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Geppy's Geppy Thread (GBP/JPY)

  • #2,361
  • Mar 14, 2013 9:45am Mar 14, 2013 9:45am
Quoting Geppy
Funny how quiet the bears are today
Hahahhaha.....
  • #2,362
  • Mar 14, 2013 9:46am Mar 14, 2013 9:46am
Quoting Geppy
To me, EW guys are like economists: ask two of them what the economy will be like in the near future and you'll get five answers.

It works out pretty well for them, because if one prediction turns out to be invalid, there are a bunch of others that ARE valid. That works great in hindsight, but it's absolutely worthless when trying to forecast.

Basically, I don't buy into it at all. I wouldn't ever waste my time.
Nice answer
  • #2,363
  • Mar 14, 2013 10:04am Mar 14, 2013 10:04am
Quoting albchr
Well, another assault on the weekly yen TL here. Man if this yen puppy would just let loose, and this could be a "real" turn point for the pound? We'd be sweet for weeks to come.
What concerns me about today's climb is it's largly pound strength and not yen weakness. So unless this IS a real turn for the pound (which I doubt ATM), it may fall shy of my daily hopes today.
Attached Image (click to enlarge)
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  • #2,364
  • Mar 14, 2013 10:13am Mar 14, 2013 10:13am
Quoting albchr
What concerns me about today's climb is it's largly pound strength and not yen weakness. So unless this IS a real turn for the pound (which I doubt ATM), it may fall shy of my daily hopes today.
here's a blue down tl I've been following for awhile now on gu
-might give reason for move up after 1.4830 was supported
Attached Image (click to enlarge)
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Wooooohooooo or Boooooohooooo
  • #2,365
  • Mar 14, 2013 10:24am Mar 14, 2013 10:24am
Quoting gnomoneey
here's a blue down tl I've been following for awhile now on gu
-might give reason for move up after 1.4830 was supported
No doubt the GBP found good support at 2.5700 and took off. I'll feel better about it not puking if today's candle (or better this weeks) can close above the 38.2% on the chart above again.

There's some scuttlebutt about folks/banks buying the pound again but I'll wait to see it in the charts. It's bounced at several supports on the way down and then crashed thru them...LOL We shall see.
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  • #2,366
  • Mar 14, 2013 10:32am Mar 14, 2013 10:32am
Quoting albchr
What concerns me about today's climb is it's largly pound strength and not yen weakness. So unless this IS a real turn for the pound (which I doubt ATM), it may fall shy of my daily hopes today.
I see your point, but this PA doesn't worry me at all. We finally got what we've been anticipating: a break to the north. Whether that's Pound or Yen driven I don't think matters.

The Pound is overdue for a pullback and it's now broken the 50ema on a 4h TF. We could see it come up a good deal more. Furthermore, the Yen will continue to weaken, it's just taking a breather.

I think we're looking good to challenge 148 within the next week.
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  • #2,367
  • Mar 14, 2013 10:41am Mar 14, 2013 10:41am
148/149.
When Scalpers win, I lose and Vice varsa...
  • #2,368
  • Mar 14, 2013 10:42am Mar 14, 2013 10:42am
Quoting Geppy
I see your point, but this PA doesn't worry me at all. We finally got what we've been anticipating: a break to the north. Whether that's Pound or Yen driven I don't think matters.

The Pound is overdue for a pullback and it's now broken the 50ema on a 4h TF. We could see it come up a good deal more. Furthermore, the Yen will continue to weaken, it's just taking a breather.

