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Dragon Riders GBP/JPY

  • #25,221
  • Jul 4, 2017 1:24am Jul 4, 2017 1:24am
Quoting Mr Breakout
{quote} A good entry point for GBP/AUD would be long at 1.6950, if it's not already too late.
I'm interested to see if it'd be back at 1.6820-50 level. AUD trade data this Thursday could be the catalyst to finish a complete reversal of the move today.
  • #25,222
  • Jul 4, 2017 1:29am Jul 4, 2017 1:29am
I would like to see 145.60 where i'll take another long position before taking another leg up to 147.30
Just my 2 cents worth
  • #25,223
  • Jul 4, 2017 1:43am Jul 4, 2017 1:43am
yesterday was not so much interest to buying and there is some level on the left, daily chart, and now today candle start to look like two bar reversal, but it is still early, and there is breakout at 132 and that is not tested, daily chart
  • #25,224
  • Jul 4, 2017 1:51am Jul 4, 2017 1:51am
like this, it is possible

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYDaily.png Size: 47 KB
  • #25,225
  • Jul 4, 2017 2:11am Jul 4, 2017 2:11am
H4
short:@146.126===>145.60
OVER===>146.582
Attached Image (click to enlarge)
Click to Enlarge Name: h4.png Size: 49 KB
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  • #25,226
  • Jul 4, 2017 2:16am Jul 4, 2017 2:16am
Long GBP/JPY 146.20, 28 pip stop, target is 40 pips.

Now let's go Dragon, fly.
  • #25,227
  • Jul 4, 2017 2:27am Jul 4, 2017 2:27am
The cable is pulling the dragon down, while the yen is somehow lifting it up.
  • #25,228
  • Jul 4, 2017 2:50am Jul 4, 2017 2:50am
The Yen itself is stuck in some kind of broadening pattern on the 5-min, a chart pattern of dubious reliability as far as breakouts are concerned.
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Click to Enlarge Name: image.png Size: 142 KB
  • #25,229
  • Jul 4, 2017 3:01am Jul 4, 2017 3:01am
Quoting Mr Breakout
The Yen itself is stuck in some kind of broadening pattern on the 5-min, a chart pattern of dubious reliability as far as breakouts are concerned. {image}
Market has gone Risk On, would be looking for longs only for now on this pair.
Boxing clever since 76.
  • #25,230
  • Jul 4, 2017 3:05am Jul 4, 2017 3:05am
Quoting Mr Breakout
Long GBP/JPY 146.20, 28 pip stop.
Out at 146.55, I'll take that 35 pips now Mr. Dragon, thannnnnk you!
Now go brush your teeth or something.
  • #25,231
  • Jul 4, 2017 5:56am Jul 4, 2017 5:56am
H1
Candlestick.BULL
Attached Image (click to enlarge)
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  • #25,232
  • Jul 4, 2017 6:26am Jul 4, 2017 6:26am
Hourly shaping up to break 146 lower.
  • #25,233
  • Jul 4, 2017 7:54am Jul 4, 2017 7:54am
Quoting copi88
{quote} USD JPY = 112.97 GBP USD = 1.29398 GBP JPY = 112.97 x 1.29898 = 146.18 All currencies are priced relative to the Dollar. This is how the crosses are calculated.
Actually, you can take any two crosses which share a common currency and apply that same formula. For example, if EURAUD is going up and AUDJPY is going up, EURJPY can ONLY go up. EURAUD right now 149.23, AUDJPY 86.04. EURJPY is 128.40. So they are not all priced to the USD.
  • #25,234
  • Jul 4, 2017 9:04am Jul 4, 2017 9:04am
Quoting pipmaster77
{quote} Actually, you can take any two crosses which share a common currency and apply that same formula. For example, if EURAUD is going up and AUDJPY is going up, EURJPY can ONLY go up. EURAUD right now 149.23, AUDJPY 86.04. EURJPY is 128.40. So they are not all priced to the USD.
Of course that is going to work out due function of the equation but that is not how they are priced. The base is the USD.
Boxing clever since 76.
  • #25,235
  • Jul 4, 2017 9:53am Jul 4, 2017 9:53am
Quoting copi88
{quote} Of course that is going to work out due function of the equation but that is not how they are priced. The base is the USD.
How can the base be USD when neither pair mentioned has USD in it? C'mon man. For example in EURAUD, the base currency is the AUD, the counter currency is the EUR. The USD has nothing to do with it. It is simply the price of the EUR in relation to the AUD.
  • #25,236
  • Jul 4, 2017 10:31am Jul 4, 2017 10:31am
Quoting pipmaster77
{quote} How can the base be USD when neither pair mentioned has USD in it? C'mon man. For example in EURAUD, the base currency is the AUD, the counter currency is the EUR. The USD has nothing to do with it. It is simply the price of the EUR in relation to the AUD.
Here you go, you have learnt something today...

