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Geppy's Geppy Thread (GBP/JPY)

  • #1,361
  • Feb 28, 2013 9:47pm Feb 28, 2013 9:47pm
Quoting 100PipsADay
I just took a look at all of the monthly charts and you are definitely right, there is a bearish engulfing for GBP/JPY on the monthly, however, I don't see that on any other JPY cross pair therefore I am a little hesitant about the credibility of this particular candle.

Typically JPY pairs move in tandem with each other, some faster and some slower. We are definitely in a weekly and now monthly uptrend for ALL JPY pairs so when it comes to long term trades I would hesitate to go short.

Of course the occasional day trade and even swing shorts...
I agree 100%... on the weekly, we've clearly broken the 100ema. That's HUGE. We haven't traded above the 100ema since December 2007

Chew on that for a minute.

Furthermore, this week's PA attempted to push below the 100ema, but it was rejected and, baring any craziness tomorrow, we'll close above it.

In laymen's terms: we've tested the 100ema as support after breaking through it. Assuming it holds through tomorrow, that's a very bullish sign.
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  • #1,362
  • Feb 28, 2013 9:56pm Feb 28, 2013 9:56pm
Quoting Geppy
I agree 100%... on the weekly, we've clearly broken the 100ema. That's HUGE. We haven't traded above the 100ema since December 2007

Chew on that for a minute.

Furthermore, this week's PA attempted to push below the 100ema, but it was rejected and, baring any craziness tomorrow, we'll close above it.

In laymen's terms: we've tested the 100ema as support after breaking through it. Assuming it holds through tomorrow, that's a very bullish sign.
Exactly! I use the 100 EMA and 250 EMA on the Weekly as well as 20 EMA and 50 EMA for the Daily

20 EMA x 5 days a week is 100 EMA weekly (red lines)
50 EMA x 5 days a week is 250 EMA weekly (blue lines)

GBP/JPY Weekly
Attached Image(s) (click to enlarge)
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  • #1,363
  • Feb 28, 2013 11:03pm Feb 28, 2013 11:03pm
Start loading up boys this thing is gonna move up...

I am seeing a perfect wave 1, wave 2 setup - currently we are looking in wave 3 (traditionally the largest) and we have to get to wave 5 before seeing if she is going to continue the yen correction downward or... Continue to the upside... EMAs are great, seems like we have a confulence on the short term up move.
  • #1,364
  • Mar 1, 2013 3:21am Mar 1, 2013 3:21am
It's so nice to wake up and read such great analysis. All I can add is.......LOL
Attached Image (click to enlarge)
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Ghost Rider - WWTBMD?
  • #1,365
  • Mar 1, 2013 4:01am Mar 1, 2013 4:01am
Closed out ALL JPY longs for a loss. Lost 50% of my profits this week, not chancing losing more...

I knew I shouldn't have trusted the Cable LOL

GBP/USD is headed to 1.44 then 1.36 very soon, keep this in mind when trading GBP/JPY.
  • #1,366
  • Mar 1, 2013 4:11am Mar 1, 2013 4:11am
Quoting 100PipsADay
Closed out ALL JPY longs for a loss. Lost 50% of my profits this week, not chancing losing more...

I knew I shouldn't have trusted the Cable LOL

GBP/USD is headed to 1.44 then 1.36 very soon, keep this in mind when trading GBP/JPY.
Two different pairs bro. GU will fall due to dollar strength. I think this was just news driven crap. As I said, the dragon requires a lot of room to move. I've seen it spike 200/300 pips before coming right back. Still holding and added one.

IMHO, GBP is just testing support. Of course I could be 100% wrong and thus blow this little account. We shall see.
Attached Image (click to enlarge)
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Ghost Rider - WWTBMD?
  • #1,367
  • Mar 1, 2013 4:15am Mar 1, 2013 4:15am
Quoting albchr
Two different pairs bro. GU will fall due to dollar strength. I think this was just news driven crap. As I said, the dragon requires a lot of room to move. I've seen it spike 200/300 pips before coming right back. Still holding and added one.

IMHO, GBP is just testing support. Of course I could be 100% wrong and thus blow this little account. We shall see.
I think I should stick to AUD/JPY and CAD/JPY though, these 5 minute 100-150 pip spikes are too much for me... LOL
  • #1,368
  • Mar 1, 2013 4:18am Mar 1, 2013 4:18am
Quoting 100PipsADay
I think I should stick to AUD/JPY and CAD/JPY though, these 5 minute 100-150 pip spikes are too much for me... LOL
LOL...we don't call it the BEAST/DRAGON for nothing. Takes nerves to trade this puppy.
Ghost Rider - WWTBMD?
  • #1,369
  • Mar 1, 2013 4:20am Mar 1, 2013 4:20am
Quoting albchr
LOL...we don't call it the BEAST/DRAGON for nothing. Takes nerves to trade this puppy.
Man you're telling me...

