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Geppy's Geppy Thread (GBP/JPY)

  • #4,621
  • Apr 9, 2013 2:16am Apr 9, 2013 2:16am
Quoting Scrat
i wonder... {image}
Me too. Been thinking about bailing these shorts and wait a bit. It's bouncing against my entry right now.
Ghost Rider - WWTBMD?
  • #4,622
  • Apr 9, 2013 2:21am Apr 9, 2013 2:21am
i think daily close doesn't make sense in forex simply because the market is open 24 hours a day from monday through friday. there is no real opening or closing throughout the day. i would say daily timeframe is only conventional, but that's just me.
what does make more sense than daily candles are major sessions - openings, closings etc.

Quoting blobsaudio
Many consider the day to close when NY does and start when Sydney opens, which makes sense if you consider the week starts with Sydney opening and finishes with NY closing.
Nihil Sine Deo.
  • #4,623
  • Apr 9, 2013 2:23am Apr 9, 2013 2:23am
Quoting GDR3k
Have a look here; http://www.fxstreet.com/technical/cu...spx?id=gbp/jpy it tells you the current days pivots which I believe uses the NY close as 'end of day' for its calculations. I use NY close for pivots too. If you use Metratrader 4, there are many pivot point indicators which you can get which automatically draw on your chart the points. Take the upmove from the 150.60 area today, 'daily support pivot #1' is in that area at 150.64.

Thanks
  • #4,624
  • Apr 9, 2013 2:29am Apr 9, 2013 2:29am
Quoting Scrat
i think daily close doesn't make sense in forex simply because the market is open 24 hours a day from monday through friday. there is no real opening or closing throughout the day. i would say daily timeframe is only conventional, but that's just me. what does make more sense than daily candles are major sessions - openings, closings etc.
Yip, I'm all for that sort of thinking, however when it comes to the calculation of price levels, ie in the form of pivot points, I was hoping there would be clear agreement as to what time of day the open/closing price is taken. I've started delving a bit deeper into this because I've noticed lots of us here (and on EUR/USD thread) are using different prices for our pivot points. Sometimes the difference in price level is quite big and can therefore affect one's analysis.
  • #4,625
  • Apr 9, 2013 2:32am Apr 9, 2013 2:32am
Quoting Scrat
i think daily close doesn't make sense in forex simply because the market is open 24 hours a day from monday through friday. there is no real opening or closing throughout the day. i would say daily timeframe is only conventional, but that's just me. what does make more sense than daily candles are major sessions - openings, closings etc.
That's a good point. I do have daily and weekly pivots on my charts but really don't pay much attention to them. Price will often react a "little" around them but mostly when they are around my SR areas so that's just SR anyway.
Ghost Rider - WWTBMD?
  • #4,626
  • Apr 9, 2013 2:34am Apr 9, 2013 2:34am
yes, because price went just a bit below last relevant low of yesterday' swing (150.59).
also, check out this chart - volumes decreased on buying, although price kept making new highs; but at the same time, they increased on selling + now we have this "breakout".
so i wonder... if it walks like a duck and it quakes like a duck, what is it really. probably a dragon isn't it.

Quoting albchr
Me too. Been thinking about bailing these shorts and wait a bit. It's bouncing against my entry right now.
Attached Image (click to enlarge)
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Nihil Sine Deo.
  • #4,627
  • Apr 9, 2013 2:45am Apr 9, 2013 2:45am
Quoting albchr
I have no problem with fun. I'm just trying to respect Geppy's wishes on his thread about keeping it about trading. You post all kinds of pictures. I have yet to see you post a chart or any trading views. Just text I'm long, I'm short bla bla bla. Never seen you post a loss. I dunno, call me crazy but that doesn't seem very "serious" to me. lol Anyway, I'll not drag it out any further.
Little bit out of touch? Or not reading everything?
I've posted losses, I've posted charts, I've posted wins.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #4,628
  • Apr 9, 2013 2:51am Apr 9, 2013 2:51am
Quoting Scrat
yes, because price went just a bit below last relevant low of yesterday' swing (150.59). also, check out this chart - volumes decreased on buying, although price kept making new highs; but at the same time, they increased on selling + now we have this "breakout". so i wonder... if it walks like a duck and it quakes like a duck, what is it really. probably a dragon isn't it. {image}
Yes on that 1H anyway. It's the up on weak volume almost all yesterday (was talking to Travis in PM about it last night) that sort of made me think that 76.4 monthly fib was going to hold and bolstered me into holding the shorts. Still not convinced we won't correct here actually because YES, it's the dragon...lol

