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Geppy's Geppy Thread (GBP/JPY)

  • #7,681
  • Jul 14, 2013 9:28pm Jul 14, 2013 9:28pm
PS: Haven't we been devaluing our currency for wayyy too long already? I am talking specifically the USD, Eurozone, and JPY.

I mean, come on. Don't we all know that a strong economy goes hand-in-hand with a strong currency? Why not just have a strong currency and a good monetary policy to go along with it? I think this is only because of our mostly BS politicians. I know this is a controversial topic so I won't get started, but it seems to me that our government these days thrives off of the ignorance of the American people and that is BS if you ask me. We the people need to stand up, speak out, and take back what is rightfully ours... before it is taken away from us by the elite and the corrupt. Why else do you think the IRS is so afraid of conservative grassroot groups, and that scandal you heard about in the media? It's because the tea party is catching on and we are not going to let our government be taken from us. It couldn't be more clear in the Constitution.

Anyway, I do not think that things are progressing in the right direction, and it seems counter intuitive to me to intentionally want a weak dollar or a weak currency in general? I majored in economics and it has been proven time and time again that a strong economy goes hand in hand with a strong currency. Let's go back to the good old days, stop this money manipulation crap, have some convertibility to gold, and put an end to these man-made bubbles.

Hell, trading would be a lot easier then too!

Just my 2 cents.
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  • #7,682
  • Jul 15, 2013 8:16am Jul 15, 2013 8:16am
Quoting Geppy
Lots of bears in here it seems. I dig it! You're all making me even more confident in my positions {image}
So far, so good...
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpydaily.png Size: 79 KB
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  • #7,683
  • Jul 15, 2013 8:31am Jul 15, 2013 8:31am
Quoting Geppy
{quote} So far, so good... {image}
Take your profits dude!!
To live a successful life, we must lose our fear of being wrong
  • #7,684
  • Jul 15, 2013 8:33am Jul 15, 2013 8:33am
Quoting EatPIPs
{quote} Take your profits dude!!
Probably in the mid 152s... then reload
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  • #7,685
  • Jul 15, 2013 9:00am Jul 15, 2013 9:00am
Quoting Geppy
{quote} Probably in the mid 152s... then reload
If we break 151.7 then ill join you otherwise I'm still short!
To live a successful life, we must lose our fear of being wrong
  • #7,686
  • Jul 15, 2013 9:02am Jul 15, 2013 9:02am
This move has probably completed. I closed at 151.1. The bottom target's going to be the interesting one.
  • #7,687
  • Jul 15, 2013 9:16am Jul 15, 2013 9:16am
Quoting Mpt
This move has probably completed. I closed at 151.1. The bottom target's going to be the interesting one.
148.8 is my first TP - looking get by the previous lows.
To live a successful life, we must lose our fear of being wrong
  • #7,688
  • Jul 15, 2013 9:31am Jul 15, 2013 9:31am
Quoting EatPIPs
{quote} 148.8 is my first TP - looking get by the previous lows.
I understand exactly why you would nominate 148.8 - but I'm not convinced that it might not be slightly lower. Anyway, that's for another day. It's 1230 am here. Bed time.
  • #7,689
  • Jul 15, 2013 9:57am Jul 15, 2013 9:57am
Quoting Mpt
{quote} I understand exactly why you would nominate 148.8 - but I'm not convinced that it might not be slightly lower. Anyway, that's for another day. It's 1230 am here. Bed time.
148.8 being my FIRST TP

But looking lower than that also in time.
To live a successful life, we must lose our fear of being wrong
  • #7,690
  • Jul 15, 2013 11:42am Jul 15, 2013 11:42am
Shucks... I must be looking at a different chart than everyone else.

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  • #7,691
  • Jul 15, 2013 5:08pm Jul 15, 2013 5:08pm
Quoting Geppy
Shucks... I must be looking at a different chart than everyone else.
Hope the shorting chart is the right one
  • #7,692
  • Edited 6:36pm Jul 15, 2013 5:16pm | Edited 6:36pm
Hey....6:05 pm New York time, I just saw that proprietary sell signal on the JPY pairs....
...
ETA fizzled ...reversed~~~ tite muther turduckin stop.....
  • #7,693
  • Edited 7:39pm Jul 15, 2013 7:10pm | Edited 7:39pm
It looks to me like someone is buying this area pretty heavily here. Check out these 1 min. candles.

There seems to be some resistance around 151.00, but we may just break it here. I was thinking that wouldn't happen until tonight, but the momentum is picking up now.

