GBP\JPY......An opportunity Arising

[rav700]

I have been trading this pair for quite a bit of time............and I believe that this is a great trending pair...

I have been studying the charts and have come to the following conclusion that might just be an opportunity to short the pair.....
A beautiful Double top....I would definately like to go short but I guess the question is when....
As you can see the patterns are almost similar with regars to TA but the Fundamentals are something we need to look at.

From the 1st of march to the 29th of march the pair has had a ride of 1081 pips.......
What in store for April......
These are my thoughts I will keep it simple.....
I think one last attempt to break the 233.85 Region and on failure we will see a massive fall and I would not miss the opportunity to short ....If it did get to this point I would short it on the way down...
If it did break 233.85 and entered the 234.30 zone then I think we will go all the way to 240 zone in april itself and then have the fall...Either way money is to be made....

A bit of advice be very careful in trading this pair as it has burnt a lot accounts ............

Happy Trading
Rav
Your comments would be appreciated :cheesy:

 

[options]

2nd April: short if it goes past 231.65 Buy if it goes past 232.53

3rd april: Which I have as a minor pivotal point. short 231.55 Buy 232.34

232.48 is my buying point

Major buy/sell point @ 230.47 which market went back up through on 29th March, held it nicely on the 30th and still has more upside imv.

 

[fibonelli]

In addition to what options is saying, I would also look for most or all of the indicators to break their uptrends if price falls below 231.65.

 

[rav700]

Tankan Lg. Manufacturers Index q/q

Definition
Measures the general business conditions of large manufacturers. The index is derived from a survey that asks respondents to rate subjects such as general business conditions, supply and demand conditions for products and inventories, prices, sales, and employment conditions. A rising trend has a positive effect on the nation's currency. The Tankan is released four times per year and is one of the nation's most respected gauges of economic welfare because manufacturers play a vital role in the large export industry. Traders pay special attention to the Tankan survey because it's one of the few growth indicators that is produced directly by the Bank of Japan.

I think this release of the tankan report is at 23:50 tommorow night.......Anybody traded this before

 

[Hook Shot]

I have been trading this pair for quite a bit of time............and I believe that this is a great trending pair...

I have been studying the charts and have come to the following conclusion that might just be an opportunity to short the pair.....
A beautiful Double top....I would definately like to go short but I guess the question is when....
As you can see the patterns are almost similar with regars to TA but the Fundamentals are something we need to look at.

From the 1st of march to the 29th of march the pair has had a ride of 1081 pips.......
What in store for April......
These are my thoughts I will keep it simple.....
I think one last attempt to break the 233.85 Region and on failure we will see a massive fall and I would not miss the opportunity to short ....If it did get to this point I would short it on the way down...
If it did break 233.85 and entered the 234.30 zone then I think we will go all the way to 240 zone in april itself and then have the fall...Either way money is to be made....

A bit of advice be very careful in trading this pair as it has burnt a lot accounts ............

Happy Trading
Rav
Your comments would be appreciated :cheesy:

Interesting Rav - you certainly get about.... truly a man of the world :cheesy:
Yen crosses are making their 3rd drive up but not clear whether it will be 5th wave Hi off the "crash" lows ...or whether it will fail to make new highs (abc correction ?) and die a death. EuroYen and £Y are pretty similar in that regard.

$/Yen itself is "struggling" - below the 11890-11900 zone having made a top at 11850 zone.
The laboured action sub 11900 indicates Yen strength may be about to resume (southerly move) ....but EuroYen and £/Y might be indicating some more Yen weakness (rising $/Y) before Yen turns into the incredible hulk once again....... and Yen crosses fall to earth with a bang!

Who knows...

I'm not a good micro-trader so will bow to the levels you guys have given ........ I just want the leap off the edge of the cliff ......... :arrowd:

 

[rav700]

I am just like you hookshot just trying to widen my horizens.....

I have heard that the tankan report can move the yen upto a 100 pips

Is that just a load of garbage

 

[Marwan2010]

though u have a Double top, but have rising bottoms, which would tell me that there is strenght in the market, so likely that there may be a break to the up, and yes if 233 is taken out than it is going much higher!