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Thread: GBP.JPY

  1. #61
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    i'm ready to take on the ninja

    possible short on the cards

    price hitting resistance from down trend line and also at 38.2 retracement of decline

    bear channel flag

    bearish count is a completing 4th wave befores big 5 th wave move down

    divergence on indicators and some candlestick confirmation
    Last edited by dumbass; 01-08-2008 at 07:48 AM.

  2. #62
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    Smile

    hI DB
    heres my 2 cents worth

  3. #63
    action-reaction arco's Avatar
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    Hi All

    Certainly the Ninja Beast should fall 500-700 pips, Not sure if its
    quite ready to turn yet, so it depends on your appetite for risk
    in the absence of a confirmed reversal pattern.............

    Scaling in could be one option, but this will require large stops and
    nerves of steel

    arco
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  4. #64
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    if i was making a market i would try one final move higher taking stops above trendline

    i have entry allowing for a terminal thrust higher to 217 but feel top maybe already in

  5. #65
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    Quote Originally Posted by arco View Post
    depends on your appetite for risk
    in the absence of a confirmed reversal pattern.............

    Scaling in could be one option, but this will require large stops and
    nerves of steel

    arco
    strict moneymanagement.
    smaller positions if necessary.
    and good medication.
    For clarity, nothing I say is advice....

  6. #66
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    Quote Originally Posted by arco View Post
    Hi All

    Certainly the Ninja Beast should fall 500-700 pips, Not sure if its
    quite ready to turn yet, so it depends on your appetite for risk
    in the absence of a confirmed reversal pattern.............

    Scaling in could be one option, but this will require large stops and
    nerves of steel

    arco
    hey arco, would you mind sharing some thoughts on what you would deem 'confirmed reversal patterns' on this example that would give you the green light to short

    thanks paul

    heres an updated chart

    i guess the most obvious would be the break of the lower trendline and a confirmation of polarity change .....but ill just shut up and see what the boss says
    Last edited by dumbass; 06-08-2008 at 08:01 PM.

  7. #67
    action-reaction arco's Avatar
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    Hi DB

    One reasonably conservative entry would be on a TL break and confirmed polarity test, then buy on break of last pivot low.

    There are many other slightly more aggressive entries such as watching for old support to become potential resistance (check current 4 hour chart). Again for safety one could wait for a lower high pivot to form on smaller time-frames and check for added confirmation divergences on lower pane indicators.

    Or if you are feeling very aggressive - scale in slowly based on EW counts and/or Fib points.


    rgds - arco
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  8. #68
    action-reaction arco's Avatar
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    DB

    This is what I was looking at last night on the 4 hr.
    Potential resistance at purple lines and Gartley targets.

    arco
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  9. #69
    action-reaction arco's Avatar
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    >>>>>>>>>>>>>

    Entered this one short @ 213.35 based on my thoughts as mentioned.

    I put an initial target of +60 and the action did reach +40ish as one stage, but I was having a walk on the beach, otherwise I might have grabbed the profit.

    Anyway, currently +10.........might be a bit of nail chewing and foot tapping involved

    arco
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  10. #70
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    >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
    <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

    entered short as well arco , nice trendline on hourlies and its right on 61.8 of retracement

    ive got a tight stop just above that high at 214

    there was an evening star of sorts as well to back up my entry

    under water for 10 as we speak

  11. #71
    action-reaction arco's Avatar
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    Hi DB

    Yes a number of indications appearing together, so lets
    see if and how far the action can head south.......

    My stop also close by @ 214.05

    arco
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  12. #72
    action-reaction arco's Avatar
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    I've decided to take a small loss on this one until
    the plot becomes more clear...tomorrows another day

    arco
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  13. #73
    action-reaction arco's Avatar
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    Annoying having to be asleep when all the action happens,
    but fortunately I took out a big position on Eur.Jpy before
    retiring as it looked more in reversal mode.

    Nice wake up pips +124
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  14. #74
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    funny what you said about this one arco about the same time you posted i had my finger

    on the mouse ready to close as it wasnt looking to flash but

    my internet connection went down and i took it as a sign .........

    sometimes it aint too scientific

    just got stopped for 150+

  15. #75
    action-reaction arco's Avatar
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    Nice one DB

    I managed to squeeze 200 from the Eur.Jpy, so after taking
    the small loss from Gby.Jpy it was still a good result.

    arco
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