Geppy looks ready to launch
Geppy's Geppy Thread (GBP/JPY)
- #8,703
- Sep 10, 2013 8:39pm Sep 10, 2013 8:39pm
- | Joined Nov 2012 | Status: blind eyes... | 1,018 Posts
{quote} NO, time for down now. 157.98 the resistance.
- #8,704
- Edited 9:09pm Sep 10, 2013 8:56pm | Edited 9:09pm
- Joined Nov 2009 | Status: Trader | 2,582 Posts
Seems like a lot of newcomers posting on this thread lately, which I think is good. Welcome guys!
Not sure right now if what I have to say has any substance behind it - but you asked the question.
1. IF this is a CORRECTIVE move, then (allowing a few 10s of pips either side) it should have completed in the area around 157.3/157.5 - that's a bit of an elliot wave thing.
2. Using my silly method of finding resistance levels (I showed you once before) it showed 157.7-157.8
3. There was considerable channel/trendline resistance coming in from 157 through to about 157.7
4. It appeared that the final wave up might complete somewhere in this area
5. The same reasoning indicated UJ completing present up-moves at about 100.5 and GU at or below 1.575 - I'm not sure about GU now - then again i'm not sure about anything right now.
6. At 157.3/4 we hit the monthly 100 EMA for the first time since 2008
BUT, if it doesn't crawl back under about 157.2/3 in the next few hours, I suspect it may continue up. I note someone here suggested 158.5, although maybe 159.x is more likely.
Yes, it is now in new territory unless it goes for a dive - but, without too much of the ongoing history lessons, this area we're in now has long been a problem for GJ - as in 1993/1995/1996/2000 and 2009. It's anybody's guess right now.
- #8,706
- Sep 10, 2013 11:06pm Sep 10, 2013 11:06pm
- Joined Jul 2011 | Status: Winning | 1,859 Posts
{quote} Not sure right now if what I have to say has any substance behind it - but you asked the question. 1. IF this is a CORRECTIVE move, then (allowing a few 10s of pips either side) it should have completed in the area around 157.3/157.5 - that's a bit of an elliot wave thing. 2. Using my silly method of finding resistance levels (I showed you once before) it showed 157.7-157.8 3. There was considerable channel/trendline resistance coming in from 157 through to about 157.7 4. It appeared that the final wave up might complete somewhere in this...
I do remember you posting a few charts some time ago, but I can't remember the details of it except for a major resistance level (which I think we would have past by now) and some downtrend lines (prolly the one we're at now). And I forgot that you use Elliot waves, which is how it seems like you came up with that 157.70/.80 number.
I was going to write a longer response, but I guess it's not necessary anymore since you nailed that level with your "elliot wave thing". Nice job!! Although I still wonder as to how accurate it can really be and how frequently (over the course of enough trades), you definitely proved that it works and there is somethin' to it bc I didn't see anything in the area except for the "we've gone up too much" school of thought, lol.
Please check out my blog at https://from-zero-to-hero . net
- #8,707
- Sep 10, 2013 11:40pm Sep 10, 2013 11:40pm
- Joined Nov 2009 | Status: Trader | 2,582 Posts
{quote} Thanks for the response, man! I wasn't expecting that much of an answer, but I'm glad to have it.
Right now, I think lots of folks are paid up members of the "we've gone too far" club. It may go up a fair bit more, or it may end right here in the next few minutes - that's why sometimes it's just best to watch and wait. Whilst going short with a small trade at these levels may be a mistake, I think that going long with a large trade here could well end in tears.
- #8,708
- Sep 11, 2013 12:01am Sep 11, 2013 12:01am
{quote} I agree. H1 rejected 158. H4 will do the same. we see 156.6 again before flying up or more falling down to fill the gap
Believe what you see instead of what you think!
- #8,709
- Sep 11, 2013 12:14am Sep 11, 2013 12:14am
- | Joined Nov 2012 | Status: blind eyes... | 1,018 Posts
- #8,710
- Sep 11, 2013 12:25am Sep 11, 2013 12:25am
- | Joined Nov 2012 | Status: blind eyes... | 1,018 Posts
this my reason GJ weekly
- #8,715
- Sep 11, 2013 3:42am Sep 11, 2013 3:42am
- Joined Feb 2012 | Status: On a Pip Diet | 1,806 Posts
To live a successful life, we must lose our fear of being wrong
