Hey Guys,
Here is the weekly analysis for this week.
Do not take any of these trades unless you have downloaded and read the NEW 2010 edition free e-Book explaining my method.
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GBP/JPY Weekly Analysis (Wk Strt Jan/18/09)
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{ 10 comments… read them below or add one }
Hi Nick,
I’ve read your ebook and been reading your site over the last few weeks – thanks for the great information! Anyway, I tried to do my own scalp lines for next week in anticipation of your post. I had (based on my very limited experience) put a long at 135.70ish, based on the high made by the last few bars of last week. Any particular reason why you haven’t chosen this as a scalp line? Is it the lack of a single bounce candle? or the lack of a reversal trend? I’d be interested to hear your thinking on this.
Thanks,
Matt
Thanks Nick, much appreciated. What are your thoughts about 132.07 level?
About the possible line at 135.70, I’m guessing that’s not valid because price didn’t move away long enough for gapping up there today?
Is the 140.07 scalp line no longer valid?
cool. thank you buddy. will watch.
Hey Nick,
what about 132.12 as a scalp level? Price went down more then 300 pips before hard bounce of this 132.12 level.
Thanks
Ran
thanks nick
i took the 132.07 trade made 60 pips was a nice nice trade
Just wondering about the 131.35 scalp the was used last week, why no this week? I used it for a short just wondering if there was a good reason that you didnt take it. Thanks a bunch Nick.
Chase
chase, scalp lines are only really good once. Once they have been broken you will not see them on Nick’s chart again until they are re-tested. There are exceptions and you will see many times where a scalp line works more than once, but Nick method isn’t about taking the “maybe” trades, only the “pretty darn sure” trades.
Thanks for the analysis Nick. The price sure has broken south so far. hopefully we’ll see some retracements either on the way down or the way back up to make some more scalp lines for us.
Happy Trading!