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GBP/JPY

  • #61
  • Aug 14, 2012 12:28am Aug 14, 2012 12:28am
Yesterday pre London open most of the pairs were red, today, everything is green. It looks like JPY is loosing strength across the board... Pix taken as a screenshot from finance.yahoo.com
Attached Image (click to enlarge)
Click to Enlarge Name: 2012_0013.gif Size: 15 KB
  • #62
  • Aug 14, 2012 12:34am Aug 14, 2012 12:34am
Quoting IndigoPingvi
Yesterday pre London open most of the pairs were red, today, everything is green. It looks like JPY is loosing strength across the board... Pix taken as a screenshot from finance.yahoo.com
Sounds great, everything looks bullish, chart looks bullish, trendline is broken upwards, then we shall see bullish movement , It's time to relax and watch GJ do it's thing coz we've done our part.
Trade what you see, not what you think.
  • #63
  • Aug 14, 2012 3:29am Aug 14, 2012 3:29am
Quoting karmostaji
Sounds great, everything looks bullish, chart looks bullish, trendline is broken upwards, then we shall see bullish movement , It's time to relax and watch GJ do it's thing coz we've done our part.
4H QQE crossed upwards and candles closed above 4h gann, upper triangle broken, enjoy the pips
http://img23.imageshack.us/img23/2337/36305475.gif
Trade what you see, not what you think.
  • #64
  • Aug 14, 2012 4:18am Aug 14, 2012 4:18am
Yeah! I am using 4 EMAs for Dynamic support/resistance, the first one got hit, pair moved only 75 pips today, so there is still space to go North. Carefully at 127 area, Price might bounce and create Bullish channel.
Attached Image (click to enlarge)
Click to Enlarge Name: 2012_0014.gif Size: 18 KB
  • #65
  • Aug 14, 2012 4:59am Aug 14, 2012 4:59am
Bearish candle an hour ago. DO you think it'll drop now?

Also, I'm just new here. Is it true that JPY doesn't react with economic calendars?
  • #66
  • Aug 14, 2012 5:11am Aug 14, 2012 5:11am
Quoting tradechamp
Bearish candle an hour ago. DO you think it'll drop now?

Also, I'm just new here. Is it true that JPY doesn't react with economic calendars?
I'm remaining bullish as long as GJ is above 4h gann and 4h 50ema, but that's me and I could be wrong. Trade at your own risk!

As for news, I don't care much about news unless it is NFP or something major otherwise I just trade the charts.
Trade what you see, not what you think.
  • #67
  • Aug 14, 2012 5:13am Aug 14, 2012 5:13am
Quoting tradechamp
Bearish candle an hour ago. DO you think it'll drop now?

Also, I'm just new here. Is it true that JPY doesn't react with economic calendars?
"to drop" is a wide term. If you are you are satisfied with 15-20 pips, then yes, it might drop, but looking through wide angle lens I highly doubt. It crossed the Descending channel. Read the rest of the posts here and you will understand signs.

As far as economic calendars are concerned, it is not the news per se that moves the market but large investors. If they decide to go with the news so be it, if they decide to go against the news then you will see it on the chart. You have to go with the chart, the chart is always right. Look at higher time frames, look through the many time frames of the same pair.
  • #68
  • Aug 14, 2012 1:48pm Aug 14, 2012 1:48pm
First target was hit @ 123.75 which we can clearly see as a resistance level on the 4h/daily chart
Hopefully we can close the daily candle above 50ema and that signals to me more upward movement but maybe we might have retracement to daily 50ema/5sma before resuming upwards to next target which is the TL @ 124.40 and if broken then 50% fibo @ 125.30

http://img684.imageshack.us/img684/8532/34958217.gif
Trade what you see, not what you think.
  • #69
  • Aug 15, 2012 1:20am Aug 15, 2012 1:20am
Daily candle closed above 50ema and resistance we had around 123.20 area, that's good news for bulls

http://img808.imageshack.us/img808/4097/23885181.gif


On the 1h chart, we can see price has stalled and ranged a bit and touched DP several times. In the meantime 1h QQE has crossed downwards and recovering from yesterday's bullish move, once we get a 1h QQE cross upwards and a 1h candle close above gann, I'd expect the bullish move to continue to next resistance area @ 124.75

http://img41.imageshack.us/img41/4229/gj1h.gif
Trade what you see, not what you think.
  • #70
  • Aug 15, 2012 3:35am Aug 15, 2012 3:35am
1h QQE crossed upwards and a 1h candle closed above gann hilo, and up she goes

http://img855.imageshack.us/img855/8712/gj1hy.gif
Trade what you see, not what you think.
  • #71
  • Aug 15, 2012 4:02am Aug 15, 2012 4:02am
Quoting karmostaji
1h QQE crossed upwards and a 1h candle closed above gann hilo, and up she goes

There appears to be some resistence around 123.90 - 123.92. Do you think there is enough momentum for GJ to break this?
  • #72
  • Aug 15, 2012 4:15am Aug 15, 2012 4:15am
Quoting Freshpips
There appears to be some resistence around 123.90 - 123.92. Do you think there is enough momentum for GJ to break this?
As long as price remains above 1h/4h gann hilo, I expect it to break..

