GBP/JPY Trading 2008

Quote from mackinaw:

Short target hit @ 207.

Now what?
More...

With current conditions it's time to pull a few different tricks out of the bag to make our money. Seems everyone is making the same plays so rather than fight'em, join 'em. Here's the game plan:

Now's the time for TROBs (tight range break outs), TLBs (trend line breaks), S & Rs, CBOs (channel break outs), Handle plays and pivot plays.

It's simple once you get the hang of it. First put up a 1HR chart. Use your marking tools to mark the following: (print and do by hand if you want)

Daily S & R
4HR S & R
1HR S & R
Mark all Handles (205, 206, 207 etc.)
Place fibs on the recent highs and lows
Mark Horizontal tight ranges
Mark the most current trendline to form a channel
Ditch all other indicators

Now stare at the picasso you've just made until an image appears. The lines you've drawn and how price reacts to them in real time is all you need. Look for places where lines converge - they are strong. Look for signals when price breaks out. Set stops and targets accordingly. Confirm buys and sells as well as stops and targets with the DOW.

Here's an example - I went long @ 209.30 based on a TRBO with a strong DOW. Set my stop just below the bottom of the range. As price moved up I drew fibs from the point where price broke its range and the current high. Stop was moved just below the 38% fib and constantly adjusted. Dow made it high of around 220 - price was at 210.97 - just below the 211 handle (which it never crossed BTW). Dow started it's retrace so - bada bing bada boom - sold @ 210.82 for +152.

Current trade? Fibs from recent high of 210.97 ( lets call it 211 handle) to the lowest recent retrace of 210.35. That's the TR. Heavy at 38%, 50% and 61%. So? You could wait for price to break the fib stack completely or play 38 and 61 bounces. Me? I went short @ 210.81 based on a down bounce with a nice reversal candle on the min bars.
 
Question from a newbie (at least in currencies) here ... on what exchange is the BP/JY actively traded?

I use interactive brokers and am unable to even get a quote for this contact on globex.

Thanks.
 
Quote from ralph00:

Question from a newbie (at least in currencies) here ... on what exchange is the BP/JY actively traded?

I use interactive brokers and am unable to even get a quote for this contact on globex.

Thanks.
More...

There is no futures contract for GBP/JPY.

On interactive brokers you can trade cash through IdealPro - which is a pseudo ECN set-up.
 
up to 218 - 222 then back too 205 then too 200. 2 or 3 months to play out. Who knows who cares predicting is fun and the world could end tommorrow.
 

Attachments

You must log in or register to reply here.
Back
Top