GBP Crash, Yen Fake?

The GBP had a very bearish day today, knocking me (and probably many others) out of trend continuation trades to the upside on the GBP. The Yen also gained temproary stength and pulled USD/JPY and the other Yen crosses down before jumping higher.

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Winners Edge Trading was founded in 2009 and is working to create the most current and useful Forex information and training available on the internet.

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  • Paul, Thanks for taking the time to comment your feedback helps all of us at Winners Edge know if what we are doing is helping. So keep coming back and keep the comments coming!

  • forexft

    Thanks for your comment ๐Ÿ™‚ Yes, if price go through the 1.34 resistance that’d be definetely bullish.

  • Yes totally agree with you Paul!

  • Thank you for your comments! Those are much appreciated!! ๐Ÿ™‚ yes a move down on the EURUSD is something that I consider likely, back to to the 1.3150 / 1.32 area. We did bounce off the 382 Fib of the last move but I was anticipating another correction down, back to the 500 fib, or maybe the 618 Fib. This correction does like look a wave 4 and those do not go deep normally speaking.. one more push to the 2012 highs at 1.3480 area where we have a 500 fib of the entire weekly move down is likely.. but do we go up from here or after a deeper correction? A deeper move was possible and in the cards, but after todays bullish move up, it could signal continuation of up side.. I will look how price reacts after this move up. If it makes a bull flag pattern corrective + break, then a continuation up is likely. If we make an impuls down, then this move up was a B wave within the wave 4. Thanks again for posting!

  • Paul

    Excellent work as always Nathan

    Its refreshing that you diligently review all of the trades that you are in, even when their outcome was to be stopped out for a loss. This, in itself is as valuable as your analysis I think, because it reinforces the fact that all traders have losing trades, but know that over many trades their strategy will provide a positive outcome

    I like the look of EUR JPY, as the bottom of yesterdays candle was the top of the daily high achieved on Jan 2nd. Looks like that previous resistance may now be acting as support, providing an opportunity for a risk / reward trade ratio of 2 to 2.5, just to the recent highs and like all the JPY crosses, potential to trail a stop up for a much larger profit

    thanks again, best

    Paul

  • Thanks Jay and we like communicating with you on facebook too. ๐Ÿ™‚

  • forexft

    Hi guys here is my analysis of EURUSD for today:

    Huge bearish ABCD pattern over a 6
    month period. Although 0.382 projection is not 1.41 the pattern
    is rather symetrical. AB leg is 40 periods and CD leg is 42 period
    which is very accurate. Usually CD leg is slightly longer. Another
    clue is that price has indeed started to breakdown at the completion
    of the pattern. It is of course not garanteed that price will
    continue breaking down to the 1.31 area, but there is some violent
    reaction going on. I am still bearish for now and I won’t move my SL
    to BE as I think a major battle is going on between bulls and bears
    at these levels and it might take a week or two to know the outcome.

    Also the 1.34 area is a major resistance on the weekly chart
    and I don’t think that it will be overcome in a day or two.

    Slow stochastics is suggesting rejection of lower line of Andrew’s
    pitchfork and therefor a lower move can be expected.

  • Get vid love da work
    U guys are doing