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Geppy's Geppy Thread (GBP/JPY)

  • #15,381
  • Nov 5, 2014 6:38pm Nov 5, 2014 6:38pm
As I read a few of the last posts here I'd like to offer a general thought.

When it comes to trading GJ, unless you have it dialed in really well which requires at least a basic understanding of the effects of it's parents GU & UJ and where they are in realtion to their own SR & SD areas, even if you have the overall direction right, small stops of 10, 20 even 50 will be eaten for breakfast all day long by this pair.

We don't call it the Dragon/Beast for nothing and overall, it's not a great pair for beginners/newer traders to trade live. Years ago we had a saying about this wonderful monster. "If the queen mum farts, it can swing 100 pips both ways in just seconds" ...

The ground it can cover in a day makes it very appealing to trade indeed. But one must always respect the way she flies.
Attached Image
Ghost Rider - WWTBMD?
  • #15,382
  • Nov 5, 2014 6:51pm Nov 5, 2014 6:51pm
I'm probably speaking too soon, but I think 175 is calling. It would be almost exactly a 50% retrace from here. Coincidence maybe?
  • #15,383
  • Nov 5, 2014 6:57pm Nov 5, 2014 6:57pm
183 fails.. retrace to 182 for a power buy zone might play
  • #15,384
  • Edited 7:28pm Nov 5, 2014 7:08pm | Edited 7:28pm
Quoting smash1820
I just wanted to say that this pair, GBP/JPY, is disgustingly sick, of all the pairs (in a good way). I think I'm going to start focusing on it again! Nothing helps your bank account like Geppy can
As long as you're on the right side of the trades!

It used to be a drain on my account, but since following FX-Ray's points, and using my own methods to find some entry points, I've managed to pull in almost 300 pips from 6 or 7 trades since the start of the week. Once the pair begins the drop, things will just get even better for me. Not sure if that will happen just yet though. It hit the resistance level on a bullish tunnel when it entered the DP of 183.20/00. So even a drop down to an area like 182.400 where the support is, it still has the possibility of jumping back up. IF it breaks that, then I think all bets are off, and the drop is on.
  • #15,385
  • Nov 5, 2014 7:09pm Nov 5, 2014 7:09pm
Quoting albchr
As I read a few of the last posts here I'd like to offer a general thought. When it comes to trading GJ, unless you have it dialed in really well which requires at least a basic understanding of the effects of it's parents GU & UJ and where they are in realtion to their own SR & SD areas, even if you have the overall direction right, small stops of 10, 20 even 50 will be eaten for breakfast all day long by this pair. We don't call it the Dragon/Beast for nothing and overall, it's not a great pair for beginners/newer traders to trade live. Years...
Albchr, it seems as though your post was almost invisible to the members here. I agree with you 110%, and this is NOT a pair for newbies.

As I like to say, "you better check yourself, before you wreck yourself".

I guess (maybe, hopefully?), I am one of those seasoned veterans you are talking about? Lol... no need to respond though.

I'm probably still just dreaming.

Albchr is a HIGHLY-RESPECTED member here on this site, and EVERYONE should pay attention to what he says... If I am a veteran at all, that makes this guy a friggin' senior citizien!
Please check out my blog at https://from-zero-to-hero . net
  • #15,386
  • Nov 5, 2014 7:19pm Nov 5, 2014 7:19pm
Quoting albchr
As I read a few of the last posts here I'd like to offer a general thought. When it comes to trading GJ, unless you have it dialed in really well which requires at least a basic understanding of the effects of it's parents GU & UJ and where they are in realtion to their own SR & SD areas, even if you have the overall direction right, small stops of 10, 20 even 50 will be eaten for breakfast all day long by this pair. We don't call it the Dragon/Beast for nothing and overall, it's not a great pair for beginners/newer traders to trade live. Years...

I agree and also for those newer traders who insist at the very least have an emergency stop in place, this sob will wipe out an account in minutes when it gets hungry, you never know when your platform, or net connection will fail, you fall asleep, some odd world event while taking a wiz etc.
  • #15,387
  • Nov 5, 2014 7:27pm Nov 5, 2014 7:27pm
I don't know exactly what area to target, but I'm thinking about ~183.50 sounds OK for a Take Profit!

(remember, i'm a daytrader!)
Please check out my blog at https://from-zero-to-hero . net
  • #15,388
  • Nov 5, 2014 7:36pm Nov 5, 2014 7:36pm
Quoting benaiah
I'm probably speaking too soon, but I think 175 is calling. It would be almost exactly a 50% retrace from here. Coincidence maybe?
Not a friggin chance of hitting 175, but good luck to you.
Please check out my blog at https://from-zero-to-hero . net
  • #15,389
  • Nov 5, 2014 7:39pm Nov 5, 2014 7:39pm
Quoting smash1820
I don't know exactly what area to target, but I'm thinking about ~183.50 sounds OK for a Take Profit! (remember, i'm a daytrader!)
Congrats. Market just hit 183.5....unless your broker has a large spread, in which case you just barely didn't make it. For now.

