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Geppy's Geppy Thread (GBP/JPY)

  • #3,461
  • Edited 6:23am Mar 28, 2013 6:10am | Edited 6:23am
The last hourly candle looks quite promising for shorts, if price can get below its low this hour. Price also failed to break 142.900 earlier today before falling away.
  • #3,462
  • Mar 28, 2013 6:23am Mar 28, 2013 6:23am
Well one thing for sure, it's in heavy consolidation on an hourly basis right now and the spring is getting tight. When she pops she's going to run hard.
Ghost Rider - WWTBMD?
  • #3,463
  • Mar 28, 2013 6:33am Mar 28, 2013 6:33am
Quoting albchr
Well one thing for sure, it's in heavy consolidation on an hourly basis right now and the spring is getting tight. When she pops she's going to run hard.
I was just about to type exactly that, shes coiled like a spring ready to explode.
  • #3,464
  • Mar 28, 2013 6:35am Mar 28, 2013 6:35am
Quoting albchr
Well one thing for sure, it's in heavy consolidation on an hourly basis right now and the spring is getting tight. When she pops she's going to run hard.
Looking at the daily where I place my zones it has space to the north and the south.

On another note, although I know EUR/JPY, USD/JPY and GBP/JPY don't always correlate exactly, however currently EUR/JPY and USD/JPY are making moves up on the 1HR and GBP/JPY hasn't been able to follow them very well so far.

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  • #3,465
  • Mar 28, 2013 7:07am Mar 28, 2013 7:07am
Quoting blobsaudio
Looking at the daily where I place my zones it has space to the north and the south.

On another note, although I know EUR/JPY, USD/JPY and GBP/JPY don't always correlate exactly, however currently EUR/JPY and USD/JPY are making moves up on the 1HR and GBP/JPY hasn't been able to follow them very well so far.

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I've never really thought one can predict the movement of one currency with the movement of another (within the ones you mention) but that's probably largely due to my lack of understanding of "overall" market influences. I know certain currencies have an almost direct correlation but for me, these 2 (not GU of course) have only one thing in common and that's obviously the yen. All I know in "general" is dollar strength "usually" means yen weakness. But I've seen the GBP and EUR run completely different ways a lot. So the only common thread is the yen.

So all I can do (until I learn more perhaps) is stick to my charts for each individual pair.
Ghost Rider - WWTBMD?
  • #3,466
  • Mar 28, 2013 7:11am Mar 28, 2013 7:11am
Hmmm...picture changing maybe? Or just a fake?

What caused that wild spike in the pound?
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Ghost Rider - WWTBMD?
  • #3,467
  • Mar 28, 2013 7:21am Mar 28, 2013 7:21am
Quoting albchr
Hmmm...picture changing maybe? Or just a fake?

What caused that wild spike in the pound?
Fake , Or Death ,
  • #3,468
  • Mar 28, 2013 7:22am Mar 28, 2013 7:22am
Quoting albchr
Hmmm...picture changing maybe? Or just a fake?

What caused that wild spike in the pound?
Earlier it looked like this pair was going to drop off a cliff, the weekly support pivot at the 142.30 area and the monthly pivot at 142 area look to he holding, along with the 50% fib level from the low to the swing high, also the bullish harmonic pattern on the bigger timeframe is holding upto now, everything I use to make my decisions is pointing north, to that end I'm holding my long position, but lets see what happens.

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  • #3,469
  • Mar 28, 2013 7:29am Mar 28, 2013 7:29am
I don't know anything about harmonic patterns and I've never really put much behind volumes either. But just a point of interest here on the 4H out of shear boredom.

The first arrow had a volume of 13,807 and the second had 24,498 and yet it still couldn't break the 50% which as of now, is holding strong.

