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GBP/JPY

Quoting Mpt
What's with all this Yen stuff? Are you trading YEN or Pound Yen?
There is no difference. Selling Yen means buying GBP/JPY
Quoting etabeta
There is no difference. Selling Yen means buying GBP/JPY
So if the pound collapses, that's OK. GJ will still keep going up?!
Quoting Mpt
So if the pound collapses, that's OK. GJ will still keep going up?!
Wont see much of an affect, JPY is quite Weak.. And that is what BOJ wants, to have weak YEN, Which is favorable to the Japan.
Technically GBP/JPY is looking to move upside as well.
Couple of hours before, if you have seen Tech Indicators were correcting, though not much price action movement, Divergence is there, a Bullish Sentiment..

Thx.
Classical chart patterns of currencies from 15+ Year Pro Trader
Quoting aviz12
Wont see much of an affect, JPY is quite Weak.. And that is what BOJ wants, to have weak YEN, Which is favorable to the Japan.
Technically GBP/JPY is looking to move upside as well.
Couple of hours before, if you have seen Tech Indicators were correcting, though not much price action movement, Divergence is there, a Bullish Sentiment..

Thx.
I have obviously been living on a different planet. I thought the BOJ wanted the yen to stay weak when they signed the Plaza Accord. And ever since then.

Soon it will happen. When the market and all the Mrs Watanabes decide so.

Anyway, I give up. This is starting to sound like the UJ thread. Everyone sitting with their finger on the mouse waiting for a intervention.
Quoting Mpt
I have obviously been living on a different planet. I thought the BOJ wanted the yen to stay weak when they signed the Plaza Accord. And ever since then.

Soon it will happen. When the market and all the Mrs Watanabes decide so.

Anyway, I give up. This is starting to sound like the UJ thread. Everyone sitting with their finger on the mouse waiting for a intervention.

Ofcourse Yen is getting weakening. That is why GBP/JPY is going up along with U/J , E/J
Classical chart patterns of currencies from 15+ Year Pro Trader
Cable forming support on 5957 and U/J looking ready to jump to the next level....
unstoppable. London is so determined to sell Yen this week.
This move reminds me of what Geppy used to be...Already up for 650 pips yet no good retracenemt...
Quoting forex_J
This move reminds me of what Geppy used to be...Already up for 650 pips yet no good retracenemt...
today could reach 133,5 and more without retracement.
Scalped on 26 which according by my chart. Next says 86. Can't do anything but short scalping since yesterday
Quoting etabeta
today could reach 133,5 and more without retracement.
I envy someone with so strong mind. If I had a long position below 129 I would be screaming looking at this chart even more than I had a short position somewhere around 127...Maybe after having such a nice position, the best thing to do is to completely stay away until you receive email from MT4 that says I got a TP or B/E. If I look at the chart like this, I would normally rush to take profit...
Quoting forex_J
I envy someone with so strong mind. If I had a long position below 129 I would be screaming looking at this chart even more than I had a short position somewhere around 127...Maybe after having such a nice position, the best thing to do is to completely stay away until you receive email from MT4 that says I got a TP or B/E. If I look at the chart like this, I would normally rush to take profit...
trailing-stop is the key to protect long position.

Looking the chart there should be a strong retracement to 129 (as all analysis are telling), but I think that the fundamental view now is more important.

If you look at the PA you can see high volume on the buy side on every candle, and no one will be short for months.
Only a news bearish for YEN could push for a little retracement.

A short position around 127 should be closed or hedged at this level IMHO because could be well closed only in months or more.

Every now and then Big boys are more strong then trendlines.
For the first time in this 650 pips skyrocket we have 100 pips drop!
Nice move. U/J finally retracing and GBP obviously going weak against almost every other currencies!
Quoting Mpt
I have obviously been living on a different planet. I thought the BOJ wanted the yen to stay weak when they signed the Plaza Accord. And ever since then.

Soon it will happen. When the market and all the Mrs Watanabes decide so.

Anyway, I give up. This is starting to sound like the UJ thread. Everyone sitting with their finger on the mouse waiting for a intervention.
Now I am insulted! I don't wait for one shot intervention!

