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Geppy's Geppy Thread (GBP/JPY)

  • #2,241
  • Mar 12, 2013 7:43am Mar 12, 2013 7:43am
I actually have us ew down right now... Hitting the 61.8 of the last move from 144-142... Then continuing downward...
  • #2,242
  • Mar 12, 2013 8:46am Mar 12, 2013 8:46am
If you were awake and weren't buying that drop, you missed a nice opportunity in my opinion. Unfortunately I was sleep

Here's a 1h. Very nice support held wonderfully.

http://charts.mql5.com/1/138/gbpjpy-...ng-futures.png
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  • #2,243
  • Mar 12, 2013 8:49am Mar 12, 2013 8:49am
Quoting Geppy
If you were awake and weren't buying that drop, you missed a nice opportunity in my opinion. Unfortunately I was sleep

Here's a 1h. Very nice support held wonderfully.

http://charts.mql5.com/1/138/gbpjpy-...ng-futures.png

I bought the drop on quite a few cross pairs, but not this one... LOL

GBP is too weak for my liking at this point in time, but fun to follow.
  • #2,244
  • Mar 12, 2013 9:02am Mar 12, 2013 9:02am
ok guys. I am going after this beast called gbp/jpy! Gone short at 142.89 TP 142.20. gl all.
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  • #2,245
  • Mar 12, 2013 9:20am Mar 12, 2013 9:20am
Quoting behman8850
ok guys. I am going after this beast called gbp/jpy! Gone short at 142.89 TP 142.20. gl all.
The time to be short (if you like bucking the trend) was last night/earlier this morning. This is a terrible place to be shorting IMO. gl though!
check out my blog: forexmademillionaire dot com
  • #2,246
  • Mar 12, 2013 9:31am Mar 12, 2013 9:31am
I'm just a noob, (first post on Geppy's thread!) but I am reading that the recent decline on the geppy has to do with the pound. If this is the case then why is there the same decline seen in nearly all jpy crosses? I could be wrong, but it seems to me that the common denominator in all of this is the Yen.

Am I missing something?

I am long and bought the hell out of that dip on both usdjpy and gbpjpy.
  • #2,247
  • Mar 12, 2013 10:02am Mar 12, 2013 10:02am
Trendline break and retest, looking for another run to 142.

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Soar on my wings, you'll touch the hand of God, he'll make you King.
  • #2,248
  • Mar 12, 2013 11:01am Mar 12, 2013 11:01am
Sooo...we having fun yet?
Ghost Rider - WWTBMD?
  • #2,249
  • Mar 12, 2013 11:17am Mar 12, 2013 11:17am
Quoting Geppy
The time to be short (if you like bucking the trend) was last night/earlier this morning. This is a terrible place to be shorting IMO. gl though!
You scoop up some more longs on the second drop Geppy?
Ghost Rider - WWTBMD?
  • #2,250
  • Mar 12, 2013 12:50pm Mar 12, 2013 12:50pm
Quoting Teddicus
My Bearish Sentiments... Have me on a Long Term Correction Ride down to 135-132 Range...

Elliot and His Waves Man... Woke up Smiling!
Agreed.

GBP/CHF looks ugly too or good if you are shorting it.
Trade at your own risk.
  • #2,251
  • Mar 12, 2013 12:50pm Mar 12, 2013 12:50pm
Quoting albchr
You scoop up some more longs on the second drop Geppy?
Got some in the .50 range but I've been pretty busy with real work today. Honestly, I like this daily candle so far. We needed some pullback to get through that 61.8% fibo and now we've had it. We definitely found support where I expected we would. I'm just holding for target now.
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  • #2,252
  • Mar 12, 2013 1:30pm Mar 12, 2013 1:30pm
hello all, for it was a good night and...day from the east coast! I was expecting more movement up but I am starting to wonder...
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I got maths..
  • #2,253
  • Mar 12, 2013 1:50pm Mar 12, 2013 1:50pm
Quoting Oser
I'm just a noob, (first post on Geppy's thread!) but I am reading that the recent decline on the geppy has to do with the pound. If this is the case then why is there the same decline seen in nearly all jpy crosses? I could be wrong, but it seems to me that the common denominator in all of this is the Yen.

Am I missing something?

