I am not really doing my normal analysis until the New Year. For now I will just post a few chart pics.
As I have said I wont be using normal S+R lines until GBP/JPY moves back into more familiar territory. At the moment I am only using scalp lines, candle patterns, price action and as you can see in the pic below some trend lines.
So the first scalp line we have is the 132.25 and it doubles as the lowest point since 1995. It seems like a very strong line as it has had two bounces. The most recent one is just two candles ago. If the 132.25 scalp line break I will go short with a stop of 50 and an initial target of 50. I might raise my target depending on momentum.
On the long side the first scalp line I see is the 139.22 (yeh I know its far away). It had a few bounces starting on the 15th of this month. Same deal with this one. If it breaks I will go long with a stop of 50 and an initial target of 50. I might raise my target depending on momentum.
I wont discuss the trendlines because I have not talked about trendlines yet in relation to my trading method. I do not want to give trade calls unless I have thoroughly explained how I would handle the trade myself. I will explain trendlines in the new free NickB method e-Book coming soon.
REMEMBER Even those the line set-ups are not great since there are few of them and they are far apart that does not mean I wont be trading. I am still trading candle patterns such as LWP’s and MC’s.
Also I will be writing a new FREE e-Book this week on my long term trading method. These are daily and weekly chart trades. I usually hold these positions for 2-12 weeks.