I'll keep my short positions for now.
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Ghost Rider - WWTBMD?
  • #3,470
  • Mar 28, 2013 7:32am Mar 28, 2013 7:32am
Quoting albchr
I've never really thought one can predict the movement of one currency with the movement of another (within the ones you mention) but that's probably largely due to my lack of understanding of "overall" market influences. I know certain currencies have an almost direct correlation but for me, these 2 (not GU of course) have only one thing in common and that's obviously the yen. All I know in "general" is dollar strength "usually" means yen weakness. But I've seen the GBP and EUR run completely different ways a lot. So the only common thread...
My reasoning behind my statement was them all having yen as a common denominator. If two out of 3 pairs are going north it makes me wonder why the 3rd pair isn't doing the same thing.

No you know more about forex than me
  • #3,471
  • Mar 28, 2013 7:40am Mar 28, 2013 7:40am
Quoting blobsaudio
No you know more about forex than me
Gosh, I hope not bro. What I know might fill a thimble. I'm hoping in a couple years I can fill a shot glass...
Ghost Rider - WWTBMD?
  • #3,472
  • Mar 28, 2013 7:41am Mar 28, 2013 7:41am
all done and chilling at home - patients always get the best care bro so no worries there

Im still holding also - had to reload my eur and eurjpy again but thats cool slightly higher and only small loss and be on other



Quoting albchr
I don't know anything about harmonic patterns and I've never really put much behind volumes either. But just a point of interest here on the 4H out of shear boredom.

The first arrow had a volume of 13,807 and the second had 24,498 and yet it still couldn't break the 50% which as of now, is holding strong.

I'll keep my short positions for now.
"Millionaires don't use astrology, billionaires do"
  • #3,473
  • Mar 28, 2013 7:44am Mar 28, 2013 7:44am
Quoting albchr
Gosh, I hope not bro. What I know might fill a thimble. I'm hoping in a couple years I can fill a shot glass...
My knowledge wouldn't even wet the sides in a thimble
  • #3,474
  • Mar 28, 2013 7:51am Mar 28, 2013 7:51am
Quoting forex_growth
all done and chilling at home - patients always get the best care bro so no worries there

Im still holding also - had to reload my eur and eurjpy again but thats cool slightly higher and only small loss and be on other
Well something is really trying to rally the pound and I have no idea what. So I'm watching closely the next few 15m bars as I'm not convinced of anything right now.
Ghost Rider - WWTBMD?
  • #3,475
  • Mar 28, 2013 8:15am Mar 28, 2013 8:15am
Quoting albchr
Well something is really trying to rally the pound and I have no idea what.
Its me.
  • #3,476
  • Mar 28, 2013 8:16am Mar 28, 2013 8:16am
Quoting GDR3k
Its me.
Guess you'll fill that shot glass before me...lol

That last 15m just closed above the DP.
Ghost Rider - WWTBMD?
  • #3,477
  • Mar 28, 2013 8:22am Mar 28, 2013 8:22am
Quoting albchr
Guess you'll fill that shot glass before me...lol

That last 15m just closed above the DP.

No We first !
  • #3,478
  • Mar 28, 2013 8:29am Mar 28, 2013 8:29am
Quoting netera
No We first !
Well I hope so but always remember, an open mind makes a better trader.

If I have to cut these shorts for a small loss I won't think twice about it. I've learned the hard way that hanging on to hope is a VERY costly approach in this business.
Ghost Rider - WWTBMD?
  • #3,479
  • Mar 28, 2013 8:32am Mar 28, 2013 8:32am
Quoting albchr
Well I hope so but always remember, an open mind makes a better trader.

If I have to cut these shorts for a small loss I won't think twice about it. I've learned the hard way that hanging on to hope is a VERY costly approach in this business.

This is my Worst TRAP ! " Everything will go just as i plan " then just the other way !
  • #3,480
  • Mar 28, 2013 8:37am Mar 28, 2013 8:37am
5 or 8 (depending on how you look at it) rejections at roughly the same point if this hourly fails to break through again.

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