Do your homework, follow the footprints of smart money
Dragon Riders GBP/JPY
- #24,562
- Jun 20, 2017 4:49pm Jun 20, 2017 4:49pm
- Joined May 2011 | Status: Making money 1 pip at a time. | 2,150 Posts
I will stop posting now since there is only one way to trade and you've written the book on it....lol
We are just exchanging trading ideas, nothing more, there is no need to turn every single post into a personal matter.
Relax, stay zen, everything is fine.
- #24,563
- Jun 20, 2017 4:51pm Jun 20, 2017 4:51pm
- Joined Jul 2007 | Status: Following The Trade Winds | 8,442 Posts
Price appears to be in an area of horizontal support.
I plotted a fib of the up move from last week to yesterday. Interestingly, the sudden down move bought price to the 50% level. That's a very common retrace for G/J. If the pound finds support in G/U, and the yen stays weak in U/J, we could be heading back up again soon. I don't feel strongly enough to trade it right now, but it's something I'll be watching. Let's see how things develop.
I plotted a fib of the up move from last week to yesterday. Interestingly, the sudden down move bought price to the 50% level. That's a very common retrace for G/J. If the pound finds support in G/U, and the yen stays weak in U/J, we could be heading back up again soon. I don't feel strongly enough to trade it right now, but it's something I'll be watching. Let's see how things develop.
- #24,564
- Jun 20, 2017 4:59pm Jun 20, 2017 4:59pm
- | Joined Jan 2010 | Status: forextradestoamillion | 527 Posts
{quote} What on earth are you talking about??
I'll pick up the crumbs don't need the whole pie
- #24,565
- Jun 20, 2017 5:00pm Jun 20, 2017 5:00pm
- Joined Dec 2015 | Status: Trader | 8,759 Posts
Price appears to be in an area of horizontal support....I don't feel strongly enough to trade it right now, but it's something I'll be watching. Let's see how things develop. {image}
KP
Do your homework, follow the footprints of smart money
- #24,566
- Jun 20, 2017 5:06pm Jun 20, 2017 5:06pm
- Joined May 2011 | Status: Making money 1 pip at a time. | 2,150 Posts
Interestingly , the sudden down move bought price to the 50% level. That's a very common retrace for G/J.
See how easy it is to draw two opposite but equally valid conclusions from the same exact chart and the same exact time frame?
That's why technical analysis is so difficult to apply in real time...
- #24,567
- Jun 20, 2017 5:09pm Jun 20, 2017 5:09pm
- Joined Jul 2007 | Status: Following The Trade Winds | 8,442 Posts
{quote} I am with you on this. It is also clear on the daily time frame that price action is operating around an S/R zone. That zone was an area of a strong rally on May 25. KP {image}
- #24,568
- Jun 20, 2017 5:12pm Jun 20, 2017 5:12pm
- Joined Jul 2007 | Status: Following The Trade Winds | 8,442 Posts
{quote} On the other hand if you start the FIB calculation from the top of the move (May 10, 2017, same 4h chart), GBP/JPY just got rejected three times at the 38.2% fib level and went down (see chart). See how easy it is to draw two opposite but equally valid conclusions from the same exact chart and the same exact time frame?
- #24,569
- Jun 20, 2017 5:23pm Jun 20, 2017 5:23pm
- Joined Jan 2010 | Status: Primary Technical Trader | 8,593 Posts
- #24,570
- Jun 20, 2017 5:24pm Jun 20, 2017 5:24pm
- Joined May 2011 | Status: Making money 1 pip at a time. | 2,150 Posts
{quote}Good to hear! some feel that im a bully! I might be lol
Almost, hahahaha
Just kidding.
- #24,571
- Jun 20, 2017 5:52pm Jun 20, 2017 5:52pm
- Joined Mar 2011 | Status: Bullish Behavior | 3,182 Posts
- #24,573
- Jun 20, 2017 6:22pm Jun 20, 2017 6:22pm
- Joined May 2011 | Status: Making money 1 pip at a time. | 2,150 Posts
- #24,574
- Jun 20, 2017 6:28pm Jun 20, 2017 6:28pm
- Joined May 2011 | Status: Making money 1 pip at a time. | 2,150 Posts
- #24,575
- Jun 20, 2017 6:53pm Jun 20, 2017 6:53pm
- Joined May 2011 | Status: Making money 1 pip at a time. | 2,150 Posts
Bank of Japan Minutes, now easy boy, don't do anything stupid or I will boycott Sushi restaurants 
- #24,579
- Jun 20, 2017 8:13pm Jun 20, 2017 8:13pm
- Joined May 2011 | Status: Making money 1 pip at a time. | 2,150 Posts
GJ looks bearish now.
("The party is over?? What do you mean the party is over...")
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- #24,580
- Jun 20, 2017 8:23pm Jun 20, 2017 8:23pm
{quote} Nah, the party's over, pullback time now.
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