Forex GBP/JPY Weekly Analysis (Wk Strt 06/04/08)

Posted by Nick 15 Comments

Hey Guys,

Here is the weekly analysis for this week, there isn’t much to say except watch the video below:

Tags: forex, forex analysis, forex profit, forex trading, forex trading education, free forex education, free forex signals, gbp/jpy, strt, trade update, weekly analysis

Hasnain

Nick i can not understand charts if possible so please send me in written when to buy & when to sell thanking you in advance
O’Zeeke

Thanks again Nick, looking forward to learning more. Have a great week
FxKnight

Hasnain >

If you want to be a trader you have to learn to read charts.
luigi

Great good luck this week
willj

hey Nick, thank you for the analysis, and Hasnain learn how to read the charts, also if you took the time and listened to Nick he explains all of his potential trades in plain english.
Daniel

Nick: Fantastic mate, thank you for your time and dedication

Hasnain: Nick has taken the patience to create the forexbootcamp. I would bet my account you haven’t gone through it. All you are after is a quick $ and that aint getting you far in Forex. I have learnt, the hard way, that forex is a business like any other. Building pips as you go along, accumulating your account, and slowly but surely trading bigger lots. But YOU have to do the research and YOU have to find out which system works for you.Best of luck mate!
Jean-Michel

Excellent point on the stop losses combined with the way you trade. The fact that you use the 4 hour chart makes these breaks more reliable by nature of the longer time frame. Thank you for your comments and education !
Christian K

Thank-you for your analysis Nick.
Rogan

As always Nick, many thanks

Hasnain – LMAO
Daniel

Nick – I must admit we missed the scalping videos Any plans to place any more quick trades ?
admin

Daniel »

probably not, shottign trade videos takes way too much time and I am trading less these days.
Christian K

Short of 210.78 was a success on the first half, 70 pips taken, waiting to see what happens on the second half. Thanks Nick.
Hilton

Hey Christian,

I took Nicks advice, AGAIN, except when I saw the video I went ahead and shorted on a retracement. On the 8th of April, I went ahead and shorted the market because I saw that the market was retracing on a good downslide so I knew for a fact that it would retrace. I knew just about where it could retrace too. Anyways, I jump on the short side at 202.15 level(202.08 for the spread before profits were actually made).

I also knew that the market had to at least go down to retest the lows and possibly go lower.

What I did was just traded the range. I exited my position at 201.158 EXACTLY to the number and got out with about 93 pips.

On this trade I had 500 mini lots. Each lot traded produced $1 per pip movement in my favor. I didn’t scale out of the position. I left all 500 mini lots in for the full 93 pips profit. That is $93 per lot .So, once again, that was 93 pips x 500 lots.

Go figure…(smiling).

I would have stayed in longer but I feared that the market COULD have retraced back up to the point of me loosing the 93 pips that I gained. I didn’t want that to happen…

peace and prosperity to all,

hilton
Christian K

Those are good profits, why do you trade mini lots? if your account is that size why not just trade 50 standard lots. I guess your lucky that trade didn’t bounce off that support and resistance line (201.80). I entered just after, but didnt reach 70 pips till over 20 hours later. You also must be psychic, exiting at the exact low 201.158 before it retraced and ranged. How can you “know” what the market is about to do? I thought the only thing you can “know” about the market is that anything can happen.
Hilton

Christian,

Check this out. I love this site; seriously. You asked why not trade standard lots. It’s basically a matter of psychology. I’ve been trading and failing with mini lots for so long, I forgot the last time I failed(laughing). Anyways, I like the mini lots, plus my broker at Oanda.com told me that I could trade up to 9.9 Billion units in one shot. I just spoke with another guy, who has been trading for 30 years in the markets; but been trading the currency market before it was even known to the public, who is also with Oanda.com and he trades over 1 billion units in a single pop.

Now, I don’t know about you, but I do know that when this dude trades, he makes a killing off of 5 lousy pips alone. And, since Oanda.com doesn’t have a trading desk that keeps an eye on your limit orders, or any order you do(except for the computerized margin call system in place) for that matter, a person can trade any size. He was telling me that he noticed that even with that size the market didn’t move one single pip!

As far as being a psychic….naw…no psychic my friend, but I know enough to know that the market nearly always retest a high and a low; regardless if it’s on the 4 hour or the 1 minute charts. I like the 15 minute charts. I can see things better on a 15 minute chart.

Yes, anything can happen, but the market(ALL markets), must follow the laws of nature. If humans follow the laws of nature by being too greedy or too fearful, then the markets will react in the same manner.

And, if you can take advantage of that then you’ll make money.

peace,