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Geppy's Geppy Thread (GBP/JPY)

  • #6,661
  • May 8, 2013 9:24am May 8, 2013 9:24am
Quoting BobGnarly
{quote} Stop at Be 153.07
And that's why I never rush to put stops at b/e.

Once you accept the risk of the trade, it does't make sense to modify that risk. I'm a huge advocate for not moving your SLs unless you're WELL into profit on trades (as in hundreds of pips) and you're locking in gains for the long-term. But moving a stop to b/e when the trade has barely even started to materialize makes zero sense to me. More often than not, you get taken out with the inevitable fluctuations that occur in FX.
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  • #6,662
  • May 8, 2013 9:28am May 8, 2013 9:28am
gbplfx and lfxjpy looking good on the hourly.

gu probably reach new high today
  • #6,663
  • May 8, 2013 9:58am May 8, 2013 9:58am
It's looking quite clear now that the bounce from the 1h 200ema was significant and meant business. We've got some wood to chop now between here and 154.30 and then some more before we make new highs, but things are shaping up nicely.
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  • #6,664
  • May 8, 2013 9:59am May 8, 2013 9:59am
that's about where my second entry was, 153.10. first one was at the break of 153.55.
i use b/e stops from time to time, but more often i trail. in this case it was too early to use any. well you can reenter later if you haven't already, i'm looking at g-u and thinking that a (small) pullback should happen soon... so g-j should follow.

Quoting BobGnarly
{quote} Stop at Be 153.07
Nihil Sine Deo.
  • #6,665
  • May 8, 2013 10:08am May 8, 2013 10:08am
Quoting Scrat
that's about where my second entry was, 153.10. first one was at the break of 153.55. i use b/e stops from time to time, but more often i trail. in this case it was too early to use any. well you can reenter later if you haven't already, i'm looking at g-u and thinking that a (small) pullback should happen soon... so g-j should follow. {quote}
Yep, pullbacks should definitely be bought now. The direction is looking pretty clear. 153.60 wouldn't be too bad... maybe a bit lower.
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  • #6,666
  • May 8, 2013 10:20am May 8, 2013 10:20am
Yep. Everybody say now. The sky is the limit.
  • #6,667
  • May 8, 2013 10:20am May 8, 2013 10:20am
Quoting Geppy
{quote} And that's why I never rush to put stops at b/e. Once you accept the risk of the trade, it does't make sense to modify that risk. I'm a huge advocate for not moving your SLs unless you're WELL into profit on trades (as in hundreds of pips) and you're locking in gains for the long-term. But moving a stop to b/e when the trade has barely even started to materialize makes zero sense to me. More often than not, you get taken out with the inevitable fluctuations that occur in FX.
I ended up leaving it below the days low and added after we went back up, I know how to read the beast...I'm Not that stupid
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  • #6,668
  • May 8, 2013 10:34am May 8, 2013 10:34am
Quoting Scrat
that's about where my second entry was, 153.10. first one was at the break of 153.55. i use b/e stops from time to time, but more often i trail. in this case it was too early to use any. well you can reenter later if you haven't already, i'm looking at g-u and thinking that a (small) pullback should happen soon... so g-j should follow. {quote}
I rarely move stops, but as it was getting closerI had an open SL , I know this pair loves to drop before the next up move lol... 153.382 is my current avg now
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  • #6,669
  • May 8, 2013 11:04am May 8, 2013 11:04am
Quoting Fx-gtg
Yep. Everybody say now. The sky is the limit.
Gotta get above 155 first. Even still, we're not going to be seeing one-way direction like we were for the week or two after the BoJ announcement. We've returned to more normal market conditions and we'll see ups and pullbacks like you'd expect.
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  • #6,670
  • May 8, 2013 2:34pm May 8, 2013 2:34pm
I hope everyone snapped up that buying opportunity. I added at .55, .60 and took in a bad on at .80 earlier.

Nice bounce of some EMAs on the 15min and also getting the 50/200ema crossover on that TF. I don't expect us to make new highs today, and we'll probably consolidate in this zone for awhile. But the trend is up, so buy the dips!
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  • #6,671
  • May 8, 2013 3:00pm May 8, 2013 3:00pm
Quoting EatPIPs
Morning dudes Closed my 3 shorts yesterdays and now long, bounce off the 200 on the 1HR and also on the bottom trend line of my channel. Looking at 154 for minimum TP on one of the longs for today {image}
Evening dudes

Been out all day but got my 154 target hit and manually closed one of the other two longs and have now opened another four no SL and won't be closing until 155 is breached. Will keep an eye on PA tomorrow and see what the score is
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  • #6,672
  • May 8, 2013 8:14pm May 8, 2013 8:14pm
I'm waiting for a bit lower to buy more, 153.20 would be nice
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  • #6,673
  • May 8, 2013 8:53pm May 8, 2013 8:53pm
Quoting KillerWhale
I'm waiting for a bit lower to buy more, 153.20 would be nice
Not out of the question, but it'd be surprising.

I'm locked an loaded for now... most TFs look to be basing out pretty well in these levels to me - 153.60ish

From a 4h perspective, I see a good target being the 156.20 zone but I'm not sure if I'll be able to hold my full lot that long without taking some off
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  • #6,674
  • May 8, 2013 9:18pm May 8, 2013 9:18pm
This is off topic but too funny not to mention.

This morning I had to drive from San Diego to LA for a passport renewal at the Dutch consulate.

At the checkpoint from the border patrol north of Camp Pendleton suddenly sign came up: ALL VEHICLES PREPARE TO STOP.
That almost never happens.
When I was almost at the checkpoint I saw in front of me about 4 cars ahead, one car was taken out by the border patrol, a very expensive Mercedes over a 100K.

I guess the driver of that car is not happy right now, probably a cocaine or meth runner who escaped the San Diego police and got caught now by the border patrol.
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  • #6,675
  • May 9, 2013 2:48am May 9, 2013 2:48am
Morning dudes

Opened one more long earlier this morning after last nights retrace. Its currently at my S/R TL
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  • #6,676
  • May 9, 2013 3:27am May 9, 2013 3:27am
This thing keeps failing to break and hold above its 153.8 ish break out level .... so far
  • #6,677
  • May 9, 2013 4:01am May 9, 2013 4:01am
Quoting EatPIPs
Morning dudes Opened one more long earlier this morning after last nights retrace. Its currently at my S/R TL {image}
There is one single feature that makes GJ different from other pairs such as GU. GJ tends to observe trend lines TO THE PIP. It very rarely follows a general outline of a trend line (unlike cable). If it doesn't fit, it usually means it doesn't work. Well, that's been the case for a few years now. Maybe it's changing ??
  • #6,678
  • May 9, 2013 4:51am May 9, 2013 4:51am
The beauty of longing yen pairs is that we do it actively supported by the Japanese Government and the Central Bank of Japan.

What other currency has that powerful support
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  • #6,679
  • May 9, 2013 4:57am May 9, 2013 4:57am
Quoting KillerWhale
The beauty of longing yen pairs is that we do it actively supported by the Japanese Government and the Central Bank of Japan. What other currency has that powerful support
And ................. they are not scared to kick other currencies right between the legs.
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  • #6,680
  • May 9, 2013 5:30am May 9, 2013 5:30am
Quoting KillerWhale
{quote} And ................. they are not scared to kick other currencies right between the legs.
But note that people in japan are starting to get REAL pissed off about rising mortgage costs and rising prices.
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