I think we're looking good to challenge 148 within the next week.
No doubt and you beat me to it. The pound weekly is why I'm looking for a close over the 38.2 again. That would be a serious hammer off support and a good indication of more north. Yeah, I think we all know (or at least should) the yen's future is bleak at best...LOL

Funny you mention 148 as I was just thinking about Bob and that being his target call weeks ago. I was even thinking of moving my TP depending on this weeks close. Assuming of course they're not hit today.
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  • #2,369
  • Mar 14, 2013 10:45am Mar 14, 2013 10:45am
A break here above 73 will take us to 94 and then 145
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  • #2,370
  • Mar 14, 2013 10:56am Mar 14, 2013 10:56am
Quoting albchr
I was even thinking of moving my TP depending on this weeks close. Assuming of course they're not hit today.
I was considering the exact same thing! However, I do have quite a full boat right now. So at a very minimum I'm going to cut some. If MBT would give me more margin as positions moved in my direction, I'd probably just hold. But they don't.

After May is done, I may consider experimenting with a different broker for that purpose.
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  • #2,371
  • Mar 14, 2013 10:57am Mar 14, 2013 10:57am
Quoting BobGnarly
A break here above 73 will take us to 94 and then 145
Nice to see you, Bob. I hope things are getting better on the home-front.

Yes, I'd like to see a break of that previous high too. I think she's still got enough gas in the tank today. This PA is behaving gloriously!
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  • #2,372
  • Mar 14, 2013 10:59am Mar 14, 2013 10:59am
Quoting Geppy
I was considering the exact same thing! However, I do have quite a full boat right now. So at a very minimum I'm going to cut some. If MBT would give me more margin as positions moved in my direction, I'd probably just hold. But they don't.

After May is done, I may consider experimenting with a different broker for that purpose.

I applied at citifx, since I have my clients money now. Got denied because I don't make triple digits a year. Such BS even with a bigger deposit than required they still said no. Opened an active trader account at fxcm, and wow. Spreads are so tight and no dealing desk or slippage so far. My account is with tradestation and I have zero complaints as well.
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  • #2,373
  • Mar 14, 2013 11:01am Mar 14, 2013 11:01am
gu possible retracement from last drop
1.57?
Attached Image (click to enlarge)
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Wooooohooooo or Boooooohooooo
  • #2,374
  • Mar 14, 2013 11:02am Mar 14, 2013 11:02am
Quoting Geppy
Nice to see you, Bob. I hope things are getting better on the home-front.

Yes, I'd like to see a break of that previous high too. I think she's still got enough gas in the tank today. This PA is behaving gloriously!
Yea , dude. Things are slowly getting better, just takes time. We are so damn close to breaking 73 lol.
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  • #2,375
  • Mar 14, 2013 11:05am Mar 14, 2013 11:05am
Quoting BobGnarly
Yea , dude. Things are slowly getting better, just takes time. We are so damn close to breaking 73 lol.

Broken,
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  • #2,376
  • Mar 14, 2013 11:05am Mar 14, 2013 11:05am
Hmmm... interesting:

The scuttlebutt on the cable rally

Some of the reasons cited for the full-cent rally in cable that seemingly came out of nowhere.

  1. There is talk about Japanese demand for GBP/JPY
  2. ...more here: http://www.forexlive.com/blog/2013/0...e-cable-rally/

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  • #2,377
  • Mar 14, 2013 11:06am Mar 14, 2013 11:06am
Quoting BobGnarly
Broken,
Not on my feed...
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  • #2,378
  • Mar 14, 2013 11:07am Mar 14, 2013 11:07am
Quoting Geppy
Not on my feed...

hmmm got 743 here
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  • #2,379
  • Mar 14, 2013 11:08am Mar 14, 2013 11:08am
And yet another happy 4H close.... ...
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  • #2,380
  • Mar 14, 2013 11:12am Mar 14, 2013 11:12am
Quoting Geppy
I was considering the exact same thing! However, I do have quite a full boat right now. So at a very minimum I'm going to cut some. If MBT would give me more margin as positions moved in my direction, I'd probably just hold. But they don't.

After May is done, I may consider experimenting with a different broker for that purpose.
That just SUCKS!! I'd never be able to trade such a small standard account if mine didn't.
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