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Dragon Riders GBP/JPY

  • #221
  • Nov 26, 2014 8:54am Nov 26, 2014 8:54am
Quoting AllyB
{quote} your DP's are working nicely this morning ... got me 20 anyway
Glad it worked out for you. Am done for today since markets are slowing. Wish you a nice day
  • #222
  • Nov 26, 2014 9:05am Nov 26, 2014 9:05am
Still short, stop over 186.10 ... nothing to do in the markets today for me from here. I am long tea now in this cold weather to gain some motivation for training, which is pretty tough today in this foggy, wet and cold weather. But no pain ... no gain.
Fix up, trade sharp ...
  • #223
  • Nov 26, 2014 10:37am Nov 26, 2014 10:37am
Quoting Hickson
Still short, stop over 186.10 ... nothing to do in the markets today for me from here. I am long tea now in this cold weather to gain some motivation for training, which is pretty tough today in this foggy, wet and cold weather. But no pain ... no gain.
GBP/JPY is approaching the 186.00/10 resistance. It's been tested twice before, and all failed (the highest being around 186.110 , plus or minus a few pips depending on your brokerage spread).

Will three times be the charm? Or will it fail once more and head downwards to 185 and below? Stay tuned, in the next the next episode of the dragon!

......please ignore the last bit at the end. I think I need to lay off the holiday celebrations.
  • #224
  • Nov 26, 2014 1:35pm Nov 26, 2014 1:35pm
Quoting Vermillion
{quote} GBP/JPY is approaching the 186.00/10 resistance. It's been tested twice before, and all failed (the highest being around 186.110 , plus or minus a few pips depending on your brokerage spread). Will three times be the charm? Or will it fail once more and head downwards to 185 and below? Stay tuned, in the next the next episode of the dragon! ......please ignore the last bit at the end. I think I need to lay off the holiday celebrations.
Yeah, sounds reasonable ... just noticed I have been a few pips from being stopped out while away from the platform. I will just let this run over night, if stopped out, then be it ... if this holds and a retracement will come - good!
Fix up, trade sharp ...
  • #225
  • Nov 26, 2014 4:30pm Nov 26, 2014 4:30pm
Quoting IveGotQuads
Hahahaha a lot of bulls locking profits @ 185.45 ......those are sell orders. I have a feeling price will be coming to scoop those orders
As expected during the US session for price to shake off weak buyers @ 185.40/50 zone and go an extra 60 pip run, likewise sellers. I am definitely leaning towards the buy side as we have been hitting the 186.11 ceiling often. I hope to see some tight range during the Asian session and a drop to the 185.30/40 zone by London session to look for a buy entry. Or will price breakout or reverse a 4th time @ 186.10....one or the other will have to give way.
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  • #226
  • Edited 6:21pm Nov 26, 2014 5:01pm | Edited 6:21pm
Hmmm we seem to have a similar plan I have already shorted in the mid .80 area and looking for a drop to the same area (.40-.30), and possibly a bit lower (hoping for .12). Im really not into anything long term here with the holiday and thinner markets due to that, so Im basically doing the hit and run 20-50 pip here and there, pyramids are on hold unless something big happens. Trade is looking good we will see what unfolds.


Ok out at .60 pullback hit the trailer, pretty slow out there so I had the trailer tight, maybe to tight.
  • #227
  • Nov 26, 2014 7:54pm Nov 26, 2014 7:54pm
I think I'm just going to drink tonight.

Set a buy limit at 185.30, with a 20 pip stop and an open tp. Seems to be a very big flat top triangle forming, so there could be another move to the upside.

I've pretty much given up on setting up trades based off the long-term RSI, since being overbought apparently doesn't matter anymore (or maybe it will next month?).

edit: Wow, that trade opened pretty fast. Here's to hoping the triangle holds!
  • #228
  • Nov 26, 2014 8:21pm Nov 26, 2014 8:21pm
Quoting 4xNewGuy
I think I'm just going to drink tonight. Set a buy limit at 185.30, with a 20 pip stop and an open tp. Seems to be a very big flat top triangle forming, so there could be another move to the upside. I've pretty much given up on setting up trades based off the long-term RSI, since being overbought apparently doesn't matter anymore (or maybe it will next month?). edit: Wow, that trade opened pretty fast. Here's to hoping the triangle holds!
what is your entry for this pair?
  • #229
  • Nov 26, 2014 8:42pm Nov 26, 2014 8:42pm
Quoting poseikwame
{quote} what is your entry for this pair?
This is what I'm seeing right now. Someone else pointed out the top of 186.10, and it seems pretty valid. I then drew a supporting line from basically the start of the yen news break where they said SCREW OUR CURRENCY!!!!! Look back on the 15m charts, and you'll find it.

