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Enter The Dragon - GBP/JPY 1 reply

Attachments: Dragon Riders GBP/JPY
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Dragon Riders GBP/JPY

Price will be stopped at 148.00 area and we can expect to see retrace.
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London has opened with pretty strong Risk On sentiment so for now longs only on this pair.
Boxing clever since 76.
i look at the wicks of the candles and the bottom wick for the week is not defined yet.... so will it hit 148 first or 144 seems like a tug of war between the bulls and the bears.... still it looks like a strong bull market due to the last week confidence.... any thoughts anyone???
Quoting readpiple
i look at the wicks of the candles and the bottom wick for the week is not defined yet.... so will it hit 148 first or 144 seems like a tug of war between the bulls and the bears.... still it looks like a strong bull market due to the last week confidence.... any thoughts anyone???
We have fomc minutes in the evening UJ will move and take GJ with it. Looks up but who knows.
Quoting NMZee
{quote} We have fomc minutes in the evening UJ will move and take GJ with it. Looks up but who knows.
So far so good, will we see 148.00 today??....anyone with crystal ball, parrot, phython, monkey...????
MrB, copi, fxhedge fund guy....?? Any stabs..!!
The Dragon is strong , still can load more
Quoting NMZee
{quote} So far so good, will we see 148.00 today??....anyone with crystal ball, parrot, phython, monkey...???? MrB, copi, fxhedge fund guy....?? Any stabs..!!
Doesnt look like it at the moment. My value models show value is coming off (Blue line is the main value line) with volume dropping off.

Also with bearish sentiment on Sterling at the moment gains on GJ will be difficult.
Short at 80

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Boxing clever since 76.
Added to my short positions with the help of this retracement. Targetting lower 145's.
Quoting jolaus
Added to my short positions with the help of this retracement. Targetting lower 145's.


any indication of this retracement to be a definite downward drop???
Quoting copi88
{quote} Doesnt look like it at the moment. My value models show value is coming off (Blue line is the main value line) with volume dropping off. Also with bearish sentiment on Sterling at the moment gains on GJ will be difficult. Short at 80 {image}
principally, i agree with your views however my point was regarding the fomc minutes later. If minutes follow the same tone as the statement then uj will rise and will take gj with it. No doubt it looks expansive tickets buying at this price but 148.xx has definite attraction. Wouldn't be too surprised to see a 300 pips drop after 148.00
Quoting readpiple
{quote} any indication of this retracement to be a definite downward drop???
mate, can't say if it is definite.
But following are reasons why I entered a short position at 146.70:

 

  1. GU is weak in its hourly. No support from data. So expecting it to drag lower.
  2. 146.70 is the point in my charts, which GJ re-tested post breaking below a rising wedge in hourly. So am selling a re-test now.
  3. Am bearish on dollar into rest of this week. For now, a possible bearish RSI divergence could play out in UJ hourly for next couple of hours.

Quoting jolaus
{quote} mate, can't say if it is definite. But following are reasons why I entered a short position at 146.70: GU is weak in its hourly. No support from data. So expecting it to drag lower. 146.70 is the point in my charts, which GJ re could play out in UJ hourly for next couple of hours.
how many pips r u looking for..??
Quoting NMZee
{quote} how many pips r u looking for..??
Target is lower 145's so 100 odd.
But first, am looking for a return to 146.40-45.
Quoting jolaus
{quote} Target is lower 145's so 100 odd. But first, am looking for a return to 146.40-45.
ok Good luck☺️
Short at 146.70 tp 145 sl 147
It should be a bullish day... I'm waiting on magic 148 to appear... I'm still long and will be adding longs if price dips... if it dips below 145 then I might short.

There is room for both long and short today but I'll stay with the trend.
I'll pick up the crumbs don't need the whole pie
Here is the correlation between USD/JPY and GBP/JPY.
http://www.myfxbook.com/forex-market.../USDJPY-GBPJPY

On the daily time frame for example (D1) we can see that this correlation can go from more than 80% to almost zero and back again.

I am sure there must be a way to profit from these fluctuations, too bad I don't have the time to research that subject.
H4
Over==>146.800===>147.xx===>[Break]====>147.422=====>MAX:147.956
Below===>146.97====>145.754====>145.150
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for the umpteenth time...146-146.10
Quoting jolaus
for the umpteenth time...146-146.10
Waiting for nfp. Chillax for now
We don't trade against the market ,we trade against discipline.
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