I was at work from the wee hours of the morning until now and internet died at work. Grrrr. Anyway, I am currently still in the Buy trade, push down stopped 3 pips above my SL. But yes, it is interesting how a few days ago everyone was selling a Perfect sell and a Perfect sell storm and I was told my bullish view is a comedy, now after 650 pips up everyone is expert on buying while I am looking for appropriate level to short. There must be something really wrong with me. Mpt, please don't go, let's just have fun! But if you go, if you know a private forum, I would really be glad to be invited
Quoting etabeta
trailing-stop is the key to protect long position.
And you recomend how many pips to be trailed behind?

Quote
Looking the chart there should be a strong retracement to 129 (as all analysis are telling), but I think that the fundamental view now is more important.
Fundamental view started 8 trading days ago. It is slowly running out of importance I think.

Quote
If you look at the PA you can see high volume on the buy side on every candle, and no one will be short for months.
Only a news bearish for YEN could push for a little retracement.
For months you say? Don't you think this is over optimistic? And do you understand that Volume in MT4 is not an actual volume, but more like volatility indicator and is even different from broker to broker?

Quote
A short position around 127 should be closed or hedged at this level IMHO because could be well closed only in months or more.

Every now and then Big boys are more strong then trendlines.
Actually the way I see it, short position at 127 should have never been taken. Actually the last time short was in the game was whether 125 area or Trendline at 129 area. Now I am looking to short in 133-135 area depending the PA.
Quoting forex_J
I envy someone with so strong mind. If I had a long position below 129 I would be screaming looking at this chart even more than I had a short position somewhere around 127...Maybe after having such a nice position, the best thing to do is to completely stay away until you receive email from MT4 that says I got a TP or B/E. If I look at the chart like this, I would normally rush to take profit...
I would recommend a book for you, The Disciplined Trader, Mark Douglas.
There may be a moderate/large bounce coming at about 130.5

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Quoting IndigoPingvi
Now I am insulted! I don't wait for one shot intervention!

I was at work from the wee hours of the morning until now and internet died at work. Grrrr. Anyway, I am currently still in the Buy trade, push down stopped 3 pips above my SL. But yes, it is interesting how a few days ago everyone was selling a Perfect sell and a Perfect sell storm and I was told my bullish view is a comedy, now after 650 pips up everyone is expert on buying while I am looking for appropriate level to short. There must be something really wrong with me. Mpt, please...

Yes, I know I shouldn't be so sarcastic or even demeaning.

I am also aware that it's human nature to see price continuing to rise (or fall) and want to jump on and anticipate that it's going to keep moving that way. But that's just a very good example of human psychology transposed into the general concept of elliot waves.

When price starts its first move, a few people will jump on. Most won't. That's wave 1. The forum is quiet.

It gets to a certain point (wave 2) where some people jump off because they're not sure of the direction. The forum remains quiet. Just a few regulars talking shit.

Then it rises impulsively in wave 3 and lots more start to buy. More people attend the forum (probably former regulars)

It gets to a level where people start to get out and it drops or moves sideways (wave 4).

Then the final wave (5) arrives. Just as it's about to burst into its large move, more people arrive. The forum becomes busy. They've heard/seen that there's lots of price action. They jump on. They're certain it's going to keep moving. It's going up because of fundamentals, or the BOJ, or something in the news. They fail to comprehend that the fundamentals have been crap since about 1994. This time it's different, they say.

Then the up move stops.

Summed up nicely (in a different way) in the first couple of paragraphs here.
Quoting Mpt
Yes, I know I shouldn't be so sarcastic or even demeaning.

I am also aware that it's human nature to see price continuing to rise (or fall) and want to jump on and anticipate that it's going to keep moving that way. But that's just a very good example of human psychology transposed into the general concept of elliot waves.

When price starts its first move, a few people will jump on. Most won't. That's wave 1. The forum is quiet.

It gets to a certain point (wave 2) where some people jump off because they're not sure of the direction....
nice. i do not believe and do not use wave theory. it is very interesting, no question, but it is just one of the thousand theories around. trading waves does not make sense because it only tries to explain the force or psychology behind the moves which already happened. but you can not know exactly the next move. what wave it is going to be? maybe it was just retracement or bounce? you will know it after it happens. but before that you take a position. so you anticipate. you will hope that it will be that wave you are expecting. and the question is how often it is that wave you expect? this is same as trading pin bar, same as trading stochastic, cross MA. you look at them and then take participation expecting price will go your way. otherwise except their imaginative sign for entering trade these theories means nothing much. price can not be predicted but you can take high probability trade.
regarding fundamentals, i share your opinion.
As Above, So Below
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