GBP/JPY Weekly Analysis (Wk Strt Jan/24/10)

Posted by Nick 14 Comments

Hey guys,

Here is this weeks weekly analysis. Not many lines this week but remember that reversal trades are always there each and every week. So if you haven’t please read the free e-Book linked to below and learn how I trade my reversal candles.

Please sign my official petition to stop Forex leverage in the US being brought down to 10:1 more info in the video. Link opens in new window.

:ebook:

Tags: cftc gbp/jpy, gbp/jpy, gbp/jpy from jan 10 2010, strt, weekly analysis

Scott

Hey Nick…I signed the petition…but isn’t the US looking to impose a *maximum* of 10:1 leverage. Your petition says the CFTC is looking to impose a minimum 10:1 leverage.
Charles Sanya

Hi Nick
Just wanted to let you know that I was not able to listen to this weeks analysis.
please check tha audio to ensure that everything works properly.
Thanks
Charles S
http://www.stockjunction.com Warren

Good petition! I agree with you, small traders would not be able to trade in the US.
howard

Nick,

Another excellent analysis-your videos are the best out there for learning purposes, keep up the great material, have a great pipping week.
howard
Art

First, everyone sign that petition. I did it, it takes about 10 seconds. The 10:1 margin is ridiculous !!!

Second back to GBP/JPY 146 scalp line was broken today & went long for a 50 pips gain.

Thanks Nick & everyone please tell your friends/family, everyone you know to sign the petition. We can’t sit around & do nothing. Our voices should be heard. Spread the word, on facebook, myspace & every other site you can think of to sign the petition!!
yaco

Nick, had a nice little reversal last night for 80 pips, i know usually i wouldn’t trade on the weekend, but i saw some good indecision candles that i took advantage of, thank bud!

Just like what Art said, all of the regulation is complete B.S. Everyone needs to be proactive and sign the petition!!!
MoneyDog

Nick,

Again, nicely done on the analysis this week!

I signed the petition and will post something to Facebook as well as Myspace.. hopefully all the peeps I know will come here and sign as well.

Thank you once again for bringing this to our attention!
Dave Walker

Nick,

I recommend all your readers to send individual emails to the secretary of the CFTC – secretary@cftc.gov making sure they reference (identification number RIN 3038-AC61) in the email (as well as signing your petition). If the CFTC gets bombarded by individual emails – they’ll get the message.

This is the email I sent.

Dear Sirs,

With reference to the new proposed ‘Regulation of Retail Forex’ (identification number RIN 3038-AC61) specifically the change in leverage.

This measure is Draconian and unnecessary and appears to be an attempt to kill the Forex Retail market in the USA.

Trading Forex is optional. This measure eliminates what is, for a large number of people , a hobby.

I strongly urge you abandon this deeply unpopular proposal.

Regards,

etc
Dave Walker

Nick – I know you’ll probably accept that your trading is better than your English. I’d re-word your petition to something like:
“We the undersigned believe the introduction of 10:1 leverage on Forex trading is both Draconian and unnecessary”.
Peter

I have sign this petition as well as sending email directly to secretary@cftc.gov.
I have every forex trader around the world would do the same.
This is a crisis that ever happen in Forex World.
pbw

Email sent and petition signed.
tommo

lol @ Dave Walker. Dave can i have your email address so i can run my emails through u that are flawed with grammatical errors?
Da.DesiTrader

Nick, brilliant. The 146 scalp line was broken for great 80 pips, had a sell order at that level. Couldnt take the reversal though, as the candle on 4H didnt look like a reversal candle, do you go into lower TF for reversal candles?Also, the charts you show are based on bid or ask or median price? This is because, the limit orders would require consideration to build spreads in.Art: Did you sell at scalp and then reversal or did you wait for break of scalp and expected a reversal?
Art

Da.DesiTraderI had a pre-set pip target & it filled without me monitoring it. Not the ideal way to trade but it works when you’re not able to watch. In this case I sold too soon but the trade would’ve have carried over too long & not in the London market.