GBP/JPY

Quoting Mpt

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I'll change my outlook EVER so slightly. I don't think this up wave has completely finished yet and any initial retrace may only be 20~40 pips. I half expect it to top out at around 129.45 and not above 129.6.

Why?? Because I still think this wave is a wave 2, with wave 1 starting at 129.6. The most basic but solid rule is that wave 2 can never go beyond wave 1.

So, if it breaks 129.6 by even half a pip, the next stop is likely to around 130.9, where the top of the possible channel sits, in conjunction with the Daily 800 SMA.

As with...

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Quoting IndigoPingvi

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129.6? We crossed it. Did we had to close above it or just cross it? Anyway, I think this video pretty much explain what happened:
http://www.youtube.com/watch?NR=1&v=...ture=endscreen

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Quoting Mpt

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No that wave count assumption is 100% invalid with a breach of 12 pips. And the long term supposed trend line was breached.

BUT, that same line was breached in April 2011 at 140 (also by about 40 pips). Oddly enough that original deviation from what was assumed to be a major trendline now lines up with the original starting point at 146 back in April 2010 and where price just stopped at.

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Quoting IndigoPingvi

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That was a few days after the earthquake and G7 and MoF intervention, right? There was an ECOFIN meeting that day and positive GBP data, could that breach of the Trendline has to do something with the news and volatility connected with this? Market noise so to speak?

This was 1H chart that day. That 1H spike I think corresponds to the GBP news data. The fact that we had at a later day several touches to this Main Trendline makes this 1H pin a market noise (in my opinion).

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Quoting Mpt

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I vaguely recall it being at a quiet time of the day ... a bit like today's move.

On a lighter note, I would say it's very bullish .... it's up a whole 8 pips from where it was 3 weeks ago

But, unless it breaks out somewhere shortly , I suspect it's going to be hanging around for a few more days

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Quoting IndigoPingvi

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I agree, statistically we suppose to have about 2 or more range days. But tomorrow is somewhat important JPY data, so we might move ... somewhere

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Quoting Mpt

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It's good to know that the "market" is as confused as everyone else. It doesn't know whether to turn the lower (original) TL into resistance or support

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Quoting tashkent

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price will definitely be there where it has to be. and market will do it despite people are confused or not.

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Quoting Mpt

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In the meantime, I have decided to move into selling t-shirts, as trading this thing is somewhat tedious.

I have three versions available. One in Green. One in Red. And one in Green and Red.

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Quoting IndigoPingvi

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Hehe, keep it together, mate! Price doesn't wana go far away without emas. Is been 18 4H bars since we last touched 20 ema, when price descent 2 weeks ago price needed 23 bars for a touch.

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Quoting Mpt

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Could you put that into a language I could understand? Us t shirt sellers aren't too bright you know.

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Quoting IndigoPingvi

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Sure! Green is a new red.

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Quoting IndigoPingvi

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It is posible that price will not stop at 131 (supose to be chanel). I am looking into posible 133-134, not this week of course, but this kind of weekly moves were quite common back in the days for weekly.

Why is it so quiet here today?? Did I do something?

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Quoting smart boy

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going down

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