Category — GBPJPY

Hi All,

The .78 level failed to hold the market, and we did go lower to 162% of the AB leg. I was up for the fall, a little bit sad that my predicted level had failed, but as a trader I know that all my predictions are only predictions NOT FACT until after the event. I cover a lot of how to predict these levels in my course. What this means now is that we are in for a potential ABCD correction upwards, or some form of complex correction going sideways. I have put some date of where to expect a turn in time. If the market does what it often does, we could see a retrace upto one of these levels:
146.181,147.80,150.189. I would expect that correction to be over on or around the 6th of December, so only get interested in these levels as the time approaches. The next move after that could be a down move to around 131.79 or 128.36, again I am interested in these levels close to the 19th of December 2009.

The correction will either be a complex wave form that is hard to predict or a simple ABCD move that we might be able to catch the top to a couple of points. We have to see what the market throws to us next week.

Kind Regards,

Mike Haran

The GBPJPY has had a really dramatic move down today on Thanks Giving. No doubt a lot of stops would have been taken out today. Here I was thinking that we would be in for a quiet afternoon sat twiddling my thumbs.

The GBP is in an uptrend against the Yen on the larger time frame, so provided the last low remains intact at 139.635 then we could see a move that exceeds the previous high at 163.139. Entry is 142.58 or as close as you can get, stop no lower that 139.547. If the uptrend is to continue, this low should not be exceeded. A lot of you ask me how I actually make these predictions, and, because so many people have asked, I have made and eBook that deals with the way markets move and how you can learn to make these predictions in any market and any time frame.

I have also included a section on how to control risk so that you are always trading at your maximum and risking the absolute minimum. I also show you how to get a free trade that can only make you a profit, but no loss. This alone is worth the cost of the book and will ensure no more sleepless nights.

You will be able to identify high probability reversal zones using micro stops of 10 pips or even less. Drop me a line if you are interested.

All the best

Mike Haran