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well, I recon I'm wrong as soon as price breaks 126.10=stop loss. Till then its 50/50. Just following my trade plan, this pattern works out around 60% of the time. If it doesn't,I'll move on to the next signal- its a game of statistics...
Good luck
2nd TP (the trendline) was hit and now price is sitting above the TL, I think GJ needs to take a breather, maybe range a bit, retrace a bit or form a bull flag, and if price remains above 124 then we will have a weekly candle close above weekly gann and I would definitely expect to see higher levels (61.8% fibo) in the coming weeks

http://img402.imageshack.us/img402/7047/68091455.gif
Quoting mscf
shorted the 'beast' @ 124.6 with 150pip stop [email protected] 126.1 and first target =123.1
Nice Gartley Pattern on daily chart,counter short term trend.Long term we're in a downtrend,so let's see what happens.....
I see the harmonic pattern on 4h/daily but the formation is not completed IMO (I'm no harmonic guru) and to me it will get invalid more likely, but you may be able to grab some pips if GJ retraces a bit.

http://img163.imageshack.us/img163/8572/15488634.gif

Long term we might be in a downtrend, but how much uptrend can your account withhold? Up or Down, just follow the trend n collect the green pips
4H chart making reverse Head and shoulders, whoever is shorting should be very careful. Price stalls many time to wait for EMAs, they bring additional liquidity.
Trendline acting as support now, I'm expecting 1h QQE to cross back upwards and a 1h candle to close above 1h gann and we shall see 61.8% fibo (126.80) today, but then again it's friday.. expect anything

http://img201.imageshack.us/img201/6053/95385256.gif
We can see on 4H chart that Price is ranging, but at the same time getting more volatile (bars are bigger). Last bar was Bullish Outside Bar/Bullish Pin Bar of the Trendline. Bulls are not giving up, they are just waiting for the EMAs to get closer. If price would drop, don't get to excited, the crossroad of 2 EMAs would provide rather strong support.
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Quoting IndigoPingvi
We can see on 4H chart that Price is ranging, but at the same time getting more volatile (bars are bigger). Last bar was Bullish Outside Bar/Bullish Pin Bar of the Trendline. Bulls are not giving up, they are just waiting for the EMAs to get closer. If price would drop, don't get to excited, the crossroad of 2 EMAs would provide rather strong support.
Bulls look strong and this range is just a breather for the beast before the next push up, and price is ranging between the trendline and resistance @ 124.90
Hi all, I believe it will drop further down to about 123.4 or lower before continuing its hike upwards. Here's my proof on it!
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A 1 pip gain is better than a 1 pip loss.
Quoting aeternum
Hi all, I believe it will drop further down to about 123.4 or lower before continuing its hike upwards. Here's my proof on it!
Proof?? ..on it?

Wow! I imagine you'll be throwing everything INCLUDING the kitchen sink short at it then.
Ghost Rider - WWTBMD?
Quoting aeternum
Hi all, I believe it will drop further down to about 123.4 or lower before continuing its hike upwards. Here's my proof on it!
I like your indicator! Where can I get it? Is it free?
Quoting albchr
Proof?? ..on it?

Wow! I imagine you'll be throwing everything INCLUDING the kitchen sink short at it then.
Wish I could throw that much! Love the sarcasm though
A 1 pip gain is better than a 1 pip loss.
Quoting IndigoPingvi
I like your indicator! Where can I get it? Is it free?
Its actually from THV Cobra, its on this very forum. Located at the Trading Systems thread I think
A 1 pip gain is better than a 1 pip loss.
  • Post #133
  • Quote
  • Edited at 4:54pm Aug 17, 2012 4:43pm | Edited at 4:54pm
Interesting news:
http://forexblog.oanda.com/20120817/...-1-from-china/

