GBP/JPY Weekly Analysis (Wk Strt Apr/4/10)

Posted by Nick 38 Comments

Hey guys,

Here is this weeks weekly analysis guys. Hope everybody had a great Easter break! I need to update this analysis a little later with some more constant lines as I mention in the video.

One thing I do not mention in the video is the possible reversal setup forming on G/Y right now. The candle closes in GMT 1 hour (from the time of writing this post) and you could possibly trade it as a reversal if it breaks a significant high. Below is an image showing the possible reversal set-up based on my method.

gbp/jpy reversal

I would probably place the significant high at 142.75 and enter a long on the break of that. However, this is not decided yet I might change my mind after this candle closes. I want to see how the candle closes and how the price reacts if the reversal begins. Please refer to the free NickB method e-Book if you need to know how to trade reversals and how to set a significant high/low.

Anyway here is the rest of the weekly analysis guys.

Sorry, this video is broken. Please email support if you want us to fix it.

Tags: books, forex4noobs, gbp/jpy, gbp/jpy april 07, nick, nickb method, nickb method e-book, strt, weekly analysis, www.forex4noobs.com

Visulube

Hey Nick, candle has almost closed, what are your thoughts on this trade ? Break of 1.4280 ??
NickB

@Visulube:

Since after making this post it popped up an extra 5 pips and it closed a little closer to the high than I thought it would I think 143.00 would be the better entry point.
Geoff

Thanks for the update, I’m still digesting another read of your book (and some Steve Nison analysis as well) Do you post your trades during the week anywhere on the site, just a way to stay on track with your analysis? It’s somewhat of a crutch for a newbie, thanks again

NickB

@Geoff:

I only really post trades here. I am out and about most days I either trade from my mobile phone, girlfriends laptop, my laptop or my main computer. It is difficult to let everybody know when I am in a trade. That would require me to be glued to one location. I update the blog when I can, usually when I am at home.

Visulube

Thanks Nick.
Visulube

On a seperate note Nick, are you taking part in the GFT competition? If you see the leaderboard, there are some good traders out there !

NickB

@Visulube:

Competitions aren’t really my style. I considered it but I just cant be bothered. I got into trading because I wanted freedom. Trading at a competition level (look at the leader-board I would need 800% to be ahead) requires way too many hours and way too much hard work. I cant imagine sitting at my PC five days a week, eight hours a day for two months straight. Well I can but I would be playing computer games not trading!

SmellsFunny

@ NickB -

BULLSHIT! If you had the ability to win the competition you would do it. What a lie! You don’t want to trade full time for 2.5 months to earn $50k!!!

LIAR!

NickB

@SmellsFunny:

You make the mistake of assuming that I put the same value on $50,000 that you do. I run several businesses and spending two months trading at a competition level would quite simply impact my business ventures.

Right now I find it hard to balance my trading time, business time, social time and recreational time. If I take my trading from two hours per day to eight my business, social and recreational time suffers. I really do not care about a quick $50,000. My life goal is to be a multi-millionaire. I am running several businesses to attain that goal. A trading competition represents a short term goal that will only impede the achievement of a greater long term goal.

SmellsFunny

Oh yeh what busineses are you in then???

NickB

@SmellsFunny:

To quote from one of my favorite TV shows…..

I am generally in the business of minding my own business.

Like I said mate, you made the mistake of assuming that I place the same value on $50,000 that you do. While I agree it is a lot of money I simply cannot dedicate the time to my trading that it would require to win a competition like that. Also, winning is not a sure thing so I could just be wasting two months.

nash

hey nick buy g/j according your at 142.75 now dd sud i get out or stay

NickB

@nash:

I never entered! I said very clearly in the post

“However, this is not decided yet I might change my mind after this candle closes.”

I can’t tell you if you should exit but I can tell you you should never have entered.

Visulube

Heh Nick, a fellow gamer hey, I play GOW2 mostly, if you play let me know and I’ll email you my handle, we can play some time.

NickB

@Visulube:

I only play PC games I am pretty sure GOW2 is not PC is it?

PuppyMeana

Hey SmellsFunny you got

OWNED

http://i6.photobucket.com/albums/y216/mangler0075/owned.jpg
nash

i know my mistake but can u telll me its good to stay or good to out

NickB

@nash:

Look I try to be a nice guy but are you fking kidding me?

Why on Earth would you enter a trade that you’re not sure about! You are in a trade and you do not know if you should stay in or get out? If you are in a trade you should know:

1) Why you entered.
2) Your maximum possible loss and gain (in other words your stop loss and target).
3) If you should stay in or get out.

If you do not know these things you shouldn’t be trading yet.

