GBP/JPY Trading 2008

Yes, I got out after it moved up a little and I was able to set a tight stop at BE.

G/Y is not getting any easier despite the US economy tanking and spreading globally.
 
209.50 is very strong. 212, 213 and 214 are as well. Seems everyone, including myself, has resorted to trading the ranges between the handles. Every short has a target of 209.45 - 65 - at least mine do - further contributing to the support. So here we are just playing for singles and doubles which is fine. Once there is a break it should be big and plentiful.
 
Quote from ForexPro:

I have done well this week (only traded twice). Knowing that the market would range this week, i sold on the fed rates day, when the mkt sold off. And sold today, on a spike lower in GJ.

Look at the £ today, hammered after the NFP report. So i stay short.
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In the effort to keep the thread going and ease the trading range blues - care to elaborate on how news releases play into your trading ideas?
 
BMF I agree. I anticipate seeing 206.40'ish by end of this week, though. The next move (which I anticipate as down) should be monstrous.

I am currently short 210.14 and looking initially for 206.40. If the pattern I am looking for does play out, then I anticipate that the pair will terminate in the 201.48 area and then put in a big move higher back up to 235.07'ish.

My timeframe on this is about 3-4 months. Should it play out I will post updates.

Let me check to see if I can post images. I'm under NDA with the Drummond guys but that might be allowed. It would help to show you what I am looking at.
 
Sold yesterday @ 209.95. Still short. The trade is based on the daily chart rolling over and the break of 209.50 holding. ST = 209.66 / TP = 205.66.
 
Ha, yeah, should not have gotten out of that one. I did re-enter a 1/4 size yesterday at 209.35, still targeting 206.40 by end of week.
 
Quote from ForexPro:

I got out of my short at 208.16 this morning. Awaiting direction now in the US session. But looks bullish to me.
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Does look bullish in the short term. 1HR has an upward bias but 4HR and 24HR favoring the short. I'll be looking at the reaction at 209.50 should it be tested.
 
I agree. In the recent environment, i have just used bullishness to take profits, not initiate longs. Just feel more comfortable in playing the short side. Cant see any reason why it should go higher today.
 
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