Thread: GBP/JPY Equity Building Profitable trading strategies
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Old 07-24-2008, 11:52 PM
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Andrewunknown Andrewunknown is offline
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A couple things worry me about downside potential though at the daily level.

1) Unless something happens between now and 0000 ET, the Guppy is completing a bearish engulfing candle that will definitely take in yesterday's up candle - a close much below 213 consumes the two previous candles as well. No confirmation until tomorrow, but El Toreador may continue the rampage then.

2) Similarly, USD/JPY has a tweezer top forming with identical highs from yesterday and today @ 107.98. Also indicative of a top.
1) Guppy support on fib fan speed line @ 212.45.

Next areas of interest: 212.23 (also 208-214 fib fan speed line support here), 211.95, 211.79, and then back to 211.02.

2) With further downside during Tokyo here, USD/JPY is shaping up as a tweezer top, bearish engulfing if there is no retrace. Next support in the 106.95 area, then down to 106.50 and 106.25.
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