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September 9th, 2008 at 11:24 am

What is the next move?

For the GBP-JPY of course. I continued my buying binge in the beast and it worked out fine. There was one more trade. I followed the price down with my buy order and ultimately it was triggered at 190.00. I used 15M charts for that and my target was 191.00.

gbp-jpy-4.jpg

This was nice 100 pips. The range seems to contracting now. That is in relation to last few days, of course, as the real moves still remain large. Easily about 100 pips an hour. The problem is, market is coiling itself for next move, so right now I’m going to zoom out to 1H charts.

gbp-jpy-5.jpg

Right now I have a buy at 191.30, with a target of about 192.50-193.00. This might take a while to develop. I will still keep an eye on 15M charts if the price keeps falling and suitably large swings develop.
I’m also watching AUD-USD with an interest. Here is 1H chart

aud-usd.jpg

I’d like to buy it here at 0.8190 and try to see it go to 0.8300. This also looks like it might take some time, maybe couple of days. Here I have no intentions to try smaller time frames. I content to wait for 1H chart to move. So I wait.

Mike K.

 

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