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Dragon Riders GBP/JPY

  • #24,721
  • Jun 25, 2017 11:19am Jun 25, 2017 11:19am
A hundred bucks GBP/JPY is going to gap down (or simply drop) 50 pips or so before resuming its uptrend...
  • #24,722
  • Jun 25, 2017 12:13pm Jun 25, 2017 12:13pm
Quoting Mr Breakout
A hundred bucks GBP/JPY is going to gap down (or simply drop) 50 pips or so before resuming its uptrend...
well it was as low as 141.39 but since has gone back up 141.49 so I don't think we are going to see much of a gap... but we do have 2 hours
I'll pick up the crumbs don't need the whole pie
  • #24,723
  • Jun 25, 2017 12:14pm Jun 25, 2017 12:14pm
Quoting Mr Breakout
A hundred bucks GBP/JPY is going to gap down (or simply drop) 50 pips or so before resuming its uptrend...
So far the Dragon is down 15 pips from Friday's close, according to the FXCM data feed.
  • #24,724
  • Jun 25, 2017 12:16pm Jun 25, 2017 12:16pm
Quoting Quickiepip
. but we do have 2 hours
Yes, but it is still interesting to see the price action before the "official" opening price at 5 PM EST.
These pre-market moves can reveal a few clues...
  • #24,725
  • Jun 25, 2017 12:34pm Jun 25, 2017 12:34pm
141.60 now... mine closed at 141.55 so maybe a gap up
I'll pick up the crumbs don't need the whole pie
  • #24,726
  • Jun 25, 2017 12:39pm Jun 25, 2017 12:39pm
Quoting Quickiepip
141.60 now... mine closed at 141.55 so maybe a gap up
Let's see...
  • #24,727
  • Jun 25, 2017 12:55pm Jun 25, 2017 12:55pm
Question: if it's not even 8 AM in New Zealand, what country (financial center) is currently buying/selling currencies as we speak...?
  • #24,728
  • Jun 25, 2017 1:22pm Jun 25, 2017 1:22pm
Am I looking something wrong? or we have a nice long trade ahead?

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- If you plant corn, you get corn
  • #24,729
  • Jun 25, 2017 1:37pm Jun 25, 2017 1:37pm
Quoting Mastropiero
Am I looking something wrong? or we have a nice long trade ahead? {image}
It seems to me like this is a very legitimate point. I anticipate about 70 pips drop before going up. Placing buy orders just under 141.00
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Qqq Return Today: 0.7%
  • #24,730
  • Jun 25, 2017 1:40pm Jun 25, 2017 1:40pm
Quoting Mastropiero
Am I looking something wrong? or we have a nice long trade ahead? {image}
The uptrend line is of questionable value (too much "white space") but yes, this is also my analysis : first a 50 pip drop or so and then the uptrend will resume.

Of course the market makers will try to shake us out of our long positions, I can almost feel it hahahaha
  • #24,731
  • Jun 25, 2017 1:52pm Jun 25, 2017 1:52pm
Quoting cabbiefx
Placing buy orders just under 141.00
Shhhh, your FX broker is listening...
Just kidding.
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  • #24,732
  • Jun 25, 2017 2:07pm Jun 25, 2017 2:07pm
I said earlier that when we are almost convinced that a currency should go up, we must also find at least one good reason why it should go DOWN, instead, as this will allow us to keep a clear head.
Here is one : if we look at the 4H chart below, the GBP/JPY simply tested the 38% fib three times but was unable to break through it, so now it should normally go down.

The trader should always look at the chart from both the long and the short side...
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  • #24,733
  • Jun 25, 2017 2:25pm Jun 25, 2017 2:25pm
At least for now, consider that there is a short term reversal.
Attached Image

eyes on the 200 day sma

trade safe
  • #24,734
  • Jun 25, 2017 2:37pm Jun 25, 2017 2:37pm
Uh-uh, inverted bottom Head and Shoulders formation on the 15-min.

This pattern has bullish implications, unless it fails of course.
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  • #24,735
  • Jun 25, 2017 3:05pm Jun 25, 2017 3:05pm
Quoting JimmyC
At least for now, consider that there is a short term reversal. {image} eyes on the 200 day sma trade safe
So you think the downtrend is about to continue, correct?

Let's take another look at your daily chart.

After drawing the downtrend line we can see :
1: A breakout to the upside
2: A pullback to the breakout line (red line).
3: A short test of the breakout line and then GBP/JPY went up.

So now we have a possible bullish trend in progress!

Same chart, same time frame but different trading conclusions.

Oh well, who said TA was easy?
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  • #24,736
  • Edited 3:34pm Jun 25, 2017 3:21pm | Edited 3:34pm
Quoting Mr Breakout
Uh-uh, inverted bottom Head and Shoulders formation on the 15-min. This pattern has bullish implications, unless it fails of course. {image}
GBP/JPY is now testing the neckline, after a not-so-convincing breakout.

It will probably try to break Friday's high (141.90).

However, a second pullback to the neckline would render the breakout suspicious.
  • #24,737
  • Jun 25, 2017 4:00pm Jun 25, 2017 4:00pm
Quoting Mr Breakout
{quote} GBP/JPY is now testing the neckline, after a not-so-convincing breakout. It will probably try to break Friday's high (141.90). However, a second pullback to the neckline would render the breakout suspicious.
Bull form 141.655


-----
  • #24,738
  • Jun 25, 2017 4:13pm Jun 25, 2017 4:13pm
Quoting bigboss
{quote} Bull form 141.655 -----
Baby bulls, probably

I still believe GBP/JPY will drop to 141 before going up.
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  • #24,739
  • Jun 25, 2017 4:23pm Jun 25, 2017 4:23pm
Bank Of Japan Summary of Opinions in 30 minutes (7:50 PM EST), no sure if it's going to change anything but we never know.
  • #24,740
  • Jun 25, 2017 4:25pm Jun 25, 2017 4:25pm
Quoting Mr Breakout
Bank Of Japan Summary of Opinions in 30 minutes (7:50 PM EST), no sure if it's going to change anything but we never know.
If it falls and close below 141.400, I will sell
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