http://business.westernunion.com/Res...-To-Derive-One
https://www.babypips.com/learn/forex...ncy-cross-pair
http://www.investopedia.com/articles...angulation.asp

So EURAUD is priced from EURUSD = 1.13511 divided by AUDUSD = 0.76039 = 1.4927
Boxing clever since 76.
  • #25,237
  • Jul 4, 2017 10:40am Jul 4, 2017 10:40am
Quoting copi88
{quote} Here you go, you have learnt something today... http://business.westernunion.com/Res...-To-Derive-One https://www.babypips.com/learn/forex...ncy-cross-pair http://www.investopedia.com/articles...angulation.asp So EURAUD is priced from EURUSD = 1.13511 divided by AUDUSD = 0.76039 = 1.4927
Sure and EURJPY is derived from EURAUD and AUDJPY, no USD involved. What are YOU missing here?
  • #25,238
  • Jul 4, 2017 10:45am Jul 4, 2017 10:45am
From the link you provided me:

Back in the ancient days, if someone wanted to change currencies, they would first have to convert their currencies into U.S. dollars, and only then could they convert their dollars into the currency they desired.
For example, if a person wanted to change their U.K. sterling into Japanese yen, they would first have to convert their sterling into U.S. dollars, and then convert these dollars into yen.
https://bpcdn.co/images/2016/05/grade15-caveman.png
With the invention of currency crosses, individuals can now bypass the process of converting their currencies into US dollars and simply convert it directly into their desired currency.
Some examples of crosses include: GBP/JPY, EUR/JPY, EUR/CHF, and EUR/GBP.



I don't believe we are in the "old" days any longer.
  • #25,239
  • Jul 4, 2017 11:20am Jul 4, 2017 11:20am
Quoting pipmaster77
{quote} Sure and EURJPY is derived from EURAUD and AUDJPY, no USD involved. What are YOU missing here?
How many times do you need this explained to you? This is a simple concept.

EURJPY is not derived from EURAUD and AUDJPY. It is derived from EURUSD and USDJPY.
You can however work out the value of EURJPY if you have EURAUD and AUDJPY due to the algebraic nature of the equations.

Please stop and think. Maybe go back to babypips , Invetopedia etc and educate yourself on the history of currencies, Bretton Woods with USD being set as the reserve currency and the abodoning of the gold standard in 71.


This is the last time I am replying to you.
Boxing clever since 76.
  • #25,240
  • Jul 4, 2017 12:54pm Jul 4, 2017 12:54pm
Quoting copi88
{quote} Market has gone Risk On, would be looking for longs only for now on this pair.
The problem is that GBP/USD is going down, while USD/JPY is going up, so buying or shorting GBP/JPY is a low probability trade at the moment.

I mean if the cable AND the yen are not telling the same story, then it seems more reasonable to look for a better trading opportunity, at least for now (I am personally watching GBP/AUD this week).
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