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Dragon Riders GBP/JPY

  • #24,861
  • Jun 26, 2017 5:04pm Jun 26, 2017 5:04pm
Quoting pipmaster77
Been long @ 141.76, I will TP around the H4 200 SMA @ 143.00. Stop is already at BE +2. So risk free trade for around a 40% ROI reward.
There it goes again. I took profit earlier at 142.26 as I never hold in NY afternoon, why risk for no reward? Opened new long at 142.33 looking for 142.85 for now.
  • #24,862
  • Jun 26, 2017 5:17pm Jun 26, 2017 5:17pm
Quoting pipmaster77
as I never hold in NY afternoon, why risk for no reward?
True, it's hard to create a real breakout when the London traders close shop and hit the pubs.

That said well done Double O Seven.
  • #24,863
  • Jun 26, 2017 5:25pm Jun 26, 2017 5:25pm
Quoting BabyDragon
{quote} I am short at 142.28 and still holding. However, when you said that the Dragon will soar anytime, how many pips do you mean by that? And grateful for all the info. I have to go back five pages, I have forgotten all that I had read. Plus, what do you mean by price action?
You are obviously very very green at this business. Let me give you sage advice, DON'T EVER LISTEN TO ANYONE ON THIS FORUM FOR TRADE IDEAS!! Most successful guys are doing their own thing, they have their own trading plans, targets and stops which they will never reveal.

Don't just blindly follow someone elses advice/ideas, you do not know whether they are trying to deceive or are truthful. You know nothing about them or how they trade, which timeframes etc.. Learn from me, i used to ask guys on these forums for advice and blew accounts left right and center. That is until i learned about supply and demand trading. After that, I made a u-turn in my trading. This business is not easy, any way you slice and dice it.

Read, learn and backtest for a while until you get the hang of it. Preserve your hard earned capital while you are learning. Even if you took someone else's plan and implemented it, you will fail over time. Why? Because in addition to technical ability, there is psychology one needs to come to terms with. You need to get to know yourself in the context of winning and losing hard earned money. You then need to create a trading strategy that is tailored to your personality, goals and expectations.

The two links I gave you are fantastic resources for supply and demand trading. This is the only method that stuck with me. Good luck in your journey.
  • #24,864
  • Jun 26, 2017 5:46pm Jun 26, 2017 5:46pm
----- Ok. boys, only for heads ups: Price about to reach last week high 142,500 and moving slow. Usually not a good signal for trend. Anyway, wait for the break of that level or be ready to sell. When selling in this conditions, GJ usually fall with no parachute. Hope good news for GBP make trend boost.

Anyway, I think will be no change in trend during some hours until Draghis other speech and specially, the BOE financial stability report.

Keep the eye in 142.500 and take decissions accordingly, BASED ON WHAT YOU SEE, NOT IN WHAT YOU THINK.

Night night... May the force be with you.




....
  • #24,865
  • Jun 26, 2017 5:48pm Jun 26, 2017 5:48pm
Quoting Denden2012
DON'T EVER LISTEN TO ANYONE ON THIS FORUM FOR TRADE IDEAS!!
Now that's kind of extreme, wouldn't you say?
I mean what are we doing in this forum then, to begin with, to learn how to play the guitar?

Quoting Denden2012
Most successful guys are doing their own thing, they have their own trading plans, targets and stops which they will never reveal.
You truly believe that a few successful FF traders would somehow influence a $5 TRILLION daily Forex volume, even by half a pip, if they revealed their "real" stops/targets?

My friend, you could publish the best Forex trading system on the front page of the Wall Street Journal and it wouldn't make any difference, you would still have the same proportion of losers and winners at the end of the year.
  • #24,866
  • Jun 26, 2017 5:55pm Jun 26, 2017 5:55pm
Quoting Mr Breakout
{quote} Now that's kind of extreme, wouldn't you say? I mean what are we doing in this forum then, to begin with, to learn how to play the guitar? {quote} You truly believe that a few successful FF traders will somehow influence a $5 TRILLION daily Forex volume, even by half a pip, if they revealed their "real" stops/targets? Come on.
I wouldn't say that's an extreme, these forums are a social platform for traders to communicate on. This is a lonely business with long hours and having someone to chat with is a nice distraction from the daily grind that is trading.

It is not about hiding their large position sizes, traditionally folks do not share plans because it's their plan which will not benefit others. Also being successful does not equate to market moving position sizing. As long as youre profitable and you can get some $$ in your pocket at the end of the day, day in day out, you are successful. I don't see many specifying their entries, exits and targets followed up with charts. I see lots of charts but not much in terms of pre executed trade plans. Just an observation.
  • #24,867
  • Jun 26, 2017 5:58pm Jun 26, 2017 5:58pm
Quoting Denden2012
I don't see many specifying their entries, exits and targets followed up with charts. I see lots of charts but not much in terms of pre executed trade plans. Just an observation.
Well I suggest you visit the Trading Journal section then, there are plenty of traders who post their live daily calls with specific entry/exit point, complete with charts and everything: https://www.forexfactory.com/forumdisplay.php?f=49
  • #24,868
  • Jun 26, 2017 6:06pm Jun 26, 2017 6:06pm
Quoting Mr Breakout
{quote} Well I suggest you visit the Trading Journal section then, there are plenty of traders who post their live daily calls with specific entry/exit point, complete with charts and everything: https://www.forexfactory.com/forumdisplay.php?f=49
I myself do not need anyone's trade ideas. I was just saying to Babydragon that instead of relying on people for ideas, especially in this thread, he should generate his own ideas. This entails finding and sticking to a strategy that has a statistical edge, learn it inside out then begin to apply it.
  • #24,869
  • Jun 26, 2017 6:11pm Jun 26, 2017 6:11pm
Quoting Denden2012
I was just saying to Babydragon that instead of relying on people for ideas, especially in this thread, he should generate his own ideas. This entails finding and sticking to a strategy that has a statistical edge, learn it inside out then begin to apply it.
Yes it's true, but having access to a lot of different trading ideas (from books, magazines, traders, mentors, forums, blogs, websites, Youtube, etc...) will certainly help the trader to develop his own trading strategy.
  • #24,870
  • Jun 26, 2017 6:16pm Jun 26, 2017 6:16pm
Come on GBP/JPY, don't be lazy now, touch that 142.50 and then you can rest for a while if you want.
  • #24,871
  • Edited 7:03pm Jun 26, 2017 6:43pm | Edited 7:03pm
Quoting Mr Breakout
Come on GBP/JPY, don't be lazy now, touch that 142.50 and then you can rest for a while if you want.
That's it, good boy, out at 142.55.

