Geppy's Geppy Thread (GBP/JPY)

thanks
shall see
in any case sl was cheap

Thanks to all of you for the welcome...

Nice little trade!

shall see
it's still early

failed the break

It might have to wait until NFP tomorrow. Should be rather explosive when it busts through.

I've pondered this over and over. The pattern looks bullish no doubt but, yen pairs are not. I keep wondering if the higher lows are just a product of wishful thinking created by the monolithic climb that occured over the course of the Fall??? Can't seem to find anybody who thinks buying at 173 is a good enough deal yet...

Before Wednesday we had two pennants one broke up and one broke down
With formation of the ascending triangle we have seemed to form an up trending S/R channel
That, with no real strength, my opinion, broke us up and out over to new support levels.

How do we trade this?
Since we have been bouncing from top to bottom since Wednesday, factual history, within this channel that spread seems
to be offering 30 pips, I would carefully buy and sell on confirmation on the bounces with the
understanding the at any time the R/S level we target could penetrate up through or down through
to new R/S levels, a nice bonus since we have no idea, unless news, when this will actually occur.
Your TP would be a manual or limit order to the next point in the direction of your trade the SL would be the R/S
from which you began your trade.
Scalping at its best...

Hmmm. I think the immense pattern and the coiling strength, on top of the fact that everyone and their mother think 173 is a magical and impenetrable wall make me even more confident in a burst pretty soon. Wouldn't be surprised to see it fall back and range between 172.20 and 172.80 until tomorrow morning. But for me, as long as she stays over 171.20 (the last major swing), then we should be good to go for a ride north. Below that, all bets are off. Of course, my opinion is based on longer term charts (4H and greater). I feel that quite often, many of these sorts of opinion posts should come with a time period, since money can ft be made long or short in a market, depending on the TF.

"Coiling" As I was just looking at the 30 minute and 1 hour charts, the G/U and U/J Bollinger Bands are again narrowing. The more narrow they compress
the moving averages the bigger the explosion or un-coiling if you will. Last night It happened 2x but both were whimpers, my opinion.
I would concur on the "coiling" but even though in an up trend, I would hesitate to offer to choice which direction. Some will plan differently but I
wait for the break then confirm and then move. Last night I did not do anything because I felt there was no strong momentum in either of the moves,
not to say there was no money to be made, but I just was not thoroughly sold to jump in.
The trade suggested within the bands is based upon us generally just getting nice flat doji's on a lazy afternoon.

Personally I think we have another try at the major upper trend line we broke thru Tuesday (and finally closing above today) before blowing north towards the 173.7ish mark.

I'm short from 172.8 with an order to add to it at 173.1. TP 171.6 That said I've hedged it with a EUR/JPY Long

Observation:

An ascending triangle has formed from 4 am CST today on the G/J 30 minute chart.
Top resistance is 172.90 Bottom support is about 172.81 @11 pm
Due to the structure of the triangle, sometime between 11 PM and 3:30 am CST, keep an eye out
for a possible break out up thru 172.9 to the 173 level.
If it has enough momentum, it breaches 173.
If not maybe falls to 172.62 or trails sideways.

not that I doubt the call, but why up instead of down? BTW i'm currently long myself

closed @ R1

nfp expectation from a technical view GU [ zup v120 ]

I would want to see GJ under 172.68 to confirm topping - and GU 1.6835 (assuming it's not in an even larger rising wedge)

Has there ever BEEN a more textbook example of a right ascending triangle breakout?