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Dragon Riders GBP/JPY

  • #24,621
  • Jun 21, 2017 11:11am Jun 21, 2017 11:11am
Quoting BabyDragon
Hello Everyone and Respect to the Riders. I am a rookie and want to train my dragon. I opened a buy at 140.87 and now the Dragon feels like take a dive. How much should i expect it to fall, and from where should I buy it (or sell)?
You should have took profit at 141.6 level I think...
  • #24,622
  • Jun 21, 2017 11:14am Jun 21, 2017 11:14am
Quoting gespiri
We are still part of the ascending triangle.... {image}

Thankss
  • #24,623
  • Jun 21, 2017 11:32am Jun 21, 2017 11:32am
Quoting OkomBit
{quote} You should have took profit at 141.6 level I think...
thank you

You are right. I closed that trade and made some profit. I must say here though that I am a rookie so playing with micro lots only. Can I ask where is dragon headed next? I have observed here that the levels proposed by some worthy members are dead accurate.

I am looking for a mentor to teach me to ride the dragon. In turn I can offer my respect now, and my hospitality later when i am in better conditions.

In my opinion the next lower levels are 141.03, 140.87, 140.66, 140.43, 140.18 and 139.9. I think it wil rebound from 139.9 again or might go lower. But how much lower is the question.
  • #24,624
  • Jun 21, 2017 2:44pm Jun 21, 2017 2:44pm
Quoting rmrf
{quote} professional traders use 200SMA 100SMA AND 50SMA on the daily chart. EMA is not the one, may as well put the 200 SMA and 200EMA and see the difference, but better to add the 100SMA and 50SMA and consider those as well but anything uusing averages is going to cut you out of 50% of the pips
I's the very first thing they reach in trading 101/// give you the ability to identify the overall trend. The 200 EMA is one of the most popular indicators of all time with forex traders the world over. if you use it on the 4HR 1HR & 15MIN it will tell you were the currency is going. Like right now on the 4HR price is well under the 200 EMA, and same for the 1HR but on the 15MIN it's bucking the trend. The overall trend is down, but price has gone against the trend and is currently in retracement.

We should continue this downward march.. rmrf come with your proofs...lol
I'll pick up the crumbs don't need the whole pie
  • #24,625
  • Jun 21, 2017 3:30pm Jun 21, 2017 3:30pm
Quoting BabyDragon
{quote} thank you You are right. I closed that trade and made some profit. I must say here though that I am a rookie so playing with micro lots only. Can I ask where is dragon headed next? I have observed here that the levels proposed by some worthy members are dead accurate. I am looking for a mentor to teach me to ride the dragon. In turn I can offer my respect now, and my hospitality later when i am in better conditions. In my opinion the next lower levels are 141.03, 140.87, 140.66, 140.43, 140.18 and 139.9. I think it wil rebound...
Visit the Trading Institutional Order Flow thread in the trading journals section of the forum. No bullshit there only supply and demand trading at its finest.
  • #24,626
  • Jun 21, 2017 3:38pm Jun 21, 2017 3:38pm
Quoting ForeoneX
{quote} Nice one Mr.
Thanks.

I am currently long GBP/NZD (from 1.75).
Reserve Bank of New Zealand Rate Decision in less than 25 minutes (5 PM EST), it's going to be hot hot hot, and I am not even talking about the usual spread spike at 5 PM
  • #24,627
  • Jun 21, 2017 3:47pm Jun 21, 2017 3:47pm
Quoting Mr Breakout
{quote} Thanks. I am currently long GBP/NZD (from 1.75). Reserve Bank of New Zealand Rate Decision in less than 25 minutes (5 PM EST), it's going to be hot hot hot, and I am not even talking about the usual spread spike at 5 PM

Spread is extremely high, 25 pips!!!
  • #24,628
  • Jun 21, 2017 3:49pm Jun 21, 2017 3:49pm
H1

Below===>@140.800====>140.505====>139.852
Over===>@140.815====>141.764=====>142.721
Attached Image (click to enlarge)
Click to Enlarge Name: h1.png Size: 87 KB
if you my trade,My-post analysis, subscribed to ME
  • #24,629
  • Jun 21, 2017 3:53pm Jun 21, 2017 3:53pm
Quoting thejerre
{quote} Spread is extremely high, 25 pips!!!
Current spread on GBP/NZD is 5 pips, but yes it is climbing.

