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GBP/JPY

  • #381
  • Oct 31, 2012 7:36am Oct 31, 2012 7:36am
Quoting Mpt
It's a funny thing. ALL indicators say UP. Your eyes say it's a continuation triangle (up). The pattern says down. Who's going to win??
They say market is always right, it is a waiting game. SL to break even and wait for the market to speak. It is also important somewhat that it is the end of the month and some traders will take profit, so we might get irrational moves of the Price.
  • #382
  • Oct 31, 2012 9:39am Oct 31, 2012 9:39am
Price tried to brake the Dynamic support I talked about earlier but looks like it failed (for now). We got 15M Bearish Pin. This might be the end for Bulls for now...
Attached Image (click to enlarge)
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  • #383
  • Oct 31, 2012 9:58am Oct 31, 2012 9:58am
Still my fav pair
  • #384
  • Nov 1, 2012 4:25am Nov 1, 2012 4:25am
Price found additional buyers, first yesterday on 15m chart price bounced of 53 ema nicely, today bounce of 20 ema on 1h chart. Descending trendline coming down, carefully there!
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 2012_0047.gif Size: 18 KB
  • #385
  • Nov 1, 2012 4:44am Nov 1, 2012 4:44am
Sell gbpjpy at 129.20
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  • #386
  • Nov 1, 2012 6:29am Nov 1, 2012 6:29am
A small problem though. The diamond pattern ended up as a continuation pattern.

Assuming price drops from about here, what happens when the grey shaded area is retested?

Attached Image (click to enlarge)
Click to Enlarge Name: gj.jpg Size: 64 KB



If it gets retested.
  • #387
  • Nov 1, 2012 6:43am Nov 1, 2012 6:43am
I agree Mpt, look at the momentum on all time frames. I would say we'll brake up.
  • #388
  • Nov 1, 2012 6:47am Nov 1, 2012 6:47am
Going short soon but not yet. Anyone with me?
  • #389
  • Nov 1, 2012 6:49am Nov 1, 2012 6:49am
Quoting FxLapozi
Going short soon but not yet. Anyone with me?
yep, i,ll go short at 130.5
  • #390
  • Nov 1, 2012 6:50am Nov 1, 2012 6:50am
Quoting IndigoPingvi
I agree Mpt, look at the momentum on all time frames. I would say we'll brake up.
We've had good divergence since about 128.5 on time frames of 1 hr and below so a drop is probably coming. Maybe it won't break this time. But what happens after a retrace? I guess we'll find out.
  • #391
  • Nov 1, 2012 7:00am Nov 1, 2012 7:00am
Quoting IndigoPingvi
yep, i,ll go short at 130.5
I opened a short earlier at 40 just now. Might add few more shorts if it goes up
  • #392
  • Nov 1, 2012 7:05am Nov 1, 2012 7:05am
The only that would avoid a second bounce up would be if it followed a support/resistance/H&S type analogy as it sort of followed on the way down before

eg

Attached Image (click to enlarge)
Click to Enlarge Name: gj.jpg Size: 69 KB


or it just crashes
  • #393
  • Nov 1, 2012 7:11am Nov 1, 2012 7:11am
Quoting FxLapozi
I opened a short earlier at 40 just now. Might add few more shorts if it goes up
So you'll keep adding shorts the higher it goes without any short confirmation at all?

If this thing does NOT break the upper TL, there could be another 800+ pips to the south in this trade. So I'm sure that losing out on maybe 30 or 40 in the very beginning isn't going to hurt???
  • #394
  • Nov 1, 2012 7:26am Nov 1, 2012 7:26am
Quoting Mpt
So you'll keep adding shorts the higher it goes without any short confirmation at all?

If this thing does NOT break the upper TL, there could be another 800+ pips to the south in this trade. So I'm sure that losing out on maybe 30 or 40 in the very beginning isn't going to hurt???
Nah, I will watch the candle and SR. Will add at most, 2 more trades With SL of 150-200 each. Will close earlier depends on the situation.
  • #395
  • Nov 1, 2012 7:28am Nov 1, 2012 7:28am
Quoting FxLapozi
Nah, I will watch the candle and SR. Will add at most, 2 more trades With SL of 150-200 each. Will close earlier depends on the situation.

Good one. News coming up in three minutes might get it moving.
  • #396
  • Nov 1, 2012 8:08am Nov 1, 2012 8:08am
It's still undecided which direction to goes. Let's see.
  • #397
  • Nov 1, 2012 8:19am Nov 1, 2012 8:19am
Quoting FxLapozi
It's still undecided which direction to goes. Let's see.

Simple rule. If it breaks and holds below 128.9, its going down. 128.9 was the last support/resistance level that was tested. Or, if you prefer, an open and close below the 15 m 50 ema often works.

I'm off to bed. Good luck.
  • #398
  • Nov 1, 2012 8:23am Nov 1, 2012 8:23am
Quoting Mpt
Simple rule. If it breaks and holds below 128.9, its going down. 128.9 was the last support/resistance level that was tested. Or, if you prefer, an open and close below the 15 m 50 ema often works.

I'm off to bed. Good luck.
Good one. Will look out for that. Good night Mpt Thanks.
  • #399
  • Edited 9:20pm Nov 1, 2012 8:30pm | Edited 9:20pm
Until it breaks north above 129.6, I still don't think it's bullish. But I do suspect I mis-interpreted what is shown as the green trendline. The lines drawn in purple are just a guess but I would assume parallel channels.

If my blue channel is drawn right, it should start to break down from it soon.

Anyway, this is my view of GJ until proven wrong. Sitting in an off-set H&S diamond reversal pattern. A good pattern for aggressive moves after breakout.

Attached Image (click to enlarge)
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EDIT Although the pattern would still be valid if the present wave extended north to 130.2 ~130.8
  • #400
  • Nov 2, 2012 1:08am Nov 2, 2012 1:08am
GBPJPY formed a Rangers pattern

http://i.imgur.com/GRUkQ.png?1
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