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Geppy's Geppy Thread (GBP/JPY)

  • #14,781
  • Oct 15, 2014 2:40am Oct 15, 2014 2:40am
Quoting Mpt
Breakout from a corrective and bullish triangle with max height 95 pips. Normally, target would be at least break out plus 95 = 171.5. Bare minimum breakout plus 95 X 0.618 = 59 pips = breakout plus 59 = 171.1.
Triangle top is now approaching at 170.5. The centre is the next important one - at 170.3. Below there, it's bearish again.
  • #14,782
  • Oct 15, 2014 2:48am Oct 15, 2014 2:48am
Quoting 4xNewGuy
{quote} Thanks for the info man. Sure enough 171.1 is where it hit. Still think it's going to move higher than that. Just waiting to see what forms up over the next few hours.
I wrote that as it was approaching, so I had no idea that it wouldn't make it higher on that pass. From the recent low to the previous high at 175, 171.1 was a tiny 23% retracement. Again, the absolute minimum.

Let's see if 170.5 holds
  • #14,783
  • Oct 15, 2014 3:05am Oct 15, 2014 3:05am
Quoting Mpt
{quote} I wrote that as it was approaching, so I had no idea that it wouldn't make it higher on that pass. From the recent low to the previous high at 175, 171.1 was a tiny 23% retracement. Again, the absolute minimum. Let's see if 170.5 holds
Hopefully 170.5 does hold. I'm seeing the line at 170.3. It's been a 63 pip move since London opened. A big wick forming now on the 15, if we get a nice candle going bull, it would form a nice pair of doji legs. Kind of wish I didn't have to work tonight. Would've made more money with trading, but meh. Still a little wet behind the ears with trading. Need some more time before I cut back my shifts to weekends only.
  • #14,784
  • Oct 15, 2014 3:35am Oct 15, 2014 3:35am
1 point before TP and reverse hold my breath now.
  • #14,785
  • Oct 15, 2014 3:41am Oct 15, 2014 3:41am
Hmmm.. a big jump up before that news release. Maybe the big boys want to keep it around 170.5 too...
  • #14,786
  • Oct 15, 2014 4:31am Oct 15, 2014 4:31am
Should it fade under 170.3/5, I suspect that it may well travel down to 169.4 before bouncing up again to above these levels in a large expanding triangle that would EVENTUALLY turn down.
  • #14,787
  • Oct 15, 2014 5:07am Oct 15, 2014 5:07am
Quoting Mpt
Should it fade under 170.3/5, I suspect that it may well travel down to 169.4 before bouncing up again to above these levels in a large expanding triangle that would EVENTUALLY turn down.
Seems it's back on its way up to 171.1. 170.41 held the candles up both before and after the news. Waiting to see what happens if it reaches 171.1 again. If it does, I think it's still too early for a break to the upside. IMO, still plenty of time left to play in that flat top triangle it seems to be in right now.
  • #14,788
  • Oct 15, 2014 5:28am Oct 15, 2014 5:28am
Quoting 4xNewGuy
{quote} Seems it's back on its way up to 171.1. 170.41 held the candles up both before and after the news. Waiting to see what happens if it reaches 171.1 again. If it does, I think it's still too early for a break to the upside. IMO, still plenty of time left to play in that flat top triangle it seems to be in right now.
I think it'll fade the move
  • #14,789
  • Oct 15, 2014 5:37am Oct 15, 2014 5:37am
Quoting 4xNewGuy
{quote} Waiting to see what happens if it reaches 171.1 again. If it does, I think it's still too early for a break to the upside.
Agreed. the news for the GBP weren't favorable, and Draghi's announcement didn't merit such high rises. In all likelihood, this is a premature bullish momentum, one that will check itself back to the 170.5 levels by the time of the U.S. announcements in 2 hours.

That, is, of course, unless the market decides to still stay up thanks to market movers. At any rate, the best option is to just watch, or take a risky short with plenty of margin and a good SL if you really want to do something.

I'm just PRAYING the US news will be clear cut, regardless of whether it's bullish or not. I hate it when you get mixed signals; it makes it so difficult to see where the pair will head, and how much.
  • #14,790
  • Oct 15, 2014 5:48am Oct 15, 2014 5:48am
IMO GBP is in limbo. Not in great shape, yet no reason to deteriorate further.
  • #14,791
  • Oct 15, 2014 6:23am Oct 15, 2014 6:23am
Quoting Vermillion
{quote} Agreed. the news for the GBP weren't favorable, and Draghi's announcement didn't merit such high rises. In all likelihood, this is a premature bullish momentum, one that will check itself back to the 170.5 levels by the time of the U.S. announcements in 2 hours. That, is, of course, unless the market decides to still stay up thanks to market movers. At any rate, the best option is to just watch, or take a risky short with plenty of margin and a good SL if you really want to do something. I'm just PRAYING the US news will be clear cut, regardless...
I take Vermillion advice, risky short with plenty of Margin. Clear out 30 points, now time to watch and see.
  • #14,792
  • Oct 15, 2014 8:18am Oct 15, 2014 8:18am
It looks like its forming a Tripple bottom on daily , i would long this around 169.3x area
Attached Image (click to enlarge)
Click to Enlarge Name: gj.PNG Size: 28 KB
  • #14,793
  • Oct 15, 2014 8:20am Oct 15, 2014 8:20am
Quoting Tony1
{quote} I agree with you. I am long at 170.50, based on the 50 EMA on the 15 min Chart. What's your Target Price?
Target @ 180
FXcube
  • #14,794
  • Oct 15, 2014 8:47am Oct 15, 2014 8:47am
i m in long trade now order triggered at 169.2x.


Quoting ssaqeel
It looks like its forming a Tripple bottom on daily , i would long this around 169.3x area {image}
  • #14,795
  • Oct 15, 2014 9:00am Oct 15, 2014 9:00am
Yeah. I agree. It SEEMS to have formed a morning star here. Today's close will be important.
  • #14,796
  • Oct 15, 2014 9:02am Oct 15, 2014 9:02am
Decision Points Calendar Week 42 GBP/JPY:

(1) 185.00/84.80
(2) 183.40/20
(2) 180.20/00
(4) 178.60/40
(5) 176.40/20
(6) 173.40/20

If yesterday´s low @ 169.90 acts as support next 173.40/20 otherwise next decision point @ 168.00/7.80

Good Luck.

Inserted Video
  • #14,797
  • Oct 15, 2014 9:09am Oct 15, 2014 9:09am
Bullishness (not outright, but incredible to finally see ANY).
  • #14,798
  • Oct 15, 2014 9:20am Oct 15, 2014 9:20am
Welcome back FX-Ray.

169.8 holds for now. Next up under 168.9 would be 168. Below there, it may head for 166 and our old friend 163.9
  • #14,799
  • Oct 15, 2014 9:27am Oct 15, 2014 9:27am
Quoting Mpt
Welcome back FX-Ray. 169.8 holds for now. Next up under 168.9 would be 168. Below there, it may head for 166 and our old friend 163.9
Thank you. Everything´s possible but still aiming one major target:

http://www.forexfactory.com/showthre...16#post7269916 (First Pic)

Best Regards

Add: Anyway pay attention to the daily low of 2014.09.08 @ 169.34
  • #14,800
  • Oct 15, 2014 9:31am Oct 15, 2014 9:31am
Quoting FX-Ray
{quote} Thank you. Everything´s possible but still aiming one major target: http://www.forexfactory.com/showthre...16#post7269916 (First Pic) Best Regards Add: Anyway pay attention to the daily low of 2014.09.08 @ 169.34
Great to see you back on FF. Hope you're well.
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