Geppy's Geppy Thread (GBP/JPY)

The Greenback is the toughest kid on the block right now.

Just like in 2008.

Pretty cool.
But, it ain't looking good for her neither.

5, 10 EMA crossover on the daily to the downside.

Massive moves today, incredible.
I think we're going to be shorting this for awhile now.

I'll be taking signals on the M5 and M15 with ya'll from here on out.

The tide is beginning to change.

Cowabunga

200 pip comeback during off hours, hmmm.

I hit the buy trigger about an hour ago on EJ and UJ.

Until we get into a more powerful downtrend I am just buying/selling at oversold/overbought on H1.

Then it will just be sell, sell, sell. lol

Well that has be one of the most volatile sessions on GBP/JPY I've seen in a bit. Now it looks at though it may be shaping up to be a false break out?

That's quite a comeback these last 4 hours no doubt.

For those thinking this is a potential "false break"... all I can say is, get with the program and stop attempting to catch a falling knife.

Take a look at this daily chart and it is clear that we are being supported by fib zones. Thursday, Friday and yesterday struggled to break through the 23.6% fib support from the most recent run up on the daily chart. Today, we shattered it and found support just before the 38.2% fib zone.

The run up has been impressive... we shouldn't expect the retracement to be anything less, especially when you consider that corrections generally happen much faster and are more severe.

The next target would logically be the 50% retracement level at approximately 134.75 I've set my target for 135.07 and would love to see this hit this week. Also notice that this zone should be supported by both the 100ema and 200 ema. This is a big support zone, and this is also where I would expect to see some basing before the uptrend continues. Of course this is also where I'd expect most retail traders to get hyper bearish (that's confirmation #3) .

Many of you may be thinking that "holy shit, Gep... that's more than 500 pips away?!?! The uptrend is utterly F&*ED if we get there!". Not true. Trading in the 134s does not violate the overall uptrend. In my opinion, if we hold that level, I'd be looking for 167.00 as the next target based on the monthly chart. Getting a macro perspective like this is vital to having a good trade plan, especially with the beast. You must be aware of the "overall" trend while trading the "immediate" trend. While these can be the same, they are often different (as we're seeing now).

If you are trading in the direction of the trend, you are trading smart. If you are trading in the direction of the trend with proper leverage and money management, you are trading wise. Please, everyone trade wise. My last two entries were not great... I rushed them. But I'm using proper leverage and money management and I can afford to hold onto them. Furthermore, they're trades inline with the immediate trend.

My accounts are not big enough to worry about liquidity issues (not yet at least )... I want to see everyone profiting. In my opinion, we're currently at great levels to be intelligently adding shorts. Anything over 140 is an awesome price to be in at the moment.

Let's all have a good week!

Geppy

Short 140.43 SL above 58, pretty big order...

I dig it!

This off hr move is hunting short stops in my opinion, we will see

Partly, sure... but you also don't travel almost 500 pips in a day without a solid retracement. I didn't think it would be this severe, but it makes sense when you plot out the percentages.

Yea I expected a retrace for sure, but not as big as its been. Is it me or is the next floor 137.41 area ? I also see a huge uptrend in the monthly and weekly, its not unusual to drop a thousand pips in uptrends, every uptrend has dips, some more severe than others but this move has been since 126 hahah.

Oh..you dirty Dragon! Had my SL at 140.50. High? (so far) 140.58... ...lol

Short 140.311

got rid of some at 28, one of my bigger orders and was a little nervous, more than my normal 1-1.5% risk..


There is good buying going on in the 20s, very strange...

Retrace was right about 50%, nothing wrong with that.

That's the next previous cluster support... who knows how much of a floor that will provide, but I'll be watching it too.

138 area would be nice to get some longs in if it holds

Try re-reading my post: "makes sense when you plot out the percentages" = fib retracement percentages. You're saying exactly what I said.

Ugh, that's nasty!

Right on!

No shit.