Gotta have patience n stick to the plan.
Trade what you see, not what you think.
  • #73
  • Aug 15, 2012 4:30am Aug 15, 2012 4:30am
Quoting karmostaji
As long as price remains above 1h/4h gann hilo, I expect it to break..

Gotta have patience n stick to the plan.

I was long earlier from 123.73 and closed my position @ 123.90 after price was strongly rejected from the 123.92 area. It wasnt worth the risk to keep position open...
There has been a few strong rejections from this level in the last month, 11th July, 12th July and 18th July... Will wait for confirmation of a break before opening a long... I have no idea whaen this might be though...
  • #74
  • Aug 15, 2012 4:35am Aug 15, 2012 4:35am
Quoting Freshpips
I was long earlier from 123.73 and closed my position @ 123.90 after price was strongly rejected from the 123.92 area. It wasnt worth the risk to keep position open...
There has been a few strong rejections from this level in the last month, 11th July, 12th July and 18th July... Will wait for confirmation of a break before opening a long... I have no idea whaen this might be though...
It all depends on which timeframe you trade, I trade mostly on Daily/4h/1h TF's.
Trade what you see, not what you think.
  • #75
  • Aug 15, 2012 4:51am Aug 15, 2012 4:51am
Quoting karmostaji
It all depends on which timeframe you trade, I trade mostly on Daily/4h/1h TF's.

I trade off 1H and use this to find my levels, and cross reference them with 4H and Daily aswell. However, to find specific entry points i sometime use 5m/15m.
Why would the difference in time frame change the levels or resistence/support?? Surely levels are levels??
I know that there will be different candlestick patterns/formations, but the levels remain the same...
  • #76
  • Aug 15, 2012 4:59am Aug 15, 2012 4:59am
Quoting Freshpips
I trade off 1H and use this to find my levels, and cross reference them with 4H and Daily aswell. However, to find specific entry points i sometime use 5m/15m.
Why would the difference in time frame change the levels or resistence/support?? Surely levels are levels??
I know that there will be different candlestick patterns/formations, but the levels remain the same...

It will add often more lvls of resistance/support on lower timerframes - some of them are not valid in higher timeframes, so that changes a lot.
  • #77
  • Aug 15, 2012 5:03am Aug 15, 2012 5:03am
Bearish GBP/JPY from the last hour. What do you think guys, will it hold?
  • #78
  • Aug 15, 2012 5:19am Aug 15, 2012 5:19am
Quoting tradechamp
Bearish GBP/JPY from the last hour. What do you think guys, will it hold?

Levels to watch 123.61 and 123.40. If either of those 2 hold then I think we have more upside left to go. Just need to take out 123.92
  • #79
  • Aug 15, 2012 5:28am Aug 15, 2012 5:28am
Quoting Freshpips
I trade off 1H and use this to find my levels, and cross reference them with 4H and Daily aswell. However, to find specific entry points i sometime use 5m/15m.
Why would the difference in time frame change the levels or resistence/support?? Surely levels are levels??
I know that there will be different candlestick patterns/formations, but the levels remain the same...
Quoting Haqu
It will add often more lvls of resistance/support on lower timerframes - some of them are not valid in higher timeframes, so that changes a lot.
Well said Haqu.

We definitely have good resistance at 123.90 area, we can clearly see it on a daily/4h chart, will it break? We shall see.
Trade what you see, not what you think.
  • #80
  • Aug 15, 2012 5:43am Aug 15, 2012 5:43am
Quoting Freshpips
I trade off 1H and use this to find my levels, and cross reference them with 4H and Daily aswell. However, to find specific entry points i sometime use 5m/15m.
Why would the difference in time frame change the levels or resistence/support?? Surely levels are levels??
I know that there will be different candlestick patterns/formations, but the levels remain the same...
I know what your saying and agree, hence me saying I cross reference the lower time frame levels with the bigger time frame to see if they are still valid. Obvsiously I didnt explain that in enough detail.
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