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11-26-2009, 08:12 PM #7156
Also shorted from 141.65, tp 139.70. I actually couldn't believe the fall, but took the pips from longs. hehe
11-26-2009, 08:32 PM #7157
This happened about 18:30. It bottomed at about 84.820 and then up.... I'll have to agree 82.30 isn't by any means out of the picture.
Originally Posted by MrWilson
Last edited by Paul Mason; 11-26-2009 at 08:36 PM.
11-27-2009, 12:24 AM #7158
Long time since I wrote on this forum ... yes, the Thanksgiving Turkey cooked well this time (on the short side)... magic of low volumes as well as correction.
Good to see that many folks got their shorts well rewarded... GBPJPY touched 139.25 area and bounced back ... looks like the current downmove on low volumes is done ... let's wait for more data to see 135- area.
I had only one short from 147.75 w target of 140.75 and stop at 149.75 that got filled and closed nicely.... don't plan to do any more trades this week (It's Thanksgiving here in US, so enjoying my Turkey...)
Keep stops tight and eyes sharp as these low volume moves can be spikey and mess up the short term technicals for a few days...
"The market can stay irrational longer than you can stay solvent" - Keynes
11-27-2009, 02:50 AM #7159
Big picture GJ
Here's my first technical input on this forum:
The big picture for GJ is as follows:
Fibonacci retracement levels for move from 118.75 to 163.05 is50%140.92 and 61% 135 75.
Trendline break was at 143.50
Support at 139.70.
I will try to attach chart. If it do not succeed, look at the weekly chart.
Enjoy your weekend.
11-27-2009, 03:17 AM #7160
cool, kcopperj, sky and others..
Originally Posted by cool_fx
i closed half of my GU short position at my target 16323 (fe 161.8) and remaining closed at 16275.. i will sideline for this pair at the moment.. RSI is oversold, i will wait for the bounce to complete their move.. Mr cool, hope u can closed half of ur GU positon also.. .. nice pips ha,,,
for gj.. im also in sideline from now until i see a clear pic later.. my concern is U/J, i would say GJ will follow UJ upmove directon after this.. i just wanna see either gj can break 143 level or not,, if not, then 137 is my last taget for this pair untik mid of Disember
if u can refer to my monthly analysis, i would say ur analysis more or less same as mine, but we need to see either 139 level can be broken or not before we can continue wh ou target at 137 or even 135..
happy trading guys.. to update, i get 3721 pip for my this 3 day trading = 3721 x 10usd = 37210 usd x 3.35MYR = almost 100K MYR, which is 5 times my annual income.. .. what a tradin we have..
enjoy guys.. will see ya next week
11-27-2009, 03:19 AM #7161
Yesterday i posted showing fib support for the beast at 140.94... Well, the beast made it down to 140.94 fib support fairly quickly since my last post, and it even dropped a little lower.. I say be careful of a possible bounce here... But the bias for trading must be to the short side now with price registering a new low...
GBPJPY DAILY CHART __----->
Last edited by brad_1199; 11-27-2009 at 03:23 AM.
11-27-2009, 05:04 AM #7162
Originally Posted by brad_1199
Good morning all
Well done everybody! All my shorts closed on target at 141.20. Positions were from 146.60, 143.60, 142.80, im absolutely thrilled with just over 1100 pips for the week. As for you Wan what a great story, i bet that is some smile on yer face today!
I placed one of my shorts last night just before asian session which i dont usualy do and wont do again as i couldnt believe the swing in spread, at one moment the spread was 2 pips and within seconds it was 35pips, scared the life out of me.
I agree with you Brad and i think it will take a brave person to long this pair.
Risk aversion is huge and will be up untill the new year. This Dubai situation has hit a few of the British Banks and the UK government has finally admitted that things are worse with the economy than THEY expected.
Ive just gone SHORT (my min size) 141.90 with a STOP 142.60,TARGET 140.20. Then thats it for the day. Happy Thanksgiving.
11-27-2009, 06:32 AM #7163
Originally Posted by skydiver
Didnt take long. 70 pip loss.
11-27-2009, 07:16 AM #7164
What should I do?
I bought GBP\JPY at 143.50. Now I am in a big minus, what should I do? Do you think that the cable may continue the current rally?
Thank you very much.
11-27-2009, 07:42 AM #7165
Originally Posted by Maxat183
Are you still carrying this trade or is it closed. Im assuming it is still open, if it is then:
No one here would want to tell you what you should do. So ok you are roughly 175 pips down, with this pair it isnt much really. This could easily bounce up to break even for you in one trading day.
You have 2 options.
1. Close your position for a loss and come back fighting another day. Just dont come out fighting today. Give yourself the weekend to calm down and see what happens next week.
2. Hedge your position and add a short. Im NOT recommending this option because ive done it myself in the past and though I just about scrapped through, it caused me a lot of anxiety for several months. If you take this option make sure you have enough funds to carry the margin.
Sentiment is down. We are in a Bear rally and my personal feeling is that it will continue down but thats my personal view and Im often wrong as I was this morning. So its your call my friend and I wish you luck.
DONT TRADE TODAY.
Last edited by skydiver; 11-27-2009 at 07:47 AM.
Reason: my spelling
11-27-2009, 10:32 AM #7166
woooooo wat a big bounce. its pretty good oppurtunity. im short again 143.20
well well the fears hve been allayed and optimism looks good. but .... 145.30 is the place where i will call it BULLISH. so im short again.
11-27-2009, 11:01 AM #7167
Long Reader First TIme Post
I am a long time reader of this forum. I am 6 years new to the FX market. What a ride! Still learning everyday.
I really have enjoyed the flow between alot of you. I am a Bear Trader. I have always like to trade on the Bear side of things. I learned that back when I spent my time trading stock options ( I thought that was really exciting back in the day). Real excitement was the Dragon the last 2 days. I was able to ride it down yesterday from for a profit from 147.74 and exited 140.28. I then went long up to 142.20 then short again from there. I have added another short at 143.10. I look forward to another swoop down.
Cool FX, Wan, Sean and others keep posting. Your insite is great. Cool it seems to me that you have developed the sixth sense of the geppy and Wan i love your technical analysis.
Either way I am trading thru the holiday even though I shouldnt be but I just cant stay away when the Dragon is swooping and soaring.
Cool FX goodluck on the short. I am there with you 5 lots as of now.
11-27-2009, 11:22 AM #7168
Originally Posted by 4xer
lol i guess 99% ppl stay with the dragon when they are trading. this is very unfaithfull beast and needs to continously monitored. ha ha.
good thing is we are having off frm today till sunday. so then we can enjoy.
PS: if u r based in US. remember all brokers will be switching to the new margin rules frm today. So keep tat in mind. just incase u r not there to close the extra lots today bfore close.
11-27-2009, 11:37 AM #7169
Thanks for the reminder. I am covered.
I think we might see some crazy movement on the start of next week due ot the margin requirements. I think there might be a run on peoples stop losses and a accts having the dreaded margin call. For this reason I am short the geppy. Gravity seems to prevail wihen things like this occur.
Goodluck on the open.
11-27-2009, 11:39 AM #7170
I wish we could get the drop today as things close down. That would make my weekend nice