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Geppy's Geppy Thread (GBP/JPY)

  • #7,341
  • Edited 10:00pm Jun 20, 2013 9:14pm | Edited 10:00pm
Looks like a buy...G/J and usd/jpy....and the euro will fall any minute in Tokyo...like down to 3100 or so....big fall.
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E T A..... let's take a minute while we wait the fall of the euro...and then doesn't that mean the yen pairs go skyward?...jess....
we have an announcement at 2 am New York time.....from Japan, OH BOY....but other than that what makes a call to the upside possible beforehand? Hacking charts! It's not what they teach commonly.....it's plain old where did the PA take off from in the last few sessions and not hang around very long? Easy, huh!
...
the G/J has a funny little retrace at 149.55 that happened 15 hours ago or so......that's what we buy. PA jumped from there quickly. that pattern is common but small and hard to notice unless one is looking for it. In the face of the buy I posted is the top out that fell quickly....We'll see which one wins.....it's all about where the big boys jumped....where the PA jumped.....more later....I'll teach all my floor trader secrets....news is not considered in floor trading...pure PA.
..
I guess now is as good a time as any......yes...HAIL yes we shop for tops and bottoms....and get good at seeing them ahead of time. Notice no one ever says that.....But I will. so, be there at 2??? see ya dere
  • #7,342
  • Jun 20, 2013 11:51pm Jun 20, 2013 11:51pm
H1 and H4. Critical area seems to be 151.6 to 151.7
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  • #7,343
  • Jun 21, 2013 12:01am Jun 21, 2013 12:01am
We just had a nice, strong hourly close. I added some more in the highs .70s and will be holding now for TP. I hope we have a repeat of last night and hit it while I'm sleeping
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  • #7,344
  • Jun 21, 2013 12:07am Jun 21, 2013 12:07am
It's so obvious....what the market operators are doing...hold the long GBP/JPY we got going....what if the gbp/usd suddenly goes up with the usd/jpy.....it's in an uptrend and holding that level with complete friggin disregard for the rest of the others, who all moved in unison with the usd....
..
that would make for a big ol' up move on a friday for Japan...seems like it did just that two months ago....
  • #7,345
  • Jun 21, 2013 12:33am Jun 21, 2013 12:33am
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  • #7,346
  • Jun 21, 2013 12:45am Jun 21, 2013 12:45am
Hey dudes

Longs still in play and running strong. I'm looking to take these out at the 61.8 of the most recent 4HR fib if its gets past the previous daily fib of 23.6 otherwise will cut some loose at the point.

4HR has been using 200MA as strong resistance over the last day so need to crack that also.
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To live a successful life, we must lose our fear of being wrong
  • #7,347
  • Jun 21, 2013 1:15am Jun 21, 2013 1:15am
Stop and Reverse order ready to go if we can't break yesterday's high at the 50.

Would be looking to get out the longs and go short for another 80 pip scalp back down if we don't break yesterday's high.

If we get into the 152s then its straight north to the 153s IMO.

There is a channel in between the 151.80s and 152.40s that could be a reverse but if it breaks through that also then it's more longs added on the pullbacks
To live a successful life, we must lose our fear of being wrong
  • #7,348
  • Jun 21, 2013 1:55am Jun 21, 2013 1:55am
So that's all the longs banked at 151.7.

Before we pinch through yesterday's high there will be some pullback here IMO so just trying to scalp some off that back to the DP area
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To live a successful life, we must lose our fear of being wrong
  • #7,349
  • Edited 2:22am Jun 21, 2013 2:04am | Edited 2:22am
Quoting EatPIPs
So that's all the longs banked at 151.7. Before we pinch through yesterday's high there will be some pullback here IMO so just trying to scalp some off that back to the DP area {image}
sounds like a good plan. earlier today i entered my trade in....only to realise a few minutes ago i entered 151.6 instead of 150.6 for a long! typing mistake can you believe.
closer examination also tells me i could have got out for a 20 pip profit too...
now i am holding on out of ego
if you want an example of how not to trade...i would say i summed it up perfectly!

EDIT: Got lucky and closed for a small profit!

now to sit back and jump in.
  • #7,350
  • Jun 21, 2013 2:19am Jun 21, 2013 2:19am
Quoting flash4
{quote} sounds like a good plan. earlier today i entered my trade in....only to realise a few minutes ago i entered 151.6 instead of 150.6 for a long! typing mistake can you believe. closer examination also tells me i could have got out for a 20 pip profit too... now i am holding on out of ego if you want an example of how not to trade...i would say i summed it up perfectly!
Yeah well my shorts are barely holding on at the moment. It's getting closer to breaking yesterday's high and the 50. If it does then gonna cut the shorts and switch trains after the candle confirmation.

