Thread: GBP and JPY Pairs H1 2013

Originally Posted by sandpipper

Yeah that is a slick package and I used them before netdania. I can't find a euro index over there though either.


thanks though.

aw okay. No problem.

FXTA very nice support and resistance. The 1h chart shows us that on the short term the downtrend is ended. But if pierce the resistance in 1.3655 will go down, if not he'll come back in 1.38. Now the price si near the resistance hmmm it would break it ? I see the same uptrend as well on the long term

Originally Posted by Dimake

FXTA very nice support and resistance. The 1h chart shows us that on the short term the downtrend is ended. But if pierce the resistance in 1.3655 will go down, if not he'll come back in 1.38

Hey Dimake, Yeah its holding support right now. im watching to see if a break down occurs. I wont short on the break though, will wait for the pullback. ill try to short again if it rises to that 1.38+ area.

Originally Posted by Dimake

FXTA very nice support and resistance. The 1h chart shows us that on the short term the downtrend is ended. But if pierce the resistance in 1.3655 will go down, if not he'll come back in 1.38. Now the price si near the resistance hmmm it would break it ? I see the same uptrend as well on the long term

It's a perfect rising wedge in what should be the last correction wave before the final leg down below 1.3430.

I certainly would NOT be looking for any longs here. When this trendline breaks it may retest and then it could be a fast hard fall to the bottom again. Rising (or Falling) wedges usually retrace pretty fast.

Originally Posted by EZCashDreams

It's a perfect rising wedge in what should be the last correction wave before the final leg down below 1.3430.

I certainly would NOT be looking for any longs here. When this trendline breaks it may retest and then it could be a fast hard fall to the bottom again. Rising (or Falling) wedges usually retrace pretty fast.

I'm not looking for any long here, i'll wait to in short if he'll come back around 1.38

Originally Posted by Dimake

FXTA very nice support and resistance. The 1h chart shows us that on the short term the downtrend is ended. But if pierce the resistance in 1.3655 will go down, if not he'll come back in 1.38. Now the price si near the resistance hmmm it would break it ? I see the same uptrend as well on the long term

I rather see that the short term uptrend is now complete. However, a break below 1.36400 is required to set a new low and confirm daily wave 5 is underway. Trading with the Dollar index could be good too. Needs to break above its channel.

Anyway, I'm not doing anything as of now. Too frustrating market.

EDIT : watch how it deals with the 20-day SMA too and former trendline, this is the last zone of support before the 1.34000's

looks like if started to come down but retracing a bit. i wouldnt long right now either. I know someone who is long from 1.4550

Originally Posted by AjsooOO

I rather see that the short term uptrend is now complete. However, a break below 1.36400 is required to set a new low and confirm daily wave 5 is underway. Trading with the Dollar index could be good too. Needs to break above its channel.

Anyway, I'm not doing anything as of now. Too frustrating market.

EDIT : watch how it deals with the 20-day SMA too and former trendline, this is the last zone of support before the 1.34000's

Yes, 1.3640 is the resistance for 20-day SMA but still resist.
I'll try to speculate on gbp/usd over 1h when will come the news

Originally Posted by FXTA

looks like if started to come down but retracing a bit. i wouldnt long right now either. I know someone who is long from 1.4550

He's insane :P

Originally Posted by AjsooOO

I rather see that the short term uptrend is now complete. However, a break below 1.36400 is required to set a new low and confirm daily wave 5 is underway. Trading with the Dollar index could be good too. Needs to break above its channel.

Anyway, I'm not doing anything as of now. Too frustrating market.

EDIT : watch how it deals with the 20-day SMA too and former trendline, this is the last zone of support before the 1.34000's

Hello Ajsooo00oo0o0o0,

I respect your posts and analysis in the time I've been reading this forum so thanks for your contributions.

I do have an honest question though. You say in your post that you are staying out, cause the market is frustrating. Why is it that you don't play the shorter TF's looking for smaller moves, using the same technical analysis you apply to the longer TF's. It is just so easy to rake in 10 pips here 35 pips there and I'm always curious why guys don't take advantage of the myriad of easy short term trades while they wait for the perfect long termer? Hope that makes sense. I'm getting ready to hit the sack, as this is my second night up in a row and my head is spinning and my fingrs are stumbling.

Originally Posted by Dimake

He's insane :P

lol tell me about it.

Originally Posted by sandpipper

Hello Ajsooo00oo0o0o0,

I respect your posts and analysis in the time I've been reading this forum so thanks for your contributions.

I do have an honest question though. You say in your post that you are staying out, cause the market is frustrating. Why is it that you don't play the shorter TF's looking for smaller moves, using the same technical analysis you apply to the longer TF's. It is just so easy to rake in 10 pips here 35 pips there and I'm always curious why guys don't take advantage of the myriad of easy short term trades while they wait for the perfect long termer? Hope that makes sense. I'm getting ready to hit the sack, as this is my second night up in a row and my head is spinning and my fingrs are stumbling.

You have right Sandpiper. It's also a good opportunity to speculate on the short term. For ex my dad bought gbp/usd in 1.5250 and sold in 1.5270 from 4:00 until 4:04, just 4 minutes. He had courage, i preferred to wait :P

Originally Posted by sandpipper

Hello Ajsooo00oo0o0o0,

I respect your posts and analysis in the time I've been reading this forum so thanks for your contributions.

I do have an honest question though. You say in your post that you are staying out, cause the market is frustrating. Why is it that you don't play the shorter TF's looking for smaller moves, using the same technical analysis you apply to the longer TF's. It is just so easy to rake in 10 pips here 35 pips there and I'm always curious why guys don't take advantage of the myriad of easy short term trades while they wait for the perfect long termer? Hope that makes sense. I'm getting ready to hit the sack, as this is my second night up in a row and my head is spinning and my fingrs are stumbling.

I agree 100% and that makes sense. However, I do have 1214€ on my account and a short from 1.34700. Thought the third low below 1.34500 was the breakout towards a 5th wave. So I shorted the pullback. Unfortunately, it was 16:00 GMT (london close) when this was triggered and i was afk one hour after that. Big mistake. But no need to stop as long as the overall trend is still down.
That's why i don't trade shorter time frames or the news, although that I should have done so. Two open positions would become more risky.

Originally Posted by FXTA

looks like if started to come down but retracing a bit. i wouldnt long right now either. I know someone who is long from 1.4550

1.45500. Got screwed up by his emotions I suppose ^^ This trade must have been triggered during downtrend's wave 2 I think.

Above 1.4500, if you look at this closely, that's a zone in which one may wonder if trend is still up, and have more serious emotions, which helps you trading the counter-trend and think the trend has turned up.

For wave 4, this zone is above 1.37000. I personally had exactly the same emotion than above 1.4500 while I had a trade triggered below 1.44500 (How newbie I am !)

One thing I've now learned from this is that sometimes the market is more patient than I am, and sometimes it's the inverse. The big idea being to be as quick as the market.

Traders you are strongly advised not to sell the Eur/USD pair at this time. The recent high of rally to 1.3817 and subsequent fall to 1.3647 is not an indication that the down trend as resumed. Don't be caught in the bear trap the pair will rise higher before it starts falling again.