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GBP/JPY Weekly Analysis (Wk Strt Jan/11/09)

Posted by Nick 12 Comments

Hey Guys,

Here is the weekly analysis for this week. We had an amazing start to the year last week with three winning trades so lets make this week good too.

:ebook:

Related posts:

  1. GBP/JPY Weekly Analysis (Wk Strt Jan/04/09)
  2. GBP/JPY Weekly Analysis (Wk Strt 21/Sep/08)
  3. GBP/JPY Weekly Analysis (Wk Strt Nov/03/08)
  4. GBP/JPY Weekly Analysis (Wk Strt Nov/09/08)
  5. Forex GBP/JPY Weekly Analysis (Wk Strt 30/03/08)
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  • Ran

    Hey Nick,

    A question regarding 135.40 scalp level: Usualy when ther is a gap monday morning in the direction of the scalp level it’s not a good sign for the scalp level since gaps are unpredictable. What do you think? As I’m writing I see that it’s working but nevertheless would like to here your answer.

    Thanks
    Ran

    • NickB

      @Ran: I don’t really care about gaps. I never understood why traders are so afraid of gaps and think that they somehow mystically have to be filled. I saw it as a scalp and I took it regardless of the gap.

  • Kelly

    Hey Nick,

    I’m completely new to all this, and was wondering when you say to trade 131.35 does that mean it’s the first trade you would make for the week and you jump in at that time?

    Thanks,

    Kelly

    • NickB

      @Kelly: I jump in when the price breaks the 131.35 level. I am not sure what you mean exactly. To fine out more about how I trade download the free e-Book in which i explain my method.

  • Penny

    Thanks Nick for your help. Hope to be trading again, soon.

  • Mbamalu Bright

    Nick, I appreciate the statement regarding to the SCALP movement. Permit i will contribute in later discussion as I am still learning what the scalp is. Thanks and God bless you.

  • aks

    Hello Nick,
    Watched your video re:week starting 11th Jan.09. Rather confused. At 131.35 you said take a short. Surely at that point you would take a long and make the pips on the way up.
    On the 140 line, you said you would take it as a long scalp line. Surely when it hits that point you would take a short and make the pips on the way down. Sorry if I have missed something important. But I am a newbie.

    Thanks for your reply.

    • NickB

      @aks: What are you talking about? Why in the world would you take a long on the break of a support level? Did you look what happened.. it broke the level and plummeted, we had a successful trade. Download the free e-Book and have a read. If you think the break of a major support level means you go long you really are a newbie.

  • aks

    Hello Nick,
    No I do not think I should go long on the break of a major support level. I am not that naive Nick and there is no need to be rude. I am just watching the video above that you used to explain the trades. On that video above it shows the reversal candle hitting the 131.35 level and then the price went up all the way to 135.40.
    Hence, my question why would you take a short there. Maybe you missed my point, and obviously I have missed something in what you have said.Is your explanation for the coming week or for trades that have occurred?
    I have bought your video course and gone over it a couple of times. Have also gone through your e-book.
    Thanks for your reply.

  • NickB

    @aks: Wow your sensitive, I wasn’t being rude.

    The analysis talks about coming trades. So a scalp line formed at 135.40 last week, a break below that level this week equals a short trade.

  • aks

    Understood and thank you.

  • aks

    Hello Nick,
    Didn’t quite explain why or how I misunderstood your video analysis earlier.
    You were referring to breaks of the levels you mentioned, whereas I was watching the video literally and seeing the prices going up or down, and wondering why you were saying what you did.
    You have clarified everything and I must be more alert to these matters.

    Cheers and thanks