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Dragon Riders GBP/JPY

  • #29,921
  • Nov 19, 2018 2:29am Nov 19, 2018 2:29am
I exit at 145.15 seems tuff resistnace here
  • #29,922
  • Nov 19, 2018 2:46am Nov 19, 2018 2:46am
i'm in edge 1 sell 1 buy
  • #29,923
  • Nov 19, 2018 3:07am Nov 19, 2018 3:07am
Very high risk buying GBP/JPY in my opinion. There is too much news around, re. Brexit/Government/PM May and that will move Sterling over the coming few days or so, so very hard to predict.

Sure it may bounce up a bit from here (it's trying), but it would only be a speculate trade based on second guessing and trying to pick a bottom. So a gamble more than anything else.

I'm looking to re-short at some point on any bounce. If more bad news breaks (eg. vote of no confidence in PM May that is whispered about in the corridors of Westminster parliament), then GBP/JPY will go crashing down again through these recent lows.

Will probably sit out of trading Monday's session and wait for some clarity.
*** Shoot for the moon. Even if you miss, you'll land among the stars. ***
  • #29,924
  • Nov 19, 2018 3:52am Nov 19, 2018 3:52am
Quoting Freefox
Very high risk buying GBP/JPY in my opinion. There is too much news around, re. Brexit/Government/PM May and that will move Sterling over the coming few days or so, so very hard to predict. Sure it may bounce up a bit from here (it's trying), but it would only be a speculate trade based on second guessing and trying to pick a bottom. So a gamble more than anything else. I'm looking to re-short at some point on any bounce. If more bad news breaks (eg. vote of no confidence in PM May that is whispered about in the corridors of Westminster parliament),...
Depends whether you are a TA or a fundamentalist
POSTMASTER
  • #29,925
  • Nov 19, 2018 4:06am Nov 19, 2018 4:06am
loss stopped buy
  • #29,926
  • Nov 19, 2018 4:17am Nov 19, 2018 4:17am
Quoting Robinhood1
{quote} Depends whether you are a TA or a fundamentalist
Not really - look at the volatility last week on GBPJPY. Completely news driven. I work primarily using TA but to ignore the reality of the current volatile political situation, where unexpected news can drive the pair very quickly is trading with one-eye closed to reality. You're handicapping yourself.

Big news will override any short-term TA setup, hence the gamble. Better to wait and be patient until the odds are more in your favour. Plus there is little to nothing from a TA point of view that justifies jumping in with a buy now - it would be a high speculative counter-trend trade. There's always better trades than that just around the corner, IMHO
*** Shoot for the moon. Even if you miss, you'll land among the stars. ***
  • #29,927
  • Nov 19, 2018 4:23am Nov 19, 2018 4:23am
Quoting Freefox
{quote} Not really - look at the volatility last week on GBPJPY. Completely news driven. I work primarily using TA but to ignore the reality of the current volatile political situation, where unexpected news can drive the pair very quickly is trading with one-eye closed to reality. You're handicapping yourself. Big news will override any short-term TA setup, hence the gamble. Better to wait and be patient until the odds are more in your favour. Plus there is little to nothing from a TA point of view that justifies jumping in with a buy now - it...
I am swing trader. Long GU from 1.2740 to 1.3600/1.3700. Don´t care about the news. You are right for 2 digit pips. Apart from normally loosing money, energy and stress is lost. Eventhough, i beleive it is possible to trade TA in small cycles without listenning to news. I have not found the way but medium cycles.
POSTMASTER
  • #29,928
  • Nov 19, 2018 4:27am Nov 19, 2018 4:27am
I know Elliot was TA, Gann TA and Martin Armstong TA. I have not found a single person who got trading right by interpreting news nor someone who has written his news strategy. That would be really good. May let go a fart: will it be long or short?
POSTMASTER
  • #29,929
  • Nov 19, 2018 4:49am Nov 19, 2018 4:49am
Quoting Robinhood1
{quote} I am swing trader. Long GU from 1.2740 to 1.3600/1.3700. Don´t care about the news. You are right for 2 digit pips. Apart from normally loosing money, energy and stress is lost. Eventhough, i beleive it is possible to trade TA in small cycles without listenning to news. I have not found the way but medium cycles.
Yes, agree ... if you're out to trade big swings I can see some justification in what you say. But we are still in the situation where some news could break due to the known volatile political situation in the UK. Why ignore that - it is highly useful information even if you are a TA trader? It could drive GJ 100s of pips either up or down in the blink of an eye - who knows in advance - we can't know, that is the point. The news will be random. What we do know at the moment is the likelihood of some news breaking so why take on that volatility and second guess? There's better times to enter trades in my view where you are not open to taking on the randomness of news flow which is highly anticipated at this time. But we all have different styles and approaches - what makes a market. Good luck
*** Shoot for the moon. Even if you miss, you'll land among the stars. ***
  • #29,930
  • Nov 19, 2018 5:09am Nov 19, 2018 5:09am
Quoting Freefox
{quote} Yes, agree ... if you're out to trade big swings I can see some justification in what you say. But we are still in the situation where some news could break due to the known volatile political situation in the UK. Why ignore that - it is highly useful information even if you are a TA trader? It could drive GJ 100s of pips either up or down in the blink of an eye - who knows in advance - we can't know, that is the point. The news will be random. What we do know at the moment is the likelihood of some news breaking so why take on that volatility...
Good luck
POSTMASTER
  • #29,931
  • Nov 19, 2018 6:09am Nov 19, 2018 6:09am
As I suggested above - very quick about 100 pip move down - news driven. Very hard to trade short term with such random movements.

