16:15GMT We are in for wild rides in JPYs - GBPJPY showing narrow UPtrend but EURJPY still thinking.
15:50GMT Indicators were good The DOWN trend to continue based on UK close.
12:40GMT I hope technical play section was useful, as mentioned earlier the slide happened and now jump started the UP trend. Don't get excited- indicators are still neutral not yet UP so wait for the big climb or confirmation..
00:00GMT Good Morning Friends, Well we saw a drop dead game in GBPUSD where as slide in EURs. GBPUSD. GBPJPY and EURJPYs are building their UP trend momentum by dropping below our BUY levels. My take is that they will slide and then jump start their UP trend. EURUSD still looks fragile with Greek+Volcano+plus many other issues. No major data other than 5GMT JPY, 9GMT EUR & afternoon USD minor releases. The surprise factor for GBP is that over the weekend Lib-dems took the lead in opinion poll. If it continues GBPUSD dip can go to new lows say 1.4 levels. Just a word of caution.
Monday, 19 April 2010
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Hi J, I see you have "players" buy level for GY and GU respctbly low 1.41 and 1.52 - how often are these honoured? Thanks
ReplyDeleteConcept of SELL/BUY levels are 127%, 161%, 261% and 423% for previous High & lows of patterns. The regular hits are in first column of BUY level (127%). But when it crosses 161% you need to take caution as the trend may be players game.Chances are players are tempting traders to place new Longs and then drop it to 261% level for stop hunts. (Check GBPJPY's play today).But if the levels are at 423% we are into different trend and long-term like USDJPY back in december. You need to monitor these levels for 30-60 days to get use to it. Tip: - usually JPYs touch 261% and stay there for few more sessions/days before recovery where as other majors tries 161% and then stay there for longer.
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