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Geppy's Geppy Thread (GBP/JPY)

  • #13,621
  • May 7, 2014 2:07pm May 7, 2014 2:07pm
Geppy seems to have enjoyed this similar pattern of RISE, DIVERGE, DIP, CONSOLIDATE and BREAK OUT since 2013.
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There's always money in the banana stand.
  • #13,622
  • Edited 6:44pm May 7, 2014 6:20pm | Edited 6:44pm
Quoting LizardGizzard
Geppy seems to have enjoyed this similar pattern of RISE, DIVERGE, DIP, CONSOLIDATE and BREAK OUT since 2013. {image}
And that's why the bullish wedge argument is incredibly valid.

A break over the previous 173.4 high about 70 pips above here (and maybe just 173.1/2) would confirm that case - whereas a 60~70 pip fall under about 171.1/2 would suggest otherwise. Right now, even a hold under about 172.4/5 would point to the lower path. I guess it all comes down to momentum - which appears a little lacking at the moment.

A move over 173.4 ish starts taking it outside the monthly ichimoku cloud that it first entered 16 months ago at 138. A long term observation, though, is that pairs always seem reluctant to first enter the cloud - and then actively resist leaving it before some from of decent S/R sends them in/out. - although it's doing a good job at turning 172.5 into that support
  • #13,623
  • May 7, 2014 6:55pm May 7, 2014 6:55pm
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Classic ascending triangle.

Will look to buy on either a pullback to the bottom line of the wedge, or buy a retest of the breakout (presuming we do breakout to the upside).
  • #13,624
  • May 7, 2014 7:55pm May 7, 2014 7:55pm
in all of the flushing and pull backs uj is the king maker, and i am not convinced uj is serious about going up yet

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  • #13,625
  • May 7, 2014 8:10pm May 7, 2014 8:10pm
What type of moving avgs are those?
  • #13,626
  • May 7, 2014 8:46pm May 7, 2014 8:46pm
gj under blackmail again

i am using xpma @jason

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  • #13,627
  • May 8, 2014 6:28am May 8, 2014 6:28am
when sun met the moon
summary is i agree with this view


Quoting LizardGizzard
Geppy seems to have enjoyed this similar pattern of RISE, DIVERGE, DIP, CONSOLIDATE and BREAK OUT since 2013. {image}
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  • #13,628
  • May 8, 2014 6:43am May 8, 2014 6:43am
for a gj break out we need this to .......................

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  • #13,629
  • May 8, 2014 7:07am May 8, 2014 7:07am
Quoting PatienceFx
for a gj break out we need this to ....................... {image}

Off late, GJ, UJ and GU are behaving very strangely, very difficult to establish a co-relation between them. I agree with you that for GJ to break-out we need UJ to move. UJ has been behaving very suspiciously strange, still can't figure out why! All fundamentals are good from US point of view, still not moving north. Is there anything I am missing here!
  • #13,630
  • May 8, 2014 7:35am May 8, 2014 7:35am
set the s/r levels, then all you are left to do is collect

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  • #13,631
  • May 8, 2014 7:48am May 8, 2014 7:48am
Quoting workingforex
{quote} Off late, GJ, UJ and GU are behaving very strangely, very difficult to establish a co-relation between them. I agree with you that for GJ to break-out we need UJ to move. UJ has been behaving very suspiciously strange, still can't figure out why! All fundamentals are good from US point of view, still not moving north. Is there anything I am missing here!
Low volatility on all pairs. During a period of low forex volatilty, don't expect correlations that have been the norm in the past to hold. That is why all pairs seem to have a mind of their own. Better to take buy/sell signals as they come along irrespective of what is happening elsewhere. This is what I have found anyway.
  • #13,632
  • May 8, 2014 8:13am May 8, 2014 8:13am
gj reacted to gu and 172.7x area was supported by gu so far, this is a pure scalpers heaven