Geppy, I'm with ya on this one.

Attached Image


EDIT: I'm all out at 151, will look to re-enter at better price
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  • #7,694
  • Jul 15, 2013 7:36pm Jul 15, 2013 7:36pm
Quoting Geppy
Shucks... I must be looking at a different chart than everyone else.
How low do you think it will go after reaching 1.52xx?
  • #7,695
  • Edited 7:54pm Jul 15, 2013 7:40pm | Edited 7:54pm
Great post for that 1M chart....right on top of the 150.82......the next resistance was 151.62 two days ago. Then just above that...a firm break past 151.87 is huge bullish. That one is the cloud top and +kijun sen. ( that squiggly line that crosses over and under the senkou span )( cloud )( + means positive....kijun above the cloud )
  • #7,696
  • Jul 15, 2013 7:47pm Jul 15, 2013 7:47pm
Quoting Geppy
Shucks... I must be looking at a different chart than everyone else.
I'm looking at the same chart - pretty sure it's a GJ chart.

My view is that if it now exceeds its top of 151.25, it probably just falls back a bit before making a new high around the 152 area and would then tend to confirm an ultimately bearish triangle which would have us in a week or two down around 144 before running back to the top.

BUT, if it doesn't break that 151.25 and definitely 151.2, it could well just fall back to not below 148.75 and set up for a bullish run to 156 in the next few days - before falling back to 147.3 - then back to 156.5 etc etc. Essentially in a consolidation top that would eventually break aggressively.

What appears to be a bearish setup can sometimes mislead, so I await confirmation.
  • #7,697
  • Edited 8:10pm Jul 15, 2013 7:56pm | Edited 8:10pm
Quoting Gbp/jpy
Great post for that 1M chart....right on top of the 150.82......the next resistance was 151.62 two days ago. Then just above that...a firm break past 151.87 is huge bullish. That one is the cloud top and +kijun sen.
And for the benefit of Gbp/jpy who has a knowledge of waves, I err on the side of caution because it's just possible that what looks like a bearish triangle could, in fact have been a wave 1 to 153, wave 2 to 148.75 and we are just completing (or have completed) subwave 1 of wave 3 (the entire crap move up from 148.75 appears (to me) to have completed 5 waves in an abcde arrangement). With the next fallback to maybe just at or above 148.75 before wave 3 starts to maybe around 154/155.
  • #7,698
  • Jul 15, 2013 8:09pm Jul 15, 2013 8:09pm
I don't know much about wave theory or how he came up with 150.82, but I was just looking at sup/res and it seemed like buyers came in at the .80 level and sold at 151 evens.

It doesn't look like 150.80 is going to hold here though, in my opinion. Mpt probably said it best that the smart thing to do here is to wait for confirmation. Kind of an inflection point here with the 1H and 4H charts.

I do not expect that we will go lower than 147 though in the long-run. We may test it but it is my firm belief that the level will hold. The monthly chart is still far too bullish for it not to hold.

Perhaps GBP/JPY can enlighten us all on how he uses wave theory to his advantage. Ichimoku too!
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  • #7,699
  • Jul 15, 2013 8:51pm Jul 15, 2013 8:51pm
Quoting smash1820
I don't know much about wave theory or how he came up with 150.82, but I was just looking at sup/res and it seemed like buyers came in at the .80 level and sold at 151 evens. It doesn't look like 150.80 is going to hold here though, in my opinion. Mpt probably said it best that the smart thing to do here is to wait for confirmation. Kind of an inflection point here with the 1H and 4H charts. I do not expect that we will go lower than 147 though in the long-run. We may test it but it is my firm belief that the level will hold. The monthly chart is...
That's fine mate. I wasn't here to lecture on wave theory - most people don't understand, don't believe it or think it's pure hogwash. And that's fair enough - so I keep it to myself. It's simply another form of technical trading that can be useful in offering possible outcomes and targets and, in this case there still remain multiple possibilities - each to be confirmed. I was just suggesting to our friend (who does use it sometimes) that there was (maybe) a semi-logical explanation for all these complex and silly moves over the last week or two.
  • #7,700
  • Jul 15, 2013 9:12pm Jul 15, 2013 9:12pm
Understood... I believe that there was, is, or has to be a perfectly logical (technical) explanation for these moves as well. Wave theory can certainly account for a part of it, but I've always seen the waves as a simple function of both 1) measured moves and 2) time. It's much easier to account for that way. I've also viewed wave theory as more of an art than a science, but please do correct me if I'm wrong.
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