Price slightly jumped up across the YEN pairs, then found some resistane and is now rising again across the YEN pairs. Do I understand correctly that with "The Japanese as a net buyer of foreign bonds" YEN's strength will weaken?
Quoting mscf
well, I recon I'm wrong as soon as price breaks 126.10=stop loss. Till then its 50/50. Just following my trade plan, this pattern works out around 60% of the time. If it doesn't,I'll move on to the next signal- its a game of statistics...
Good luck
Why is JPY so weak....? Lots of bad Euro news....one would think contagion would drop GBPJPY like a rock...
Quoting glenngie
Why is JPY so weak....? Lots of bad Euro news....one would think contagion would drop GBPJPY like a rock...
imagine the gbpjpy u need to called them " the craziest " if them taking a rolling uptrend it will be ferrari F350 also for downtrend hehe
(y)

just be careful with that pairs
Looked up the monthly trend - perhaps everyone knows this but... the pair is actually at the bottom of its entire range - at least til May '91 that I can see. whatever the fundamentals are, that is very impressive. i thought we were 'high' but actually, we have a long way to go. the gbp has a tendency to rise in September, too.

by contrast, aud usd is as far as i can tell near the top of its range and has a long way to drop.... even though most of us prefer to buy it.
Quoting Greenstar
Looked up the monthly trend - perhaps everyone knows this but... the pair is actually at the bottom of its entire range - at least til May '91 that I can see. whatever the fundamentals are, that is very impressive. i thought we were 'high' but actually, we have a long way to go. the gbp has a tendency to rise in September, too.

by contrast, aud usd is as far as i can tell near the top of its range and has a long way to drop.... even though most of us prefer to buy it.
Yup next 3-5 yrs aud prob will be headed down (China bubble)
Looking at the weekly chart, the candle is closing above the weekly gann and we have to see if QQE is going to cross or not, but anyways it's a bullish sign to me, but we have some resistance ahead of us, 50%, weekly 50ema, and a resistance level @ 125.80
Plus, it's the first time in 5-6 weeks that GJ closes back above the 38.2% fibo level, that might turn into support now.

http://img20.imageshack.us/img20/450/gjw.gif


Now let's look at the daily chart, we had a nice rally as expected and price has gone through some key levels, daily candle closed above 50ema, 123.75 resistance level and sitting right on 124.75 (trendline) resistance level now.
As long as price remains above daily 50ema, gann hilo, my next targets are 50%, 61.8%, and the upper TL @ 128 area

http://img341.imageshack.us/img341/8485/gjd.gif
Quoting aeternum
Wish I could throw that much! Love the sarcasm though
I'm glad you took that with the humor intended. I watch this thread and when I came across the word "proof", well...I just couldn't resist.

To karmostaji, My apologies for commenting on your thread with nothing "constructive". I don't believe in cluttering up another's thread and won't do it again.

I'm impressed with your trading views and will continue to watch.
Ghost Rider - WWTBMD?
My view... Anything can happen on Monday. I actually expect a gap up when market opens due to Friday night market news. Not to much but still a gap. Very likely is also a test of TL/124.5 area with Dynamic support in 20 EMA 4H, 153 EMA Daily and 20 EMA Weekly. Bullish look with some obstacles on the way. GBP News on Monday morning will accelerate or decelerate Price across 125.5 and 126.4-5 resistance. If Price slide easily through those levels I might reconsider my 127 TP area and push it higher, especially if market is copying Jan/Feb this year where we had 10 weeks of climbing.

There are about 350 pips till the upper TL of a Bullish channel, this is quite possible for a GBP/JPY weekly move. Should the Price close above this channel we might see 131 in 2 weeks. For a day trader who is satisfied with 25 pips per day this means nothing. For someone who is trying to see a bigger picture this might (nothing is certain in FX) be an excellent opportunity. I am currently running 6 Buy positions with cumulative 700+ pips in green and I would like to thank everyone here for participating - with whatever system they are running and whatever direction they are claiming the Price will go.
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