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Dragon Riders GBP/JPY

  • #28,581
  • Jun 2, 2018 11:19pm Jun 2, 2018 11:19pm
Just read the news. US given few days to decide and make a decision. Looks like it’ll be a risk-off situation this coming Monday.
  • #28,582
  • Jun 4, 2018 5:37am Jun 4, 2018 5:37am
Quoting Riskee
Well...After the G7 meeting conclusion ...THERE WILL BE A TRADE WAR WITH THE ISOLATION OF THE U.S AND VERY STRONG REFUSAL OF BULLYING FRIM ALL THE OTHER MEMBERS , NOT TO FORGET THE VERY SHARP TONE OF THE SPEECH ...THIS IS A TRADE WAR. I THINK THE YEN WILL SOAAAAAAAR NEXT WEEK AND EVEN MAY OPEN WITH A BIG GAP DOWN ....BACK TO 140 GUYS
So far nothing unusual happened... although I'm on your side regarding this matter.

Also in light of some other observations... as the pair is perhaps mostly priced via the needs of trade between the two countries and Japan obviously having a large surplus in trade between the two... (7.3B in 2016 - perhaps older data but still interesting..)

https://atlas.media.mit.edu/en/profi.../#Destinations
https://atlas.media.mit.edu/en/visua...show/all/2016/
https://tradingeconomics.com/united-...lance-of-trade

For any change to happen and reverse the situation the price of GBP against the Yen should fall extensively and for a longer period of time. (Not sure Japan would allow this).

And there's this Brexit stuff (still unresolved) and the consequences still rather unknown. When a country leaves a larger market and strives to get into new ones many compromises are to be made in the process... depreciation of ones currency is the less painful one.
  • #28,583
  • Jun 5, 2018 12:28am Jun 5, 2018 12:28am
Idea for Dragon this week

Hapi Trading
Attached Image (click to enlarge)
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  • #28,584
  • Jun 5, 2018 6:51am Jun 5, 2018 6:51am
4H timeframe: MA50 - 145,51; MA100 - 146,68 (not breaked last attempt) but not discarded. So, unless we loss MA50, this is a buy. At least for me
  • #28,585
  • Jun 5, 2018 6:57am Jun 5, 2018 6:57am
By the looks of it the pair will depreciate back to the support at 146.00.
  • #28,586
  • Jun 5, 2018 1:01pm Jun 5, 2018 1:01pm
coming up to a major sell zone!
  • #28,587
  • Jun 5, 2018 1:21pm Jun 5, 2018 1:21pm
Could reverse from 147 back to under 146, perhaps 145.500.
  • #28,588
  • Jun 5, 2018 1:54pm Jun 5, 2018 1:54pm
Quoting SweeperMonk
Could reverse from 147 back to under 146, perhaps 145.500.
See how the 4h candle closes on my side buy I may stay up for a sell.
  • #28,589
  • Jun 6, 2018 5:25am Jun 6, 2018 5:25am
It looks like the move to the upside is not over at all. Next target is at 150.00, I think.
  • #28,590
  • Jun 6, 2018 9:03am Jun 6, 2018 9:03am
Dont think it will push more so much supply up there... ready to drop?
  • #28,591
  • Jun 6, 2018 11:11pm Jun 6, 2018 11:11pm
For what it's worth...This is why I stated a week or so ago that I expected top circa 147.5/148. A fairly long term (daily) diamond structure with a centre about 150x. Predictable as per a bounce from the lower apex, predictable with respect to future targets ... but not so should the structure break inwards.

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  • #28,592
  • Jun 7, 2018 2:59am Jun 7, 2018 2:59am
Quoting Mpt
For what it's worth...This is why I stated a week or so ago that I expected top circa 147.5/148. A fairly long term (daily) diamond structure with a centre about 150x. Predictable as per a bounce from the lower apex, predictable with respect to future targets ... but not so should the structure break inwards. {image}
I think top might be 149ish or 150ish before sellers start to attack again
  • #28,593
  • Edited 4:17am Jun 7, 2018 3:13am | Edited 4:17am
Some bearish news from the GBP with Davis may leave the UK

I am long from 148.

I am out at BE - not moving yet
  • #28,594
  • Jun 7, 2018 6:01am Jun 7, 2018 6:01am
Quoting estrago
Some bearish news from the GBP with Davis may leave the UK I am long from 148. I am out at BE - not moving yet
What's your target if triggered?
Lost....
  • #28,595
  • Jun 7, 2018 9:42am Jun 7, 2018 9:42am
Quoting msniper
{quote} I think top might be 149ish or 150ish before sellers start to attack again
I expected another rally too but apparently that's not the case. I think we may see it drop below 147.00.
  • #28,596
  • Jun 8, 2018 12:43am Jun 8, 2018 12:43am
I am long until the 147.60 only now.

I expect a small long before the sell, fingers crossed it is today.
  • #28,597
  • Jun 8, 2018 7:06am Jun 8, 2018 7:06am
It continued depreciating as I thought it would, let's see whether it would break out below 146.00 too.
  • #28,598
  • Jun 9, 2018 8:46am Jun 9, 2018 8:46am
It found support at 146.85, let's see next week whether it will keep falling on Monday.
  • #28,599
  • Jun 10, 2018 5:20am Jun 10, 2018 5:20am
So we have undecided news from the G7 (no further forward with Trump) so people will be looking for safe haven in the Yen.

GBP - news tomorrow morning.

Brexit news may sway the charts as well as North Korea summit on Tuesday.

Overall I am saying it will be bearish down to 145 but I will be looking for a trend continuation or reversal on Monday. I will use a breakout on the London session and see how the day evolves.

Demand down at 145-144 and Supply up at 148-149 (two big zones)
  • #28,600
  • Jun 11, 2018 3:31am Jun 11, 2018 3:31am
Oh geez......this is gonna be ugly.....
Lost....
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