Now get the hell out of my face while I decide what to do next

(Note : Some of my comments have been made for dramatization purposes only, to - I hope - add a little excitement to an otherwise boring and essentially lonely activity. I trade with - almost - zero emotion, good or bad. In fact profitable trading should be boring.)
  • #24,872
  • Jun 26, 2017 7:13pm Jun 26, 2017 7:13pm
Some really strong resistance at this 142.5-7 level, it looks like it might be rejecting it again, which would be the third failed attempt in a couple weeks. If we don't break that level during Europe I assume we may see a big drop. Thoughts?
niemals aufgeben
  • #24,873
  • Edited 7:32pm Jun 26, 2017 7:20pm | Edited 7:32pm
Quoting NovaFX
If we don't break that level during Europe I assume we may see a big drop. Thoughts?
That's precisely what I am thinking, if there is no significant breakout during London the Dragon will come down hard.
That drop would certainly please all the short sellers (and potential buyers) who are still waiting for that famous pullback to profit from the down move and/or to go long.
Well, they have to eat too!

Anyway, let's see how it goes...
  • #24,874
  • Edited 7:50pm Jun 26, 2017 7:27pm | Edited 7:50pm
Quoting NovaFX
Some really strong resistance at this 142.5-7 level, it looks like it might be rejecting it again, which would be the third failed attempt in a couple weeks. If we don't break that level during Europe I assume we may see a big drop. Thoughts?
Anyone that sees a drop is a friend of mine. it was rejected at the 55 sma but we do have a cross of the 55 and 200 EMA this means up, and we broke today's high and last weeks high this also means up. 78% of all indicators say up...

We going up I'm getting ready for plan B can anyone see 144.63 in our future because that's where I need to go....lol
I'll pick up the crumbs don't need the whole pie
  • #24,875
  • Jun 26, 2017 7:47pm Jun 26, 2017 7:47pm
Quoting Quickiepip
can anyone see 144.63 in our future because that where I need to go....lol
Well, if I could convince Soros to dump Yens to buy say, 2 Billion Pounds, then getting to 144.63 would only take a few seconds, LOL.

More seriously, the breakout to the upside I talked about 4 days ago is still alive and kicking, so yes 144.63 is a real possibility :
https://www.forexfactory.com/showthr...5#post10009465
  • #24,876
  • Jun 26, 2017 9:01pm Jun 26, 2017 9:01pm
Quoting pipmaster77
{quote} There it goes again. I took profit earlier at 142.26 as I never hold in NY afternoon, why risk for no reward? Opened new long at 142.33 looking for 142.85 for now.
Closed latest long for small 7 pip gain. Now short GBPAUD looking for 175 pip profit with 40 pip risk.
  • #24,877
  • Jun 26, 2017 9:25pm Jun 26, 2017 9:25pm
Quoting pipmaster77
{quote} Closed latest long for small 7 pip gain.
A 7 pip gain is still better than slipping on a banana peel.

Head and Shoulders on the Yen (2-min, see chart).
If the expected breakout to the downside occurs it will drag the Dragon down.

Quoting pipmaster77
Now short GBPAUD looking for 175 pip profit with 40 pip risk.
Excellent, nice bearish cup and saucer formation on the GBP/AUD (30-min).
Personally I am looking to go short GBP/NZD, good downside potential.
Attached Image (click to enlarge)
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  • #24,878
  • Edited 10:13pm Jun 26, 2017 10:02pm | Edited 10:13pm
Quoting Mr Breakout
Head and Shoulders on the Yen (2-min, see chart). If the expected breakout to the downside occurs it will drag the Dragon down.
The Yen breakout happened, GBP/JPY is dropping too, but not that fast, as the GBP/USD is slowly going up.
It is also lifting the NZD up, to some degree.
  • #24,879
  • Jun 26, 2017 10:44pm Jun 26, 2017 10:44pm
Boing to 144.00 is possible......
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 81 KB
Lost....
  • #24,880
  • Jun 26, 2017 11:32pm Jun 26, 2017 11:32pm
Quoting Mr Breakout
{quote} That's precisely what I am thinking, if there is no significant breakout during London the Dragon will come down hard. That drop would certainly please all the short sellers (and potential buyers) who are still waiting for that famous pullback to profit from the down move and/or to go long. Well, they have to eat too! Anyway, let's see how it goes...
looks like we may be getting our drop???! fingers crossed
niemals aufgeben
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