GBP/JPY Weekly Analysis (Wk Strt Jan/04/09)

Posted by Nick 13

Hey guys,

Happy New Year, hope you had a great break. It’s time to get back to trading. The markets will likely be quiet until next week but I will be watching closely.

Here is the weekly analysis for this week.

:ebook:

Ran

Nick,

Looks like 135.06 scalp level on GFT is a spike which may be bad data. I don’t see this spike on Dec 22 on my e-signal chart and I looked for it with several servers TDFX (which is a true ECN quotes) FXCM etc.

On the other hand 134.70 level you talked about was set twice (ignoring the 135.06 spike) so looks like this one is a strong scalp level.

Ran
NickB

@Ran: Hey Ran I have 135.06 on ODL
John

Hi Nick

Thanks for the forecast today, first one I’ve read since downloading your ebooks on your S+R and master candles methods. Placed an order to go long at 135.06 and made 50 pips. Only on a micro account at 10 cents a pip but not confident yet to stake any more because I’m brand new to this game. I was tempted to take out the stop, but remembered the advice you gave on discipline and came out at 135.56. Glad I did, because it started shorting just afterwards. Will put the five bucks towards you video. Best regards Nick, look forward to your next posting.
Monster Trader

Nice call on the 135.56 scalp. I slept through it, but…..you make it look sooo easy. Thumbs up.
Arthur

Hi Nick, how come 138.12 is not considered a long scalp? Is it because the scalp is considered weak, as there are not enough bars up to make it a strong trend up, before it goes down?
john

Hi

Wasn’t going to do another trade yesterday, was going to stay all disciplined, until I went to the GBP/USD chart to check on the exchange rate. Saw that there were 4 bounces from the resistance line at 1.4566 so had a little punt. Set an order at 1.4610 with 50 pip stop and limit and made myself a nice little 5 bucks, making yesterday a 100 pip 10 dollar gain. Thank you very much, haven’t worked with S + R levels before so it looks encouraging. Promise to abide by the rules today.
John
Monster Trader

John, can you explain which timeframe you were using? I’m also new to s+R trading, and it seems that once you get the hang of it, it can be simple.

I see the 4 bounces, on that support line (which is the daily pivot according to my broker), but those are comming from the south (on the 4hr), so I’m confused as to why you’d set your order @ 1.4610 if you were going to go long.

Thanks!

Jason
santiago

hey Nick, thanks for the analysis, i just get 21 pips on the 139.22 scalp line.Thats good for a noob.
Monster Trader

watched the gbp/jpy off the 139.xx scalp……wow, good call! I think I’m starting to wrap my mind around s+r trading. I seen a similar set up on the g/u, and holy crap did that thing take off!
John

# Monster Trader Says:
January 5th, 2009 at 11:34 pm

John, can you explain which timeframe you were using? I’m also new to s+R trading, and it seems that once you get the hang of it, it can be simple.

I see the 4 bounces, on that support line (which is the daily pivot according to my broker), but those are comming from the south (on the 4hr), so I’m confused as to why you’d set your order @ 1.4610 if you were going to go long.

Thanks!

Jason

Hi Jason
Was using a 15 minute chart, as I say, only went on to check the exchange rate but saw those four obvious bounces off the short time resistance level of 1.4566-ish so assumed that if it broke through that level, there was the possibility of making a few pips. Paid for a couple of beers. Looking forward to the day when I’m confident enough to trade more than 10 cents a pip!
Good trading.
John
deacon

Can anybody tell me where can I find this price alarm feature? I’m a new meta trader btw.
big

how much $ per pip are you trading now?
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