Right now GBP/JPY is in a period of indecision. The bias in my opinion is neither bullish nor bearish. The bearish trend looks to have died but it can restart at any time. The price is likely going to have a hard time breaking the 143.00 but if it breaks it you should be ok.

Pip-Whip¬~

thanks for the signals
Visulube

No its not, its Xbox360, great game !

NickB

@Visulube:

Sorry mate not a console gamer.

nash

thanks very much for your words brother
PuppyMeana

Nick you are on a ROLL today.

Nash you too got

OWNED!

Nash, Nick may sound very rude to you but do not take offense. He is trying to help you. Nick told me off plenty of times in the past and he was right to do it. You really should not be in a trade you are unsure of.
nash

i know he is trying to help all. i respect him. anyway everybody smile plz
Jack

Thanks NickB
Willja

Thank you buddy. I have one question though. Way back when you did not trade S+R zones you called them ‘no trade zones’ what changed and how safe are they?

NickB

@Willja:

Hey mate,

Your absolutely right. Previously I would not really trade S+R zones. However, with time my opinion of them has changed. I find that they can be quite profitable if traded right so I began trading them.

As for how safe they are. Admittedly they are not as safe as constant or scalp lines, but if traded properly they have a 70% hit rate.

Socah

Hi Nick,

Couldn’t play the vid… it kept stuttering and the paused.
http://agiotista.com CJ Rivas

Hey Guys, i took Nick’s reversal trade,
based off a “W” pattern on the 1-hour chart.
Put your chart on “LINE ON CLOSE” instead of candlesticks and you’ll see what i mean.

Entry was 142.50.
+60 at this time.

CJ.-
Thanks Nick.
caffepets

Hey. Nick. Thank you for this. I read you e-book 1 month ago and i will follow your guidens. In friday i will make my first trade, if i`m sure on me self. in GFT-UK, what i made through your e-book. Before i had experience with MT4 demo. Hope i`m going well. Sorry me language i`m from other side of earth, from Finnland.
terry

hey cj rivas

interested to know a bit more about this W pattern. i have read quite a bit on tech analysis but not heard of that one.
please enlighten me

regards
terry
dallia

Nice video Nick. On the subject of competitions, contests basically reward recklessness. Think about it the ones who win are usually long shot louie’s who break some rule of trading to win. Making a lot of money in a short period of time is often followed by losing a lot of money in a short period of time since money management is thrown out the window. It just encourages people to trade a lot, and use big leverage. This is imho the worst type of mind f*king and is no test of skill. Raise your family on your earnings or tell your boss to take this job and shove it. That’s the competition you should beat.
Visulube

Dallia is right guys, the long term leader of this comp, was up almost 800% at one point, within about 12 hours, this has gone down to 414 % !!!!

NickB

@Vislube and Dallia:

Yeh that is the other thing. Forex trading competitions are just like Forex robot competitions (I wrote about them two weeks ago). They are not necessarily won by the trader with the most skill. They are won by the trade ballsy (or stupid) enough to risk massive amounts of his account on a trade.

To achieve 800% in four weeks like the guy topping the leader board you must be taking massive risks. These risks may pay off in the short term but in the long term that kind of trading will never be profitable. With massive risk you may sometimes achieve massive gains but more often than not you will take massive losses.

My method is based around making 50-200 pips per week (depending how much time you trade) consistently for years. I would struggle to grow my account 200% in a few weeks, let alone 800%!

It is obvious the person topping the leader-board was taking massive risks and now we just saw the downside of that risk. He cut his gains over the past 6 weeks in half in a few hours! If you blow that much of your account in a few hours YOU’RE NOT A TRADER!

Visulube

Yeah he should’ve sat on his hands because he was so far ahead. He was up at almost 800%, the guy in 2nd was just over 300%.
Name

About trading competitions:

There are some serious traders out there, who trade competitions just for fun. They open special competition accounts and are ready to lose it all. Then use high risk tactics to achieve massive gains (they admit that this is not tactic for professional income trading). Some of them are professionals and understand that the outcome will also depend on luck.

For example, this guy:
[ADMIN: Link Removed]

Talks about competitions here:
[ADMIN: Link Removed]

NickB

@Name:

Ok I do agree that some pros might do competitions for fun.

As for your links we do not particularly allow links to other Forex sites. This is not a set-in-stone rule if a long-term user of the site wishes to post a link that is fine. However, you came here and posted anonymously. As far as I know your very first post is a link back to another site. For this reason I removed your links.

Name

Oops, sorry Nick.
Links are not important. Just the idea – that in these competitions there are pro traders who are ready to lose their competition accounts; so it is a game of all or nothing. Game, not serious trading!