Never hold on to a trade out of ego dude!! If it's a loss then take it on the chin and learn from it whether it was a mistake trade or not! Loosing trades are also winning trades if you know what went wrong
To live a successful life, we must lose our fear of being wrong
  • #7,351
  • Jun 21, 2013 2:25am Jun 21, 2013 2:25am
Quoting EatPIPs
{quote} Yeah well my shorts are barely holding on at the moment. It's getting closer to breaking yesterday's high and the 50. If it does then gonna cut the shorts and switch trains after the candle confirmation. Never hold on to a trade out of ego dude!! If it's a loss then take it on the chin and learn from it whether it was a mistake trade or not! Loosing trades are also winning trades if you know what went wrong
Depends on the trade TBH, I was underwater 400 pips longing USD/JPY, next thing you know I am back almost at breakeven, depends on currency and other factors ofc

Also whether you have the balls to keep coming back and seeing big red numbers on your trade screen and not panicing
  • #7,352
  • Jun 21, 2013 2:29am Jun 21, 2013 2:29am
It's trying hard to continue up
  • #7,353
  • Jun 21, 2013 2:36am Jun 21, 2013 2:36am
Quoting Murdetrain
{quote} Depends on the trade TBH, I was underwater 400 pips longing USD/JPY, next thing you know I am back almost at breakeven, depends on currency and other factors ofc Also whether you have the balls to keep coming back and seeing big red numbers on your trade screen and not panicing
Personally I would never set my trades to go to 400pips negative. I know there are people who are comfortable to trade that way but I would much rather take a small loss and turn tables, regain the loss and continue profiting. Also enabling my margin to grow and not sit in DD for days/weeks/months.

But everyone has their own way of trading so good on you for getting it back to BE
To live a successful life, we must lose our fear of being wrong
  • #7,354
  • Jun 21, 2013 2:38am Jun 21, 2013 2:38am
Quoting Mpt
It's trying hard to continue up
Yeah I wish it would decide what to do either way!
To live a successful life, we must lose our fear of being wrong
  • #7,355
  • Jun 21, 2013 3:00am Jun 21, 2013 3:00am
Quoting EatPIPs
{quote} Yeah I wish it would decide what to do either way!
I think the last line of defence for a bearish view (in a triangle) is about 152.2~3. Above that i think it has a clear run to the top and I guess it would have reversed a little earlier than thought
  • #7,356
  • Jun 21, 2013 3:08am Jun 21, 2013 3:08am
Quoting Mpt
{quote} I think the last line of defence for a bearish view (in a triangle) is about 152.2~3. Above that i think it has a clear run to the top and I guess it would have reversed a little earlier than thought
I'm only looking for a 80-110pip pullback. Not an actual reversal in direction. Usually I wouldn't short the pullbacks but as I have time in front of the screens today I will trade them and enter longs where pullbacks end. If I weren't in front of the screens I would of left my longs open and rode the wave.

We are in an uptrend clearly. 154 is strongly on my tables.
To live a successful life, we must lose our fear of being wrong
  • #7,357
  • Jun 21, 2013 3:28am Jun 21, 2013 3:28am
@EatPIPs,

Quoting EatPIPs
{quote} I will trade them and enter longs where pullbacks end.

So how do you define when the pullback ends?
  • #7,358
  • Jun 21, 2013 3:31am Jun 21, 2013 3:31am
Quoting edja00
@EatPIPs, {quote} So how do you define when the pullback ends?
PA, MAs, SR, FIBs

There is never certainty but there is such thing as having a solid trading plan and knowing when to enter and exit. If it goes against me then get out. No trading plan is 100%.
To live a successful life, we must lose our fear of being wrong
  • #7,359
  • Jun 21, 2013 4:40am Jun 21, 2013 4:40am
Out of the shorts at 38.2. All back in long now to break yesterdays high
To live a successful life, we must lose our fear of being wrong
  • #7,360
  • Jun 21, 2013 4:48am Jun 21, 2013 4:48am
Quoting EatPIPs
Out of the shorts at 38.2. All back in long now to break yesterdays high
Executed a very similar strategy on USD/JPY
I think that retrace is over
Hope for fireworks in US session
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