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Geppy's Geppy Thread (GBP/JPY)

  • #16,741
  • Dec 3, 2014 10:39am Dec 3, 2014 10:39am
Quoting Mpt
{quote} Well, rightly or wrongly I took profit at 187.7 Can always get back in it holds over here
I took 30% of mine off at 188.00 as discussed the other day.

I'm going to keep an eye on price action and see what she wants to do. Still looking strong though.
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  • #16,742
  • Edited 11:32am Dec 3, 2014 11:20am | Edited 11:32am
Quoting Geppy
{quote} I took 30% of mine off at 188.00 as discussed the other day. I'm going to keep an eye on price action and see what she wants to do. Still looking strong though.
Closed a bit more here at 188.07 for a total of 57% of the original position now taken off.

I'm leaving the rest, hoping for a pullback and then adding more; if she keeps running, at least I've still got some of my position still riding.

I hope everyone that's been following along and contributing here the last few days made out well today.
check out my blog: forexmademillionaire dot com
  • #16,743
  • Dec 3, 2014 9:23pm Dec 3, 2014 9:23pm
Quoting Mpt
{quote} The implication of the rising wedge is meant to be bearish. But sometimes rising wedges are just a means to get around resistance and are then bullish. Hence my earlier comment that if it breaks over 187.5/188 it gets away. A stop before those points sees at least 183 revisited and maybe lower.
Well, it hasn't quite got away yet. It still holds just above / just on the line that one would assume was the top of a wedge and has seen a few 4 hour closes on/over it. I reckon it would have to fall back into 187.5 (daily pivot's at 187.45 ish) first if it was possibly bearish in the sense of a completed wedge.
  • #16,744
  • Dec 3, 2014 9:50pm Dec 3, 2014 9:50pm
Some stats to go along with the Rising Wedge

- In 82% of cases, there is a downward exit
- In 55% of cases, the rising wedge is a reversal pattern
- In 63% of cases, the target of the pattern is reached once the support broken
- In 53% of cases, a pullback occur on the resistance
- In 27% of cases, false breakout occur

GBP/JPY-Rising Wedge Very wide base pointing into Friday
USD/JPY-Rising Wedge Narrow base pointing into Thursday AM
GBP/USD-Symmetrical Triangle very wide base pointing into Friday
  • #16,745
  • Dec 3, 2014 11:14pm Dec 3, 2014 11:14pm
Quoting EllisParrish
Some stats to go along with the Rising Wedge - In 82% of cases, there is a downward exit - In 55% of cases, the rising wedge is a reversal pattern - In 63% of cases, the target of the pattern is reached once the support broken - In 53% of cases, a pullback occur on the resistance - In 27% of cases, false breakout occur GBP/JPY-Rising Wedge Very wide base pointing into Friday USD/JPY-Rising Wedge Narrow base pointing into Thursday AM GBP/USD-Symmetrical Triangle very wide base pointing into Friday
Well, we're soon to find out whether it was a wedge - or a figment of our imagination.
  • #16,746
  • Dec 3, 2014 11:25pm Dec 3, 2014 11:25pm
Agreed, watching with patience...
  • #16,747
  • Dec 4, 2014 1:41am Dec 4, 2014 1:41am
Quoting Mpt
{quote} Well, we're soon to find out whether it was a wedge - or a figment of our imagination.
Hero calls followed by margin calls...
  • #16,748
  • Edited 3:16am Dec 4, 2014 3:06am | Edited 3:16am
Walking along the top tl ... 20 pips up or 20 pips down wrt 187.98. That's what it's come to. Absolutely 50/50 - and it's not even nfp time
  • #16,749
  • Dec 4, 2014 4:22am Dec 4, 2014 4:22am
An illusion, me thinks
  • #16,750
  • Dec 4, 2014 11:09am Dec 4, 2014 11:09am
I bought back in the 187.70s and ready to stay patient again. The trend is your friend and right now that trend is clearly up.
check out my blog: forexmademillionaire dot com
  • #16,751
  • Dec 4, 2014 11:11am Dec 4, 2014 11:11am
Quoting Geppy
I bought back in the 187.70s and ready to stay patient again. The trend is your friend and right now that trend is clearly up.
Hi Geppy, bought 187.65 ... for the second time today. I had an entry from there earlier this afternoon, then in profits about 50, then headed out of office to find myself S/O BE again Well, as long as setup is valid ... IN AGAIN! Another buy limit is waiting a bit lower ...
Fix up, trade sharp ...
  • #16,752
  • Dec 4, 2014 11:31am Dec 4, 2014 11:31am
Quoting Hickson
{quote} Hi Geppy, bought 187.65 ... for the second time today. I had an entry from there earlier this afternoon, then in profits about 50, then headed out of office to find myself S/O BE again Well, as long as setup is valid ... IN AGAIN! Another buy limit is waiting a bit lower ...
Gotcha. Do you generally move stops to b/e? I usually decide on a stop loss before entering a trade and tend not to move it. I've found that when I do, I end up getting stopped out of trades that would have been winners. So now I just make a hard rule that I don't move my SL.
check out my blog: forexmademillionaire dot com
  • #16,753
  • Dec 4, 2014 11:44am Dec 4, 2014 11:44am
Quoting Geppy
{quote} Gotcha. Do you generally move stops to b/e? I usually decide on a stop loss before entering a trade and tend not to move it. I've found that when I do, I end up getting stopped out of trades that would have been winners. So now I just make a hard rule that I don't move my SL.
I often do now when I cannot monitor the trade after being S/O in a loss several times after already being in profit. I am still figuring out how to adapt. It is not easy. Want to try to split positions more and have TPs. Need to get used to it first, since I "forget" it still most of the time due to old habits.
Fix up, trade sharp ...
  • #16,754
  • Dec 4, 2014 11:53am Dec 4, 2014 11:53am
Quoting Hickson
{quote} I often do now when I cannot monitor the trade after being S/O in a loss several times after already being in profit. I am still figuring out how to adapt. It is not easy. Want to try to split positions more and have TPs. Need to get used to it first, since I "forget" it still most of the time due to old habits.
I hear ya. Taking profit isn't easy either. I documented my 188.00 target here with the chart and even put the target on a portion of my position. Then, as we were getting close, I decided to remove the TP thinking "hey, maybe we'll just keep going higher still!". Then after sitting around 188 for awhile I began peeling some off as I had originally planned.

