Hey Guys,
Have to do quick analysis this week. It’s 5 Day Blitz week so I am very busy preparing.
GBP/JPY
1. Long @ 160.50 – strong line (70 pip target)
This line formed a while ago and it is in fact a S+R lines with a two week old scalp line just below it. You can trade the scalp which stand at 160.40 but I thinks it’s much safer waiting for the S+R/psychological 160.50 line to break.
This looks like a good line!
2. Short @ 155.90 – strong line (50 pip target)
This is a scalp line with a S+R line above it at the 156.05 level. I like this scalp because it is a psych level, an S+R line and a scalp all in one. However, since I am mainly looking for a scalp break the target is 50 pips.
3. Short @ 154.00 – strong line (50 pip target)
Again, we have a scalp line, S+R line and a psych level in the same area. The scalp and psych level are the lowest sitting at 154.00. The S+R line is actually 30 pips higher at 154.30. Since the scalp is the lowest I will trade the scalp so the target is 50 pips.
GBP/USD
1. Long @ 1.6745 – strong line (50 pip target)
Scalp line that formed last week which is also the high for 2009. Should make for a good trade.
2. Short @ 1.6183– weak line (50 pip target)
This is not the perfect example of a scalp line, no clear big trend heading to the line and no clear big trend heading away. I will trade this line with extreme caution.
3. Short @ 1.5800 – strong line (50 pip target)
This line formed the a few weeks back and it seems very good. The moves to the line and away from it are both very strong. The problem is it has been around for a few weeks now. The only reason I am keeping on the chart is because its a very strong line and it is pn a psych level.
{ 11 comments… read them below or add one }
Here comes the short line.
Hello Nick. Time is 22hr.00 EST (03hr.00 GMT) here in Montreal and I’m looking at the GBP/USD with PRICE at 1.6288 apprx. Your signal, for this pair, gives a SHORT entry @ 1.6183. That’s currently over 100 Pips away from your entry point. So does one wait, patiently for the Price to arrive, or pass this “line” before taking a position.
Just curious and hoping to learn more.
thanks nick
i got 40 pis in gbp jpy at break of 154.00
*pips*
I got 31 pips… not brave enough to set for 50 pips… its a pending trading…
I noticed there’s still the 162.83 Long from 3 weeks ago, is it still valid? I’m Guessing its not as per the revised Nick B method blog, however just looking confirm
@Monster:
Do you mean the 162.55?
That is still valid since it doubles as a yearly high.
@ Nick,
Ya thats the one, on your post showing the orange scalp lines, it was set @ 162.83, but 162.55 is the correct one.
Hi, Nick, i am sorry about the question but i am still learning. I have noticed that you post the charts for the new week on Sundays, does this mean that you place the orders Sundays? Also in your last post Jul 05/09 you have 1 long,2 shorts for GBP/JPY and 1 long, 2 shorts for GBP/USD – it means 6 orders, do you place them all on Sunday?
Once again sorry about the questions, but i am very, very new to Forex.
Thank you
@nika:
It’s all in the e-Book. I enter the trades when the prices reaches the lines. I do not enter pending orders.
Hi Nick, I’m an absolute beginner and I try to follow the Nick’s method. Today I grabbe 60 pips, I entered long at 153,00 and I exit at 153,67. Is it something I should be proud of? Or I did something reckless and I was only lucky?
I trade with the Alpari MT4 demo. It can operate only stops loss/profit 70 pips distant from the market price. Isn’t that too much? Sholud I download some other MT4 station.
I thank you very much Nick for the lots of information and tips I get on the forex4noobs. That is not only precious, but also very interesting.