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Enter The Dragon - GBP/JPY 1 reply

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

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Idk......it's robby's drawing,
some SLs were hit.... confusing stance .... like a drunken dragon .....
--- US. crude oil inventories ahead. I think this new can break the range..... Be ready, boyz...!!!...


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Great long trade on GJ at NY Cash Open.

GJ gets pulled down due to the risk off sentiment however its value lines do not sell off in line with it. Therefore there was a big discount on offer.

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On the technical side can see the deltas where heavily bid all day showing. Entry at 146.16 or the safer trade is to wait for the low volume tap back onto the floor or even safer to trade away from that high vol node highlighted in the blue box

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Boxing clever since 76.
Quoting NMZee
{quote} 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
Closed my longs at 147.00 entered long again 146.20 .....copi whats your stab at tp..??...wild wild guess.
Quoting NMZee
{quote} Closed my longs at 147.00 entered long again 146.20 .....copi whats your stab at tp..??...wild wild guess.
147 is the measured move up. good exit.
Lunch time in NY , traders will be taking profits
Boxing clever since 76.
Quoting copi88
{quote} 147 is the measured move up. good exit. Lunch time in NY , traders will be taking profits
Potential breakout in progress from an ascending channel on the cable (15-min), but quite frankly it's hard to tell what the pound is up to, as the first breakout to the upside quickly failed...

In any case all the GBP crosses (GBP/JPY included of course) are now concerned, so let's see.
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Quoting Mr Breakout
{quote} Potential breakout in progress on the cable (15-min), but quite frankly it's hard to tell what the pound is up to, as the first breakout to the upside quickly failed... {image}
GBP is getting dragged up because of the buying on the EUR. USD index is dropping and so GBPUSD will appreciate.
At the moment volume has dropped off quite a bit so the will have to go lower to pick up some liquidity if they want to continue the longs.

Watch for a low volume tap back into 1.2952 area with the EUR still bid.
Boxing clever since 76.
Quoting copi88
{quote} GBP is getting dragged up because of the buying on the EUR.
Yep, the stupid euro is lifting the cable up and about to reverse the whole weekly downtrend (from Sunday).
(I am short GBP/CAD so this does not help my position, but anything is still possible).
Quoting Mr Breakout
{quote} Potential breakout in progress from an ascending channel on the cable (15-min), but quite frankly it's hard to tell what the pound is up to, as the first breakout to the upside quickly failed... In any case all the GBP crosses (GBP/JPY included of course) are now concerned, so let's see. {image}
Seems like the cable breakout to the upside is about to fail again (see chart above).
If that's the case it could fall hard.
Good...
Quoting Mr Breakout
{quote} Yep, the stupid euro is lifting the cable up and about to reverse the whole weekly downtrend (from Sunday). (I am short GBP/CAD so this does not help my position, but anything is still possible).

Did you buy GU?
Said watch for a low vol tap into the 50 with EUR still bid..
Boxing clever since 76.
Quoting Mr Breakout
{quote} Seems like the cable breakout to the upside is about to fail again (see chart above). If that's the case it could fall hard. Good...
i would exercise care before deciding a reversal today, cable eyeing 3020 today, Gcad a good sell around 7000.
Quoting NMZee
{quote} i would exercise care before deciding a reversal today, cable eyeing 3020 today, Gcad a good sell around 7000.
my mistake G/cad was 6800. Sorry.
Quoting copi88
{quote} Did you buy GU?
No I bought GBP/AUD instead at 1.6950 (see my previous post two or three days ago) and sold 83 pips higher.
Yes it's still climbing but who cares, greed is not always good...
Quoting NMZee
{quote} my mistake G/cad was 6800. Sorry.
No problem.
I went short GBP/CAD at 1.68 precisely (around the 50% Fib), but it's still giving me a hard time as we speak.

Generally speaking, the Canadian dollar (and/or its crosses) is very hard to trade.
The market is waiting for the Employment reports (both US and Canadian), that's why we don't see any meaningful trend at the moment (except for the euro).
Bear trap all day.... and all I did was go long.... again and again... it was a good day!!!!
I'll pick up the crumbs don't need the whole pie
Quoting Quickiepip
Bear trap all day.... and all I did was go long.... again and again... it was a good day!!!!
Good for you, but it's not over yet, Thursday (today) could still be the high of the week, meaning the low of the week has not been printed yet (think NFP report for example...)
Quoting Mr Breakout
I went short GBP/CAD at 1.68 precisely (around the 50% Fib), but it's still giving me a hard time as we speak. Generally speaking, the Canadian dollar (and/or its crosses) is very hard to trade.
This trade was of course closed at break-even.
Oh well.
So this week the biggest mover was the Australian dollar and its crosses, the rest (like GBP/JPY) is just garbage.
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