=P
  • #15,390
  • Nov 5, 2014 7:42pm Nov 5, 2014 7:42pm
Quoting Vermillion
{quote} Congrats. Market just hit 183.5....unless your broker has a large spread, in which case you just barely didn't make it. For now. =P
Oh my gosh, that's crazy. GJ just hit 183.50... already. I wasn't expecting it to happen so quickly, but since it did, I will probably just have to hold on a little bit longer because the trade seems to have the momentum on it's side.

However, I am extremely technical, and I will not hesitate to EXIT the trade at the FIRST sign of weakness...

Happy trading everyone!
Please check out my blog at https://from-zero-to-hero . net
  • #15,391
  • Nov 5, 2014 7:44pm Nov 5, 2014 7:44pm
Quoting smash1820
Oh my gosh, that's crazy. GJ just hit 183.50... already. I wasn't expecting it to happen so quickly, but since it did, I will probably just have to hold on a little bit longer because the trade seems to have the momentum on it's side. However, I am extremely technical, and I will not hesitate to EXIT the trade at the FIRST sign of weakness... Happy trading everyone!
PS: At the rate it's going, this thing can hit 185 easily...

But do NOT be mistaken, I am NOT predicting that it will get there this week.
Please check out my blog at https://from-zero-to-hero . net
  • #15,392
  • Nov 5, 2014 7:49pm Nov 5, 2014 7:49pm
Quoting albchr
{quote} Ahhh ... I see. LOL Are you still in touch with cloggie by any chance? Would love to see more posting again. {quote} ... Well, I kind of had this picture in mind but I'm not waiting on that top number (184.146). Started building to it and we'll see. {image}
Quoting FX-Ray
Need to leave my desk for about a hour.(Since there is nothing I can do lol) If it gets to 183.55; watch for a bounce to 183.20/00 for the upside, otherwise game plan is known. Be right back
Looks like it might play out after all Ray. ....
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Ghost Rider - WWTBMD?
  • #15,393
  • Nov 5, 2014 7:57pm Nov 5, 2014 7:57pm
Quoting albchr
Looks like it might play out after all Ray. .... {image}
Trading G/J is even better with FXCM because of the fact that they charge commissions, with very low spreads... so if you can cover the spread, the cost of commission per lot is negligible, because it is fixed, and can easily be made up within about 1 pip or so, so basically I am saying...

Scalping with FXCM now rocks
Please check out my blog at https://from-zero-to-hero . net
  • #15,394
  • Nov 5, 2014 8:01pm Nov 5, 2014 8:01pm
Quoting smash1820
{quote} PS: At the rate it's going, this thing can hit 185 easily... But do NOT be mistaken, I am NOT predicting that it will get there this week.
Pitchforks upper trendline, weekly R2 and 1.272; very possible
  • #15,395
  • Nov 5, 2014 8:03pm Nov 5, 2014 8:03pm
Quoting smash1820
{quote} Not a friggin chance of hitting 175, but good luck to you.
It's comments like this that cause me to wonder if I'm wasting my time on FF.

Saying that there is no chance of something happening in the Forex market doesn't make any sense to me.

I've only been trading for 2 years full-time. It is my only source of income. I'm still learning. But one thing I have leaned thus far, is that if you are over-confident, you will soon be humbled.
  • #15,396
  • Nov 5, 2014 8:03pm Nov 5, 2014 8:03pm
Too many people looking at chart time frames of lower than daily. Below that, it will ALWAYS appear to be ready to drop.

As I've said many times here in the distant past, if you want a rough idea that a trend is close to finishing, count the number of newcomers to a forum such as this. The higher it goes, the more will arrive, having heard it's ripe for picking. Then, just as they're piling in ... it will drop. Essentially a re-run of the shoe shine boy story before the Great Depression. It may sound cruel, but it often plays out.

