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Geppy's Geppy Thread (GBP/JPY)

  • #12,801
  • Apr 4, 2014 4:56am Apr 4, 2014 4:56am
What time is NON-FARM PAY ROLL?
  • #12,802
  • Apr 4, 2014 5:01am Apr 4, 2014 5:01am
"A buy signal that fails is a sell signal...." credit to the book by G.Slezak. I was so eager to buy yesterday around the 172.40/60 and took a 20 pip loss. This may be a sign of changing sentiment. Anyway I think its about time this pair retraces an ample amount probably down to 171.00 and below. 172.40/60 is proving quite to be a stronger resistance zone than we thought. Anyway friday trade times are shorter as traders book profits... later guys
  • #12,803
  • Edited 5:14am Apr 4, 2014 5:04am | Edited 5:14am
Quoting IveGotQuads
"A buy signal that fails is a sell signal...." credit to the book by G.Slezak. I was so eager to buy yesterday around the 172.40/60 and took a 20 pip loss. This may be a sign of changing sentiment. Anyway I think its about time this pair retraces an ample amount probably down to 171.00 and below. 172.40/60 is proving quite to be a stronger resistance zone than we thought. Anyway friday trade times are shorter as traders book profits... later guys
Well said, am still watching 172.40/20; if this level does not get cracked upside targets are 173.40/20 and 174.00/3.80; if it does downside target is 170.80/60

Add: Its Friday and news about around 2h15m
  • #12,804
  • Apr 4, 2014 5:10am Apr 4, 2014 5:10am
Quoting Schickeria
{quote} Hinsetzen 6 !!! wave 4 never overlap wave 2 (only ending diagonal)
Yeah am guilty here, totally have no idea of Murray Math, counting waves or whatsoever. One of the major reasons is some waves gets ignored and some not, overly subjective thats why I stay away
  • #12,805
  • Apr 4, 2014 5:14am Apr 4, 2014 5:14am
Quoting FX-Ray
{quote} Well said, am still watching 172.40/20; if this level does not get cracked upside targets are 173.40/20 and 174.00/3.80; if it does downside target is 170.80/60
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpydaily.png Size: 25 KB
  • #12,806
  • Edited 5:19am Apr 4, 2014 5:17am | Edited 5:19am
Quoting PatienceFx
{quote} {image}
Be careful at news release despite that its friday

Add: Stop price?
  • #12,807
  • Apr 4, 2014 6:08am Apr 4, 2014 6:08am
Some things never change..
Attached Image (click to enlarge)
Click to Enlarge Name: greed.png Size: 60 KB
  • #12,808
  • Apr 4, 2014 6:55am Apr 4, 2014 6:55am
Quoting FX-Ray
Some things never change.. {image}
Possible trendline and a couple candles gets some people jumpy of course.
  • #12,809
  • Apr 4, 2014 7:28am Apr 4, 2014 7:28am
FX-Ray howzit ? Seems like 172.20 turning into resistance now.
  • #12,810
  • Apr 4, 2014 7:34am Apr 4, 2014 7:34am
Quoting ruffryders
FX-Ray howzit ? Seems like 172.20 turning into resistance now.
True but if we get momentum above 172.40/20 consider it as support, if not I gonna short here and reverse my long below 172.00 targeting 170.80/60

Add: Pic -> If 172.40/20 holds as resistance I gonna reverse, if not my target is the high or 174.00/3.80
Attached Image (click to enlarge)
Click to Enlarge Name: trade_long.png Size: 69 KB
  • #12,811
  • Apr 4, 2014 7:43am Apr 4, 2014 7:43am
Minor decision point @ 172.25/20
  • #12,812
  • Apr 4, 2014 7:43am Apr 4, 2014 7:43am
Possible no clear direction till the market opens.
  • #12,813
  • Apr 4, 2014 7:44am Apr 4, 2014 7:44am
Quoting EllisParrish
Possible no clear direction till the market opens.
There is only one direction, always
  • #12,814
  • Apr 4, 2014 7:46am Apr 4, 2014 7:46am
Quoting FX-Ray
{quote} True but if we get momentum above 172.40/20 consider it as support, if not I gonna short here and reverse my long below 172.00 targeting 170.80/60 Add: Pic -> If 172.40/20 holds as resistance I gonna reverse, if not my target is the high or 174.00/3.80 {image}
with that kind of 100 pips candle, I'd probably just take a chill today.
  • #12,815
  • Apr 4, 2014 7:49am Apr 4, 2014 7:49am
Quoting FX-Ray
{quote} There is only one direction, always
Let me rephrase that...other than sideways... 2 shea
  • #12,816
  • Apr 4, 2014 8:11am Apr 4, 2014 8:11am
My long position ar 169.56 still hold.Wonder what to do now...
  • #12,817
  • Apr 4, 2014 8:47am Apr 4, 2014 8:47am
Quoting niunai
My long position ar 169.56 still hold.Wonder what to do now...
It is obviously consolidating. I would close'em and wait for the market to go back up again and go long (better secure some profit and enjoy your weekend).
  • #12,818
  • Apr 4, 2014 8:57am Apr 4, 2014 8:57am
Quoting niunai
My long position ar 169.56 still hold.Wonder what to do now...
CASH it
  • #12,819
  • Apr 4, 2014 10:18am Apr 4, 2014 10:18am
At this time, looks like Fx Rays Support of the GJ at 171.80 and HDA's support of 103.54 of the UJ are holding at a positive correlation.
Very Good...
  • #12,820
  • Edited 10:57am Apr 4, 2014 10:38am | Edited 10:57am
Quoting EllisParrish
At this time, looks like Fx Rays Support of the GJ at 171.80 and HDA's support of 103.54 of the UJ are holding at a positive correlation. Very Good...
@EllisParrish:

There you have it

Now that You know what to look for, it's so much easier to trade the DRAGON stress free.

One just has to be patience and wait for the perfect set up for the perfect entry.

Just remember the heavy heavy heavy bids I spoke about on the USD/JPY at 103.20 - watch for it if price action takes us there.

Please see previous post, Wednesday, April 2, 2014.
http://www.forexfactory.com/showthre...12#post7377312

Here is part of the post.

Strong strong bids are at 1.0320 USD/JPY to support the bullish continuation which in turn supports the bullish continuation of the GBP/JPY.

Please take note of the very significant resistance levels and take some profit off before reaching each level.

Pay attention to any pullbacks on the USD/JPY and note, that if price action should reach 103.20 (because the bids at 103.20 are very very heavy), you should immediately buy the GBP/JPY for re-entry towards the next resistance target of the USD/JPY.

GBP/JPY
Support
172.08 -first level of significant support - PRICE ACTION traded to 172.158 (shy of 7 pips)
171.07 -second level of significant support


USD/JPY
Support
103.245 strong strong support
102.819
102.254

HDA OUT

No colouring today, I'm too tired.
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