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GBP/JPY

  • #801
  • Dec 4, 2012 2:21am Dec 4, 2012 2:21am
Quoting DaEdge
If you look at the last 5 days of PA we a series of HL's & HH's with yesterday being an inside day & today not completed. We are currently in a consolidation pattern & favoring a break to the upside.
It will probably break to upside at least once (this time) , probably twice and maybe a third time.
  • #802
  • Dec 4, 2012 2:30am Dec 4, 2012 2:30am
Quoting Mpt
It will probably break to upside at least once (this time) , probably twice and maybe a third time.
It works till it doesn't
  • #803
  • Dec 4, 2012 2:48am Dec 4, 2012 2:48am
what a crazy move..
  • #804
  • Dec 4, 2012 3:02am Dec 4, 2012 3:02am
looks like JPY is gaining strength lately but so is GBP even at a higher rate. Wondering if cable goes back to 1.63
  • #805
  • Dec 4, 2012 3:35am Dec 4, 2012 3:35am
Quoting Mpt
It will probably break to upside at least once (this time) , probably twice and maybe a third time.
It seems you have surrendered. The Japanese will end this game dear. It might reach up to 133.5 max, but it is going down to 128.5 in Dec
  • #806
  • Dec 4, 2012 3:50am Dec 4, 2012 3:50am
Quoting gentlelove30
It seems you have surrendered. The Japanese will end this game dear. It might reach up to 133.5 max, but it is going down to 128.5 in Dec
Why have I surrendered? I simply react to what I see, based on updated data. At the moment it's living in a rising wedge pattern, which probably has a top below 133.4, but a max of 134.2, being top of its apparent channel.

I still envisage this thing is in a bearish wedge pattern and expect it back at 126 ish by year's end and 119 a few weeks after that.

And as far as the Japanese ending it .... everyone seems to believe and trust in the Japanese opposition leader's approach. I simply don't get it. Any politician will say what is required to win office. What if he doesn't?? Even if he does win, no one in their right mind ever believes their own politicians campaigning for office. Why should we, not even living there, have any faith in his ability to make a change. Reminds me a little of a US presidential candidate about four years ago.

No, I expect a considerable drop. After it completes it's consolidation top.
  • #807
  • Edited 4:40am Dec 4, 2012 4:07am | Edited 4:40am
I'm sorry if I upset anyone with my comments. When I said I expected more moves to the upside, I wasn't implying 100's of pips. Just slightly higher moves each time in a rising wedge pattern.

This thing is running out of momentum. It's getting very tired.

Edit It's easy to piss people off when you offer your opinion. I'll visit this forum to see what people are saying, but will avoid posting much in the future
  • #808
  • Dec 4, 2012 4:59am Dec 4, 2012 4:59am
Quoting Mpt
Why have I surrendered? I simply react to what I see, based on updated data. At the moment it's living in a rising wedge pattern, which probably has a top below 133.4, but a max of 134.2, being top of its apparent channel.

I still envisage this thing is in a bearish wedge pattern and expect it back at 126 ish by year's end and 119 a few weeks after that.

And as far as the Japanese ending it .... everyone seems to believe and trust in the Japanese opposition leader's approach. I simply don't get it. Any politician will say what is required...
I just want to remind all that Mr. Abe retreated from the 1% inflation target and hoped for 2%. This means no more easing.
  • #809
  • Dec 4, 2012 5:20am Dec 4, 2012 5:20am
I see this daily chart like this:
Attached Image (click to enlarge)
Click to Enlarge Name: 2F23A91C-2C30-4938-BFD9-48A15A6D0AD8-5.png Size: 126 KB

At Point 6 has no steam to get higher, well maybe a few days, small candles it can, but I think it will be broken an make a bigger retracement.

My bias is a min 300 pip movement to South.

I see no clear sign of start to sell, because it can go 2-8 days more higher. But maybe than is comming the witer holliday, when doesn't move anything as expected.

Thats why I am not sure what to do, maybe is the best to skip this currency trading, and play with others.
I want to buy PATIENCE
  • #810
  • Dec 4, 2012 8:07am Dec 4, 2012 8:07am
E/U way too strong and GBP follows the move. Even though JPY is now gaining strength, it still doesn't take G/J to south because of cable... I think, however, both E/U and G/U should reach short term top soon.
  • #811
  • Dec 4, 2012 12:26pm Dec 4, 2012 12:26pm
Quoting Mpt
I'm sorry if I upset anyone with my comments. When I said I expected more moves to the upside, I wasn't implying 100's of pips. Just slightly higher moves each time in a rising wedge pattern.

