Comments on: GBP/JPY Weekly Analysis (Wk Strt Jan/18/09)

By: LucidObscuity

LucidObscuity — Tue, 20 Jan 2009 16:17:24 +0000

chase, scalp lines are only really good once. Once they have been broken you will not see them on Nick’s chart again until they are re-tested. There are exceptions and you will see many times where a scalp line works more than once, but Nick method isn’t about taking the “maybe” trades, only the “pretty darn sure” trades.

Thanks for the analysis Nick. The price sure has broken south so far. hopefully we’ll see some retracements either on the way down or the way back up to make some more scalp lines for us.

Happy Trading!

By: chase

chase — Tue, 20 Jan 2009 14:22:43 +0000

Just wondering about the 131.35 scalp the was used last week, why no this week? I used it for a short just wondering if there was a good reason that you didnt take it. Thanks a bunch Nick.

Chase

By: jonny

jonny — Mon, 19 Jan 2009 14:04:22 +0000

i took the 132.07 trade made 60 pips was a nice nice trade

By: luis

luis — Mon, 19 Jan 2009 13:03:57 +0000

thanks nick

By: Ran

Ran — Mon, 19 Jan 2009 06:39:15 +0000

Hey Nick,

what about 132.12 as a scalp level? Price went down more then 300 pips before hard bounce of this 132.12 level.

Thanks
Ran

By: Monster Trader

Monster Trader — Mon, 19 Jan 2009 05:01:15 +0000

cool. thank you buddy. will watch.

By: Christian K

Christian K — Mon, 19 Jan 2009 01:49:44 +0000

Is the 140.07 scalp line no longer valid?

By: orpips

orpips — Sun, 18 Jan 2009 23:52:51 +0000

About the possible line at 135.70, I’m guessing that’s not valid because price didn’t move away long enough for gapping up there today?

By: Littlepip

Littlepip — Sun, 18 Jan 2009 22:58:49 +0000

Thanks Nick, much appreciated. What are your thoughts about 132.07 level?

By: Matt

Matt — Sun, 18 Jan 2009 22:46:43 +0000

Hi Nick,
I’ve read your ebook and been reading your site over the last few weeks – thanks for the great information! Anyway, I tried to do my own scalp lines for next week in anticipation of your post. I had (based on my very limited experience) put a long at 135.70ish, based on the high made by the last few bars of last week. Any particular reason why you haven’t chosen this as a scalp line? Is it the lack of a single bounce candle? or the lack of a reversal trend? I’d be interested to hear your thinking on this.

Thanks,
Matt