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GBP/JPY Trading 2008
- Thread starter ForexPro
- Start date
I may be crazy, but I took longs at 213.90 and holding through the weekend. I think a bounce to at least 216.00 is very likely, but would obviously cover/reverse on a break of the 213.40 area.
Also, (and I know this is a weak arguement) G/J seems very oversold and a lot has to do with the weakness in G/U. G/U bounced hard off the most recent lows and tried to make new ones but failed so far. I say "so far" because there really hasn't been enough of a rally off this recent low to bag is at as new low and therefore a higher low. I hope everyone followed all that becaus I barely did lol.
Anyway, I've traded this pair for a long time and know that when you think you are comfortable with it, it'll bite you in the ass. I'm overall bearish, but wouldn't take short positions here. It wouldn't surprise me one bit to see this thing rally to 220.00 area (yes that wasn't a typo) and then have another leg down. She loves to do 50% retracements!
Also, (and I know this is a weak arguement) G/J seems very oversold and a lot has to do with the weakness in G/U. G/U bounced hard off the most recent lows and tried to make new ones but failed so far. I say "so far" because there really hasn't been enough of a rally off this recent low to bag is at as new low and therefore a higher low. I hope everyone followed all that becaus I barely did lol.
Anyway, I've traded this pair for a long time and know that when you think you are comfortable with it, it'll bite you in the ass. I'm overall bearish, but wouldn't take short positions here. It wouldn't surprise me one bit to see this thing rally to 220.00 area (yes that wasn't a typo) and then have another leg down. She loves to do 50% retracements!
I may be crazy, but I took longs at 213.90 and holding through the weekend. I think a bounce to at least 216.00 is very likely, but would obviously cover/reverse on a break of the 213.40 area.
Also, (and I know this is a weak arguement) G/J seems very oversold and a lot has to do with the weakness in G/U. G/U bounced hard off the most recent lows and tried to make new ones but failed so far. I say "so far" because there really hasn't been enough of a rally off this recent low to bag it at as a new low and therefore a higher low. I hope everyone followed all that because I barely did lol.
Anyway, I've traded this pair for a long time and know that when you think you are comfortable with it, it'll bite you in the ass. I'm overall bearish, but wouldn't take short positions here. It wouldn't surprise me one bit to see this thing rally to 220.00 area (yes that wasn't a typo) and then have another leg down. She loves to do 50% retracements!
Also, (and I know this is a weak arguement) G/J seems very oversold and a lot has to do with the weakness in G/U. G/U bounced hard off the most recent lows and tried to make new ones but failed so far. I say "so far" because there really hasn't been enough of a rally off this recent low to bag it at as a new low and therefore a higher low. I hope everyone followed all that because I barely did lol.
Anyway, I've traded this pair for a long time and know that when you think you are comfortable with it, it'll bite you in the ass. I'm overall bearish, but wouldn't take short positions here. It wouldn't surprise me one bit to see this thing rally to 220.00 area (yes that wasn't a typo) and then have another leg down. She loves to do 50% retracements!
Quote from ForexPro:
Cant believe the mini rally after the US mkts shut. Short again at 214.34 st 215 tp 210, adjust stop when 100pips up.
I saw that too. Makes me a bit concerned as to whats in store for Sunday.
I see your point about not moving your stops on a 90p win as GBP/JPY can take that back in a heart beat. On a 250p you could try setting a 89 or 100p trail once you get to 240. Just a though.
Do you get the monthly Currency Mg pdf? Lots of fundi mixed with pretty sound technical.
Quote from Cambist:
I may be crazy, but I took longs at 213.90 and holding through the weekend. I think a bounce to at least 216.00 is very likely, but would obviously cover/reverse on a break of the 213.40 area.
Also, (and I know this is a weak arguement) G/J seems very oversold and a lot has to do with the weakness in G/U. G/U bounced hard off the most recent lows and tried to make new ones but failed so far. I say "so far" because there really hasn't been enough of a rally off this recent low to bag is at as new low and therefore a higher low. I hope everyone followed all that becaus I barely did lol.
Anyway, I've traded this pair for a long time and know that when you think you are comfortable with it, it'll bite you in the ass. I'm overall bearish, but wouldn't take short positions here. It wouldn't surprise me one bit to see this thing rally to 220.00 area (yes that wasn't a typo) and then have another leg down. She loves to do 50% retracements!
It's definitely feasible. We're at a critical S/R on both GU and GY. But S/Rs are meant to be broken.
Just a quick note to those who are following this thread - and I didn't realized there were so many so I thought I'd make this post.
I trade GY using automation with a little bit of fundi that might lead me to open or close a position despite what the trading system might be doing. This is why, for the most part you won't see me calling my trades in real time as, for the most part, I'm not the one pulling the trigger. I'll try to report mine as soon as I can. I could just a easily find myself long or short when I get up in the morning. Needless to say I don't have to use an alarm clock. Forex Pro seems to call trades as well as wins and losses in more real time. I give credit for that.
Please don't ask for the details of the system, brokers and the like in this thread. I don't want this thread to deviate or turn into a pissing contest. If it does I'm gone. This is a GY sounding board for the purpose of helping us trade GY more effectively.
The heart of my participation in this thread is based on the fact that Forex Pro and I (along with other posters) started out based in 2 camps. He trades GY using his skill set which is fundi with a bit of technical. My skill set is technical with a bit of fundi. We're not here to prove who is right or wrong or which method is better. We're, or should I say I'm, here to learn and possibly pick up new skills with an open mind.
I trade GY using automation with a little bit of fundi that might lead me to open or close a position despite what the trading system might be doing. This is why, for the most part you won't see me calling my trades in real time as, for the most part, I'm not the one pulling the trigger. I'll try to report mine as soon as I can. I could just a easily find myself long or short when I get up in the morning. Needless to say I don't have to use an alarm clock. Forex Pro seems to call trades as well as wins and losses in more real time. I give credit for that.
Please don't ask for the details of the system, brokers and the like in this thread. I don't want this thread to deviate or turn into a pissing contest. If it does I'm gone. This is a GY sounding board for the purpose of helping us trade GY more effectively.
The heart of my participation in this thread is based on the fact that Forex Pro and I (along with other posters) started out based in 2 camps. He trades GY using his skill set which is fundi with a bit of technical. My skill set is technical with a bit of fundi. We're not here to prove who is right or wrong or which method is better. We're, or should I say I'm, here to learn and possibly pick up new skills with an open mind.
Good post MrBigFrank. I opened my short on friday night, as i saw a 50pip rally after the wall street close, based on nothing really, maybe only on profit-taking on shorts not willing to hold over the weekend. There was talk also of a Bush financial package, but this wont be until the end of January.
However, Asian traders have not had a chance to respond to the NFP and equity mkt losses (a head & shoulders break in the Dow). So I think the selling & carry liquidation will resume on sunday. That's my logic anyway.
However, Asian traders have not had a chance to respond to the NFP and equity mkt losses (a head & shoulders break in the Dow). So I think the selling & carry liquidation will resume on sunday. That's my logic anyway.