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Geppy's Geppy Thread (GBP/JPY)

  • #221
  • Feb 8, 2013 9:58am Feb 8, 2013 9:58am
Quoting Geppy
Well, I think it's safe to say we won't see new highs before EU closes. Oh well...

Some of my later long additions got stopped out last night with that nasty move (stops were at 145.65), however, most of my positions held on as I had the stops below the cluster of previous 4H wicks in the 144.50 zone.

Price definitely found support last night on the 4H 50EMA and I feel we'll continue higher next week. My views haven't changed and I'll be holding over the weekend.
1st trouble area 147.25....will be keeping a beedy eye open around that area and move stop to b/e
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  • #222
  • Feb 8, 2013 12:32pm Feb 8, 2013 12:32pm
Despite today's action, the bigger picture remains the same for me. This time the pair found support at 145 and we should notice that both 146 and 145 proved to be strong demand levels. 146.35/60 range was a magnet during all week and that's where price is around now closing it. Pound finally showed signs of recovery and is closing this week positive. Should it keep pushing higher and yen selling resume next week, we are headed to higher levels. Looking at weekly and montly charts things point to this way. Yen pairs are just leaving the bottom of its historical trading range so can we talk about tops? I don't think so. Fight to stop deflation is starting and in my opinion current Yen value is far below the base level Japan is looking for. Each big level price breaks is a level we are leaving behind for a LONG time. One thing to learn is that this pair needs wide stops! As BobGnarly said, in the daily chart we have a nice hammer forming, more than 200 pips range and more than 160 pips of lower shadow.. that is a strong sign of bullishness.
  • #223
  • Feb 8, 2013 12:46pm Feb 8, 2013 12:46pm
BUY [email protected]

target @148.07

stop loss --as per risk


Quoting Geppy
"Back in the day", I cut my teeth trading currencies via GBP/JPY.

I love the violent, sporadic moves and the ability to make money quickly on this pair.

In 2007 we had an awesome group dedicated to trading "the beast" and the conditions were marvelous for spectacular moves. However, things died down after the mortgage crisis meltdown and Geppy hasn't been the same ever since (neither of us).

Now, with the craziness out of Japan and the Yen, I've been seeing new life breathing into the ol' beast.

I'm ready to start dedicating a lot...
  • #224
  • Feb 8, 2013 1:51pm Feb 8, 2013 1:51pm
Quoting pabloski
Despite today's action, the bigger picture remains the same for me. This time the pair found support at 145 and we should notice that both 146 and 145 proved to be strong demand levels. 146.35/60 range was a magnet during all week and that's where price is around now closing it. Pound finally showed signs of recovery and is closing this week positive. Should it keep pushing higher and yen selling resume next week, we are headed to higher levels. Looking at weekly and montly charts things point to this way. Yen pairs are just leaving the bottom of...
Great post and recap of the week, Pabloski. I couldn't have put it better myself. Thanks!
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  • #225
  • Feb 8, 2013 2:06pm Feb 8, 2013 2:06pm
GBPJPY uptrend gathers steam


GBPJPY - Inside bar from core resistance turned support

The GBPJPY is a monster when it comes to making massive moves especially when following a trend. The pair broke the core resistance(139.72) on 31st Dec,2012 followed by a pin bar rejection of immediate higher prices and an inside bar consolidation around the broken resistance level. Yesterday's price action suggests the level got re-tested and not broken. Traders can look to go long(buy limit) on this pair from the 139.72 region provided today we get a close above it

Buy Limit@ 139.72
S/L 137.63(209 pips)
T/P 144.95/145.00(532 pips)
Possible Risk: $100.00
Possible Reward: $254.00
R:R = 1:2.54


Attached Image(s) (click to enlarge)
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PRICE ACTION is the only real time indicator.
  • #226
  • Feb 8, 2013 2:07pm Feb 8, 2013 2:07pm
Quoting pabloski
Despite today's action, the bigger picture remains the same for me. This time the pair found support at 145 and we should notice that both 146 and 145 proved to be strong demand levels. 146.35/60 range was a magnet during all week and that's where price is around now closing it. Pound finally showed signs of recovery and is closing this week positive. Should it keep pushing higher and yen selling resume next week, we are headed to higher levels. Looking at weekly and montly charts things point to this way. Yen pairs are just leaving the bottom of...


Yep that sums it up bro... Same view here. Massive buying at the 45handle.


