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GBP/JPY for QQE Traders!

  • #1,501
  • Feb 15, 2008 12:35am Feb 15, 2008 12:35am
Quoting dogbreath
Yup...long at:
212.75
and
213.05
I have resistance 1 at:
213.42
and R2 at:
213.89

It is looking strong....like it might go thru R1.

Looks like Level stop reverse is indicating a Take Profit of 60 which would put my TP at 213.24.

Anybody concur?
Life's a bitch....so be a dog and cover it!
  • #1,502
  • Feb 15, 2008 12:37am Feb 15, 2008 12:37am
Quoting capetown
In my 15M chart QQE60 just crossing as well QQE5. It is touching Gann HiLO line 10. Hope it is continue, but today market is kind of slow...thinking which way...
Howdy Capetown.....originally Bulawayo - Rhodesia here
Life's a bitch....so be a dog and cover it!
  • #1,503
  • Feb 15, 2008 12:41am Feb 15, 2008 12:41am
DP=212.67

On MT4 - 15min chart - GMT

Broker is InterbankFX
Life's a bitch....so be a dog and cover it!
  • #1,504
  • Feb 15, 2008 12:42am Feb 15, 2008 12:42am
Long from 212.30.

Won't see any north of R1, so TP'ing out at 213.45

I doubt we'll break the Resistance of R1.
If we do, I'd be surprised.

Won't make a HH from the peak on this move up, on the retrace down.

CCI is already falling back to 0 and Stoch is leveling as well. not good signs. Bulls are weakening.
  • #1,505
  • Feb 15, 2008 12:48am Feb 15, 2008 12:48am
Quoting kujo17
Long from 212.30.

Won't see any north of R1, so TP'ing out at 213.45

I doubt we'll break the Resistance of R1.
If we do, I'd be surprised.

Won't make a HH from the peak on this move up, on the retrace down.

CCI is already falling back to 0 and Stoch is leveling as well. not good signs. Bulls are weakening.
Well, tell it to move up at least another 50 pips before deciding to hand it over to the bears. haha.
  • #1,506
  • Feb 15, 2008 12:50am Feb 15, 2008 12:50am
Quoting Nobitacu
Well, tell it to move up at least another 50 pips before deciding to hand it over to the bears. haha.
came up, touched the 200ema on the 4hr and was rejected.
of course, it hasn't closed below yet.,but 213.04 will be hard Resistance.

Punched out at 213.0

I think if this holds us down, we'll see 211.3-210.5 area next ride down.
100sma is 210.55, which coincides with S2
  • #1,507
  • Feb 15, 2008 12:52am Feb 15, 2008 12:52am
Just thought I would share this with you guys it is consistent with your analysis....looking at a Head and Shoulders forming....I have T/P at 211.00 and Short at 213.00

Enjoy
Attached Image (click to enlarge)
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The only sovereign I can allow to rule me is reason.
  • #1,508
  • Feb 15, 2008 12:55am Feb 15, 2008 12:55am
HOLY CRAP at the down movement. Is this due to BOJ Chair speaking, saying something to effect it? Should have taken my first buy TP at 60 pips... changed it back o 60 now... maybe it's too late though.
  • #1,509
  • Feb 15, 2008 12:59am Feb 15, 2008 12:59am
Quoting pearsonfx
Just thought I would share this with you guys it is consistent with your analysis....looking at a Head and Shoulders forming....I have T/P at 211.00 and Short at 213.00

Enjoy
211 just because it's the S2 area ?
Or because it's the 161.8 Fib extension of this last push down ?

Just curious how you picked that point ?

I would think 210.80, as it's the 161.8 fib Ext area.
  • #1,510
  • Feb 15, 2008 1:03am Feb 15, 2008 1:03am
Quoting kujo17
211 just because it's the S2 area ?
Or because it's the 161.8 Fib extension of this last push down ?

Just curious how you picked that point ?

I would think 210.80, as it's the 161.8 fib Ext area.
I like to give myself a buffer zone, my target is 210.80, I have a 9 pip spread, then I give myself a 10 pip buffer in case it does not reach my target, in this case I just rounded it off to 211.00....

With the volatility of GBP/JPY there is no need to be greedy..