It takes nerves and a LARGE stop loss! LOL
  • #1,370
  • Mar 1, 2013 4:22am Mar 1, 2013 4:22am
Flat for the weekend, calling it a night.

Need to catch some zzz's.

Hope everybody has a good night! Talk to you early next week Chris, enjoy your weekend bro!
  • #1,371
  • Mar 1, 2013 4:23am Mar 1, 2013 4:23am
Quoting 100PipsADay
Man you're telling me...

It takes nerves and a LARGE stop loss! LOL
Yup! I'll watch this 4H to see my next move. Closes in about 1hour 40 minutes.
Attached Image (click to enlarge)
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Ghost Rider - WWTBMD?
  • #1,372
  • Mar 1, 2013 4:58am Mar 1, 2013 4:58am
Quoting whatever007
I'm short here in this area still looking for another leg down in this correction.


Attachment

Covered part will let some run to 136 area.


Attached Image (click to enlarge)
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Soar on my wings, you'll touch the hand of God, he'll make you King.
  • #1,373
  • Mar 1, 2013 5:00am Mar 1, 2013 5:00am
looking left on on my charts, 1H and above i feel it may be a good place for a long from here,
maybe a little late on the entry here, but was away from my P.C.
Keep It Simple Stupid
  • #1,374
  • Edited 5:45am Mar 1, 2013 5:16am | Edited 5:45am
Bearish signal on my 4H charts.

Shorted @ 139.57 SL @ 140.80

Loos like UJ just won't let up.

The Greenback is tough.
Trade at your own risk.
  • #1,375
  • Mar 1, 2013 5:29am Mar 1, 2013 5:29am
Quoting whatever007
Covered part will let some run to 136 area.


Attachment
Nice trade! Sure hope you're wrong about 136 though...lol
Ghost Rider - WWTBMD?
  • #1,376
  • Mar 1, 2013 5:40am Mar 1, 2013 5:40am
Quoting Fx3423454
Bearish signal on my 4H charts.

Shorted @ 139.57 SL @ 140.80
I'm not trying to be mean here at all but...

It drops 150 pips and "then" you get a bearish signal to short near the bottom of the thrust?

I really hope it works out for you but I think you might need a new system? Or, perhaps it's not suited for the Beast? Just saying....
Ghost Rider - WWTBMD?
  • #1,377
  • Mar 1, 2013 5:41am Mar 1, 2013 5:41am
Quoting Fx3423454
Bearish signal on my 4H charts.

Shorted @ 139.57 SL @ 140.80
id be more than happy to go to 140.80 from here...
Keep It Simple Stupid
  • #1,378
  • Mar 1, 2013 5:49am Mar 1, 2013 5:49am
10 pips from stop loss! This beast is crazy hahahah, close up today?? im overloaded on Uj and its paying off
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  • #1,379
  • Mar 1, 2013 5:50am Mar 1, 2013 5:50am
Quoting Alastair
id be more than happy to go to 140.80 from here...
Me too!

Guys, As Geppy said last night about the Earthquakes, and as I've been saying about the huge swings GJ can have, Take a look at this 4H bar (Arrow).

From it's open it dropped 290 pips! Then came back up 220 to it's close. Now I'm not saying this "will" happen this time but it's just an example of how this pair can move. Can you scalp the Dragon? Sure you can. But you better move quickly. Around news time this baby can rocket in any direction so if you're a position trader, you MUST leave a lot of room for her to move.

Back when I was cutting my teeth on this pair, there was a saying. If the Queen farts it can move 300 pips! LOL
Attached Image (click to enlarge)
Click to Enlarge Name: gj_4h.gif Size: 23 KB
Ghost Rider - WWTBMD?
  • #1,380
  • Mar 1, 2013 5:50am Mar 1, 2013 5:50am
Quoting Fx3423454
Bearish signal on my 4H charts.

Shorted @ 139.57 SL @ 140.80

Loos like UJ just won't let up.

The Greenback is tough.
What indicator wouldnt show a bearish signal ? Hahah you need to get the bearish signal before a fall and vice versa, just my opinion.
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