I already made 40 pips, so the spread spike won't really affect me at (and after) 5 PM.
  • #24,630
  • Jun 21, 2017 4:06pm Jun 21, 2017 4:06pm
Quoting Mr Breakout
{quote} Current spread on GBP/NZD is 5 pips, but yes it is climbing. I already made 40 pips, so the spread spike won't really affect me at (and after) 5 PM.
Plan B (close and reverse) went into effect. A little slippage but that's alright.
  • #24,631
  • Jun 21, 2017 4:42pm Jun 21, 2017 4:42pm
GBP/JPY was rejected at the 61.8% Fib (from 142.55), then it went down to the 38.2% Fib and is now testing the all important 50% Fib.
This is usually the mark of a bearish scenario.
  • #24,632
  • Jun 21, 2017 4:57pm Jun 21, 2017 4:57pm
Quoting Mr Breakout
GBP/JPY was rejected at the 61.8% Fib (from 142.55), then it went down to the 38.2% Fib and is now testing the all important 50% Fib. This is usually the mark of a bearish scenario.
self fulfilling prophecy

Fibonacci doing it's trick...however I am wondering if we will see a retest of the 38% fib after beginning the downtrend; reversal up to 38% (140.820) or if she will drop,

What is your opinion? A break to a significant lower point or above mentioned scenario?
  • #24,633
  • Jun 21, 2017 5:00pm Jun 21, 2017 5:00pm
Quoting Mr Breakout
GBP/JPY was rejected at the 61.8% Fib (from 142.55), then it went down to the 38.2% Fib and is now testing the all important 50% Fib. This is usually the mark of a bearish scenario.
I agree with Mr.
GJ playing at around 50 % Fibo.
opportunity to buy for shorter term.

hopefully, am right
  • #24,634
  • Jun 21, 2017 5:03pm Jun 21, 2017 5:03pm
Quoting thejerre
however I am wondering if we will see a retest of the 38% fib after beginning the downtrend
If GBP/JPY retouches the 38% fib it will confirm the down move, although there is no guarantee that the price will continue to drop.

The trader can construct a lot of profitable systems just with these simple Fib levels...
  • #24,635
  • Jun 21, 2017 7:32pm Jun 21, 2017 7:32pm
Shorted GBP/JPY at 141.20 a few moments ago (the pullback level I talked about yesterday), 35 pip stop.
  • #24,636
  • Jun 21, 2017 7:39pm Jun 21, 2017 7:39pm
Quoting Mr Breakout
Shorted GBP/JPY at 141.20 a few moments ago (the pullback level I talked about yesterday), 35 pip stop.
It is testing 141 as I write...
  • #24,637
  • Jun 21, 2017 7:52pm Jun 21, 2017 7:52pm
Quoting BabyDragon
{quote} It is testing 141 as I write...
This time the Dragon is going down
139.50 is the next stop...
  • #24,638
  • Jun 21, 2017 7:58pm Jun 21, 2017 7:58pm
Quoting Mr Breakout
{quote} This time the Dragon is going down 139.50 is the next stop...
so the Ride begins... Testing 87...
  • #24,639
  • Jun 21, 2017 8:08pm Jun 21, 2017 8:08pm
Quoting Mr Breakout
{quote} This time the Dragon is going down 139.50 is the next stop...
sounds good to me...lol
I'll pick up the crumbs don't need the whole pie
  • #24,640
  • Jun 21, 2017 8:12pm Jun 21, 2017 8:12pm
Quoting Quickiepip
{quote} sounds good to me...lol
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