Hope that answers your question

Zack
The only sovereign I can allow to rule me is reason.
  • #1,511
  • Feb 15, 2008 1:06am Feb 15, 2008 1:06am
Quoting Nobitacu
HOLY CRAP at the down movement. Is this due to BOJ Chair speaking, saying something to effect it? Should have taken my first buy TP at 60 pips... changed it back o 60 now... maybe it's too late though.
hehe..yeah scared the crap outta me too Thought it might be my broker doing a little pip hunting
Life's a bitch....so be a dog and cover it!
  • #1,512
  • Feb 15, 2008 1:12am Feb 15, 2008 1:12am
Quoting dogbreath
hehe..yeah scared the crap outta me too Thought it might be my broker doing a little pip hunting
And holy crap look at the fast move up now haha. Well... First Buy TP +60 hit now because of that. ^^ Worst I'll do now for this session is BE at +0 if my second Buy trade hits SL of -60.
  • #1,513
  • Feb 15, 2008 1:19am Feb 15, 2008 1:19am
Quoting Nobitacu
And holy crap look at the fast move up now haha. Well... First Buy TP +60 hit now because of that. ^^ Worst I'll do now for this session is BE at +0 if my second Buy trade hits SL of -60.
Yeah...scary stuff....closed my one trade out at 212.84...sitting at a loss on the other....lets see what the next 20mins brings
Life's a bitch....so be a dog and cover it!
  • #1,514
  • Edited 1:44am Feb 15, 2008 1:21am | Edited 1:44am
Quoting dogbreath
Yeah...scary stuff....closed my one trade out at 212.84...sitting at a loss on the other....lets see what the next 20mins brings
Move up hopefully ^^ my second buy SL is @212.33 with TP set @213.37 (R1 minus spread).
  • #1,515
  • Feb 15, 2008 1:23am Feb 15, 2008 1:23am
Hello dogbreath,
I am from EU, but going there this Year.
It si still holdng a 213.00, QQE5 on 15M chart crossed , but QQE60 is sitting above the line.
It is true that retrace is not on the way, just market is unpredictable, so it will go down, but.........
  • #1,516
  • Feb 15, 2008 1:39am Feb 15, 2008 1:39am
Quoting pearsonfx
I like to give myself a buffer zone, my target is 210.80, I have a 9 pip spread, then I give myself a 10 pip buffer in case it does not reach my target, in this case I just rounded it off to 211.00....

With the volatility of GBP/JPY there is no need to be greedy..

Hope that answers your question

Zack
Z,

I hear ya. I kinda do the same thing.
I usually do, minus spread +5

Greed Kills accounts DEAD !!

Hit singles and doubles...... swing for the fences and you may be sitting there in the batters box waiting to be HIT.

sorry for the baseball analogy..... pitchers and catchers reported this week.

Go Sox !!!!!! (red sox, not white ;-)
  • #1,517
  • Feb 15, 2008 1:42am Feb 15, 2008 1:42am
Yup, a painful lesson I learned not long after I started trading live account was just that, don't be greedy in this market, it'll only kill your account in the end.
  • #1,518
  • Feb 15, 2008 1:46am Feb 15, 2008 1:46am
Quoting capetown
Hello dogbreath,
I am from EU, but going there this Year.
It si still holdng a 213.00, QQE5 on 15M chart crossed , but QQE60 is sitting above the line.
It is true that retrace is not on the way, just market is unpredictable, so it will go down, but.........
Phew!! Got out of that one unscathed for a few pips profit!

Think I will sit out a bit and see how the BOJ announcement effects things.

Have a great trip ! Be careful where you go though....don't go off the "beaten track"....it is very dangerous there right now.
Life's a bitch....so be a dog and cover it!
  • #1,519
  • Edited 12:05pm Feb 15, 2008 1:50am | Edited 12:05pm
Quoting dogbreath
Phew!! Got out of that one unscathed for a few pips profit!

Think I will sit out a bit and see how the BOJ announcement effects things.

Have a great trip ! Be careful where you go though....don't go off the "beaten track"....it is very dangerous there right now.
Congrats! hehe, I moved my SL for my second buy to BE now since I already took 60 pips for this session, no point risking the second trade, so now this second trade is a free trade for me. Worst I'll do for Asian Session would be +60, best I could do would be +104 pips.

Edit: Well, that last drop hit my BE for my second Buy. So overall for Asian Session, +60. =) I'm done now for today... I might trade NY if I can wake up on time... Good luck everyone with London.
Edit 2: Sorry, couldn't help it, entered a London Sell trade earlier based on Twin Brother M15/M5 Strategy when it confirmed @212.94, TP and SL @60 pips. ^^ Will sleep now, nite everyone.
Edit 3: My London Sell trade hit my TP +60. =) +120 so far today.
Edit 4: Entered my first NY trade Buy @211.29 TP/SL 60, confirmed by Twin Brother H15/M5 strategy.
Edit 5: NY Session Buy missed my TP by 3 pips, which fell to hit my SL... Overall today: +60, still profit for the day. =)
  • #1,520
  • Feb 15, 2008 10:46am Feb 15, 2008 10:46am
Morning all.

Judging by the longer TF's, we may see 209.5 by the end of the day today.
That'd be a nice place to load up some longs, for the trip north.

price is hovering at 211.01

Momentum is way down on the 1H, 4H and the daily is hovering at the 5sma.

209.53 is a 61.8 retrace of the last move up.
It's also S3 Support.

4 hours ago, we had a 50% retrace touched and it looked like a move up, but the last hour bar closed very bearish and we're momentuming down here again with a lower low 1H bar.

If we get a 1H close below 210.4 area, we'll see 209.53 I'd imagine.

Great way to end the week !!
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