GBPJPY mid term 14 Sep 2009

[FibMaster]

This is a preview of a conversation at the Fibonacci Trading Forum here (http://dailyforexcharts.com/subscribe.html);

149 to 150 has been a prior support area for this pair. The daily trend has lost a lot of momentum, and does not give a strong indication of direction at this time. The 4 hour trend has become quite oversold and looks like it may try a rally.

There has been a good move down from 153.00 but this is the time to be careful. If the 4-hour trend crosses up, back off shorting and wait for an optimum entry later..

Below 149.00 is another great shorting zone!

(4h chart attached, TRSI trend looks like it may cross up soon).

[Raj]

Its a bit of a tricky setup, but im attempting a long from the 786 fib at 148.37...the daily has given a MS at the 618 support, which we just tested. I have locked in a few pips, so its a free trade...will see if we indeed get a rally or not.

:)

[Raj]

I am banking almost 200 pips, and will look to see if anything bearish forms at SK res.

:)

Happy Pipping

[Raj]

Well we did end up getting that nice ES CF at the resistance. I took a short during the Asian session, but have banked this morning....I'll wait for the 60min to setup another swing before pulling the fib.

:)

HAppy Pipping

[Rob123]

Good job Raj :) Rob