Geppy's Geppy Thread (GBP/JPY) | Page 158 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

GBP/AUD, GBP/CAD, GBP/CHF and GBP/NZD thread 126 replies

Geppy - Pick the bottom 18 replies

Lets Talk GBP/JPY "the geppy" 156 replies

geppy is "ugly" when ? 14 replies

Geppy outlook 0 replies

Attachments: Geppy's Geppy Thread (GBP/JPY)
Exit Attachments

Geppy's Geppy Thread (GBP/JPY)

  • #3,141
  • Mar 25, 2013 7:12pm Mar 25, 2013 7:12pm
Here's my updated chart... 4h view. Notice the trend channel and triangle break today.

Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpyh4.png Size: 107 KB



Also notice that this could simply be a part of a larger bull flag as pictured in the daily chart. This is the setup I'm favoring now where a drop down to the 134-136 area doesn't hurt the overall uptrend.

Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpydaily.png Size: 98 KB
check out my blog: forexmademillionaire dot com
  • #3,142
  • Mar 25, 2013 7:17pm Mar 25, 2013 7:17pm
Quoting albchr
Just be careful brother. This is one SERIOUS daily candle here and not to be taken lightly. Don't get "stuck" in any particular bias. We can make money just as easy selling as buying
You're absolutely correct and something I so need reminding of. I do tend to find myself all too susceptible to one track thinking. I may get crucified for this, but I think it'll get back to 146ish in the next couple of days - that is based on the bounce off of the 50, imo...

just my bias, and certainly not betting the farm. Please be gentle with me for making a call like this... I can and will accept criticism and do not at all intend to come off as arrogant or anything to that affect...
  • #3,143
  • Mar 25, 2013 7:19pm Mar 25, 2013 7:19pm
Quoting Geppy
Here's my updated chart... 4h view. Notice the trend channel and triangle break today.

Attachment


Also notice that this could simply be a part of a larger bull flag as pictured in the daily chart. This is the setup I'm favoring now where a drop down to the 134-136 area doesn't hurt the overall uptrend.

Attachment
Agreed and for now, I'm sticking to this view where I'm only looking at 140ish as a low until it shows lower.

http://www.forexfactory.com/showthre...70#post6542370
Ghost Rider - WWTBMD?
  • #3,144
  • Edited 7:32pm Mar 25, 2013 7:22pm | Edited 7:32pm
Quoting Oser
You're absolutely correct and something I so need reminding of. I do tend to find myself all too susceptible to one track thinking. I may get crucified for this, but I think it'll get back to 146ish in the next couple of days - that is based on the bounce off of the 50, imo...

just my bias, and certainly not betting the farm. Please be gentle with me for making a call like this... I can and will accept criticism and do not at all intend to come off as arrogant or anything to that affect...
You haven't come off as arrogant bro and I wasn't criticizing your view. Just a friendly reminder to keep your options (views) open is all.

If you're long from here I wish you well back to 146ish.

EDIT: I meant to ask you, what bounce off of what 50 on what TF? If it's the 50ema on the daily, I'd put a little more weight on the 100ema currently at 140.30ish.
Ghost Rider - WWTBMD?
  • #3,145
  • Mar 25, 2013 7:32pm Mar 25, 2013 7:32pm
Quoting albchr

EDIT: I meant to ask you, what bounce off of what 50 on what TF?
I was trying to figure that out too, but got distracted and forgot to ask him.
check out my blog: forexmademillionaire dot com
  • #3,146
  • Mar 25, 2013 7:32pm Mar 25, 2013 7:32pm
Quoting albchr
You haven't come off as arrogant bro and I wasn't criticizing your view. Just a friendly reminder to keep your options (views) open is all.

If you're long from here I wish you well back to 146ish.
Oh Lol, I didn't think you were talking to me. I just didn't want my 146 assertion, as radical as it is right now, to be seen as arrogant.

As this is a zero-sum game it is sometimes difficult for some to refrain from being personal. The market doesn't give a shit who any of us are or how big our bankroll is - it'll eat us alive in any direction, burp, and ask for seconds. As I've said before, I am sitting on the shoulders of giants here. GL to all.
  • #3,147
  • Mar 25, 2013 7:35pm Mar 25, 2013 7:35pm
Quoting Geppy
I was trying to figure that out too, but got distracted and forgot to ask him.
Oh, I'll post the chart again. This is on the 4 hour TF - The way I see the fib at this point, which covered the recent up move.

This may be an incorrect way to work the fib, but I just took it on the recent up swing and recent down swing. It doesn't look like a deep enough retracement to show a reversal.

Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy_032513.png Size: 27 KB
  • #3,148
  • Mar 25, 2013 7:40pm Mar 25, 2013 7:40pm
Quoting Oser
Oh, I'll post the chart again. This is on the 4 hour TF - The way I see the fib at this point, which covered the recent up move.

This may be an incorrect way to work the fib, but I just took it on the recent up swing and recent down swing. It doesn't look like a deep enough retracement to show a reversal.

Attachment
Gotcha! Thanks
Ghost Rider - WWTBMD?
  • #3,149
  • Mar 25, 2013 7:50pm Mar 25, 2013 7:50pm
Whats up guys, busy day for me today haven't really been by the pc at all... had a few buy limits filled earlier. As you can see no trend change, possible shakeout for next leg up occurred today.. It shook me but not enough to be shaken out
Attached Image (click to enlarge)
Click to Enlarge Name: gj target 20.png Size: 42 KB
Want the lifestyle of the top traders in the world? TAKE RISK.
  • #3,150
  • Mar 25, 2013 7:54pm Mar 25, 2013 7:54pm
Quoting albchr
Gotcha! Thanks
And interestingly enough - the most recent high around 146 penetrated but did not close above the 76.4. I just added it. IMO this level is crucial for a continuation up. Right now, I believe that we are ranging... The bounce off of the 50, to me, is important.

Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy_032513_2.png Size: 31 KB
  • #3,151
  • Mar 25, 2013 7:58pm Mar 25, 2013 7:58pm
possible food for thought also... usdjpy daily chart - I was lucky I made some pips on the way down on the beast (pocket money) - but mostly because I was short the eurusd and watched JPY get bought thanks to Cyprus issues - also kept tight sl on her.

looking to potentially buy around current levels if cable stays put and we dont break this trend line... guess will check PA and keep stop losses tight - if at first I dont try I may sit back and watch for next levels..

if I was to sell I missed the ship, but wouldnt mind seeing it around 143.5, the blue highlighted area first or a challenge of broken LTL.

greenies to all
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usdjpy.png Size: 148 KB
Click to Enlarge Name: beast.png Size: 172 KB
"Millionaires don't use astrology, billionaires do"
  • #3,152
  • Mar 25, 2013 8:04pm Mar 25, 2013 8:04pm
Quoting Oser
And interestingly enough - the most recent high around 146 penetrated but did not close above the 76.4. I just added it. IMO this level is crucial for a continuation up. Right now, I believe that we are ranging... The bounce off of the 50, to me, is important.

Attachment
You're right, the 76.4 has capped the upmove. However, you can't really be using fib retracements for support when drawn on down moves (the way you have it)... they are resistance. If the fibs were drawn from a low to a high, then they are support. You can't have it both ways.
check out my blog: forexmademillionaire dot com
  • #3,153
  • Mar 25, 2013 8:06pm Mar 25, 2013 8:06pm
Oh, that is the 50 line....I thought it was the 38.2 from the fall 144.7x....you're right....the 50 is huge on a wave "e", too.
  • #3,154
  • Mar 25, 2013 8:08pm Mar 25, 2013 8:08pm
Kuroda is being so careful...wants to meet inflation and not kill the Yen too badly is what I'm thinking.. I have been positioning myself for the boj meeting on the 4th... That is when we will see our first action instead of just talking..
Want the lifestyle of the top traders in the world? TAKE RISK.
  • #3,155
  • Mar 25, 2013 8:10pm Mar 25, 2013 8:10pm
hey Geps,

not that Im knocking anything you say as Im still a young padawan... : but dont they normally say resistance once broken becomes a level of support and vice versa? or does this not apply to fibs as they are based on numbers and vibrations, rather than areas of "support" vs "resistance"?

thanks in advance bro! always looking to learn n understand

Quoting Geppy
You're right, the 76.4 has capped the upmove. However, you can't really be using fib retracements for support when drawn on down moves (the way you have it)... they are resistance. If the fibs were drawn from a low to a high, then they are support. You can't have it both ways.
"Millionaires don't use astrology, billionaires do"
  • #3,156
  • Mar 25, 2013 8:13pm Mar 25, 2013 8:13pm
so you reckon we could potentially just grind further down bro as we technically, on the big higher time frame charts, level out and breathe before the next move up - which should be fireworks when they finally get act together again..



Quoting BobGnarly
Kuroda is being so careful...wants to meet inflation and not kill the Yen too badly is what I'm thinking.. I have been positioning myself for the boj meeting on the 4th... That is when we will see our first action instead of just talking..
"Millionaires don't use astrology, billionaires do"
  • #3,157
  • Mar 25, 2013 8:14pm Mar 25, 2013 8:14pm
I don't understand how anyone can justify holding longs right now. If you aren't short, you should be flat IMO (unless you're trying for a quick long scalp).

I'll point it out ONE more time since nobody wanted to listen to me the last time it occurred:
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpyh1.png Size: 151 KB
check out my blog: forexmademillionaire dot com
  • #3,158
  • Mar 25, 2013 8:17pm Mar 25, 2013 8:17pm
got ya, thanks bro! I see where you are coming from

Quoting Geppy
I don't understand how anyone can justify holding longs right now. If you aren't short, you should be flat IMO (unless you're trying for a quick long scalp).

I'll point it out ONE more time since nobody wanted to listen to me the last time it occurred:
"Millionaires don't use astrology, billionaires do"
  • #3,159
  • Mar 25, 2013 8:17pm Mar 25, 2013 8:17pm
Quoting forex_growth
hey Geps,

not that Im knocking anything you say as Im still a young padawan... : but dont they normally say resistance once broken becomes a level of support and vice versa? or does this not apply to fibs as they are based on numbers and vibrations, rather than areas of "support" vs "resistance"?

thanks in advance bro! always looking to learn n understand
A fib standing alone is just that... number/vibration/whatever.

However, if it does correlate with some other support/resistance, confluence, trendline, etc. then yes: support terms resistance and vice versa. It just seems he was looking purely at fib zones and using them by themselves which I generally don't advise.

It's easy to find something, anything, that will offer support or resistance if you want it to fit your analysis. It's amazing how clearly things become when you're flat
check out my blog: forexmademillionaire dot com
  • #3,160
  • Mar 25, 2013 8:27pm Mar 25, 2013 8:27pm
Quoting BobGnarly
Kuroda is being so careful...wants to meet inflation and not kill the Yen too badly is what I'm thinking.. I have been positioning myself for the boj meeting on the 4th... That is when we will see our first action instead of just talking..


Maybe he is proving me wrong

Kuroda will consider scrapping banknote rule




The ‘banknote rule’ is a self-imposed rule which caps the BOJ’s JGBs holidngs to an amount equivalent to bank notes in circulation. The US Fed, for example, does not have such a rule.
Want the lifestyle of the top traders in the world? TAKE RISK.
46 traders viewing now