Above the much touted 184.5/185/186, I'll be looking to see what happens at about 187.7/8. Otherwise, 189.3/5. But it really has to get up first. It MAY be in a rising wedge towards 184.5/185

As an aside, I'm surprised that Option Expiries haven't made a return here
  • #15,397
  • Nov 5, 2014 8:06pm Nov 5, 2014 8:06pm
Quoting Mpt
Too many people looking at chart time frames of lower than daily. Below that, it will ALWAYS appear to be ready to drop. As I've said many times here in the distant past, if you want a rough idea that a trend is close to finishing, count the number of newcomers to a forum such as this. The higher it goes, the more will arrive, having heard it's ripe for picking. Then, just as they're piling in ... it will drop. Essentially a re-run of the shoe shine boy story before the Great Depression. It may sound cruel, but it often plays out. Above the much...
Makes sense to me. I came back to GBPJPY looking for short opportunities. If a few long trades maybe for a few pips, fine by me, but I wouldn't really be that interested in longs until a nice retracement...
  • #15,398
  • Nov 5, 2014 8:09pm Nov 5, 2014 8:09pm
Quoting smash1820
{quote} Albchr, it seems as though your post was almost invisible to the members here. I agree with you 110%, and this is NOT a pair for newbies. As I like to say, "you better check yourself, before you wreck yourself". I guess (maybe, hopefully?), I am one of those seasoned veterans you are talking about? Lol... no need to respond though. I'm probably still just dreaming. Albchr is a HIGHLY-RESPECTED member here on this site, and EVERYONE...
Maybe a touch over the top ... eh? Just another humble trader trying to find my way.

Quoting smash1820
{quote} Trading G/J is even better with FXCM because of the fact that they charge commissions, with very low spreads... so if you can cover the spread, the cost of commission per lot is negligible, because it is fixed, and can easily be made up within about 1 pip or so, so basically I am saying... Scalping with FXCM now rocks
Actually, scalping costs me much more through FXCM. Those commissions add up fast and eat into profits quickly over many trades. For the "bulk" of the trading I do it's ok. But when I want to scalp? I'd rather have a fixed spread and no commission. But that's just me.
Ghost Rider - WWTBMD?
  • #15,399
  • Nov 5, 2014 8:16pm Nov 5, 2014 8:16pm
Quoting benaiah
It's comments like this that cause me to wonder if I'm wasting my time on FF. Saying that there is no chance of something happening in the Forex market doesn't make any sense to me. I've only been trading for 2 years full-time. It is my only source of income. I'm still learning. But one thing I have leaned thus far, is that if you are over-confident, you will soon be humbled.
Benaiah,

Do what you want. Honestly, I don't care...

I have noticed that you have subscribed to me once, then unsubscirbed, then re-subscribed, the un-subscribed again... I DON'T CARE what you do.

Follow me if you want, don't follow me if you don't want to.

But what I can tell you is that A PART of the reason I am here on Forex Factory, is because I want to help people.

Granted, that is not the ONLY reason I am here, but it is certainly one of them.

I have been trading for about 6 years. Done everything from daytrading at a prop firm, to investing at an Investment Consulting (HR) firm (Investment Consulting programmer). I have daytraded, swing traded, invested, and more. I have lost tons of money in the most foolish ways possible, and I have made tons of money in the most ridiculous ways possible. I think it is safe to say, that I have seen it all...

I am an aggressive daytrader by my own nature, but I still continue to question whether or not investing is more profitable in the long-run. Do you have advice on the topic? Fine. I would like to hear it...

My point is that I have been there and done that, and I still believe that, if you are good enough, daytrading is the only way to go. If you are REALLY serious about milking the markets for all the money that it's worth, then daytrading is the ONLY way to go. If you want to sit back leisurely and not have a lot of stress or worries in your life, then investing is the approach for you.

Again, I don't care what you choose. But what DOES bother me is people like you, who can't make up their mind. If you want to be a trader, great, then trade, and follow traders. If you don't want to be a trader but instead make "ez money", then be an investor. And, to the contrary, if you think I'm a rude-ass f*ck, then don't friggin' follow me at all and don't even bother to respond to this message, either.

My point is simply that I don't care. I have probably been trading longer than most traders here on this forum, except for Geppy and Albchr, who I highly respect, and I do not expect you will change any of my opinions. So do what the f* you want. I don't care. I am not religious, and I am sorry if I offended any of you who are, because that was never my intent.

I guess I just want to be trusted here. Senior members, I think, SHOULD be trusted, and if that is not the case, I will continue to work very hard in order to make that the case, one day.
Please check out my blog at https://from-zero-to-hero . net
  • #15,400
  • Nov 5, 2014 8:22pm Nov 5, 2014 8:22pm
Quoting benaiah
{quote} Makes sense to me. I came back to GBPJPY looking for short opportunities. If a few long trades maybe for a few pips, fine by me, but I wouldn't really be that interested in longs until a nice retracement...
Sure, please don't think my general comments were aimed at you, or anyone. Just a refection on past observations - but the TF thing is to be noted, as lower TF's can and do provide a false read.
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