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Dragon Riders GBP/JPY

  • #24,761
  • Jun 26, 2017 12:04am Jun 26, 2017 12:04am
We now have a potential breakout in progress on the 1-min chart I posted earlier.

Never underestimate these smaller and seemingly insignificant time frames, they can signal trend reversals long before they appear on the higher time frames.
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  • #24,762
  • Jun 26, 2017 1:56am Jun 26, 2017 1:56am
Considering to short around 142.062
It is not over until I win
  • #24,763
  • Jun 26, 2017 2:09am Jun 26, 2017 2:09am
Quoting karasinga
Considering to short around 142.062
I have shorted this already on a 1hr chart.

The stop loss is in line with the 9th june (When exit polls came out.)

The Stochastic is currently in the overbought as you can see down the bottom. I expect the candles to fall in the next day or two as it wont hold its ground!!
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  • #24,764
  • Jun 26, 2017 2:09am Jun 26, 2017 2:09am
Quoting karasinga
Considering to short around 142.062
The breakout on the Yen is lifting GBP/JPY (see previous USD/JPY chart and this one).
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  • #24,765
  • Jun 26, 2017 2:18am Jun 26, 2017 2:18am
Quoting Mr Breakout
{quote} The breakout on the Yen is lifting GBP/JPY (see previous USD/JPY chart and this one). {image}
Really and truly it depends how you want to trade it.

You can get a few pips in the morning but right now it is in the overbought section and it will drop soon.
  • #24,766
  • Jun 26, 2017 2:22am Jun 26, 2017 2:22am
Quoting Samson85
but right now it is in the overbought section and it will drop soon.
The problem with "overbought" financial instruments is that they can remain overbought for a long, long, long time.
  • #24,767
  • Jun 26, 2017 2:26am Jun 26, 2017 2:26am
no news

what cud be pushing it high
  • #24,768
  • Jun 26, 2017 2:28am Jun 26, 2017 2:28am
Quoting youngfxthug
no news what cud be pushing it high?
The Yen's breakout (see my post above).
Nikkei 225 closed higher too, but not that much.
  • #24,769
  • Jun 26, 2017 2:35am Jun 26, 2017 2:35am
Quoting Mr Breakout
{quote} The problem with "overbought" financial instruments is that they can remain overbought for a long, long, long time.
Very true, but you still make money from it.
  • #24,770
  • Jun 26, 2017 2:38am Jun 26, 2017 2:38am
Shorting GBP/JPY at 142.11, 18 pip stop.
  • #24,771
  • Jun 26, 2017 2:49am Jun 26, 2017 2:49am
Quoting Samson85
{quote} Very true, but you still make money from it.
The only reasonable way to profit from overbought/oversold oscillators (like RSI) is to use them as a trend continuation indicator, never as a trend reversal tool!

For example,
In an uptrend : buy (or add to position) when RSI goes below 30 and then re-emerges from that oversold area.
In a downtrend: Short (or add to position) when RSI goes above 70 and then re-emerges from that overbought area.

In other words we are waiting for a pullback and a confirmation from RSI to trade WITH the trend.
  • #24,772
  • Jun 26, 2017 3:12am Jun 26, 2017 3:12am
The Yen is still going higher while GBP/USD is somehow preventing GBP/JPY from going up, at least for now.
  • #24,773
  • Jun 26, 2017 3:15am Jun 26, 2017 3:15am
Shorts are shorting into very strong upward momentum as it stands atm. Looks like it wants H4 200sma at least @ 14,280, though may pull back a bit first.
  • #24,774
  • Jun 26, 2017 3:25am Jun 26, 2017 3:25am
Quoting cat
Shorts are shorting into very strong upward momentum as it stands atm. Looks like it wants H4 200sma at least @ 14,280, though may pull back a bit first.
Yep, pullback time, or so it seems.

Now keep going down, you fool!
  • #24,775
  • Jun 26, 2017 3:29am Jun 26, 2017 3:29am
Where d0 people have their pivots today. I have R3 at 14,226, but my pivots are random on a Monday?
  • #24,776
  • Jun 26, 2017 3:38am Jun 26, 2017 3:38am
Quoting cat
Where d0 people have their pivots today. I have R3 at 14,226, but my pivots are random on a Monday?
I read an interesting article on the now defunct Currency Trader Magazine : backtests reveal that these pivot points have very little predictive value, except on very strong trends, where these R3 and S3 levels can be useful.
  • #24,777
  • Jun 26, 2017 3:41am Jun 26, 2017 3:41am
Quoting cat
Where d0 people have their pivots today. I have R3 at 14,226, but my pivots are random on a Monday?

GBPJPY
H 4H D W M
R3 142.56 -142.05- 142.80- 145.45- 153.39
R2 142.39- 141.98- 142.34 -143.99 -150.74
R1 142.27- 141.92 -141.92 -142.75 -146.76
PP 142.10- 141.85 -141.46 -141.29- 144.11
S1 141.98- 141.79 -141.04 -140.05 -140.13
S2 141.81- 141.72 -140.58 -138.59 -137.48
S3 141.69- 141.66 -140.16 -137.35 -133.50

google pivot points on particular currency : )
  • #24,778
  • Jun 26, 2017 3:42am Jun 26, 2017 3:42am
Quoting Mr Breakout
Shorting GBP/JPY at 142.11, 18 pip stop.
Stopped out.

Alright you big bully, I will get you Monday evening or Tuesday, don't worry.
Off to bed now.
  • #24,779
  • Jun 26, 2017 3:43am Jun 26, 2017 3:43am
Quoting Mr Breakout
{quote} I read an interesting article on the now defunct Currency Trader Magazine : backtests reveal that these pivot points have very little predictive value, except on very strong trends, where these R3 and S3 levels can be useful.
I don't really pay attention to what other people have found, only on my own empirical analysis, and pivots, when combined with other indicators such as fibonacci, moving averages, trend lines etc, can be very powerful, especially R2/S2.
  • #24,780
  • Jun 26, 2017 3:44am Jun 26, 2017 3:44am
Quoting ForexForex17
{quote} GBPJPY H 4H D W M R3 142.56 -142.05- 142.80- 145.45- 153.39 R2 142.39- 141.98- 142.34 -143.99 -150.74 R1 142.27- 141.92 -141.92 -142.75 -146.76 PP 142.10- 141.85 -141.46 -141.29- 144.11 S1 141.98- 141.79 -141.04 -140.05 -140.13 S2 141.81- 141.72 -140.58 -138.59 -137.48 S3 141.69- 141.66 -140.16 -137.35 -133.50 google pivot points on particular currency : )
Very kind of you. Thank you!
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