Greed can work against you. Always be practicing discipline and patience.
check out my blog: forexmademillionaire dot com
  • #16,755
  • Dec 4, 2014 2:15pm Dec 4, 2014 2:15pm
Quoting Geppy
{quote} I hear ya. Taking profit isn't easy either. I documented my 188.00 target here with the chart and even put the target on a portion of my position. Then, as we were getting close, I decided to remove the TP thinking "hey, maybe we'll just keep going higher still!". Then after sitting around 188 for awhile I began peeling some off as I had originally planned. Greed can work against you. Always be practicing discipline and patience.
Hey dude, nice to see you posting again. ... You staying for a spell or just a random appearance?
Ghost Rider - WWTBMD?
  • #16,756
  • Dec 4, 2014 2:26pm Dec 4, 2014 2:26pm
Quoting albchr
{quote} Hey dude, nice to see you posting again. ... You staying for a spell or just a random appearance?
hey albchr! Nice to see you too, man. I hope trading is treating you well.

Hopefully for a spell :-)
check out my blog: forexmademillionaire dot com
  • #16,757
  • Dec 4, 2014 2:35pm Dec 4, 2014 2:35pm
Quoting Geppy
{quote} hey albchr! Nice to see you too, man. I hope trading is treating you well. Hopefully for a spell :-)
I can't complain brother. It's coming together rather nicely now. Never enough fast enough of course but ... well ... you know.

That would be great man. I miss your views on the beast and we had some fun a while back. I might be out in your neck of the woods at some point in the near future. Long story but if so, maybe we can grab a beer and NOT talk trading. LOL
Ghost Rider - WWTBMD?
  • #16,758
  • Dec 4, 2014 3:06pm Dec 4, 2014 3:06pm
Quoting Geppy
{quote} hey albchr! Nice to see you too, man. I hope trading is treating you well. Hopefully for a spell :-)
I second that. Really appreciate your valuable contributions, and positive demeanor...
  • #16,759
  • Dec 4, 2014 3:20pm Dec 4, 2014 3:20pm
Let's drink a nice beer one day altogether with Geppy and Geppy man!

https://www.durstloescher-aachen.de/...ell-20x05l.jpg
Fix up, trade sharp ...
  • #16,760
  • Dec 4, 2014 4:47pm Dec 4, 2014 4:47pm
Quoting albchr
{quote} I can't complain brother. It's coming together rather nicely now. Never enough fast enough of course but ... well ... you know. That would be great man. I miss your views on the beast and we had some fun a while back. I might be out in your neck of the woods at some point in the near future. Long story but if so, maybe we can grab a beer and NOT talk trading. LOL
Beer, definitely. Not talk about trading...? Is that possible? lol
check out my blog: forexmademillionaire dot com
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