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  • #13,633
  • May 8, 2014 9:18am May 8, 2014 9:18am
I posted this in the USDJPY thread, but I think its interesting enough for a repost here, since the effect from the USDJPY is important. Was looking at two similar price patterns. One was a long I took n the GBPNZD a few weeks ago during a consolidating pattern before a break north. The USDJPY appears to be in the throes of the very same pattern, albeit on a higher TF. note even the rise preceding the consolidation is very similar. If history repeats itself pattern-wise this time, then the USDJPY should rise up and over 104. IF… Just a thought.
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There's always money in the banana stand.
  • #13,634
  • May 8, 2014 11:58am May 8, 2014 11:58am
Quoting cat
{quote} Low volatility on all pairs. During a period of low forex volatilty, don't expect correlations that have been the norm in the past to hold. That is why all pairs seem to have a mind of their own. Better to take buy/sell signals as they come along irrespective of what is happening elsewhere. This is what I have found anyway.
Very true Cat, this has been the case for a while now. It seem like a while now before we will have days where we see 200 pip move everyday! Is it May-June effect or something bigger going on behind the scenes. I hope we see some normality returning soon, albeit we might see some correction in US equity market soon, which might have some ripple effect on here as well.
  • #13,635
  • May 8, 2014 12:14pm May 8, 2014 12:14pm
Quoting workingforex
{quote} Very true Cat, this has been the case for a while now. It seem like a while now before we will have days where we see 200 pip move everyday! Is it May-June effect or something bigger going on behind the scenes. I hope we see some normality returning soon, albeit we might see some correction in US equity market soon, which might have some ripple effect on here as well.
I'd also like to dray your attention to the fact that we have hit very significant resistance levels on the monthly charts on GU, UJ, and GJ. with Geppy currently stuck up against the 200ema, the weekly chart shows this sideways movement nicely throughout all of 2014 so far. That said,Geppy still offers what I consider to be the best pair to trade in terms of the number of opportunities, just look at today as an example, seemingly all over the place on the hourly chart, but actually nice clean movements which can easily be captured with small risk on much smaller time frames. When the market is moving like this, it is a waste of time trying to correlate with any other pair, far better to stick to a pair like geppy that offers loads of opportunities to make money throughout the day and forget about everything else. This is my strategy during these low volatility times.
  • #13,636
  • May 8, 2014 12:43pm May 8, 2014 12:43pm
Quoting cat
{quote} I'd also like to dray your attention to the fact that we have hit very significant resistance levels on the monthly charts on GU, UJ, and GJ. with Geppy currently stuck up against the 200ema, the weekly chart shows this sideways movement nicely throughout all of 2014 so far. That said,Geppy still offers what I consider to be the best pair to trade in terms of the number of opportunities, just look at today as an example, seemingly all over the place on the hourly chart, but actually nice clean movements which can easily be captured with...
Yes very true, I completely agree with you on that. Money can be made both sides, you just have to pick right entry points for that. Although if you ask me personally, I still feel the upside is still intact and we shall be moving upwards soon enough. Come June end and July we shall see that. May be I am biased but I hardly short Geppy, only rarely. I look for my entry points patiently and as they say when time is right, strike hard!
  • #13,637
  • May 8, 2014 1:49pm May 8, 2014 1:49pm
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  • #13,638
  • May 8, 2014 1:56pm May 8, 2014 1:56pm
Hi, this is Arun, I am new to this thread.
I just want to post my views about this pair.

GBP JPY
This currency shows some sort of resistance developed in monthly chart.

DAILY CHART :

A double top formation, but in trend line support now . Wait for a breakout near 171.74
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Arun
  • #13,639
  • May 8, 2014 3:00pm May 8, 2014 3:00pm
Quoting workingforex
{quote} Yes very true, I completely agree with you on that. Money can be made both sides, you just have to pick right entry points for that. Although if you ask me personally, I still feel the upside is still intact and we shall be moving upwards soon enough. Come June end and July we shall see that. May be I am biased but I hardly short Geppy, only rarely. I look for my entry points patiently and as they say when time is right, strike hard!
You missed plenty of pips today then! This pair is going sideways, has been all year, and you're just going long!?
  • #13,640
  • May 8, 2014 5:52pm May 8, 2014 5:52pm
yep. Here we are STILL. Ugh.
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There's always money in the banana stand.
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