Gbp/jpy

[cadarkitek]

PipChick it seems you are on a break today.
I'm looking to go long if price should bounce @ .382/.618 C-convergence. See pic below.

[PipChick]

Originally Posted by cadarkitek

PipChick it seems you are on a break today.
I'm looking to go long if price should bounce @ .382/.618 C-convergence. See pic below.

hmmmmm very nice observation cadar....I see a down h/s forming on the 1 hr so we could see some temporary downward move if the NL gets breached. I will post a chart a little later. We could also see a nice move to the upside if the the rt shoulder gets violated (breached)

[PipChick]

We hit all of our targets today and I placed 3 trades for the day. One of the trades was a little scary. I didnt have a great entry so I took about 50 pips of heat. (not good). I was able to snag 62 total pips for the day tho so not too bad. Attached is yesterdays chart updated. Now we start all over with our analysis. Analysis for tonight and tomorrow to come.

[PipChick]

The attached 1 hr chart displays the trades I will be considering. Keep in mind that the market could become a little volitile due to the News releases. BOE govenor King speaks at 4:45 am est(equivalent to Bernanke for the US) and Consumer Confidence at 10am est. Also see the attached daily chart which displays the INVERSE h/s which the price has been struggling all day to hold above the neck line (red TL) Once the price holds above the NL I think we will see a nice move long. But if it continues to reject the NL then our shorts should come into play. As always, when I take one of my trades and my targets are reached, I will determine at that time whether to take profits and buy another dip or hold the trade as long as it is continuoulsy progressing.

[cadarkitek]

I still see an uptrend, I already place a Long position @ 207.43, I'm seeing a possible C - convergence. See pic below.

[PipChick]

206.17 is the T1 on the sell

[PipChick]

Originally Posted by cadarkitek

I still see an uptrend, I already place a Long position @ 207.43, I'm seeing a possible C - convergence. See pic below.

I dont understand what a C-Convergence is. Would you mind explaining cadar? TY. I agree..witht the inverse on the daily and the 4 hr looking long also, odds are long but I always have an opposite play..heheeheh

EDIT: I worry about the down H/S on the 1 hr chart wreaking havoc on the longs so I will wait for a more confirmed direction. (scardy cat here )

[cadarkitek]

Its a fib. convergence, its a point where there is more than one reason to get into the market. From the A,B, you would look for smaller a,b, spread your fib. from A to B then from a to b. The convergence would be anywhere on the trendline where fib. retracements from A,B and a,b meet, preferbly a .382/.618, forming a C,c convergence.
See pic below.

[4xStar]

Well you guys definitely got your up move after first getting your down move .. pretty good calls so far, I am awaiting your opinions as to what is coming next with this pair

[cadarkitek]

Originally Posted by 4xStar

Well you guys definitely got your up move after first getting your down move .. pretty good calls so far, I am awaiting your opinions as to what is coming next with this pair

Well I'm still Long on this pair. See chart below of my entry.