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Daily GBP/JPY analysis

  • #16,261
  • Feb 6, 2012 11:36am Feb 6, 2012 11:36am
Quoting 123456789
200pips a day has long gone
gj is no longer as sexy as it used to be...
True enough, though it is much easier to trade these days
  • #16,262
  • Feb 7, 2012 10:47am Feb 7, 2012 10:47am
Realise this is after the fact..but seeing as how this is a continuous learning process for us all here and documenting our trades no doubt help in the process...seeing as how this worked out decided to share with you all..

the setup itself:

-Daily chart using Price action and support and resistance trading.

Price moving up over last couple days broke trendline 24th. Seeing as how I only base trades on daily candles I essentially had to wait for price to come back and retest that area. Eventually price spun back and retested the line. From there was looking at a good place to make a buy trade.
Attached Image(s) (click to enlarge)
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  • #16,263
  • Feb 8, 2012 1:26am Feb 8, 2012 1:26am
Quoting ombletrader
shorting this pair @ 119.78 with a target @ 119.38.
I do believe you picked the BOTTOM, you have long career ahead of you!

Hello, are you still there?

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It takes a lot for me to IGNORE you, but you can try.
  • #16,264
  • Feb 8, 2012 7:31am Feb 8, 2012 7:31am
Thanks for your insight, very helpful. I feel my weakness is in waiting for setup.


Quoting fork-forex
Realise this is after the fact..but seeing as how this is a continuous learning process for us all here and documenting our trades no doubt help in the process...seeing as how this worked out decided to share with you all..

the setup itself:

-Daily chart using Price action and support and resistance trading.

Price moving up over last couple days broke trendline 24th. Seeing as how I only base trades on daily candles I essentially had to wait for price to come back and retest that area. Eventually price spun back and retested the line. From...
  • #16,265
  • Feb 9, 2012 8:53am Feb 9, 2012 8:53am
gbp jpy daily
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  • #16,266
  • Feb 9, 2012 1:12pm Feb 9, 2012 1:12pm
Quoting longshot_nl
gbp jpy daily
- Hello longshot, do u have any idea why all JPY pairs are going up now?

- Thanks in advance.
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  • #16,267
  • Feb 9, 2012 6:12pm Feb 9, 2012 6:12pm
Quoting Ziko9o8
- Hello longshot, do u have any idea why all JPY pairs are going up now?

- Thanks in advance.
i look for turning points and patterns.
i posted my GJ turning point chart before.
entry got triggered but no hard rejection yet.
i am also short nzd jpy also for the reason in this chart.
a close above high would invalidate turning point.
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  • #16,268
  • Feb 9, 2012 6:27pm Feb 9, 2012 6:27pm
my ej setup.
if GJ goes down and EJ still goes up then EG should go up.
looking to that pair it seems about right.
but it still is gambling.
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  • #16,269
  • Feb 10, 2012 5:56am Feb 10, 2012 5:56am
this is difficult..

my level got broken but its testing another TL right now.
the fib is a match.
there is no hard rejection yet.

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the hourly could be a bearish formation.

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if daily closed above 122.63 probably more bulls.
we need a rejection spike here.

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This here daily chart shows diagonal resistance.

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  • #16,270
  • Feb 10, 2012 6:37am Feb 10, 2012 6:37am
Quoting longshot_nl
if daily closed above 122.63 probably more bulls.
we need a rejection spike here.

Attachment

looking good but rest of day left

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  • #16,271
  • Feb 14, 2012 3:13am Feb 14, 2012 3:13am
echo
  • #16,272
  • Feb 14, 2012 5:26pm Feb 14, 2012 5:26pm
Preferably, I'm looking forward for a potential of bearish retracement trend scenario either refering to the alt counts in yellow or aqua. Otherwise we may see an extension of wave 1 in white. Good luck.
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  • #16,273
  • Feb 19, 2012 5:10pm Feb 19, 2012 5:10pm
At the moment, I believe market in progress to complete subwave iii or wave 3 either refering to the alt counts in aqua, yellow or white. Favourably, I'm looking forward for a potential of "Bull Trap" pattern and a bearish retracement trend scenario later. Good luck.
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  • #16,274
  • Feb 24, 2012 12:46am Feb 24, 2012 12:46am
http://s13.postimage.org/6l18js6lx/bull.png
128.50-80 area before we see our overbought signal kick in. Then we're going to have correction. Short Term Trading.
  • #16,275
  • Feb 24, 2012 1:54am Feb 24, 2012 1:54am
HOw about the big picture guys? Has the next upwards move started? Isn't it the time for long term carry trades?
go go go
  • #16,276
  • Feb 26, 2012 10:12pm Feb 26, 2012 10:12pm
I posted this scenario earlier in the GJ, GU and EU thread.

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  • #16,277
  • Feb 27, 2012 5:33pm Feb 27, 2012 5:33pm
At the moment, I'm looking forward for a potential of bearish retracement trend scenario either to perform wave 4 in aqua or yellow. Formation of subcorrective wave a,b and c would bolster to this scenario. Otherwise, we may see an extension of wave 3 in white. Good luck.
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  • #16,278
  • Feb 29, 2012 5:03pm Feb 29, 2012 5:03pm
Favourably, I believe market in progress to complete a "bull trap" pattern of subcorrective wave b before a potential of bearish retracement trend scenario to perform subcorrective wave c/4 either in aqua or yellow. A pullback or false breakout from the aqua/yellow critical line would bolster to this scenario. Otherwise we may see another bulllish continuation trend scenario in white. Good luck.
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  • #16,279
  • Mar 2, 2012 12:24am Mar 2, 2012 12:24am
GBP/JPY


Daily Pivots: (S1) 128.10; (P) 128.86; (R1) 129.91
In spite of the strong rebound, GBP/JPY is still limited by 129.65 resistance and hence, intraday bias remains neutral. Some more consolidative trading could be seen but downside is expected to be contained above 125.46 support and bring another rise.
very nice, good price..!
  • #16,280
  • Mar 2, 2012 12:38am Mar 2, 2012 12:38am
Quoting Jose Louis
GBP/JPY


Daily Pivots: (S1) 128.10; (P) 128.86; (R1) 129.91
In spite of the strong rebound, GBP/JPY is still limited by 129.65 resistance and hence, intraday bias remains neutral. Some more consolidative trading could be seen but downside is expected to be contained above 125.46 support and bring another rise.
If you're going to quote ActionForex, then at least have the decency to reference their work.

And, by the way, it's no longer limited by 129.65
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