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Geppy's Geppy Thread (GBP/JPY)

  • #13,561
  • May 2, 2014 7:37am May 2, 2014 7:37am
Well there you go - that's why making any kind of prediction about direction leading up to NFP is pointless. We've broken out of the wedge, now what? Do we fall back or do we follow through, though that I guess, is probably a question for next week.
  • #13,562
  • May 2, 2014 7:40am May 2, 2014 7:40am
Quoting LizardGizzard
Has there ever BEEN a more textbook example of a right ascending triangle breakout? {image}
Awesome call!
A 1 pip gain is better than a 1 pip loss.
  • #13,563
  • May 2, 2014 8:16am May 2, 2014 8:16am
Quoting Piano Man
not that I doubt the call, but why up instead of down? BTW i'm currently long myself
The percentages are higher that the ascending triangle breaks up more than down.
  • #13,564
  • May 2, 2014 8:22am May 2, 2014 8:22am
Well, I'm still trying to sell this pair. But now I'm off to pick up my daughter from college. Have a good weekend everyone....
  • #13,565
  • May 2, 2014 8:24am May 2, 2014 8:24am
Market is not impressed with the data? In old times price would fly 150, 200 pips, but now less then 60 pips? All day about 80 pips? Maybe ZeroHedge is right with their article that US labor force drop out about 1M in April...
  • #13,566
  • May 2, 2014 8:35am May 2, 2014 8:35am
Quoting IndigoPingvi
Market is not impressed with the data? In old times price would fly 150, 200 pips, but now less then 60 pips? All day about 80 pips? Maybe ZeroHedge is right with their article that US labor force drop out about 1M in April...
Agreed...All week the big data announcements have been met with instant reaction and then they all fade away and do not peruse their initial direction with any sort of strength. . I would say that maybe with all the FMOC announcements of Japan and America saying their respective courses that the release of any information, good or bad, is taken a neutral. The only other outstanding issue: Ukraine.

Has any one has a insight into why there has been no follow through on announcements at the end of this past week...
  • #13,567
  • May 2, 2014 9:53am May 2, 2014 9:53am
Good Gravy. What a Swinging Monster.
There's always money in the banana stand.
  • #13,568
  • May 2, 2014 10:10am May 2, 2014 10:10am
Looks to be a test of that old upper trend line.
My call...If the pair closes above it today then for next week up we go for another shot at 173.5. If not, then back down to 172.00
I make it rain from the center of my Keytar
  • #13,569
  • May 2, 2014 10:21am May 2, 2014 10:21am
I would say that it is quite possible that today's move down is not finished yet...
  • #13,570
  • May 2, 2014 10:35am May 2, 2014 10:35am
Quoting IndigoPingvi
I would say that it is quite possible that today's move down is not finished yet...
Possibly. I think as long as it stays over 172, it's most likely to continue north over 173.5
There's always money in the banana stand.
  • #13,571
  • May 2, 2014 10:39am May 2, 2014 10:39am
Quoting LizardGizzard
{quote} Possibly. I think as long as it stays over 172, it's most likely to continue north over 173.5
I agree, I see support at 172 area and 171.3 (but I doubt it will go that far).
  • #13,572
  • May 2, 2014 10:40am May 2, 2014 10:40am
172.40 is the pivot.
  • #13,573
  • May 2, 2014 10:43am May 2, 2014 10:43am
Quoting roryh86
172.40 is the pivot.
There are different kinds of pivot calculations, on my chart is 172.8 approximately.
  • #13,574
  • May 2, 2014 10:49am May 2, 2014 10:49am
Attached Image
Attached Image (click to enlarge)
Click to Enlarge Name: cT_cs_8032793_GBPJPY_2014-05-02_16-47-38.png Size: 51 KB
  • #13,575
  • May 2, 2014 11:05am May 2, 2014 11:05am
It stopped at exactly the place that it jumped over, then retreated under in December - that caused a bit of confusion at the time.

If it's retesting a wedge top of whatever, then it looks a little unsuccessful.

Right now, after dropping out of it, UJ is sitting slightly above its weekly TL of the channel that took it up from 70/80x. If GU fails to reclaim 1.69, then it will have completed and tested its rising wedge. Bit of a tenuous situation all round.

Maybe I have it all totally wrong, but it doesn't seem to be the kind of stuff that bullish dreams are made of.

It's 2am here. Good night.
  • #13,576
  • May 2, 2014 11:14am May 2, 2014 11:14am
Hmmm...to me still looks like standard breakout and retest before resumption. I certainly hope so, at least. Would like to see this trade continue north for a loooong while.
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2014-05-02 at 12.12.49 PM.PNG Size: 61 KB
There's always money in the banana stand.
  • #13,577
  • May 2, 2014 11:24am May 2, 2014 11:24am
If Nikkei closes where it is now, then it will be a Daily Bearish Pin and continuation of Bearish momentum on Daily chart. If so, then Yen pairs might drop severely in next week or two, however, if this would happen it would be a mid term bearish trend. I still see general GJ trend us Bullish.
  • #13,578
  • May 5, 2014 8:40am May 5, 2014 8:40am
.
  • #13,579
  • May 5, 2014 12:27pm May 5, 2014 12:27pm
i have sold GBPJPY at current price and SL is at 173. Is it expected to go down?
  • #13,580
  • May 5, 2014 12:42pm May 5, 2014 12:42pm
Quoting iwishtowin
i have sold GBPJPY at current price and SL is at 173. Is it expected to go down?
If i would enter now sl would be at least 173.2 or more, but that's just my view. My tp is slightly below 171, but I believe it can go further, maybe 170, but i will not pursue it thereafter. Not yet.
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