Anyone trading GBPJPY?

[torero 10]

I'm weak on the range play so I prefer the breakouts. Fighting for teenies is not my style at all. Last week was caught in a tight range so tight even I didn't feel had enough room to maneuver my profits. Oh well.

 

Hopefully this week, the condition goes in my favor and move this badass.

[cowpip 10]

There should be some pre-ECB / MPC positioning over the next day or two which should influence this cross pair (and eur/jpy), if it hasn't already happened. But generally, I wouldn't expect any serious breakout activity having stronger momentum until after the rate decisions come out. I'm therefore still happily playing the range. A good sign is the contracting range. Eur/jpy has a nice triangle formation on the daily charts that should be playable in the not-too-distant future.

 

Happy hunting, Torero!

[Art Krantz 10]

A non-event today, with little or no interest in this, or any of the popular pairs. It’s drifted in light New York trade & the low risk shorts still hold the upper hand into Tokyo.

 

Sentiment remains mildly bearish, with COT flows flattening. It’s pretty much neutral regards main drivers on this one with all the talk of BOE rates & (on/off) risk aversion on the front burner.

 

The supply has churned over remarkably well considering, but if you’re short this pair (which has remained the clever play), you might want to use the near term techs to re-adjust your weighting again into this week action, as was the case lower down off the 205.0 dble bottom print.

 

One of the tech fella's here reports Fib interest at current levels from the kick off 205 to the recent heights up at 214.0 for those of you who follow that stuff.

 

Apparently, it bounced a 50% on Friday at 209.30 & presently resides at the 38% here at 210.50.

 

Anyhow, clear upper-lower markers are very visible & tradeable.

[cowpip 10]

Slightly off-topic, but since this seems to be where the chit-chat currently is... eur/jpy has broken the triangle that formed over the last week with today's dismal ISM non-manufacturing number. Wish I would have been privy to the leaked news, but I wasn't watching their web site like a hawk. I hope you're able to catch a ride on the next pull-back, Torero... I'll certainly be watching closely.

[torero 10]

Missed the move earlier this afternoon (went out to lunch, thinking nothing was going to happen since it's been dead all monring, doh!!!). Yeah, watching for the train to slow down so I can get down wit dit. Nice little flag forming right now. Hope that's the train!

[cowpip 10]

I was away from the screens when the news hit as well. No biggie... I hadn't planned on trading anything until after the news hit the wires anyway. There's always a pull-back of some sort to hitch your wagon to on these intraday frames. I was hoping for a slightly deeper pull-back post-ISM, but it doesn't look like it's going to work out that way this time. It was a pretty ugly report.

[torero 10]

This week GBPJPY has been behaving much better, none of that erratic whip and pull stuff like end of Jan. It fits my style better to just pyramid positions nice and slow. I can do this all life!

[Nautilus1 10]

Hi,

I'm tradingforex since several y and using a autom.Softwaretool since 6months. Depending on the market flow and my own risk management, this system kept me in the market on a save base. On the other side, when I was trading in different systems without autom.Signals, I've got lots of difficult moments, as we all know, handling the question, where to put the stopline/TP-line. However in the moment I feel quiet save and I'm trading also GBP/JPY and all the other high speed pairs (not together !). But now I must not whatch all day so I can be also focused to different markets(CFD,Stocks, Futures) as well in the same time.

[torero 10]

Good for you, nautilus? What software do you use to automate your strategy?

[mark66 10]

thanks for the info.

[torero 10]

Is it me or is the last few days the GBPJPY and EURJPY markets have been in a tight range? I've been getting a lot of false breakouts here. Not sure if it's the beginning of the month thing or what. Even somewhat important news don't seem to budge them too far.

[Sparrow 10]

I'd say the range is still pretty good for trading just not for trend following. Time to take a break for traders who capitalized on last weeks drop-retrace-drop action.

Could just be a minor pause before conditions change again.

[milliard 10]

Not surprising really torero. Geppy has plumbed 10 handles (1,000 pips) in 3 session closes from the strong 213.0 ceiling, stalling out at decent support from 4th Q 05-1st Q 06. Fierce thrusts like that require a breather to assess the damage before considering their next move.

 

Risk aversion has continued to spook these instruments & the 2 way flows will be jerky affairs until one side or the other gains a confident foothold. These pairs, particularly Geppy, sure require a trader to adopt & embrace a well defined trend/range combo strategy.