GBP/JPY Weekly Analysis (Wk Strt Feb/7/10)

Posted by Nick 9 Comments

Hey Guys,

Sorry the analysis is so late this week. I got very busy on Monday and Tuesday so I could not do the analysis. We didn’t miss anything though, here is the analysis better late than never…

:ebook:

Tags: gbp/jpy, strt, weekly analysis

Art

I had 139.96 as a scalp line. Once it broke that line it did retrace down but in the end it went up to 141.425 for over 140 pips.

GBP/JPY is still ranging.
dallia

I am not sure why you discount the first time the scalp line 141.17 as not being confirmed. It appears that on Feb 4th price touched the line for the first time then dropped significantly. Why are you discounting that bounce from the scalp line?
Daniel

I have a scalp line at 141.37, dallia. Quotes differ some times among brokers, so that might be the reason for the difference, but there’s definitely a scalp line there.
kibed83

@ dallia your scalp line @ 141.17 which formed on 9th/Feb/2010 (17hr GMT +0) according to my IBFX charts,was broken 5hr after it formed thus nullifying it.
Kindly take time & read the free ebook for more information about scalpline formations.

240 pips bounce
dallia

I was reading the screen on Nick’s video it is the 141.31 and it was hard for me to read so my numbers were off. As you get older small gray and white print becomes hard to read. (As in over 30) It appears to have reversed all the way down to 138.17 based on Nick’s video. A drop of over 100 pips.

It tocuhed the line 4 time after the fiirst reversal although not nearly as great as the first time. Clearly Nick did not take this 1st reversal in much regard and i wonder why?
dallia

Daniel,
I agree with you about the 141.3 something area. Charts differ but I think we are both in agreement about the area. I have a scalp line there. It is difference of opinions that make a horse race or a market.
yaco

hey guys, i set a scalp at 141.40 even before watching the analysis for the week. Line crossed last night i decided to go short, just to test. I freaked when i saw the trend and it go all the way to almost 142, but sure enough it crashed all the way back down to 140 practically. Idk if its a good line or not but i did make a nice profit on it, over 100 pips.
dallia

Nick may have been right about not calling 141.31 a scalp line. the break would not really give you the pips he’s looking for if your trageting 70 pips it did reach 50 or so but the reversal sure was a beaut. I notice when scalp lines don’t clearly meet the criteria the results are often mixed. Good trading Yaco.
shaun

Great thanks Nick!