My Forex Prediction using Advanced GET - page 7
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NOTIFICATION: ANSWERING QUERIES
Hi, Guys:
Tomorrow morning (likely around 8:30 am +/- Malaysian Time), I shall be inserting two postings on certain issues that are brought up by readers.
One of the postings is quite lengthy in nature.
Tune in to read.
Goodnite (11:00 pm Malaysian Time)
Regards
Kenneth
Update (evening) on GBPJPY
It was a horrible day. All those who recommended SELL (including myself) were dead wrong. Up to now, The GBJPY, GBPUSD, EURUSD, EURJPY and USDJPY all went UP against charts except for GBPUSD which went Up per its chart. At 1:42 pm, the GBPJPY retraced back to only +100 pips Pips to Open, not even down to +60 pips (which is my mental Stop Loss).
This GBPJPY is a “very” volatile currency pair to trade. If one is right, you can easily make 150 pips & above, and equally if you are wrong, it knocks you down. Any input Stop Loss of 100-150 pips will be triggered even without any manipulation on any broker's part because of its volatility.
I cannot figure out what really happened despite the poor fundamental picture of UK and the technical analysis. I have nothing to say, honestly, but I am going to stick to the Elliott Wave analysis and play a longer game - holding it on (stubbornly) overnite if necessary. (I am not suggesting readers do the same as we have differences in our thinking and attitude towards risk.)
I shall be tracking this currency pair till my sleeping time and where necessary, I shall update you all.
Regards
Kenneth
Last Update on GBPJPY
Tracking the GBPJPY
Fundamentals: Latest news from CNBC on UK at 6:22 pm (Malaysian Time): A report by Ernest & Young
says UK GDP had the biggest fall since War II and with the swine flu threat, it could fall further by another 3%.
This makes things even worse for UK. With such gloomy economic outlook, it is not logical to expect the Pound to strengthen in value. More probably, I suspect it is not the Pound that is strengthening in value, rather the Japanese Yen is being pushed down. And this is happening across the board. Why? With a cheaper Yen, Japanese exports are cheaper. Falling Pound will make the Yen higher, making Japanese exports more expensive. What would you think the Japanese Government will do to protect their global exports interest??
Tomorrow Tue 21 Jul 09, there will be some major economic announcements, and I shall be STAYING ASIDE. Nevertheless I shall continue to post all the 5 currency pairs for your study. I still intend to hold on to my SHORT position of the GBPJPY and become a position trader (rather than a day trader) for both fundamental and technical reasons, and I shall be providing both the Daily EW chart for GBPJPY and also the WEEKLY EW chart for GBPJPY only to show the midterm or longer term direction of this currency pair.
The Posting will be released around 8.30-9.00 am (Malaysian Time) +/- and I do not have to wake up so early.
With that, I close my postings for today and say Goodnite.
Regards
Kenneth
Sorry, Guys:
One more piece of the latest technical sign that the buying of the GBPJPY will be easing ie
1) The Elliott Wave Oscillator is showing signs of negative divergence - a sign of a tiring bull. This oscillator is available somewhere in our forum. You can do a search for it, as I cannot remember where it is.
I do not feel easy if I do not let you guys know this latest piece of info.
Goodnite
Kenneth