If you want to get in, get in now. You could also pyramid it a bit and set up another buy 10-15 pips below the point it's at now. But this pretty much seems to be the low point of the move. Run a 20 pip stop if I'm wrong, that's what I'm doing.

edit: Just gonna stick with the drinking until this pair levels out. It's been too weird lately. Hope nobody took my advice. It seemed sound, but the market changed that really quick.
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  • #230
  • Nov 26, 2014 8:50pm Nov 26, 2014 8:50pm
Now, somewhere in these holiday low volatility thank you days....we should get an asian spike somewheres
  • #231
  • Nov 26, 2014 8:58pm Nov 26, 2014 8:58pm
Quoting Gbp/jpy
Now, somewhere in these holiday low volatility thank you days....we should get an asian spike somewheres
spike up?... EU n London opening soon
  • #232
  • Nov 26, 2014 9:02pm Nov 26, 2014 9:02pm
Well! So much for that idea!

GL all, and to all a good rest of the week. Hope you find the trends better than I do.
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  • #233
  • Nov 26, 2014 9:03pm Nov 26, 2014 9:03pm
well UJ also acting all fussy... is the long steam out for xx/jpy airs???
  • #234
  • Nov 26, 2014 9:05pm Nov 26, 2014 9:05pm
Quoting 4xNewGuy
Well! So much for that idea! GL all, and to all a good rest of the week. Hope you find the trends better than I do.{image}
bro I think you just playing it too tight! Still in place, look at EURJPY the TL is much cleaner!
All posts are my personal opinion
  • #235
  • Nov 26, 2014 9:06pm Nov 26, 2014 9:06pm
I wouldn't recommend buying right now. Based on trendline, we can still retest the 185.00. Given previous attempts at correction, there is a VERY good chance of 185 being retested. When we have a clear break below 185 and reach below 184.8, we resume bearish momentum with next supports being 184.5 and 184.00

Look at the hourly chart

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There will be significant support at 184,00, but if it falls through as well, reload longs at 183.20.

Honestly, even if you believe market will go long, buy at 185. Don't buy right now-not when there's still 20 free pips to grab. It'll help decrease the impact of your losses in the event that we resume correction.

Remember, its's thanksgiving week. Many pairs related to the USD have tighter ranges and increased likelihood of random fluctuations in prices (i.e. hitting the extreme edges of established trends=more likely than usual)
  • #236
  • Nov 27, 2014 3:33am Nov 27, 2014 3:33am
There is probably not more to do than just play the range atm ...
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Fix up, trade sharp ...
  • #237
  • Nov 27, 2014 3:39am Nov 27, 2014 3:39am
im short too. it is still..
  • #238
  • Nov 27, 2014 4:03am Nov 27, 2014 4:03am
Quoting Hickson
There is probably not more to do than just play the range atm ... {image}
Interesting you brought that up ....Gbp/Jpy tough range to scalp, so I've stayed away in the meantime. Overall temporary bearish sentiment in the Gbp and perhaps a shift to winding down of dollar longs. Take a look at this classic double top in the Gbp/Aud, only managed to take about 88+ pips from last night before closing the trade, but I think there's about 450+ pips to be snagged from here in the next 2 weeks or so. It is ranging tight in the 15 min TF, unfortunately no liquidity at the moment. Might want to put this pair in your watch list.
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  • #239
  • Nov 27, 2014 4:56am Nov 27, 2014 4:56am
Quoting IveGotQuads
{quote} Interesting you brought that up ....Gbp/Jpy tough range to scalp, so I've stayed away in the meantime. Overall temporary bearish sentiment in the Gbp and perhaps a shift to winding down of dollar longs. Take a look at this classic double top in the Gbp/Aud, only managed to take about 88+ pips from last night before closing the trade, but I think there's about 450+ pips to be snagged from here in the next 2 weeks or so. It is ranging tight in the 15 min TF, unfortunately no liquidity at the moment. Might want to put this pair in your watch...
Hi, this is indeed looking interesting. I have never traded GBP/AUD but know what a beast GBP/NZD can be. However, with Aussie being very bearish and Sterling showing some strength I don't know if selling is the right idea ... daily looks bearish though.
Fix up, trade sharp ...
  • #240
  • Edited 6:10am Nov 27, 2014 6:02am | Edited 6:10am
Quoting Hickson
{quote} Hi, this is indeed looking interesting. I have never traded GBP/AUD but know what a beast GBP/NZD can be. However, with Aussie being very bearish and Sterling showing some strength I don't know if selling is the right idea ... daily looks bearish though.
Nice response... so If we look at this just in a technical fashion excluding our biases and looking at this with fresh eyes...the Daily correlation between Gbp/yen and Gbp/Aud is not even close at all. It neither moves in opposite direction nor In the same direction, it is actually around -16 on the daily and -14 in the weekly. We may be seeing the start of a changing sentiment in the Aussie after been pushed around for months or as noted earlier, a Dollar winding down in positions. The play here was to avoid the Dollar all together. Fundamentally if OPEC takes action, this could be the catalyst for traders to buy Aud and Cad. Included below are the dailys and last one is 15mins on the Gbp/Aud.

Ps: sorry for the Gbp/Aud convo here
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