Discussion in 'Forex Trading' started by xscape321, Mar 23, 2007.
this thing has to go down, down down!!!
Well, that makes two of us. I'm expecting JPY strength against all crosses this coming week. Looking for a minimum of 300 pips lower on gbpjpy.
3 of us
lol, don't wanna confuse anybody!! I don't trade, although I'm definitely working out a strategy on the USD/ZAR - nice volatile pair, trading in a channel, and I see the trend.
Worked through some USD/JPY examples and was just interested in the outlook here.
Short the GBP/JPY - I don't even know the lingo....are you shorting Yen/buying pounds or the other way round??
And why not trade the futures contract?? Or is that a matter of style/comfort??
My indicators suggest that you are correct..
I had fun riding the wave up, now I"m about to have just as fun riding it down.
Should be ATLEAST a 300 point ride..
Good day traders,
I was looking at my cable/yen charts, and I am attaching the daily and weekly charts, studying the daily chart will confirm the short bias for this pair, looking for playing a TL failure around 231.30;an oscillators/price convergence, and a hanging man candle on Friday on all the major yen pairs.
But let me highlight some points here:
- Looking again to the daily chart; the pair is still printing higher highs, and higher lows till last Friday!!
- Friday's close was still above the 55 EMA
- We are so close to an important level, 232.30 that if taken can easily inflate price towards 233.50 at least and towards 235.30 next.
This last point can be easily accepted looking at the weekly chart; which shows a nice engulfing pattern!! with the RSI crossing above 50!! and a hidden divergence pattern on the stoch.
so to summarize, I think any pullback for this pair would be contained by the 229.30 region before pulling back up. Taking a clean short position cant be obtained before trading below the 229.30 mark, and I promise you it is going to be a pure clean short.
Al lot of more information and signals are shown in the attached charts; yet my fingers got a bit tired typing for now ...
Wish you good trading....
sorry but couldn't know how to attach multiple files ... here is the weekly chart.
Which indicators are these?
sorry guys, I've just noted that I didn't attach the daily chart!!!! here it is ...
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