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Geppy's Geppy Thread (GBP/JPY)

  • #13,721
  • May 23, 2014 3:02am May 23, 2014 3:02am
Quoting Mpt
{quote} Yeah, but 166 is still in a bullish triangle. Only a drop out of 163 becomes bearish - but I would never rule out a retest of our old friends 133 and 128
I agree, until 164 price can still call a long term range, under 163 would call for old levels South.
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  • #13,722
  • May 23, 2014 5:34am May 23, 2014 5:34am
One last comment before the weekend. There is one indicator that I trust - that being the gann hi-lo. Maybe only Karmo knows what I'm talking about. For two days the daily gann has been flipping in and out, yet price has not advanced. The last time I saw this on a Yen pair was when UJ tackled 104 in a retrace back in January - and the same thing happened there for three days.
  • #13,723
  • May 23, 2014 6:00am May 23, 2014 6:00am
Dear PatienceFX

Do you mind to upload your indicator P4 SHORT ?

Thanks
  • #13,724
  • May 24, 2014 2:34am May 24, 2014 2:34am
Weekly: EJ made a Bullish pin so I expect some retrace North, but 20 EMA should stop the price and bounce down. UJ as well made a Bullish pin, but is just below the traffic zone, so I don't think it is going North a lot. GU on the other hand had in the last 3 weeks, Bearish pin, almost Bullish pin and a Bearish pin, price should continue falling. I believe all this will reflect in GJ by GJ painting the mirror of last week bar, so no brake of the 20 EMA on weekly yet, but in 2 weeks time we could fly South.
  • #13,725
  • Edited 10:22pm May 26, 2014 9:59pm | Edited 10:22pm
Mpt...thanks for that...good tech. A perfect A B C is formed "a" and "b" so far, about to go upward, I do believe....
  • #13,726
  • May 26, 2014 11:45pm May 26, 2014 11:45pm
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a receivable risk-reward ritio,
170 or even below as i expected
no other killers to me but emotion
  • #13,727
  • May 27, 2014 12:53am May 27, 2014 12:53am
Quoting Gbp/jpy
Mpt...thanks for that...good tech. A perfect A B C is formed "a" and "b" so far, about to go upward, I do believe....
Yes, it's line ball now, in my opinion. A break and hold over about 172 and then 172.1/2 (hard to be exact) has it taking another shot at the top. A failure here opens it to a return to 170.2/4 ish and any break there threatens 169.4 and below.

It's really a variation on the continuation versus reversal pattern scenario. At the moment it's continuation. Barely. But looking tired.
  • #13,728
  • May 27, 2014 3:25am May 27, 2014 3:25am
A small tuition on trading.

It looks bearish - and it may well be.

However, it spent the last few days in what looked like and took the form of a triangle - the apex of that triangle is around 171.6. After breakout, it is common for price to return to triangle apex before proceeding up/down again.

It has just revisited the apex. Below the triangle at 171.4/5 it is bearish.
  • #13,729
  • May 27, 2014 12:42pm May 27, 2014 12:42pm
It seems most here are leaning toward a bearish sentiment. I just don't see it.

All longer timeframes are bullish.

Looking specifically at the daily, we've clearly been making higher lows with highs topping out at about 173.50ish. Just by reading that sentence, the pattern is clear: we're in an ascending triangle within an overall uptrend.

Is it boring and painful waiting for the northbound breakout? Yes, definitely. I'm still holding longs from the 170.40 region that I put on last week. But I feel we're getting closer and closer to a real break out.

I'm still in the wait and see mode though. If we run back up to 173 without breaking, I may pull some of my longs off and hope to reload again a bit lower. Time will tell though, and I'm staying patient.
check out my blog: forexmademillionaire dot com
  • #13,730
  • May 28, 2014 8:04am May 28, 2014 8:04am
Well, that's lame. All my longs have been stopped out. I took a loss of $55 which isn't bad but sucks to give up the more than 100 pips of gains I had on paper. All part of the game though.

In my opinion, we'd need to get down below 169.50 to see continued downward pressure. I'm still not convinced we're seeing a trend reversal here, but time will tell. I hope some of you bagged some pips on this drop.
check out my blog: forexmademillionaire dot com
  • #13,731
  • May 28, 2014 9:53am May 28, 2014 9:53am
looks like this will be a good spot to go long
I make it rain from the center of my Keytar
  • #13,732
  • May 28, 2014 10:03am May 28, 2014 10:03am
Back after a couple months hiatus. Good to be here again gleaning from the expert analysis of the members here. Thanks everyone.
Be humble or be humbled.
  • #13,733
  • May 28, 2014 11:51am May 28, 2014 11:51am
Quoting IndigoPingvi
...I believe all this will reflect in GJ by GJ painting the mirror of last week bar, so no brake of the 20 EMA on weekly yet, but in 2 weeks time we could fly South.
Well I didn't expect price to fall so soon... but since it did, we might fly South... depends also on nikkei, for now however is stable and might paint weekly bearish pin...
  • #13,734
  • May 28, 2014 12:12pm May 28, 2014 12:12pm
Quoting Temujin
Back after a couple months hiatus. Good to be here again gleaning from the expert analysis of the members here. Thanks everyone.
Welcome back Temujin!
  • #13,735
  • May 28, 2014 12:48pm May 28, 2014 12:48pm
Quoting Piano Man
looks like this will be a good spot to go long
Definitely could be, but I'd wait to see how things settle later tonight.
check out my blog: forexmademillionaire dot com
  • #13,736
  • May 28, 2014 1:00pm May 28, 2014 1:00pm
Quoting IndigoPingvi
{quote} Well I didn't expect price to fall so soon... but since it did, we might fly South... depends also on nikkei, for now however is stable and might paint weekly bearish pin...
GJ Daily candle is well below gann and I expect a daily close below gann and QQE to cross downward, I expect to see 168 next.
Trade what you see, not what you think.
  • #13,737
  • May 28, 2014 1:03pm May 28, 2014 1:03pm
GBPJPY seems going to 167.50 zone, and than we shall see a good upside again..

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Classical chart patterns of currencies from 15+ Year Pro Trader
  • #13,738
  • May 28, 2014 1:54pm May 28, 2014 1:54pm
Quoting karmostaji
{quote} GJ Daily candle is well below gann and I expect a daily close below gann and QQE to cross downward, I expect to see 168 next.
Careful please! Price can still retrace to 171 before the fall continues, watch the W chart. Black swan event might not be this week. 168 is valid on my chart, too, even few pips below.
  • #13,739
  • May 28, 2014 7:10pm May 28, 2014 7:10pm
Gotta feel a little sorry for this thing. The vibe on here seems to have it dead and buried before its time - yet 169.4 has not been taken out, let alone approached.

Even 169.8 remains intact, thus far.
  • #13,740
  • May 28, 2014 11:03pm May 28, 2014 11:03pm
Quoting Mpt
Gotta feel a little sorry for this thing. The vibe on here seems to have it dead and buried before its time - yet 169.4 has not been taken out, let alone approached. Even 169.8 remains intact, thus far.
Take 2 patience pills in the morning and 2 in the evening, after food
Trade what you see, not what you think.
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