GBPJPY : My price action analysis (Update)

3:46 pm GMT +8

After broke and tested the support level 213.39, price drop 100++ pips

Economic Calendar

Currency : GBP - Manufacturing PMI
Impact : High Impact Expected
Time : 4:30am
Previous : 45.5
Forecast : 45.8

Description :
The Chartered Institute of Purchasing and Supply (CIPS) Manufacturing Purchasing Manager's Index (PMI) measures the activity level of purchasing managers in the manufacturing sector, with a reading above 50 indicating expansion. A rising trend has a positive effect on the nation's currency. To produce the index, purchasing managers are surveyed on a number of subjects including employment, production, new orders, supplier deliveries, and inventories. Traders watch these surveys closely because purchasing managers, by virtue of their jobs, have early access to data about their company’s performance, which can be a leading indicator of overall economic performance.

GBPJPY : My price action analysis

10:30AM GMT +8

H4 : Area 213.24 - 213.39 considered strong support
H1 - M15 : Price possibly up if bull candle could break 213.78
M5 : The market most likely sideways for a while. After bull broke 213.66 the market went up for only 12 pips... but then price went back to the sideways area 213.39-213.66

Preference :
RSI signal BEARISH
Waiting price to pass through support level.

Little bit about 'Trend Bar'

1.38 PM GMT +8

What is 'Trend Bar' @ 'BD Trend Correlation Bar' all about?

It's difficult to explain in natural language... LOL. It's programming thing. But the purpose is to monitor the currency and correlation comprises of trend, correction and entry.

You may get an idea from the above picture...

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Update August, 1st 2008 : Testing result
After some testing I found that the 'BD Trend Correlation Bar' will only work successfully on trending market but the signal failed on sideways market.
The system canceled.
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New Template

11:55 AM GMT +8


Hello,

First of all I would like to apologize to all visitors and friends, i haven't update my blog for long time due to some technical problems.

Secondly, I would like to introduce my new template and later on the signal provided from this blog is base on the BlueDream's Trend Bar

GBPJPY : News impact (Result)

8:20 PM GMT +8
Please refer the picture for news analysis result...

The actual result exactly same as forecast .... the GBP streghthen by 0.4%

GBPJPY : Signal Result

9:30 AM GMT +8

Yesterday's 'floor' signal result : Price achieved new high 206.11 greater then the previous high 206.03.

The series of candle formation at H1 and H4 keep trying to break the 'ceiling' 206.11

But, if price unable to break the 'ceiling' and then BEAR candle break 205.57, the system expect that the price going to find new low price (violet floor)...

Economic Calendar

Date/Time : April, 25 2008 4:30 AM GMT (12:30 PM GMT +8)
Currency : GBP
Impact : High Impact Expected - GDP q/q (p)
Previous : 0.6 %
Forecast : 0.4 %
Actual : 0.4% <<-- Result : GBP Strenghthen

Details :
Gross Domestic Product (GDP) measures the total value of all goods and services produced by the economy. A rising trend has a positive effect on the nation's currency. GDP is the broadest measure of activity and the primary gauge of the economy's health. To foreign investors, a strong economy is viewed favorably because it spurs investment opportunities in the domestic stock and bond markets. More importantly, the central bank is more likely to raise interest rates in the face of a strong and growing economy. The combination of these effects can have a large impact on the demand for the nation's currency.