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Dragon Riders GBP/JPY

  • #2,201
  • Edited 8:13pm Jan 11, 2015 8:01pm | Edited 8:13pm
179 should prove interesting. Should be large # of buyers coming in very soon. If you compare the extent of previous downward move in the uptrend, which just so happens to coincide with the beginning of the year, and match it up to current downward correction the two are almost identical in size (will match up around 179-178.8) This coupled with several big fib levels on daily and weekly leading to possible good long term buy around these prices and a continuation of the prevailing upward price movement we've been seeing. I personally don't see any sort of long term reversal until 200 is at least touched.
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  • #2,202
  • Jan 11, 2015 9:31pm Jan 11, 2015 9:31pm
Quoting thegmann
179 should prove interesting. Should be large # of buyers coming in very soon. If you compare the extent of previous downward move in the uptrend, which just so happens to coincide with the beginning of the year, and match it up to current downward correction the two are almost identical in size (will match up around 179-178.8) This coupled with several big fib levels on daily and weekly leading to possible good long term buy around these prices and a continuation of the prevailing upward price movement we've been seeing. I personally don't see...
I'm in tentative agreement, but not too sure.

In terms of intermediate short term (that is to say, the past few months), the most recent rise up for the geppy was from 168 to 189.6. Now, going by the 50% fib, we should see significant resistance around 179 (plus or minus 20/30 pips by the market just to knock out overeager traders). But 50% fibonacci doesn't always hold, and I wouldn't be surprised to see 61.8%.

More importantly, the lack of notable news for tomorrow makes me a bit wary of jumping the gun. Tuesday will probably have more information thanks to its news about the pound sterling. I've adjusted my stop losses, and locked in 70 pips so far. I am concerned about FX-Ray's post, however. He seems to expect 178.00 to take profit on his shorts, and I'm curious as to how he derived that particular number.

Edit: This is really juvenile, but every time I see Lockhart in the FOMC membership list, I keep thinking about Harry Potter. I think I need to lay off the novels.

Oh, and look at that. We've hit the 179 region. Let's just wait and see, shall we?
  • #2,203
  • Jan 11, 2015 9:36pm Jan 11, 2015 9:36pm
Ah, there we have it.....lunch is over in Tokyo......reverse maybe, huh!!
  • #2,204
  • Jan 11, 2015 9:45pm Jan 11, 2015 9:45pm
Quoting Gbp/jpy
Ah, there we have it.....lunch is over in Tokyo......reverse maybe, huh!!

Isn't the Bank of Japan closed right now? I don't think a reversal will happen yet, given the lack of stimulus on either side of the pairs. The dragon is sleeping right now.

Edit: I'd be VERY surprised if the downward momentum reverses when the bank is closed.
  • #2,205
  • Jan 11, 2015 9:48pm Jan 11, 2015 9:48pm
Divergence in H4 seems to suggest we are heading to 178.5- 176 area, but im quite skeptical about the PA. Not going to trade this week. Lets c how will london react tomorrow when CPI is released. Happy Trading guys!!
  • #2,206
  • Jan 11, 2015 10:20pm Jan 11, 2015 10:20pm
21 pips so far..I'm not sure if 39 pips will be seen....
  • #2,207
  • Jan 11, 2015 10:28pm Jan 11, 2015 10:28pm
Quoting Gbp/jpy
21 pips so far..I'm not sure if 39 pips will be seen....
whats your target? at what level?
  • #2,208
  • Jan 11, 2015 10:33pm Jan 11, 2015 10:33pm
Quoting melvinlimmy
{quote} whats your target? at what level?
3 targets to the upside...but today seems non-volatile judging from the 7:42 pm trade......historically it should drop for 3 more days at least....( mapping the end of year reverse ) truncated, so far.....
  • #2,209
  • Jan 11, 2015 10:48pm Jan 11, 2015 10:48pm
Quoting FX-Ray
G/J just rejected 179.75/65 (halfway of DPs 180.40/30 & 179.10/00); next probably is DP 179.10/00, good luck. Laters
Printed.
  • #2,210
  • Jan 11, 2015 10:56pm Jan 11, 2015 10:56pm
  •  turnfx
  • | Joined Dec 2014 | Status: Only money management is the key of | 334 Posts | Online Now
Quoting FX-Ray
{quote} Printed.
hey ray one again 179.10 ?? or just go down this time
  • #2,211
  • Jan 11, 2015 10:58pm Jan 11, 2015 10:58pm
Quoting turnfx
{quote} hey ray one again 179.10 ?? or just go down this time
If she's unable to test 179.75/65 then probably yes.
  • #2,212
  • Jan 11, 2015 11:05pm Jan 11, 2015 11:05pm
  •  turnfx
  • | Joined Dec 2014 | Status: Only money management is the key of | 334 Posts | Online Now
any news about eurusd ???
  • #2,213
  • Jan 11, 2015 11:06pm Jan 11, 2015 11:06pm
Choppy market. May be a week of consolidation. IMO, there will be opportunities, but entries must be (extra) well-strategized.
  • #2,214
  • Jan 11, 2015 11:30pm Jan 11, 2015 11:30pm
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  • #2,215
  • Jan 11, 2015 11:50pm Jan 11, 2015 11:50pm
Quoting FX-Ray
{quote} If she's unable to test 179.75/65 then probably yes.
if it is pass the 179.75, whats your next target? i got 179.90
  • #2,216
  • Jan 12, 2015 1:13am Jan 12, 2015 1:13am
Quoting Sants
{quote} if it is pass the 179.75, whats your next target? i got 179.90
180.40/30 if 179.75/65 is support
  • #2,217
  • Jan 12, 2015 1:20am Jan 12, 2015 1:20am
Quoting FX-Ray
{quote} 180.40/30 if 179.75/65 is support
Noooo. 180.30 is my stop loss. Guess I'll have to adjust it then; I'd hate to be forced close my trade on the next resistance. Probably going to be stuck on my charts waiting to see if I'll have to take profit early.

On that note, my indicators are pointing towards further downward moment despite current reluctance to make headway. What are you leaning towards, Ray?
  • #2,218
  • Jan 12, 2015 1:25am Jan 12, 2015 1:25am
Quoting Vermillion
{quote} Noooo. 180.30 is my stop loss. Guess I'll have to adjust it then; I'd hate to be forced close my trade on the next resistance. Probably going to be stuck on my charts waiting to see if I'll have to take profit early. On that note, my indicators are pointing towards further downward moment despite current reluctance to make headway. What are you leaning towards, Ray?
if 179.75/65 resistance next is 179.10/00. Its quiet, I play the range for now.
  • #2,219
  • Jan 12, 2015 1:39am Jan 12, 2015 1:39am
watching 75
  • #2,220
  • Jan 12, 2015 1:41am Jan 12, 2015 1:41am
got short 179.75, stop tight, optimal target 179.10/00
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