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Enter The Dragon - GBP/JPY 2 replies

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

Here is something I noticed over the years : prices ending in 00, 20, 50 and 80 are usually important resistance/support levels.
Let's say GBP/JPY is at 141.00 for instance.
During a downtrend it will usually pause (or reverse) at 140.80, then 140.50, then 140.20 then 140.00, etc...
On the other hand if GBP/JPY is at 140.50 and cannot go to 140.20 it will go up to the next magical number, 140.80, and so forth.

Open your charts and you will also notice this peculiar behavior...
it just tested 140.65. I think the dragon takes a 10 point rebound every hour after nearly every ten pips.
Quoting BabyDragon
it just tested 140.65. I think the dragon takes a 10 point rebound every hour after nearly every ten pips.
As you can see it is just pausing at the 140.80 level, before hitting the next level: 140.50
Quoting BabyDragon
it just tested 140.65. I think the dragon takes a 10 point rebound every hour after nearly every ten pips.
Lol I like your username.
baby GJ. I kinda remember babydragon from coc.
Haha.
Quoting Mr Breakout
{quote} As you can see it is just pausing at the 140.80 level, before hitting the next level: 140.50
140.50 has been hit. Notice the pause at that level, as explained above.

Now GBP/JPY could pullback to 140.80, return to 140.50 and then continue to the next level:140.20
Or it could simply hit 140.20 without touching 140.80 first.

In any case we are pipping
Quoting ForeoneX
{quote} Lol I like your username. baby GJ. I kinda remember babydragon from coc. Haha.
Thank you
At least people are enjoying the ride.
The dragon likes to take a breather once in a while. Now it is oscillating around 140.50
But Mr. Breakout is rocking as we speak. I can envision him singing and dancing in his room as we speak.
Quoting Mr Breakout
{quote} As you can see it is just pausing at the 140.80 level, before hitting the next level: 140.50
Agreed Sensei!
But I think it also oscillates around 87, 77 and 66.

It is as if the dragon savours to dance around every pip, taunting its riders, and daring them to cut and reverse. It us a bumpy ride for beginners.

But you are the Guru!

The dragon usually does this (I think): diving down in Tokyo time as if the Japanese are trying to bring it down but then in London and New York time the dragon soars. Its hourly fluctuations imitate its daily ones, and it does take rest for a while. Like day before yesterday it took a rest before plunging towards 139.90.
Quoting BabyDragon
Mr. Breakout is rocking as we speak. I can envision him singing and dancing in his room as we speak.
Hahahaha

Not quite my friend, I am simply having iced tea while listening to Chopin, I like to remove any emotion (even a positive one) out of my trading.
Quoting FX-Petra
I agree on that gap closing. I think the gap will close, plus a little extra downside... perhaps the 138.50 area? Good Trades to all!
Well, we did not quite make 138.50, but she got very close. Most likely scenario is a move back towards the 145.00 area. I have been long for a few days since 139.80. It may take a while to get back up to 145 area. It seems we are in a summer range between 147ish and 136ish with not a lot of conviction either way. There will certainly be gyrations within that range, but a solid breakout before Sept/Oct would be a surprise to me. If there was a breakout, I fear it would be to the downside because of some really big (now unknown) political event. Still, I think it will range so I am riding that range up and down. I realize that this is way too long term for a lot of traders. Most only care about the next few minutes or hours. Please keep in mind that I have been wrong before, and could be this time. These are my thoughts based on many years of trading. But they are just my thoughts. Good trades to all!!!!!!!!!!!
Quoting Mr Breakout
Here is something I noticed over the years : prices ending in 00, 20, 50 and 80 are usually important resistance/support levels. Let's say GBP/JPY is at 141.00 for instance. During a downtrend it will usually pause (or reverse) at 140.80, then 140.50, then 140.20 then 140.00, etc... On the other hand if GBP/JPY is at 140.50 and cannot go to 140.20 it will go up to the next magical number, 140.80, and so forth. Open your charts and you will also notice this peculiar behavior...
Very Astute observations Mr. Breakout. Thanks for sharing
Quoting Ratson
{quote} Very Astute observations Mr. Breakout. Thanks for sharing
You are quite welcome.

There is also a Forex book/system that also uses a similar trading principle/idea but on the higher time frames, it's called "The Quarters Theory: The Revolutionary New Foreign Currencies Trading Method" by Ilian Yotov (available from Amazon).
Quoting Mr Breakout
{quote} You are quite welcome. There is also a Forex book/system that also uses a similar trading principle/idea but on the higher time frames, it's called "The Quarters Theory: The Revolutionary New Foreign Currencies Trading Method" by Ilian Yotov (available from Amazon).
Awesome
  • Post #24,653
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  • Edited Jun 22, 2017 12:14am Jun 21, 2017 11:50pm | Edited Jun 22, 2017 12:14am
The NZD Credit Card Spending report is currently lifting the Yen, and also the GBP/JPY of course, but I believe the downtrend will resume soon...
Sometimes AUD, NZD or even CNY (China) financial reports can move the Yen (and vice versa), even if the reports have almost no effect on the currency of their own country.
Aha...Mr Breakout, you are a chart hacker tooo.....cool

were holding below 140.90 now.....down to 140.00, then up 35 pips, then 139

in case of quick drop....tp at 140.10

were stuffin our socks huh guys....we're in it's jockstrap with it ...steppin

Quoting Mr Breakout
Here is something I noticed over the years : prices ending in 00, 20, 50 and 80 are usually important resistance/support levels. Let's say GBP/JPY is at 141.00 for instance. During a downtrend it will usually pause (or reverse) at 140.80, then 140.50, then 140.20 then 140.00, etc... On the other hand if GBP/JPY is at 140.50 and cannot go to 140.20 it will go up to the next magical number, 140.80, and so forth. Open your charts and you will also notice this peculiar behavior...
Quoting Gbp/jpy
Aha...Mr Breakout, you are a chart hacker too.....cool
Let's just say I love to study charts

Quoting Gbp/jpy
were holding below 140.90 now.....down to 140.00, then up 35 pips, then 139 in case of quick drop....tp at 140.10
GBP/JPY went from 140.50 to the next level (140.80) but did not return to 140.50, so now it could go to the next "magical" price (141.00) and THEN resume its downtrend during the London session.

I believe it's the most probable scenario.

In any case I moved my stop to break-even, you never know with the Dragon...
Attached Image
138.02 I reckon.....here's Robbie's chart
Quoting Mr Breakout
{quote} Let's just say I love to study charts {quote} GBP/JPY went from 140.50 to the next level (140.80) but did not return to 140.50, so now it could go to the next "magical" price (141.00) and THEN resume its downtrend during the London session. I believe it's the most probable scenario. In any case I moved my stop to break-even, you never know with the Dragon...
Even 141.15 is a possibility, but that should be the furthest it can get. It shouldn't go beyond that.

And hitting 140 again I see as a sure thing, just need to be patient and wait it's just a matter of time.

And going longer term, 139 I see also happening. But it might reach there only beginning of next week.
Quoting raphaelfx
{quote} Even 141.15 is a possibility, but that should be the furthest it can get. It shouldn't go beyond that.
Absolutely, a move beyond that level would render the downtrend more than suspect.
Quoting Mr Breakout
{quote} Absolutely, a move beyond that level would render the downtrend more than suspect.
It should be a downtrend isn't it ?
Strong support at 140.46
Mr Breakout, the 40s range is a tough region to breakout, whether in upswing or down
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