Forex GBP/JPY Weekly Analysis (Wk Strt 30/03/08)

Hey guys,

Here is the weekly analysis for this week, I know it’s late but I was busy redesigning the site. GBP/JPY was pretty boring last week; this week looks like it might be much better. I can see two good S+R lines that are close and one that is far:

Long:
201.80 (very strong)

Short:
196.71
192.60 (very strong, same line I mentioned last week)

These are all normal S+R lines, that means I target 70 pips on my first half, move my stop loss to break even and try to target more with the second half. Stop is usually about 80 pips. I know that the stop loss seems large but with a high win ratio (8 out of 10 trades profitable) a high stop is fine.

Remember that scalp lines and candle stick based trades that form during the week so I cannot mention them in the analysis. Keep an eye out for trades like that as they can be worth a lot of pips.

For a more detailed explanation watch the video below. Please note that on the first half of the video I talk about site changes and not analysis:

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12 thoughts on “Forex GBP/JPY Weekly Analysis (Wk Strt 30/03/08)
  1. Nick, what would be the reasoning behind not marking 195.00 as a short line? There was a significant bounce last week…

  2. Hi Nick,

    Nice design mate! Quick question if I may: Would you still take an entry on the GPYJPY if the japanese market (or english market) are both closed at the time? Making volatility really slow?

  3. Nick

    Your trade lines are reliable. Make the trade, then, Bob’s Your Uncle, as they say.

    Your analysis is short, precise, and practical.

    My weekly preparation includes “Nick’s Numbers”.

    Thank you.

  4. Nick,

    If it breaks above the 201.81 line sometime soon, do you think the 203.46 line is usable? Why or why not?

  5. Nick,

    I traded by ‘faith’ on your analysis and came out big time baby! I bought 50 mini lots($1 profit each pip movement) at 201.90 level and just got out(1 minute ago) at 203.67 level for a whopping 177 pip move and made(without scaling out mind you) $8,850, which is a world record for a one day profit for me.

    I don’t care if the market goes up more, that was more pips than I expectd.

    Thanks man….

    Hilton

  6. jk »

    I was confused the first time I read it too. In the brackets he is simply saying each mini lot is worth $1 per pip and he traded 50 mini lots.

    $50 x 177 = $8850!

  7. Hey jk,

    Yeah, sorry about the confusion. Sometimes, when I type I just say what’s on my mind without thinking about how it is read by other people. I need to slow down. It’s a bad habit of mine.

    Anyways, the admin. is correct. What I was trying to say is that each pip is worth $1 in my favor. I had 50 mini lots which represents $50 per pip movement. The market moved 177 pips in my favor which is $50 x 177 pips= $8850

    Sorry about that…

    hilton