This thing is running out of momentum. It's getting very tired.

Edit It's easy to piss people off when you offer your opinion. I'll visit this forum to see what people are saying, but will avoid posting much in the future
I really can't understand why people get upset when others have opposite views of there's when it comes to what side of the market there on. Wake up people someone needs to be on the other side of the trade for you to get your trade. When it comes to professional traders you can tell one to be long & the other to be short on the same instrument & they will both figure out how to make money. There's no room in this biz for emotions. It's not about proving your smarter than the markets or your right or wrong it's about making money. FYI you can make money going with the trend or counter trend if you have a plan & your good. If you can't get past your emotions this biz will eat you alive. MPT this post is not directed at you but it's directed to all those that get upset about opposing views of the market. I'm a very new here & have been trying to share some ideas & people keep sending me nasty message cuz I see the markets differently than them, it's insane. People put your ego aside & focus on making money you might end up learning something. There are tons of great people but there are far to many that are extremely childish as well.
It works till it doesn't
  • #812
  • Dec 4, 2012 12:36pm Dec 4, 2012 12:36pm
DaEdge

your spot on! it's about making pips, and you there are many different ups/downs to be played and many diff time frames and how long an order is open/ what your sl's are, etc. sometimes you can turn a shitty trade into a winner if you wait long enough.....



if you see a direction that you can work, then go for it.

I generally ignore what anyone says so it wont F@@@ with my plan, I read for entertainment and and maybe sometimes learn something. Stick to your own plan and use others as ideas only.....


  • #813
  • Dec 4, 2012 12:42pm Dec 4, 2012 12:42pm
Quoting zephyru
DaEdge

your spot on! it's about making pips, and you there are many different ups/downs to be played and many diff time frames and how long an order is open/ what your sl's are, etc. sometimes you can turn a shitty trade into a winner if you wait long enough.....



if you see a direction that you can work, then go for it.

I generally ignore what anyone says so it wont F@@@ with my plan, I read for entertainment and and maybe sometimes learn something. Stick to your own plan and use others as ideas only.....


As do I, I honestly could careless I'm just shocked at how emotional people are getting. This biz is about 20% skill & 40 % money management & 40% managing yourself & your emotions. I've been in this biz almost 15 yrs & just recently decided to join forums because I left the prop desk I was on & it's pretty boring not being on a desk with a few 100 others & being able to share ideas & thoughts.
It works till it doesn't
  • #814
  • Dec 4, 2012 1:33pm Dec 4, 2012 1:33pm
On this dip going long my first TP is around 133.40, March highs zone.
  • #815
  • Dec 4, 2012 2:49pm Dec 4, 2012 2:49pm
http://i1356.photobucket.com/albums/...ps17d7fd5c.jpg

Million dollar question. Which way will she break? I'm favoring to the upside.
It works till it doesn't
  • #816
  • Dec 4, 2012 8:53pm Dec 4, 2012 8:53pm
upward move is always instantaneous....
  • #817
  • Dec 4, 2012 9:49pm Dec 4, 2012 9:49pm
New Chinese stimulus rumor, just what the markets needed to wipe out all those stop loss orders. lol
Yay! Pips for everyone!
  • #818
  • Dec 4, 2012 10:21pm Dec 4, 2012 10:21pm
Quoting Pipsforall
New Chinese stimulus rumor, just what the markets needed to wipe out all those stop loss orders. lol
Shorting any of these crosses before the elections & fiscal cliff is out of the way is very dangerous.
It works till it doesn't
  • #819
  • Dec 5, 2012 12:05am Dec 5, 2012 12:05am
Quoting DaEdge
http://i1356.photobucket.com/albums/...ps17d7fd5c.jpg

Million dollar question. Which way will she break? I'm favoring to the upside.
BOJ’s Nishimura: BOJ has, and always will, be open to any new monetary policy scheme
Written by Pete Jackson
December 5, 2012 at 05:34 GMT
BOJ will debate if September, October’s easing was enough
Have to consider costs/benefits of any new steps taken to beat deflation
Economy may be undershooting our forecasts
Output wasn’t necessarily good in Oct but the decline appears to have stopped although its too early to day it has bottomed out
Will look closely at key economic Japanese/US data before considering any policy response
Source: http://www.forexlive.com/
  • #820
  • Dec 5, 2012 10:40am Dec 5, 2012 10:40am
Just everywhere you buy it gets rescued in 24hrs
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