Have a good weekend guys and cyas on sunday!! Maybe 1 huge push at close?
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  • #227
  • Feb 8, 2013 4:40pm Feb 8, 2013 4:40pm
Ohh check out that beautiful hammer close
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  • #228
  • Feb 9, 2013 8:42am Feb 9, 2013 8:42am
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Not really a wave guy but perhaps this has merit.
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  • #229
  • Feb 9, 2013 7:48pm Feb 9, 2013 7:48pm
How does everyone feel about the upcoming G20 meeting? Will the news this week stop the weakening of the yen? i feel like everybody will be attacking japan and they will have to make comments to downplay their desires to weaken the yen.
  • #230
  • Edited 9:56am Feb 10, 2013 9:15am | Edited 9:56am
My longterm trade forecast... Holding until 168... Monthly chart confirms the end of the long downtrend. Previous trys show the 23.6 fig level to be very weak as well
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  • #231
  • Feb 10, 2013 4:49pm Feb 10, 2013 4:49pm
Quick sell off...
  • #232
  • Feb 10, 2013 6:26pm Feb 10, 2013 6:26pm
this pair is a bloody beast. so much pippage, but get caught out and its SL time ;/
  • #233
  • Feb 10, 2013 6:40pm Feb 10, 2013 6:40pm
Yeah 40 pips up, move to BE at 60
  • #234
  • Feb 10, 2013 9:47pm Feb 10, 2013 9:47pm
In case anyone was unaware... Asia is closed tonight. Things will be pretty quiet until Europe.
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  • #235
  • Feb 11, 2013 3:01pm Feb 11, 2013 3:01pm
The thread has been rather quiet this week, and I can't say I blame you all. Trading has been a bit bland, but with what looked to be a pretty eventless day, it's actually looking to close up quite interesting.

Brainard (of the US Treasury) came out not long ago saying that the US supports Japan's actions.

That caused a nice rally in USD/JPY and has been the reason we've seen the beast wake up a bit here as we head into the close and make new daily highs.

While that's great and all (for those bulls out there at least), we still haven't broken the consolidation range. We really need to form some convincing price action above 147.50 to get this puppy rolling again.

The good news is (again, for the bulls) that consolidation is healthy and that divergence I spoke of last week on the 4h time-frame has sort of "unwound" itself. It's always a good sign when time-frames align in the same direction, and I'm starting to see that happen now again with the 4h and daily charts.

I still think we have some consolidation ahead of us, even above 147.50. However, I'd rather see a slower, more sustainable rise rather than an abrupt push up.

I hope everyone is well and enjoyed the weekend. If you've got a lady in your life, don't forget Thursday is Valentine's day!!
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  • #236
  • Feb 11, 2013 3:40pm Feb 11, 2013 3:40pm
Ohh what a nice day
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  • #237
  • Feb 11, 2013 3:43pm Feb 11, 2013 3:43pm
Quoting BobGnarly
Ohh what a nice day
Yeah, wow... and I was happy seeing us above 147.00

I didn't expect it to keep pushing like this. Nice!
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  • #238
  • Feb 11, 2013 3:45pm Feb 11, 2013 3:45pm
Quoting Geppy

While that's great and all (for those bulls out there at least), we still haven't broken the consolidation range. We really need to form some convincing price action above 147.50 to get this puppy rolling again.

I still think we have some consolidation ahead of us, even above 147.50. However, I'd rather see a slower, more sustainable rise rather than an abrupt push up.

I hope everyone is well and enjoyed the weekend. If you've got a lady in your life, don't forget Thursday is Valentine's day!!
You were saying???
  • #239
  • Feb 11, 2013 4:29pm Feb 11, 2013 4:29pm
Quoting tourderob
You were saying???
Yep, it happened much quicker than I expected which is great!

As I said, I'd like to see PA carve out some solid time here above 147.50 and establish a new base above this level.

If we can hold above there through Asia, I think we'll start heading higher. 150/151 area is definitely doable this week if we can do that.

Would love to hear analysis from others.
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  • #240
  • Feb 11, 2013 4:44pm Feb 11, 2013 4:44pm
Quoting Geppy
Yep, it happened much quicker than I expected which is great!

As I said, I'd like to see PA carve out some solid time here above 147.50 and establish a new base above this level.

If we can hold above there through Asia, I think we'll start heading higher. 150/151 area is definitely doable this week if we can do that.

Would love to hear analysis from others.

I am watching 148.74 which is the 23.6 retracement level from the fall from 2007 to 2009. If we can close a weekly candle above that and also have it become monthly support it should lead to 38.2 fib @ 168.14
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