Gbp/jpy

[piptrain]

Originally Posted by piptrain

4h channel, gonna hold??

nope....nope....

[PipChick]

Originally Posted by piptrain

nope....nope....

hehehehehehehe

[PipChick]

1 hr ABC pattern, but where is "c"? The macd and cci are over bought so we may need a deeper retrace.

"C" could form on the 1 hr chart at the 50% or the 61% fib and then head back north.

I will watch for a dbl bottom to form on the 1 hr chart around the 50 or 61% fib and then place a buy.

If the above does not happen and If price falls below the 61.8 (good shorting area), then I suspect the price will go to the 38.2 fib on the 4 hr chart before heading back up (or even the 50%).

I will be watching the cci and macd for confirmations if price reaches the above mentioned prices (for a buy) before entering a trade.

I will also watch the u/j and the dow charts to make sure they are not breaking significant supports when (if) g/j reaches the buy area. This helps to guage whether or not we will have the deeper 4 hr retrace.

[PipChick]

A lot of times, once price exceeds the 50 ema, it will head for the 100 and once exceeded, it will go for the 200ema. If the 200 ema fails, it could cause a reversal with a large move southbound.

[4xStar]

Oh man am I glad to find this thread .. I'm relatively new at Forex, although traded stocks for several years, and already I've fallen in love with this pair that I've nicknamed my 'Vegas Geisha'. Geisha because japanese, and Vegas because ... well don't have to explain that to anyone who's traded it.

Knowing how the story ended, I started at the beginning of this thread and read through, it was like an exciting novel .. when would you guys figure out that stunning reversal? In real time it caught me off guard and I missed most of it, so I am really really happy to have found a place with people who are savvier then I in trading this pair and I hope to learn a lot .. and maybe contribute a bit now & then as well if I can.

Here's to many more pips from my VG!

Where next? I think the daily 200 could be the next stop, and I am purely a technician, still learning the basics of forex fundies. She's bouncing on the topside of the daily 50 here, right along the hourly 100. I just hope there will be something resembling a good consolidation, then another run up and at some point a lovely short back down. I still havn't developed the ideal chart to read this pair, so if anyone has good input as to settings on a hourly, 4 h, daily chart, I'd love to know.

Thanks to all for a great read

[PipChick]

Looking at the 4 hr chart, price came to the 50% fib and bounced back up forming a nice abc pattern.

1 hr chart...Price is currently sitting on the 38.2 of todays move which also forms an abc pattern. Its possible for price to retrace to the 50 or 61.8 fib. I will watch for a bounce here for a possible buy but if it remains heavy as it looks now, I will watch for a 50% fib bounce for a buy. The abc pattern will remain valid as long at the 61.8 is not breached.

[PipChick]

Am still flat...will be back to check the charts in an hour or so.

[PipChick]

Not much happened throughout the afternoon. The 4 hr and 1 hr ABC patterns are still intact and we now have a tight triangle formed on the 1 hr. Im thinking 1st scenario i would consider is to buy a 1 hr close above the hourly TL and shoot for todays hi first then the yellow target lines. A less risky scenario would be to wait for a break of todays hi and shoot for the yellow target lines. For a sell...risky because its against the trend, but I may sell a break of 204.94 with a very tight stop. Trading against the trend is always risky. Also, as piptrain mentioned to me earlier, we now have an inverse h/s on the daily along with an ABC pattern. (daily abc targets shown in yellow) We know one thing for sure..when the daily neck line (upper red trendline) is breached, we are in for a decent sized long.As price approaches the buy or sell areas, I will be watching the g/u and the u/y and also the Nikkei.

[PipChick]

Welcome 4xstar!

[PipChick]

missed the 204.94 break but am considering a break short of 204.59. Dependent on the g/u and u/j when price approaches that level. 1 st target would be 204.13.Edited