GBP/JPY Weekly Analysis (Wk Strt Jun/07/09)

Posted by Nick 20 Comments

Discuss the latest GBP/JPY movements in this forum thread

Hey Guys,

Another busy weekend so another lazy Sunday. That means no video analysis, I will resume video analysis next week though.

What a great week last week was. We had three trades with my method all were profitable. There was a fourth line break that I was considering taking but it was such a weak line I decided against it.

Lets take a look at the charts this week:
pound-yen

:ebook:

These are all scalp lines therefore the target and stop for all of them is 50 pips. However, that is my target and while I suggest you aim for no more than 50 pips you could adopt some other strategies to maximize gains. For example you could close out half you position at 50 pips and move your stop to break even. This strategy is discussed in the free e-Book above.

1. Long @ 160.43 – strong line

This line formed last week. It is the new 2009 yearly high and had a very nice reversal. Even if it wasn’t the yearly high it would be a great scalp line so I am definitely taking this one. However, I will be careful since strong lines are often hard to break.

2. Short @ 154.82 – average line

This line formed last week and it seems quite good. We see a nice strong move towards the line, two candle wicks hitting it followed be a strong reversal.

This line looks like a great trade opportunity for a break so be ready for it.

3. Short @ 142.95 – strong line

This line has been around for a few weeks now it looks like a good line and I will trade it if the price somehow magically gets down there this week. Watch out though this area has proven to be very tough to break through. I will exercise extreme caution with this trade.

3. Short @ 139.00 – strong line

This is a very good line that formed a few weeks ago.

4. Other lines

As usual, other lines are likely to form during the week, so keep an eye out. I will update the analysis if any new lines form.

Tags: forex4noobs, gbp/jpy, scalp line, scalp lines, strt, the nickb method averaging 100 pips per week on gbp-jpy, weekly analysis, www.forex4noobs.com

Twinky

Nick, can you please explain why you don’t see that 158.58 ish line as a valid scalp? Thx
O’Zeeke

Appreciate all the effort Nick. Looking forward to another great trading week, thanks again.
NickB

@Twinky:
I have already been asked this question by a few people. My answer was:

Where is the trend leading up to the line and the trend leading away? All I see are two random bounces one as it was dropping and another from a news spike. You could argue that last week I used a line that had no trend leading away but at least it had a trend leading to the line and it was a yearly high.

Remember the e-Book we are looking for V, U or L shaped bounces.

In my opinion it is at very best a weak line and I personally would not trade it.
NASH

hey nick
why you don’t tell us when should buy and sell.
i mean a signals. sometime its difficult to read lines.
NASH

what do u mean by long@ or short@
chijindu

long means buy,short means sell……thanks nick gotcha,………
NASH

thanks ‘chijindu ‘
IkeJ

Furious Angel, You are the women! I love the 1 hour chart”MASTER CANDLE” technic used with Nick B method. Thank you guy’s!

NickB

@IkeJ:

Furious Angel is a man and he does not post in this blog. This is my blog (Nick B)

chijindu

ure welcome nash
damien

Nick thanks for info,looking forward to the week with you
Damien
Juli

Hi Nick, Do you never trade with Fib levels or Pivot points and if not, could you please explain why.
Thanks,
Juli
Miguel

Hi Nick,

Thank you very much as usual for the very useful weekly analysis!

Can’t wait to see the videos again as of next week!

Keep up the great work you’re doing educating a lot of people on Forex!

MiG
NASH

1. Long @ 160.43 – strong line
2. Short @ 154.82 – average line

hey nick what should do in between these
Eggs Benny

Hi Nick and all,

Anyone just take that master candle trade? I got 52 with manual entry and exit. The weak/non existent line at 158.56ish maybe looking a little better now. Anyone else think so? Nick?

Cheers
IkeJ

Sorry about that Furious Angel and Nick B. Stuck my foot in my mouth, but hey! I have over 100 pips for the week all ready! Thanks to you guy’s. I really do apologize for the mishap though.
aks

Hello Nick, got 33.2 pips, on the 160.43 long scalp. Thanks for the insight.
NASH

i got 160.43
thanks nick
realy i learn alot from ur method.
ThePhoenix

Just caught 50 pips off of +7 of 160.43. Almost reversed and hit my, “o crap SL,” before it went postive.
Miguel

I got stopped out by my SL -50 pips