Gbp/jpy

[BFoley3]

Hi Shakes,

Your Daily Trend Lines look fine.

[shakesfx]

Originally Posted by BFoley3

Hi Shakes,

Your Daily Trend Lines look fine.

Thanks for checking...Good to see if other people see the same as me...sometimes I make the lines fit if you know what I mean...I'm holding on to see what happens when we touch the upper trend line...

Here's what I see today everyone, please jump in and pull it apart...

TECHS:

I think then that 201.90 or 205 previous highs and firm resistance should cap the upside...1hr, 4hr, oversold on Slow Stochs, CCI peaked and turning down....

Daily showing Slow Stocs turning up


FUNDI's: (from last 2-3 days)

US Biege book terrible results...
Could be a quarter cut in interest rates next Month in UK...
RICS report largest percentage drop in house prices in over 20 years from their surveyors...
Bank of England dropped £15 Billion into bankers hands yesterday...


POSITIONS:

(My Positions...I'll be shorting again in the Red Triangle on the Charts below...
I have my own money management style, and with this volitile pair I use large SL's to counter whipsaw.. I am still holding Short positons from high 198, mid and high 199, mid 200.....

PRICE ACTION:

This price is being propped up by whom exactly?
Seems like a systematic buying job forcing price up slowly but surely...with this comes a large, I mean very large drop...My TP levels were 197.40, these are now being dropped to 192ish

I SMELL A BULL TRAP IN THE PRICE ACTION.....of course I may be wrong and we are changing trends...but I don't think so due to economic data...

What does anyone else think?

[BFoley3]

Hi Shakes,

On 03-17-08 there was Bullish Divergence on the GBP/JPY. It went to a high of the the 61% retracement of that divergence on 04-04-08. From there it retraced and touched the 23% retracement on 04-10-08, 04-11-08. and 04-14-08 and bounced off of it each of these days. Earlier today it took out the 61% retracement of the Bullish Divergence and seems to be heading higher.

At least this is what I am seeing on the Daily charts.

Have a good day and enjoy your trading.

[My2buoys]

Hello PC (K),

I finally got my computer back in working order. Hopefully before too long I'll also get my brain back in working order. It looks a little strange to see you designated as a newbie in this thread; (if people only knew how brilliant you really are!). Anyway, now that I have found you here, and designated this thread in my favorites, I shall contribute as I am able. See you when you get back from out of town.

M2B

[moneymagnet2]

hi pc, m2b

just checking in learning how to navigate. hopefully i can contribute a little later

[PipChick]

Hi M2B and MM. Great to see you guys!

[PipChick]

We have an abc pattern on the 1 hr and I think the price should get to about 207.30 to complete it. I bought just a bit ago at 205.21 and as long as price stays above the 1 hr 5 ema we sould be in good shape. Below the 5 ema on the 1 hr and we may get a bigger pullback.

[PipChick]

When I wrote that last post, I was down 7 pips and before I hit the send button it shot up 50 pips. Wild PA.

[PipChick]

THe u/j is hitting some big resistance so it may be a good time to scale out and move stop up.

[PipChick]

If this falls below the 5 ema on the 5 min, I will take all profits and look for another entry.