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Dragon Riders GBP/JPY

  • #25,241
  • Jul 4, 2017 10:57am Jul 4, 2017 10:57am
Quoting copi88
{quote} 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....
. What I'm saying is I can derive the price of any pair, with any two crosses related to it. I do not need any USD quote to do so. The true definition of base currency is the second currency in the pair, therefore, every pair has a "base" currency. This the last time I will reply to you as well. This is so irrelevant to profitable trading so I have invested enough time in this.

https://en.wikipedia.org/wiki/Currency_pair
  • #25,242
  • Jul 4, 2017 12:05pm Jul 4, 2017 12:05pm
Quoting pipmaster77
{quote} . What I'm saying is I can derive the price of any pair, with any two crosses related to it. I do not need any USD quote to do so. The true definition of base currency is the second currency in the pair, therefore, every pair has a "base" currency. This the last time I will reply to you as well. This is so irrelevant to profitable trading so I have invested enough time in this. https://en.wikipedia.org/wiki/Currency_pair
You are both right of course, but technically speaking banks and other financial institutions still use the USD as a reference (and also the Euro to some extent) for all foreign exchange transactions.

For example there is virtually zero liquidity between currencies like the Egyptian pound and the Mexican peso, so banks have to use the exchange rate of the Egyptian pound against the USD and the rate of the Peso/USD to determine the price of 1 Egyptian pound in Mexican peso.

So basically all FX transactions worldwide have to go through the USD first (and now more and more via the Euro).
  • #25,243
  • Jul 4, 2017 12:12pm Jul 4, 2017 12:12pm
Ignorance is bliss... Leave all that crap to the pro's. Just know the currency that you are trading... This stuff is a whole next level
I'll pick up the crumbs don't need the whole pie
  • #25,244
  • Edited 1:10pm Jul 4, 2017 12:25pm | Edited 1:10pm
Quoting Quickiepip
Ignorance is bliss... Leave all that crap to the pro's. Just know the currency that you are trading... This stuff is a whole next level
One day paper money will simply disappear (and FX trading too by the same token), and bullshit money like bitcoin will take over.
This digital one-and-only-one-currency-for-all is only one of the sinister projects of the New World Order Elite.

But that's another story...
  • #25,245
  • Jul 4, 2017 2:35pm Jul 4, 2017 2:35pm
Quoting Mr Breakout
{quote} One day paper money will simply disappear (and FX trading too by the same token), and bullshit money like bitcoin will take over. This digital one-and-only-one-currency-for-all is only one of the sinister projects of the New World Order Elite. But that's another story...
Cryptocurrencies makes the dragon look like a lizard... lol
I'll pick up the crumbs don't need the whole pie
  • #25,246
  • Jul 4, 2017 2:51pm Jul 4, 2017 2:51pm
Quoting Quickiepip
{quote} Cryptocurrencies makes the dragon look like a lizard... lol
True.

Now add leverage (up to 100 to 1) and the trader could end up in the poor house in a matter of minutes, if not seconds, due to the extreme volatility of these "financial" (yeah right) instruments.
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  • #25,247
  • Jul 4, 2017 3:16pm Jul 4, 2017 3:16pm
Alright, so far the winning "horses" are the Canadian and the Australian currency pairs, followed by the cable to some extent.
If you notice, each week/month there are just a couple of big movers and that's it.

So in my humble opinion the right thing to do is to concentrate on these pairs and forget all the rest.

In other words we should always ride the fast moving currencies and dump/ignore the lazy turtles.
  • #25,248
  • Jul 4, 2017 3:53pm Jul 4, 2017 3:53pm
--- What the heck..??...
Somebody know what caused that drop...?... I didn´t see any important new scheduled.

Oh well... the dragon don´t need a reason. Lucky I am not in the market.... yet.


::::: Will watch for a pull back. I think is about to happen if 145.000 is not pierced.


:::
  • #25,249
  • Jul 4, 2017 4:09pm Jul 4, 2017 4:09pm
Quoting bigboss
--- What the heck..??... Somebody know what caused that drop...?... I didnt see any important new scheduled.
That 40 pip drop is probably due to the New Zealand report at 6 PM (EST).

