luck and "selamat berbuka puasa".

At this moment, please be extra careful for any possibility towards a truncated and bullish reversal scenario refering to the alt count in yellow. Favourably, I'm looking forward for another bearish continuation trend scenario to complete subwave 5 either in white or magenta. Happy weekends and good luck.

Fib plus weekly resistance:

Hi Smikester

Same chart different channal
Mid Channal just above daily open, no mans land really could go either way do you think

Kiwi

Hi Kiwi:

Yes you are right, in fact mine is not a channel at all and I smiled when I drew it wondering if anyone would notice. Wishful thinking.

However, we are at yesterday's high and I'm seeing some bearish divergence not just on this JPY pair.

Hi Smikester

Yes I agree.
Do you know the correlation with Cable & Geppy
Might be 50 pips on the table, do you think

Cheers Kiwi

Smikester

Might be 100 pips ready for taking here, what do you think?

Cheers Kiwi

I like the chart. Honestly I don't know if there are 50 pips or 500 on the table. I have sell stops waiting at 133 and I'm hoping for 129.50. I'll just play it how it happens.

I totally agree, trade your own plan.
I used to try and get the home run everytime, just to watch my green pips disappear.
Now I target 50 pips risking 10 0r 100 pips risking 15
Most times I get stopped out at BE
But building my account in smaller lots has made life so much easier.
Cable trades closed 50+ x 2
Geppy Trade closed 50+
Chy Jpy BE+20 targeting 100
So far a good night
I hope the pips are falling your way

Cheers Kiwi

Attachment Hi Smikester

Dam wish they would hurry up and drop.
Do you know what setting I could use for a trailing stop.
I hate it when it hovers around my TP
Chy Yen is already 64+ U Yen is 45+ do you think they have any steam left, I am so tempted to close manually grrrr
I believe USD Yen will bounce off theLTL
which will stuff both my trades

What would you do Smikester

Cheers Kiwi

Sorry I don't have a chart for CHF/JPY. What is the next weekly support level? I would move my stop to break even usually. Best to be patient and let them run. It's frustrating when it comes back and takes us out isn't it?

Hi Smikester

I have attached the weekly chart, no real support near, everything is pointing down medium term, but you know forex, anything can happen.

I will hold, thankyou for your advice, sorry for so many charts, northern holidays bahh we finally have some movement.

Cheers Kiwi

Smikester

Might be worth waching, at strong resist area, once retest ltl, breakdown might be quite a ride lol

Kiwi

At last we are off!!

Tracking simlar to AUD CAD

What a night

Cheers Kiwi

Here is my analysis: There is a 123 bottom on the 4 hour, white space on the bottom on the bollinger bands, price has closed above the middle BB, 4 hour macd has crossed up, and there is plenty of room for price to get up to the upper bb. I went in long Friday before the close, so if I am wrong, my face will turn red, and I will run away from this thread like the 3 Stooges as the end of every movie, and I will be a stooge myself, which I probably already am anyway. We will see.http://i382.photobucket.com/albums/o...YAUG132010.jpg

then up to 314, all while the usd/jpy goes up