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Geppy's Geppy Thread (GBP/JPY)

  • #13,901
  • Edited 8:43am Jun 18, 2014 7:46am | Edited 8:43am
Quoting pladee
{quote} She is now going south for some pips, If she can go through 172.80 , then she may come down to test around 172.05 , which I will set my TP above that. It is just my opinion from Newbies...^_^
Yeah, well you know where the weekly support is and I'm pretty sure we hit weekly resistance a while back. As for direction, just keep an eye on the weekly candle - it's been alternating green/red for two days now.

If it starts to drop, then I expect to see 171 next, then after a bounce, 169.x.

Of course if it closes the week at the high or gets over 173.8, that plan is somewhat changed.

Essentially, I'm not convinced that it's bearish at all.
  • #13,902
  • Jun 18, 2014 8:42am Jun 18, 2014 8:42am
Quoting albchr
{quote} Hello pladee, I can see you are a new trader and having a rough time with it. This is nothing unusual. However if I may suggest something. This pair GBP/JPY is arguably the hardest of all the currencies there is to trade. It can, and does, hurt even experienced traders. There is a reason we call her the BEAST and/or DRAGON. She will beat you up, cook you and eat you in no time flat. I suggest you start out with some of the more tame pairs like EU or GU etc.. etc... until you get some screen time in. 1000's of hours of screen time. This baby...
Hi Albchr

Thank you very much, I do work with some other pair too. Since I start I happened to start with GJ and I just love it. I am rarely work with GU or EU. I work on GJ , AJ , AU , GN , GA

Ofcourse, I have been washed out a few time. And the more I watch her, the more i love her..^_^...

I was happy to see all comment for GJ and keep on learning and learning.
I will also start to learn on G and EU as your recommend as well ^_^..

With out Ambitian that I will have nothing left on Forex..^_^
Learning and Learing
  • #13,903
  • Jun 18, 2014 8:59am Jun 18, 2014 8:59am
Quoting Mpt
{quote} Yeah, well you know where the weekly support is and I'm pretty sure we hit weekly resistance a while back. As for direction, just keep an eye on the weekly candle - it's been alternating green/red for two days now. If it starts to drop, then I expect to see 171 next, then after a bounce, 169.x. Of course if it closes the week at the high or gets over 173.8, that plan is somewhat changed. Essentially, I'm not convinced that it's bearish at all.
Hi

Yes, She is tested.. I am seeing her is going up and up , but I beleive she will make a drop and that is why I mark 172.80 and 172.00-172.05 ( which my own target )

This is my first photo that I post in here..( It is messy )
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Learning and Learing
  • #13,904
  • Jun 18, 2014 9:16am Jun 18, 2014 9:16am
Quoting pladee
{quote} Hi Albchr Thank you very much, I do work with some other pair too. Since I start I happened to start with GJ and I just love it. I am rarely work with GU or EU. I work on GJ , AJ , AU , GN , GA Ofcourse, I have been washed out a few time. And the more I watch her, the more i love her..^_^... I was happy to see all comment for GJ and keep on learning and learning. I will also start to learn on G and EU as your recommend as well ^_^.. With out Ambitian that I will have nothing left on Forex..^_^
I can understand. It's my favorite pair too. Well just be careful though. She can be tricky.
Ghost Rider - WWTBMD?
  • #13,905
  • Jun 18, 2014 9:30am Jun 18, 2014 9:30am
If lv 172.890 hold, maybe this level will provide a good ground to go long ... (maybe ... )

I see it all in between ...
  • #13,906
  • Jun 18, 2014 10:17am Jun 18, 2014 10:17am
Guys, I'm not going to predict anything here but I did noticed a pattern...
Each time we touched/went thru the upper trend line we had either a pin bar or one hell-of-a bear candle followed up with some major down movement.
I do realize that each downward movement is getting smaller but be cautious the next few days going long....unless we get some follow thru past today's high

Jan 1st...big bear candle
March 7th...pin
May 2nd...bear
so far today....bear/pin

you can call me captain obvious if you like....
I make it rain from the center of my Keytar
  • #13,907
  • Jun 18, 2014 12:43pm Jun 18, 2014 12:43pm
Back to the New Years Eve high of around 174.50. I must remember the market is forward looking 6 months at least and the anticipation of sooner rate hikes by the BOE is already factored into the current price zone. It's a view of the future creating an alternate present. I'm a seller for sure. Was messing around with EUR/AUD a pair I never trade. Saw some kind of divergence and gambled on it. 88 pips and I'm out now so back to ride the dragon.
Be humble or be humbled.
  • #13,908
  • Jun 18, 2014 3:33pm Jun 18, 2014 3:33pm
Went with a sell order on GBP/USD instead, Looks like a double top here near 1.70
Be humble or be humbled.
  • #13,909
  • Jun 18, 2014 7:01pm Jun 18, 2014 7:01pm
Quoting Geppy
{quote} No significance hmmm? I count 3 rejections from the 173.50 area... I guess that's not at all significant. https://www.tradingview.com/x/xJiKYasC
ar·bi·trar·y
ˈärbiˌtrerē/
adjective

  1. based on random choice or personal whim, rather than any reason or system.​

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  • #13,910
  • Jun 18, 2014 9:04pm Jun 18, 2014 9:04pm
Here's an idea for a game. Pick as many lines on this page as you wish and draw as many triangles as you want.