Keep in mind that all these Asian currencies (Yen, AUD, NZD and CNY) are very closely related.

A good (or bad) financial report from China for example could send the NZD/USD 100 pips higher in a heartbeat.
  • #25,250
  • Jul 4, 2017 6:16pm Jul 4, 2017 6:16pm
Quoting Mr Breakout
{quote} That 40 pip drop is probably due to the New Zealand report at 6 PM (EST). Keep in mind that all these Asian currencies (Yen, AUD, NZD and CNY) are very closely related. A good (or bad) financial report from China for example could send the NZD/USD 100 pips higher in a heartbeat.
Not to forget more and more words hitting the wires on the ICBM launch by North Korea as well.
  • #25,251
  • Jul 4, 2017 6:18pm Jul 4, 2017 6:18pm
Quoting pipmaster77
{quote} . What I'm saying is I can derive the price of any pair, with any two crosses related to it. I do not need any USD quote to do so. The true definition of base currency is the second currency in the pair, therefore, every pair has a "base" currency. This the last time I will reply to you as well. This is so irrelevant to profitable trading so I have invested enough time in this. https://en.wikipedia.org/wiki/Currency_pair
If I dare say, sounded like a fundamental vs technical debate on base currency. Good info!
  • #25,252
  • Jul 4, 2017 6:40pm Jul 4, 2017 6:40pm
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  • #25,253
  • Jul 4, 2017 8:29pm Jul 4, 2017 8:29pm
Quoting jolaus
{quote} Not to forget more and more words hitting the wires on the ICBM launch by North Korea as well.
I am short GBP/AUD at 1.7

Waiting for the pullback to go long.
  • #25,254
  • Jul 4, 2017 8:37pm Jul 4, 2017 8:37pm
Bye the way, Happy 4th Of July to all of our American Friends, here in the US and elsewhere, God bless this great country !!!
  • #25,255
  • Jul 4, 2017 9:28pm Jul 4, 2017 9:28pm
Quoting Mr Breakout
{quote} I am short GBP/AUD at 1.7 Waiting for the pullback to go long.
Not bad. You're ITM. Even I am waiting to enter long. Good luck!
It seems to be in an expanded flat but could lead into a falling channel on hourly, if GBP gets doomed from the services PMI data today.
So it is possible a drop to 1.6850 could materialize later today. Add to that, a bullish looking AU trade balance tomorrow (as Chinese iron ore imports in June should be stronger after a good recovery in May), maybe today could be for the bears in GA.

So let's see what UK services PMI has in store!
  • #25,256
  • Jul 4, 2017 11:42pm Jul 4, 2017 11:42pm
Dear all,
what is going on with GJ ? It should be go down. why go up ? is there a reason ? news ?
I would want to know.
  • #25,257
  • Jul 4, 2017 11:54pm Jul 4, 2017 11:54pm
Quoting datdle
Dear all, what is going on with GJ ? It should be go down. why go up ? is there a reason ? news ? I would want to know.
Called a stop run. They wanted to take out all the overnight Asian liquidity to get size on their books.

I am short at 52
Boxing clever since 76.
  • #25,258
  • Edited Jul 5, 2017 12:13am Jul 4, 2017 11:58pm | Edited Jul 5, 2017 12:13am
If you have access to level II data you can see it was a withdrawel of liquidity . See the gaps in the volume, shows that this is not demand on the way up. When they withdraw liquidity they will take it to a wholesale price level ie the 00 50's or other liquidity pools.

If you dont have access you can still tell its a WOL due to the length of the bar and the size of its volume relative to the previous up bar and its volume

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Boxing clever since 76.
  • #25,259
  • Jul 5, 2017 12:16am Jul 5, 2017 12:16am
Quoting copi88
If you have access to level II data you can see it was a withdrawel of liquidity .
I love your professional input, copi88. Thanks a lot and I learn. I also love Mr Breakout's view and ideas.
  • #25,260
  • Jul 5, 2017 12:26am Jul 5, 2017 12:26am
Good job bro. I'm professional forex trader and money managed for my private hedge fund.
i'm gbp/jpy trader and this is only currency I trade.
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