But what we do know is that we have high level of confidence that we are going to have such moves at moment (just direction unknown), due to high political uncertainty. Hence why I'm staying out today. Better days to trade IMHO.
*** Shoot for the moon. Even if you miss, you'll land among the stars. ***
  • #29,932
  • Nov 19, 2018 6:40am Nov 19, 2018 6:40am
Quoting Freefox
As I suggested above - very quick about 100 pip move down - news driven. Very hard to trade short term with such random movements. But what we do know is that we have high level of confidence that we are going to have such moves at moment (just direction unknown), due to high political uncertainty. Hence why I'm staying out today. Better days to trade IMHO.
What happened? who said what? tell me. I took the dogs for a walk
POSTMASTER
  • #29,933
  • Nov 19, 2018 6:43am Nov 19, 2018 6:43am
Quoting Robinhood1
{quote} What happened? who said what? tell me. I took the dogs for a walk

See this: https://www.forexfactory.com/news.php?do=news&id=849668
  • #29,934
  • Nov 19, 2018 6:50am Nov 19, 2018 6:50am
Quoting mercie
{quote} See this: https://www.forexfactory.com/news.php?do=news&id=849668
Thank you. Damm, i should have anticipated this!!!
POSTMASTER
  • #29,935
  • Nov 19, 2018 6:50am Nov 19, 2018 6:50am
Quoting Robinhood1
{quote} What happened? who said what? tell me. I took the dogs for a walk

Wouldn't have a clue - just that some 'news' item moved the market short term. We'll not doubt get more news and reactions too, in current climate of political uncertainty.
*** Shoot for the moon. Even if you miss, you'll land among the stars. ***
  • #29,936
  • Nov 19, 2018 6:52am Nov 19, 2018 6:52am
You guys are making me confused. I have a problem. If it starts to go up from now. how shouild i interpret these news
POSTMASTER
  • #29,937
  • Nov 19, 2018 6:54am Nov 19, 2018 6:54am
Quoting Robinhood1
You guys are making me confused. I have a problem. If it starts to go up from now. how shouild i interpret these news
Ok. When it goes up, find the news that made it possible so i feel confident
POSTMASTER
  • #29,938
  • Nov 19, 2018 7:02am Nov 19, 2018 7:02am
Quoting Robinhood1
{quote} Ok. When it goes up, find the news that made it possible so i feel confident
Whatever makes you happy (and comfortable) if you prefer that way. I'll stick to avoiding trading news or entering the markets when news is highly anticipated. Cuts down on the randomness.

Been out of the market is a trading position There's always another day.
*** Shoot for the moon. Even if you miss, you'll land among the stars. ***
  • #29,939
  • Nov 19, 2018 7:06am Nov 19, 2018 7:06am
Quoting Freefox
{quote} Whatever makes you happy (and comfortable) if you prefer that way. I'll stick to avoiding trading news or entering the markets when news is highly anticipated. Cuts down on the randomness. Been out of the market is a trading position There's always another day.
Of course mate. I have just focussed on "news". In my opinion, it triggers the trend(not reversals). It is very honorable to stay outside the market if conditions does not suit you.
POSTMASTER
  • #29,940
  • Nov 19, 2018 7:09am Nov 19, 2018 7:09am
There is a double bottom at 144.25, I think that soon we may see another move north to 145.70.
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