GBP-JPY Intraday Trading - Bulls and Bears

by Vahid | Forex Market Analysis and Signals | Thursday, January 31st, 2008

12:33pm GMT

The yesterday candlestick in the daily chart is formed as a big Bearish candlestick that broke down the Bollinger middle band. Today candlestick which still has about 12 hours to become completed has not been able to go down and break the yesterday’s candlestick lower price yet. It is several days that the candles have been moving around the Bollinger middle band and none of the Bulls and Bears have been able to take the full control yet. Maybe today one of them will do it.

So, for our intraday trading, none of the Bulls and Bear have the control from the the daily chart’s point of view. Lets check the other time frames.

The 4hrs last two candlesticks has been Bearish and currently it is going down to retest the triangle support (lower line).

The one hour chart, shows more details about the triangle and its support line. We have to wait by now because the price is so close to the triangle support. We have to wait and see if it will break it down or will bounce up.

2:14pm GMT

It seems it is serious to break down the triangle. It broke down the triangle but was stopped by the 38.20% level and went up to retest the broken the triangle. It is still early to take any position if you are not already short. Have an eye on it.

2:27pm GMT

I went short at 213.33

4:54pm GMT

I rushed and went short before the 14:00 candlestick to be formed completely. That was a mistake that we should never make. After the 14:00 candlestick formation I realized that the triangle and the 38.20% level are not broken down and when the next candlestick started going up, I went long.



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2 Comments:
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Comment by zahi
2008-02-02 09:38:53

Hi vahid!
I understand many of your readers like to trade the GBP/JPY but i think i’m not the only one who thinks your night report of all the majors is even more important.
The first thing i do each morning is read your report and it helps my tarding a lot.
During last week you didnt publsh your night report every day, i’m sure you dont have the time but i would appreciate it if you could publish it every day like the GBP/JPY report and include all the majors and USD/CAD USD/AUD NZD/USD like you did in your first reports.
You are doing a great job vahid, thanks a lot!

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Comment by Jennifer
2009-03-06 18:12:43

Hi Vahid,

ICan you advise me what books I should read or courses i should take to learn to become a competent forex trader?

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