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Yes thats what I thought you meant... and thats what im currently working on...
And obviously alot of people on here dont think your a noob - but i repesct the modesty!
---------- Post added at 07:30 AM ---------- Previous post was at 07:30 AM ----------
There some very bad ones out there though, they will fill your computer with all kinds of crap, i also found they can be more harm then good. There are times when currency may be strong but be in consolidation mode, or in retrace in which case even the weaker currencys can still be moving the market, can be misleading... I got rid of it in the end...
PK, what other tools are you refering to, you mean PA, S/R, S/D etc or you actually have an indicator??
Would like to know what you would recommend, judging by your Vouchers, your obviously no stranger to the game!
---------- Post added at 07:31 AM ---------- Previous post was at 07:30 AM ----------
you should use CSM to see major strengths and weaknesses across all currencies. (currency strength meter) if you are placing trades against what is says they better be very short term. cant hardly go wrong when in agreement with it
---------- Post added at 07:32 AM ---------- Previous post was at 07:31 AM ----------
to me it's about pattern recognition over time, but more so S/R levels. cup and saucer is just top and bottom levels. when price drops below support is when big guys start buying.
my trade yesterday was after big rise I sold at 128.56 and rode down to 15M 10ma, cause it most always will bounce off there, which was also bottom of last big up candle. seen that happen hundreds of times so it was a hi probability trade.
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GBPJPY is moving around the 125.60 support level now. If GBPJPY can break this support and also break the yesterday's low, I expect GBPJPY will fall and has an opportunity to reach the next support level at around 124.71.
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While price tried to get out of the decline yesterday, the price is still showing sideways pattern that indicates the power sellers and buyers in the market is balanced, but the increased buyer power and gain confidence from yesterday will continue today also. it can be seen from the current price movement tends to rise despite seemingly weak. Daily ressistance point will be the next resistance point if prices rise.
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Main ye thread GBPS kw discussion kw lite bans raga gain. Sahib members KO ya post Marne kw lite swag at karat goon. But beofre going more down we may see some up movement again to hit the Upper trend line,,,
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GBPJPY has been rejected by the 125.60 support level. Then, I think GBPJPY has a potential to go up and touch the resistance level at 126.60. But if GBPJPY can fall again and break 125.60 support level and also the yesterday's low, this pair may falls to the lower support level at 124.71
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still above the up trend so we need now only a close above fibo 61.8 level at 126.10 to buy this crazy pair targeting 127.07 then 127.57 and our stop loss will be a close by 4hr candle below 126.10 ...
we can too buy this pair from 125.41 where is the up trend with the same targets as and the stop loss will be a close by 4hr candle below the up trend.
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Gbp/jpy technical analysis for 01.10.2012
resistance 3:127.13
resistance 2:126.68
resistance 1:126.34
pivot point :125.89
support 1:125.55
support 2:125.10
support 3:124.76
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GBPJPY moved down away from the daily pivot point to 125.79 and is now affecting daily support level 125.46. Further decline will punctuate this pair of price movement in the next few candle.
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the previous candle on daily time frame is a doji candle. So, I think the breakout movement is possible to happen.
If GBPJPY can break the yesterday's high, this pair may goes up to the next resistance level at 126.60 or maybe higher. But if GBPJPY can break the yesterday's low, this pair may falls to the support level at 124.71