But I'll be watching closely. It would be just like the market to drop a bit, go up securing longs and then crash. Can't ignore that 150.50ish base holding though.
Ghost Rider - WWTBMD?
  • #4,629
  • Apr 9, 2013 3:01am Apr 9, 2013 3:01am
I've got a sell order waiting at 152.485, just under the bearish 4hr candle's open(150.504/psychological level of .50) which started this monumental downmove way back on 23rd October, 2009. Price hasn't been back to this area since and to that end, I anticipate quite a bounce back down from here provided it goes in my favour, it will be more of a scalp, r:r 1:1 with a stop loss of 87 pips.
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  • #4,630
  • Apr 9, 2013 3:06am Apr 9, 2013 3:06am
I'm thinking that last little up move may have been a reaction to the good GBP numbers maybe?. Interesting points on the indexes here.
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Ghost Rider - WWTBMD?
  • #4,631
  • Apr 9, 2013 4:08am Apr 9, 2013 4:08am
Won't someone press resume ?
  • #4,632
  • Apr 9, 2013 4:13am Apr 9, 2013 4:13am
Quoting netera
Won't someone press resume ?
I did.

[Resume Short]
Ghost Rider - WWTBMD?
  • #4,633
  • Apr 9, 2013 4:27am Apr 9, 2013 4:27am
Quoting albchr
I did. [Resume Short]
Resume the Trend
  • #4,634
  • Apr 9, 2013 4:33am Apr 9, 2013 4:33am
Quoting netera
Resume the Trend
Absolutely! Just need a GOOD leg down to do so.

Wouldn't you rather buy at 149.30ish or lower before it goes up again? I sure would.
Ghost Rider - WWTBMD?
  • #4,635
  • Apr 9, 2013 4:39am Apr 9, 2013 4:39am
Quoting albchr
Absolutely! Just need a GOOD leg down to do so. Wouldn't you rather buy at 149.30ish or lower before it goes up again? I sure would.
Yes, me too
New voice message: Why are you calling me? If I need you, I'll call you!
  • #4,636
  • Apr 9, 2013 5:14am Apr 9, 2013 5:14am
Just entered long at 151.41, target 142. Hopefully, the daily pivot down at 151.20 will hold.
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  • #4,637
  • Apr 9, 2013 5:18am Apr 9, 2013 5:18am
Quoting KillerWhale
Little bit out of touch? Or not reading everything? I've posted losses, I've posted charts, I've posted wins.
He just likes to blab dude.

He's a drama king. If he's not the center of attention he can't function.

That's why I rarely post in here anymore. The thread has been dominated by an ex-carpenter/ex-truck driver lol

I used to be a serious athlete, I know all about misplaced ego's and people that are not team players.

Next thing he's going to do is reply to my quote and rationalize why he's right and I am wrong.

This is called narcissism.
Trade at your own risk.
  • #4,638
  • Apr 9, 2013 5:20am Apr 9, 2013 5:20am
Quoting Fx3423454
He just likes to blab dude. He's a drama king. If he's not the center of attention he can't function. That's why I rarely post in here anymore. The thread has been dominated by an ex-carpenter/ex-truck driver lol I used to be a serious athlete, I know all about misplaced ego's and people that are not team players.
Oh how useful you are now to the thread !
  • #4,639
  • Apr 9, 2013 5:24am Apr 9, 2013 5:24am
Quoting netera
Oh how useful you are now to the thread ! we really needed an athlete here !!!
You missed the point completely.

But, I pick up your sarcasm. You must have a really great sense of humor.

Nice job. You must be a hit with the ladies.
Trade at your own risk.
  • #4,640
  • Apr 9, 2013 5:25am Apr 9, 2013 5:25am
Quoting Fx3423454
He just likes to blab dude. He's a drama king. If he's not the center of attention he can't function. That's why I rarely post in here anymore. The thread has been dominated by an ex-carpenter/ex-truck driver lol I used to be a serious athlete, I know all about misplaced ego's and people that are not team players. Next thing he's going to do is reply to my quote and rationalize why he;s right and I am wrong. This is called narcissism.
LOL... Why do you keep changing your post? What you say may be true but, I'll allow the "intelligent people" to be the judge.

I post here a lot because I was asked by the thread creator to do so. Hmmm... ... I wonder if such an invitation was extended to you? You might, if you ever contributed something useful.

One thing I'll agree with however. I'm SURE you DO know all about misplaced egos...LOL
Ghost Rider - WWTBMD?
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