I am long and bought the hell out of that dip on both usdjpy and gbpjpy.

Terribly sorry to be a pest all, but I am really interested to know your take on this. As I said, new to this.
  • #2,254
  • Mar 12, 2013 2:36pm Mar 12, 2013 2:36pm
Quoting Oser
Terribly sorry to be a pest all, but I am really interested to know your take on this. As I said, new to this.
Earlier today the JPY strengthened so ALL JPY pairs were affected. However, GBP had more bad fundamental data released which caused a downfall in GBP.

Therefore, all JPY pairs took a hit due to JPY strength but GBP/JPY was the weakest of them all due to bad GBP data.

**It looks to me that we (JPY Pairs) are consolidating and are carving out a new support on the lower time frames before making its next leg up.

All in all this was just another healthy pull back in an overall strong uptrend.
  • #2,255
  • Mar 12, 2013 2:44pm Mar 12, 2013 2:44pm
I feel like there may be some correlational relationship btw JPY and XAU....

I believe the yen was historically strong... when Gold was at its peak....

Gold finds itself at Some serious support and starting a potential correction as the GJ has weakend....

So personally I like a short GJ... One can't just exhale... A trend cant forever go in one direction.
  • #2,256
  • Mar 12, 2013 2:45pm Mar 12, 2013 2:45pm
Quoting Teddicus
I feel like there may be some correlational relationship btw JPY and XAU....

I believe the yen was historically strong... when Gold was at its peak....

Gold finds itself at Some serious support and starting a potential correction as the GJ has weakend....

So personally I like a short GJ... One can't just exhale... A trend cant forever go in one direction.
But why fight it while it is?
  • #2,257
  • Mar 12, 2013 3:00pm Mar 12, 2013 3:00pm
Quoting Teddicus
I feel like there may be some correlational relationship btw JPY and XAU....

I believe the yen was historically strong... when Gold was at its peak....

Gold finds itself at Some serious support and starting a potential correction as the GJ has weakend....

So personally I like a short GJ... One can't just exhale... A trend cant forever go in one direction.
Gold and JPY are linked traditionally as safe-havens. E.g. in times of turmoil, investors flock to JPY (Japanese Gov. bonds), Gold, and other safe havens to protect capital.

Things are ostensibly looking up for the US economy and there's been a lot of talk of killing the QE faucet. That's why gold is getting hit. So naturally, you'd expect the Yen to be getting weaker too as investors move money out of it and into more "riskier" investments.

The logical flaw in your thinking (that since Gold is perhaps finding support, so too should the JPY) is the fact that fundamentals actually play a huge part in trading.

Ignore what's going on in Japan and with their economy right now (and the BoJ's actions to remedy it) and you're heading to the slaughter house with the rest of 'em.

The BoJ is on a war path to weaken the Yen. They don't give two shits that gold is at support and, therefore, the Yen should also strengthen along side of it.
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  • #2,258
  • Mar 12, 2013 3:05pm Mar 12, 2013 3:05pm
Quoting Geppy
Gold and JPY are linked traditionally as safe-havens. E.g. in times of turmoil, investors flock to JPY (Japanese Gov. bonds), Gold, and other safe havens to protect capital.

Things are ostensibly looking up for the US economy and there's been a lot of talk of killing the QE faucet. That's why gold is getting hit. So naturally, you'd expect the Yen to be getting weaker too as investors move money out of it and into more "riskier" investments.

[b]The logical flaw in your thinking (that since Gold is perhaps finding support, so too should the...

That makes total sense to me! Thanks for the awesome answers. Learning so much from the thread. I hope it continues to maintain this same 'spirit.'
  • #2,259
  • Mar 12, 2013 3:10pm Mar 12, 2013 3:10pm
Quoting whatever007
I am bear too, but hiding in the corner, looks like we have the same EW count idea.
I am done with shorts for the time being. Spending way too much time at 143 and that looks like an ascending triangle to me on the short term chart. Good day for the counter trend, now onto the next trade.
Soar on my wings, you'll touch the hand of God, he'll make you King.
  • #2,260
  • Mar 12, 2013 6:12pm Mar 12, 2013 6:12pm
So I'm seeing a wave 1 down... the 61.8 of that is like 143.07 or so... looking to ride a scalp to there then short again... getting ready to load the shotgun...
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