GBP/JPY Trading 2008

[ForexPro]

I'd like a rise in gbp/jpy to improve my risk reward. Am currrently using the equity mkts and bond mkts as a road map. But every time they rise GBP/JPY crawls upwards.

On days like this you can get retraces which should be sold, but other times you just have to jump in, maybe with half your position, as you know you wont get a better price before it gets lower.

I'd expect 12,000 to be touched on the Dow today. Otherwise whats the point in driving it so close.

 

[ForexPro]

Gone short at 208.72 with 1/2 my normal size as risk reward is not that good. But it means my stop can be twice as big.

St 209.72 tp 207.1

 

[ForexPro]

TP hit +162 on fridays half position.

 

[ForexPro]

Wow. Like other threads I just cant believe the losses in stock mkts around the world. The makes me feel there is more to come.
Its not unfeasabile for GBP/JPY to lose 1500pips in a day. I still think its overvalued in relation to other mkts.
Only fly in the ointment is an aggressive inter-meeting cut by Bernanke.

So short 206.1 tp 2.04 (will review at the time) stop 208.1

Exciting times.

 

[bigmrfrank]

Short from 208.53 via ATS last night. Sitting right on R1 of 206.65 at the moment with 207 being a more significant R2 and R3 @ 208.25. S1? Who knows at this point. The 1hr, 4HR and daily price action is all riding the bottoms of thier respective trendline channels which seems to be proping up price at this time but that might fail shortly. 15MIN is riding the top of it's trendline channel which, if I wasn't already in, could be a selling opportunity.

Exiting times indeed FP.

 

[bigmrfrank]

Seems to be quite heavy *support* @ 205.80. Needs to be broken to continue the downward momentum.

 

[ssblack]

You mean support? Lol.

Great trade on your ATS, I added to my short with it, thanks.

 

[bigmrfrank]

Quote from ssblack:

You mean support? Lol.

Great trade on your ATS, I added to my short with it, thanks.

Duh - made a brain fart. Thanks for the catch. Sub 205 if we get past 205.70.

 

[ssblack]

I think for tomorrow (looking at live values, could change at 5 EST today) a good target would be 204.74.

I'll try to remember to update the value based on today's close.

 

[superbfx]

gbp/jpy is heading to 202.00 like I mentioned last time (too bad i didnt notice my post was deleted, cuz my mistake of posting a link to my blog; nice work admin )

I am going to sell again at 206.80 area.

Cheers.