GBP/JPY Weekly Analysis (Wk Strt Feb/28/10)

Posted by Nick 17 Comments

Hey Guys,

Here is the weekly analysis and S+R/constant lines are back. Enjoy the analysis guys!

:ebook:

:vid:

If you like this post leave a comment please.

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NeilA

Nick very good explanation, thanks, now be warned I’ve lived in Edinburgh/Scotland for a long time and constant Flu/Colds. However the good news is that a “Hot Toddy” will help. Have a good week all.
Duncs

I concur with NeilA re your analysis, however I am Edinburgh born and bred and I don’t suffer from cold and the flue as often as he apparently does ,perhaps I live a healthier lifestyle !!!!
Duncs

Seriously Nick I hope you get better soon as for the number of times you have had the flue I would have to say you have been extremely unlucky I have not had one in over 10 years .Great analysis
constant line

hi there nick can you explain why the 132.00 is a constant line ?
thanks
Wayne Evans

Hi Nick,

Just want to say a big thanks for the help this site has given me. I know you’ve heard it loads before but it helps so much to have a no bull place that you can come and leaan this forex world. Been reading your site for around 6 months and its helped me a lot. cheers

P.S – How do you get you chart to display the dates like you have them on dealbook? i’ve look in chart options and i can’t see how to change so that they look like yours.
Ran

Hi Nick,

Watching the daily chart I can understand why you kept 153.25 scalp line although it’s more than a month old but why 147.25 and 150.70?

Thanks
Ran
Ran

only because price hit these levels twice on the 4h chart?
jean paul

hi , nick why 132.00 is a constant line ? I see that the price don’t have trouble crossing it !

NickB

@jean paul:

The price has a lot of trouble crossing the line it bounced exactly from the line a few hours ago! The scalp line was only further confirmed by that bounce.

jean paul

@ nickb

yes I see , but you mentioned this line in the weekly analysis before today bounce that’s why I was asking , why you choose it as a constant line ?
I think 131.46 is better what do you think ?

NickB

@jean paul:

I disagree that the 131.46 is a better line. It does have a rather large bounce from it which gives you the illusion that it is better. However, if you look at all the direct bounces the 132.00 has more and add to that it doubles as a psych level.

Will make a video in regards to this soon.

Charlie

Thanks nick
As i am new 24x the s/r lines are easy to understand and make sense of thanks again
Tom

It is good to see the basics again and the simplicity of your trading. Get better soon!!!
Art

My constant line regarding the 132 line was at 131.86 but I have both on my chart & depending on how price reacts, that’ll determine which constant line is considered more valid.

I do think being off by 5-25 pips on a constant line shouldn’t make a big difference since before taking the trade I look at what the momentum, candle formations and price action are doing around that line; for long or short.

Price did confrim 132 a support level, as nick’s constant line is more valid, with the bounce of 132.04; if I remember right after a huge short move from 135 level

Always nice to compare with Nick’s lines. Appreciate it. Thanks
Peter

Is it just me or does anyone else having the same problem like me?

Lately i been having trouble to access this forex4noobs website.

It took ages for me to load the website & now is almost impossible.

Surprisingly when i try at my office as of now, everything seems normal.

Any advice please, Nick i hope read this.
kibed83

135.65 support & resistance / constant line was broken 10 min after high impact NFE news..& entered a long trade at 135.70.SL 40. However my SL was rudely hit.

This trade latter tuned to be a very good trade.Definitely this was a newbie mistake, for me its a lesson well learned trading on Friday’s especially after news its quite tricky.
Art

@kibed83 the 135.64 constant line break was perfect with no retracement. You have to wait for the candles to close. Specifically I use the 1 hr & 15 min candles to enter trades.

I’m guessing you entered on the first candle break of the 135.64 constant line. While this is a valid line, basing to enter long on just a break is not enough, for me anyway. If you waited on the 15 min or 1 hr candle to close, the price would have closed at 135.39.

This alone was not enough to enter long however the following four 15 min candles showed support at 135.25 range, making a triple bottom support & the following 3 candles showed bullish candles with strong price movement would’ve been enough to enter long & make over 150 pips.

Be patient, wait for the candle closes & price movement to tell you the trade. It’s not a robotic buy/sell when it crosses a constant line.

Hope this helps you in the future.