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GBP/JPY

  • #1,721
  • Oct 8, 2014 6:57pm Oct 8, 2014 6:57pm
174.85 is a sell on my one minute trade......stop at 6 pips......7:57 pm New York time.....
  • #1,722
  • Edited 9:34pm Oct 8, 2014 9:06pm | Edited 9:34pm
Quoting Gbp/jpy
174.85 is a sell on my one minute trade......stop at 6 pips......7:57 pm New York time.....
Yeah, when you you have a move that goes to within a few pips of calculated target (174.7/8 was the target from that little reversal down at the bottom) and you're looking at UJ and GU in various corrections as well, it's kind of hard to get excited about any bullish potential until it proves otherwise. It may well get up more, but it sure would be nice to go back to the old days where a correction faded in minutes - not hours. If it is a correction.
  • #1,723
  • Oct 8, 2014 10:37pm Oct 8, 2014 10:37pm
Quoting whatever007
{quote} Man I sure hope that was it for the 173's. Loaded it up average price 174.77. Now please please please take a straight line 180. Thank you very much.
Well, hopefully, you've been in a while and things haven't gone too far South...

I'm not comfortable trading this pair anymore until I see a daily bullish signal, or something on the daily chart that tells me what this thing is gonna do. Looks too indecisive to me right now...
  • #1,724
  • Oct 9, 2014 3:20am Oct 9, 2014 3:20am
Quoting Kong
{quote} Right here shap, short term resistance at 173.90. Look at that cluster of hourly closes. Bit of a barrier to break, but the long term favors a break in my opinion. Just need to be loose enough for the whip lash that may happen here. great luck
Survived the first shake out.

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  • #1,725
  • Oct 9, 2014 4:23am Oct 9, 2014 4:23am
Quoting Kong
{quote} Survived the first shake out. {image}
I think we may have another run at 180+ . I'm interested in Usd/Jpy too. Much easier and I think dollar bulls will be back soon...

Currently watching it have another go at 175.
Gone to a better place
  • #1,726
  • Oct 9, 2014 4:35am Oct 9, 2014 4:35am
Quoting smikester
{quote} I think we may have another run at 180+ . I'm interested in Usd/Jpy too. Much easier and I think dollar bulls will be back soon... Currently watching it have another go at 175.
It should probably go higher, might go to 1.82. But not hard to say where to enter - I want to see a clear break of 175 first.
Fix up, trade sharp ...
  • #1,727
  • Oct 9, 2014 5:18am Oct 9, 2014 5:18am
Im banking on it bro That's where I'm shooting for also, possibly higher but have to wait and see how things are IF it were to get there. Thanks for replying.

Quoting smikester
{quote} I think we may have another run at 180+ . I'm interested in Usd/Jpy too. Much easier and I think dollar bulls will be back soon... Currently watching it have another go at 175.
  • #1,728
  • Edited 7:05am Oct 9, 2014 6:16am | Edited 7:05am
Below 174 it dumps. Unless its in some sort of triangle thing. In which case it could make a marginal new high. More likely, though, that it just dumps
  • #1,729
  • Oct 9, 2014 7:21am Oct 9, 2014 7:21am
Quoting benaiah
{quote} Well, hopefully, you've been in a while and things haven't gone too far South... I'm not comfortable trading this pair anymore until I see a daily bullish signal, or something on the daily chart that tells me what this thing is gonna do. Looks too indecisive to me right now...

I've given this one quite some time now so it might be time to admit defeat. Let's see if it holds London low. UJ looks very weak.
Soar on my wings, you'll touch the hand of God, he'll make you King.
  • #1,730
  • Edited 9:21am Oct 9, 2014 9:02am | Edited 9:21am
Watch out, there could be one more leg down before upswing. One of those typical 'bull trap' or wave c of correction that often caught me off guard.
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Elliott Wave for optimum entry, exit and risk management of trades
  • #1,731
  • Oct 9, 2014 10:34am Oct 9, 2014 10:34am
Quoting whatever007
{quote} I've given this one quite some time now so it might be time to admit defeat. Let's see if it holds London low. UJ looks very weak.
Now UJ looking good although 108.10 level is where breakdown happened yesterday, going to call it day with this trade.
Soar on my wings, you'll touch the hand of God, he'll make you King.
  • #1,732
  • Oct 9, 2014 1:38pm Oct 9, 2014 1:38pm
Okay, I can't stay away. Long for 130 pips
  • #1,733
  • Oct 9, 2014 1:42pm Oct 9, 2014 1:42pm
Bottom of bear flag bounce. If I'm right, I'll also go short at the top of it, probably.

I'm thinking eventually a break out at the bottom of this flag, and expect price to go to 170-171 area. This would coincide to 1:3 R:R for that big pin on the daily chart...
Attached Image (click to enlarge)
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  • #1,734
  • Oct 9, 2014 2:00pm Oct 9, 2014 2:00pm
bigger picture on the H4 chart. Bear flag within a bull flag.

I think if/when this bear flag makes it's way up to meet the top of the bull flag, it will be a good opportunity for selling. There will be a lot of confluence up there pointing to a drop. If I'm right, then the bear flag should definitely break downward, after that meeting at the top...
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  • #1,735
  • Oct 9, 2014 2:03pm Oct 9, 2014 2:03pm
Quoting skyhok
Watch out, there could be one more leg down before upswing. One of those typical 'bull trap' or wave c of correction that often caught me off guard. {image}
Yes that was unfortunate. I might have anther go at 173.00
  • #1,736
  • Oct 9, 2014 11:44pm Oct 9, 2014 11:44pm
Lets make that 172.5

Quoting Kong
{quote} Yes that was unfortunate. I might have anther go at 173.00
  • #1,737
  • Oct 11, 2014 9:23pm Oct 11, 2014 9:23pm
I study...and trade high probability trades.
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  • #1,738
  • Oct 11, 2014 9:47pm Oct 11, 2014 9:47pm
Quoting State
I study...and trade high probability trades. {image}
what's your comments?
  • #1,739
  • Oct 12, 2014 5:25pm Oct 12, 2014 5:25pm
Quoting smikester
{quote} I think we may have another run at 180+ . I'm interested in Usd/Jpy too. Much easier and I think dollar bulls will be back soon... Currently watching it have another go at 175.
I've lost interest in this Yen pair until Cable breaks upward through 6165, which failed on Thursday. I watched the rejection of 175 and closed my trades. Shorts come into play for brave souls because Usd/Jpy failed at that 108.12 level which is historically important and also we are seeing a correction in equities which will muddy the waters.
Gone to a better place
  • #1,740
  • Oct 12, 2014 10:10pm Oct 12, 2014 10:10pm
still watching the 171.75 level as short/mid term major support, due to confluence reasons explained in an earlier post
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