GBP/JPY Weekly Analysis (Wk Strt 19/10/08)

Posted by Nick 28

Hey Guys,

What a crazy few weeks it’s been. The world financial crisis has really done a number on the markets. As a result I pulled back from trading the markets for the past few weeks. Last week we saw some normality return to the markets so I have decided to resume my trading this week.

Caution Mode Is Activated

So I will:

- Lower my risk (trade less lots)
- Closely monitor all trades

Watch the weekly analysis in the video below:

:ebook:

If you like this post leave a comment please.

phil

Awesome Nick! Thanks for all the time you put into these analysis. I read your ebook and I’m learning to do all this on my own and it’s a BIG help to be able to watch what you do to see if I’m doing everything right.

Thanks!!
Pete

Hi Nick,

Thanks for the post. Very interesting. This week has been crazy.

Can I ask what charting software you are using. It looks really smooth.

Thanks,
Pete
NickB

@Pete: Hello Pete,

I am using GFT’s Dealbook software.

http://www.gftforex.com/
invester100

hi nick thanks for the analysis
hoope this will be a good week
good luck
PeterN

Its good to have a crack at putting in S/R lines then see if I’m correct from your weekly comment. I’m getting better. Missed the 165.97 one. Maybe another reread of the book.
Cheers
Thanks Nick
O’Zeeke

Thanks again Nick and hope you and everyone else has a great week
Jean

Thanks, Nick, for the latest analysis – always good to read your thoughtful posts.
Have a great week, all traders!
Christian K

Thanks Nick, it helps alot when you take the time to do your analysis, have a great week and i’ll see you in the chatroom.
Roy

Thank for the great info Nick,

I appreciate you.

As I am the n00b here, I also have n00b questions to it:

Q1:
In your previous 12 point you mentioned, one hsould not draw too many lines on his chart. So, the amount of lines in the video are just OK? For me as a n00b, it already seems too many

Q2:
You picked 2 scalp lines and 1 S+R line for trade, I see that… but I just don’t understand, how all the other S+R lines on the chart between your chosen 3 lines are not important at all, namely the lines at
180.10, 179.15, 176.99, 174,02, 172.51, 169.14 and 167.13?

Thanks!
NickB

@Roy: Hey Roy,

Did you download and read the free e-Book? That answers question 2.

As for question 1. In the last post I said do not use too many indicators I did not say S+R lines. Also having an S+R line every 100-300 pips is not too many.
John Umoru

Thanks Nick I have gone through your analysis for the week and will log on to my forex account and study it, then also make some PIPs, thanks for the mail.
piphog

Thanks Nick- very helpful as usual. I surely missed your posts but hopefully we are getting back to normal now. I have spent the down time studying your ebook and learned lots so not wasted! Thanks again for all you do for us
Bullrich

@NickB
You do a great job here!
Thank you for that!
Ran

Thanks nick for today’s scalp. I also took a trade this morning short under, what I thought was a scalp line, 173.58. It worked well as yuo can see but was it a proper scalp level according to your method?
Christian K

@NickB: Thanks Nick,

Target 50 pips reached on the scalp trade short of 170.41. Good call mate, enjoy the rest of your week.
phil

I made 50 pips on half my lots and 100 on the other half from the scalp trade. Thanks Nick!!
CVcamper

I took the trade. It was my first trade with Nick, so I was nervous , so I took home 23 pips.

Thank you Nick!
Rogan

Took the break of 170.36, momentum was very fast so stayed in a little longer.

80 pips

Thanks
niranam

Got in late on the 170.41 short for 26 pips. Thanks Nick.
Dan

I took the short trade and closed out with 76 pips 68 after the spread. Thanks Nick another great trade.
FrankL

Thanks Nick, As always you called the right numbers!! Bagged 46pips, hit target…what more could one want!!! Keep up the good work
Dankje

Im still paper trading but it was a good learning experience. i messed up with entering the trade. I was to slow but i still got 35 pips. Not bad for a first trade with nick.

interesting is that i put up all the lines that nick propused this afternoon. When I got home from work i noticed that there could be something interesting happening, and it did.

Thanks nick..i’m learning everyday.
Vips

Great trade Nick. Was great to see an experience trader at work in the chat room. I bagged 70 pips!
John Umoru

Nick! I am riviledge to come across your site, I cant even remember how, (okay through a mail via GFT people may be) but your analysis are wonderful.

Just some few hours today, studying the GBP/JPY in the light of your analysis as I promised in my earlier response to your analysis, I entered though I almost always trade EUR/USD, but in the few hours, I made 170 PIPs entering more than ten trades in about 5 hours.

Thanks you so very much. And, Keep it up.
Marcus

Great post again Nick, thanks.
Bullrich

today i took the long trade after the 4hr doji. Went in @ 161.08 and closed @ 162.48 which was 140 pips. The reason i went in was also the fact, that GJ was down about 700 pips this day. The opportunity of a reaction after this was likely and this trade wasn’t made by the rules of Nick.

I can say, after i studied the ebook, that the NickB Method is the best what i’m confronted within 8 years trading. It’s clear, simple, planned, needs less time and makes a trader to an actor not to a reactor. You can leave orders in the market if you want. You’r not baffled from several indicators and dont hesitate. Im up to adapt this method and extend it with one rule of Joe Ross – take profit and let one lot run with a stop @ entry. This will bring sometimes more profit, lets say supplement and sometimes not, but never a bigger loss.

Thanks for your work Nick!
bjohnnie

Nick, Just read your free book, browsing the site and listened to this week’s video analysis. FAbulous. Thanks. Been demo trading for a couple of months with various brokers and platforms to try them out and have renewed confidence that I might be able to do this thanks to you. So, cheers for now. John
Roy

“NickB Says:
October 19th, 2008 at 9:11 pm
@Roy: Hey Roy,

Did you download and read the free e-Book? That answers question 2.”

Hi Nick,

Sure, I read your ebook more than once, but from your ebook I got the conclusion that you actually trade scalp lines in the way you described in your ebook how you trade the S+R lines (as no much info in the ebook, how you trade the scalp lines), so yes, I am still confused how you really trade S+R lines, as on the weekly analyses on your blog you only recommend to trade the scalp lines, but not the many S+R lines in between (in the way it was described in your ebook you trade S+R lines, but not the scalp lines).

Now: am I confused? )

Thanks again for clarifying! Much appreciated!

Roy