GBP/JPY Weekly Analysis (Wk Strt Jan/31/10)

Posted by Nick 17 Comments

Hey guys,

I am not at home for most of this week as I am doing a little traveling around the UK. I cannot really shoot videos on my laptop so this week’s analysis will have to be text.

What an awesome week we had last week! I bagged 191 pips trading reversal trades. We also saw a scalp line (144.60 short) break last week. The trade was profitable however I did not take it as it was broken by a news release. Officially it was not a trade which is unfortunate since it did hit it’s 80 pip target.

Just a note on reversal trades before we get into the analysis. People get so wrapped up with the scalp line side of my method they forget to trade reversals. However, right now reversals are working extremely well. Especially on EUR/JPY and GBP/USD. The trades are going so well in fact that I have even taken to trading reversals on the 1hr EUR/JPY and GBP/USD charts. I will try my best to get some examples of some of my 4hr and 1hr chart reversal from last week up this week.

Anyway let’s do the analysis:

Long @ 147.30
Long @ 150.70
Long @ 153.25

Short @ 139.20
~~Short @ 143.50~~ – This one was already broken. First few candles of the week are generally a bad time to take a trade but I took it anyway. Closed on the 15 min chart for -12 pips.

More scalp line will probably for during the week. Don’t forget about reversal trades either, remember I made 191 pips trading them last week. If you haven’t read the free e-Book do so now and learn how to trade reversals.

Tags: books, forex4noobs, gbp/jpy, scalp line, strt, weekly analysis, www.forex4noobs.com

pbw

hi Nick, I need some more practice in identifying reversals b/c I could not really see any with a good preceding trend where the wick is longer than the body on the g/u or eur/j — or g/j — on the 1 h or 4h –I see a couple of possiblities though — but not really glaring out. So if you could give a couple of your examples from last week, it would be appreciated.
spookie94

is it ok to take a reversal trade if price seems to be in a no trade zone, between scalp lines? If so, are you looking at only CA?
dontbelieve

mate, i don’t believe you bagged any pips. It is hard to believe you do about 200 pips every week. Can you show your transaction records? take the personal info out of the capture of course. i don’t want to follow another method made by another trader who ‘says’ he makes pips rather than shows it. sorry for my doubt, but would love to see some actual proof, and i mean something other than the live videos. If you can and I believe you, i can guarantee you a lot more active visitors, as I own a pretty large active forum.

NickB

@dontbelieve:

Tony is right I care very little for your faith in me. And while I appreciate your directness I do not feel the need to prove myself to you.

I will tell you something though. Do not place your faith on self proclaimed trading gurus who can show you a statement. MT4 is perhaps the most commonly used charting platform amongst retail traders. MT4 delivers account statements in HTML these days. Even with elementary coding knowledge you can edit an MT4 statement to show pretty much anything you want. I could make an MT4 statement that shows that I am a billionaire. Am I a billionaire though? Sadly not.

The point is statements do not prove anything. Displayed in either HTML or picture format account statements can be made to show anything.

Art

pbw: regarding GBP/USD there was a reversal to the downside at the 1.62 level & 1.61 levels that should stand out to you.
Robshan (PipperySlipples)

E/J reversals are where it’s at …. I bagged some pips last week and grew my account by 12% trading E/J alone
Tony

@dontbelieveYou’re a tool. Look at lasts weeks G/J 4 H chart. You’d be an idiot not to have bagged at least 150 pips or so. Not trying to speak for Nick here, but I’m guessing he doesn’t sh** if you believe or not.
Art

Nick, can you do a video on entry & exit trades? I’m having difficulty when entering trades deciding whether to go long or short off my lines. For example GBP/JPY line will be broken by 20-30 pips then it will reverse with strong reversal candles back above the line. Again this is just one example.

Your insight on the topic would be greatly appreciated.
maybela

Hi Nick, Could you please show us which reversals did you take on those 1hr & 4hr charts for EUR/JPY and GBP/USD? I cannot find anything obvious that resembles what you teach in your e-book? I think there’s a lot of us that could use some guidance on reversals… Thanks!
dontbelieve

hah, ‘I don’t care very little’? This implies you care a lot. I am flattered. Gosh nick. Either way, there are some traders you make money by trading and some who ‘teach’ trading to make money. Can you guess who you are?

NickB

@dontbelieve:

Mature, you make fun of a little mistype….

It is funny how you totally avoided the valid point I made. Anybody with even rudimentary coding skills can very easily edit a MT4 statement to show just about anything.

Is that because you’re not really interested in the truth, rather you’re here to stir trouble?

http://www.forex4noobs.com/wp-content/incs/imgs/articles/statement.png

Here is a pic I made of a fake statement for an upcoming article. It shows how easy it is to make fake a statement. According to this statement Max Scammer is the richest man on Earth. So what does an account statement prove??? Nothing.

Regards,
Nick

roby

..hi Nick, i have read with more attention you e-book and i found it very interesting, i cannot stay all the time on pc and is for this that 4 hours chart is the best of time frame to consider for me. I would like to do a question that i don’t understand well… trading breakouts..i imagine you don’t use a four ours chart but ?.. excuse for my english, i’m italian and i don’t it well. thank alot…
roberto.
Art

@dontbelieve: Your username is an incomplete sentence, so what does that tell you? You’re fragment, you didn’t quite cut it to be defined as a sentence, which means you make no sense.

You don’t have premises to back up your “fragments”. All in all, this is a great site for forex & its community for people to learn. Take that & you negativity & peace out!!

Keep it going NICK!!!!!!
dontbelieve

I am really not going to argue on the internet; its next to being retarded. Enjoy.

NickB

@dontbelieve:

It is? Well if arguing on the net is ‘next to being retarded’ what is starting an argument on the net?

All your points are shot down so you run away under the guise of not wanting to argue….. pathetic when you consider you started the argument.

hernan

hi, nick, this comment is not about the blog, it is about an observation. when you enter in to the BLOGS page (click on blogs) the FOREX PLUS button is selected. i think it´s a programming thing. I hope you don´t get mad for my comment, because i love this site, i visit it every week, so, you know.
thanks for share your knowledge.

NickB

@Hernan:

Why would I get mad? Thanks a lot of spotting that man I will get it fixed right away. That’s a huge help!