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GBP/JPY

  • #1,661
  • Oct 5, 2014 7:17pm Oct 5, 2014 7:17pm
Bearish again for a bit. broke down channel
There's always money in the banana stand.
  • #1,662
  • Oct 5, 2014 7:30pm Oct 5, 2014 7:30pm
Quoting LizardGizzard
Bearish again for a bit. broke down channel
Agree.
  • #1,663
  • Oct 5, 2014 7:31pm Oct 5, 2014 7:31pm
I also drew a fib channel on this recent retracement. Interesting how it has decisively fell through the 50% level or rejected it 3 times...
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYH1.png Size: 44 KB
  • #1,664
  • Oct 5, 2014 7:48pm Oct 5, 2014 7:48pm
First target 174.416. Anyone else shorting? Offer your targets? Time frame?
  • #1,665
  • Oct 5, 2014 7:49pm Oct 5, 2014 7:49pm
Mine are H1
  • #1,666
  • Oct 5, 2014 7:51pm Oct 5, 2014 7:51pm
I'd like a super decisive close below 175, preferably down into the 174.80s, at least, followed by test and rejection.
  • #1,667
  • Oct 5, 2014 7:55pm Oct 5, 2014 7:55pm
Im selling too.

.
Attached Image (click to enlarge)
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  • #1,668
  • Oct 5, 2014 7:55pm Oct 5, 2014 7:55pm
XNAdam, once again showing me up with your discipline and patience
  • #1,669
  • Oct 5, 2014 7:55pm Oct 5, 2014 7:55pm
Quoting benaiah
XNAdam - Great analysis. I'm curious what time frame do you enter/exit trades on with this beast?
I generally take signals off H1 and H4 charts.

174.40 is a good short term target, in my opinion.
  • #1,670
  • Oct 5, 2014 7:56pm Oct 5, 2014 7:56pm
Quoting XNAdam
{quote} I generally take signals off H1 and H4 charts. 174.40 is a good short term target, in my opinion.
Good to know. Those are my primary time frames as well. Helps me put into context your analysis. thanks
  • #1,671
  • Oct 5, 2014 7:57pm Oct 5, 2014 7:57pm
Quoting benaiah
XNAdam, once again showing me up with your discipline and patience
it's taken a lot of pain, and I'm still barely able to manage them.

and sometimes I get the best of myself. those are rough days.
  • #1,672
  • Oct 5, 2014 7:58pm Oct 5, 2014 7:58pm
Quoting whatever007
{quote} This pair is always brutal. It was brutal watching it go nowhere for 3 days. Holding speculative long 176.4. Maybe add if short term indicators turn up and price holds over 175.
I'm adding some more small long position. Not really understanding the short entry here. Price is not even below Friday's low let alone the low from last week.
Soar on my wings, you'll touch the hand of God, he'll make you King.
  • #1,673
  • Oct 5, 2014 8:52pm Oct 5, 2014 8:52pm
Quoting whatever007
{quote} I'm adding some more small long position. Not really understanding the short entry here. Price is not even below Friday's low let alone the low from last week.
Yep, I'm long-term bullish on this pair, but short term, I think it has more to fall.

Feel free to shoot holes through my analysis, but this is what I'm seeing right now... Green numbers show 4 bearish flags, all cleanly confirming down trend, including the current one that broke the channel - targeting about a 100 pips, and will see how it reacts to last weeks low, assuming it'll get there...

Plus, the blue area is an S/R area that the price cleanly fell through, then rejected 3 times (yellow numbers).
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYH1.png Size: 24 KB
  • #1,674
  • Oct 5, 2014 8:53pm Oct 5, 2014 8:53pm
Also, price is trading below the daily, weekly, and monthly pivots. Uptrend is not confirmed as far as my view, until the pivots line up again, and price is trading above them...
  • #1,675
  • Oct 5, 2014 9:01pm Oct 5, 2014 9:01pm
Above chart was H1...

Looking at H4 chart, seems like still in consolidation...
  • #1,676
  • Oct 6, 2014 2:12am Oct 6, 2014 2:12am
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYH1 13.png Size: 53 KB
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  • #1,677
  • Oct 6, 2014 3:04am Oct 6, 2014 3:04am
Quoting benaiah
{quote} Yep, I'm long-term bullish on this pair, but short term, I think it has more to fall. Feel free to shoot holes through my analysis, but this is what I'm seeing right now... Green numbers show 4 bearish flags, all cleanly confirming down trend, including the current one that broke the channel - targeting about a 100 pips, and will see how it reacts to last weeks low, assuming it'll get there... Plus, the blue area is an S/R area that the price cleanly fell through, then rejected 3 times (yellow numbers). {image}
No argument here. I've also turned short-term cautious on the pair given the price action over the past few sessions (days). From a separate angle, GBP/USD looks even worse than EUR/USD these past few days. Still looking to enter Long given my LT positive outlook on the pair but will wait to see whether 174.0 holds.
  • #1,678
  • Oct 6, 2014 6:16am Oct 6, 2014 6:16am
Well, I have the close I was looking for.

I will now be watching for opportunities to sell in the short term.
Attached Image
  • #1,679
  • Oct 6, 2014 8:22am Oct 6, 2014 8:22am
Testing former support now resistance at 175.00.

I'd like a sharp rejection.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy 20141006 H1 0820.PNG Size: 34 KB
  • #1,680
  • Oct 6, 2014 8:34am Oct 6, 2014 8:34am
Quoting benaiah
{quote} Yep, I'm long-term bullish on this pair, but short term, I think it has more to fall. Feel free to shoot holes through my analysis, but this is what I'm seeing right now... Green numbers show 4 bearish flags, all cleanly confirming down trend, including the current one that broke the channel - targeting about a 100 pips, and will see how it reacts to last weeks low, assuming it'll get there... Plus, the blue area is an S/R area that the price cleanly fell through, then rejected 3 times (yellow numbers). {image}
Analysis is very good. I am more longer term than what timeframe you are trading. Expecting 185-197 this year. Daily close below 175 will be more bearish, EMA 34. Nice trade last night, very good call.
Soar on my wings, you'll touch the hand of God, he'll make you King.
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