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Then come back here and state categorically that YOUR triangle is the correct one and this time it REALLY is different. Extra points are awarded for being dogmatic and rude.
  • #13,911
  • Jun 18, 2014 9:10pm Jun 18, 2014 9:10pm
Yellen, tightening, not too confident.
Be humble or be humbled.
  • #13,912
  • Jun 18, 2014 9:13pm Jun 18, 2014 9:13pm
Quoting Mpt
Here's an idea for a game. Pick as many lines on this page as you wish and draw as many triangles as you want. {image} Then come back here and state categorically that YOUR triangle is the correct one and this time it REALLY is different. Extra points are awarded for being dogmatic and rude.
Actually, Mpt I think you failed to see the point.

I was pointing out the fact that both triangles were arbitrary. Therefore, to think that one must post such nonsense in order to prove to everyone here that their opinion is correct and if they fail to do so that their point of view is immediately invalidated is exactly what you said, dogmatic and rude.
  • #13,913
  • Jun 18, 2014 9:20pm Jun 18, 2014 9:20pm
Quoting Mpt
Here's an idea for a game. Pick as many lines on this page as you wish and draw as many triangles as you want. {image} Then come back here and state categorically that YOUR triangle is the correct one and this time it REALLY is different. Extra points are awarded for being dogmatic and rude.
Down, B.O.B.
Inserted Video
Be humble or be humbled.
  • #13,914
  • Jun 18, 2014 9:29pm Jun 18, 2014 9:29pm
This is a risk driven good time pair and ISIS is not a fun group. The BOJ is also contemplating how to exit QE now and not increase it like all the analysts thought. We have the technicals and fundamentals, the only factor remaining is for the sentiment to sour and WHOAaaaaaaaaaaaaa. Good to see your posts again MPT.
Be humble or be humbled.
  • #13,915
  • Jun 18, 2014 9:30pm Jun 18, 2014 9:30pm
We, I did sense a little rudeness and the forthright manner in which you presented your argument was a tad dogmatic.

Nevertheless, you are correct in that the case for a triangle has been extremely subjective for some months now. In the long standing consolidation, the pair continues to run head long into supports, then resistances, to the extent that it looks somewhat akin to a triangle that keeps getting bigger. As is their nature, people see what they want to see and a triangle is just easy.

Regardless, this place right here would probably be the best opportunity in a long while for a continued break up, but failing that in the next few hours I would suggest that this peak has been another of many - a failure to proceed, followed by another fall.
  • #13,916
  • Jun 18, 2014 9:39pm Jun 18, 2014 9:39pm
Quoting Temujin
This is a risk driven good time pair and ISIS is not a fun group. The BOJ is also contemplating how to exit QE now and not increase it like all the analysts thought. We have the technicals and fundamentals, the only factor remaining is for the sentiment to sour and WHOAaaaaaaaaaaaaa. Good to see your posts again MPT.
Good to see you back here as well.
  • #13,917
  • Jun 18, 2014 9:42pm Jun 18, 2014 9:42pm
From what I learned in babypips.com, an ascending triangle in an uptrend is a reversal and it will break downwards. Unless I'm mistaken..
A 1 pip gain is better than a 1 pip loss.
  • #13,918
  • Jun 18, 2014 10:09pm Jun 18, 2014 10:09pm
Quoting aeternum
From what I learned in babypips.com, an ascending triangle in an uptrend is a reversal and it will break downwards. Unless I'm mistaken..

Normally, yes. But there are things called bullish wedges that take the appearance of a rising triangle and break to the upside. In the same way that a rising channel is a bullish continuation.
  • #13,919
  • Jun 18, 2014 10:55pm Jun 18, 2014 10:55pm
Quoting aeternum
From what I learned in babypips.com, an ascending triangle in an uptrend is a reversal and it will break downwards. Unless I'm mistaken..
Quoting Mpt
{quote} Normally, yes. But there are things called bullish wedges that take the appearance of a rising triangle and break to the upside. In the same way that a rising channel is a bullish continuation.
Funny, in my experience it's a bullish continuation pattern. Regardless, you made me at least google it:

http://www.investopedia.com/articles.../03/091003.asp
check out my blog: forexmademillionaire dot com
  • #13,920
  • Jun 18, 2014 11:03pm Jun 18, 2014 11:03pm
Quoting Geppy
{quote} {quote} Funny, in my experience it's a bullish continuation pattern. Regardless, you made me at least google it: http://www.investopedia.com/articles.../03/091003.asp
By the ascending triangle in reversal mode, I assumed he was referring to a so-called rising wedge.
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