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Dragon Riders GBP/JPY

  • #2,781
  • Jan 16, 2015 5:29am Jan 16, 2015 5:29am
Here it comes, the data....
Be humble or be humbled.
  • #2,782
  • Jan 16, 2015 7:03am Jan 16, 2015 7:03am
Consumer sentiment was parabolic 98 with a 94 expected. To me this means the support on the H4 and daily chart will hold. Long @ 177.64
Be humble or be humbled.
  • #2,783
  • Jan 16, 2015 7:15am Jan 16, 2015 7:15am
Quoting Temujin
Consumer sentiment was parabolic 98 with a 94 expected. To me this means the support on the H4 and daily chart will hold. Long @ 177.64
Im long biased but i'd be careful taking a long here at this time.

1.) It's Friday and you'll have to hold over weekend (unless of course this is a short term scalp)
2.) We're at/approaching supply zone for shorts to jump back in.

Well see Monday if this fib level can hold hopefully no gap down, but i'm kind of expecting one.
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  • #2,784
  • Jan 16, 2015 7:38am Jan 16, 2015 7:38am
Hey Gmann! I decided to completely change the time frame I trade on. I was short above 187and if I had just followed it....... I want to trade those great lines of yours now and get the hundreds of pips. The scalping had me all messed up for a very long time. This pair has now hit the 220 day EMA. Before it goes lower we are going to see a couple hundred more pips.
Be humble or be humbled.
  • #2,785
  • Jan 16, 2015 7:41am Jan 16, 2015 7:41am
Yes ...trade this short term.....big time.
They're being generous the last year, short term is funner than hail...follow the action at 7:42 pm New York time daily, I swear it gets easier seeing the two major patterns the banks do. Sovergn Wealth Funds are getting larger, too.....pushing 15 trillion now.

As usual....that .93 at the 177 sector is a sell.
  • #2,786
  • Jan 16, 2015 7:43am Jan 16, 2015 7:43am
Quoting Temujin
Hey Gmann! I decided to completely change the time frame I trade on. I was short above 187and if I had just followed it....... I want to trade those great lines of yours now and get the hundreds of pips. The scalping had me all messed up for a very long time. This pair has now hit the 220 day EMA. Before it goes lower we are going to see a couple hundred more pips.
178 is big supply zone now for those looking to continue hammering this short (top part of that blue rectangle range). If we can get a break and hold above 178 that will make longs look even better. Im weary of this Friday rally as most of the times this is a short squeeze going into next week (profit taking from big boys who were short the whole week closing out positions). We could see stocks rally Monday though which would help alleviate a lot of this risk off sentiment we've been feeling this week with everyone running for the hills. Hopefully we can break above 178, if not I expect a LL. Also we should see some crazy moves with ECB and BOJ meetings coming up soon. I think we will see a retest of 176-175.5 again sometime next week and then the make or break either up or down.
  • #2,787
  • Jan 16, 2015 7:54am Jan 16, 2015 7:54am
Quoting thegmann
{quote} 178 is big supply zone now for those looking to continue hammering this short (top part of that blue rectangle range). If we can get a break and hold above 178 that will make longs look even better. Im weary of this Friday rally as most of the times this is a short squeeze going into next week (profit taking from big boys who were short the whole week closing out positions). We could see stocks rally Monday though which would help alleviate a lot of this risk off sentiment we've been feeling this week with everyone running for the hills....
Excellent risk assessment, looking ahead at major market drivers. The S&P held 2000 today and the DOW 17,000. More BOJ easing? I heard it but wow, too soon.
Jan 25 too, Syriza will come into power in Greece, more jumpy nerves to ensue. It could retest on those events for sure.
Be humble or be humbled.
  • #2,788
  • Jan 16, 2015 7:55am Jan 16, 2015 7:55am
Quoting Gbp/jpy
Yes ...trade this short term.....big time. They're being generous the last year, short term is funner than hail...follow the action at 7:42 pm New York time daily, I swear it gets easier seeing the two major patterns the banks do. Sovergn Wealth Funds are getting larger, too.....pushing 15 trillion now. As usual....that .93 at the 177 sector is a sell.
Yeah that has always messed me up my friend, trying to find out what session was doing what.
Be humble or be humbled.
  • #2,789
  • Jan 16, 2015 8:01am Jan 16, 2015 8:01am
Quoting thegmann
{quote} 178 is big supply zone now for those looking to continue hammering this short (top part of that blue rectangle range). If we can get a break and hold above 178 that will make longs look even better. Im weary of this Friday rally as most of the times this is a short squeeze going into next week (profit taking from big boys who were short the whole week closing out positions). We could see stocks rally Monday though which would help alleviate a lot of this risk off sentiment we've been feeling this week with everyone running for the hills....
The market is looking for the ECB to start 500 billion euros on the QE number to impress and bring the euro lower. Once the BOJ hits that 2% target and that's it back to 164. That's even before any of the bond buying stops. Just the market looking 6 months ahead to the unwind of the program.
Be humble or be humbled.
  • #2,790
  • Jan 16, 2015 8:57am Jan 16, 2015 8:57am
Time to short GBPJPY? 178 strong supply area is defended very well and push the price down again. Will try some small short volume with tight SL is possible.
  • #2,791
  • Jan 16, 2015 8:59am Jan 16, 2015 8:59am
Quoting ill_be_back
Pending SHORT GJ 177.790 SL a few above TP open
S/O Lost a few, Next Pending sell at 178.350, SL a few above, TP 174.786 (Final Target before BOJ)

Quoting ill_be_back
Short gj 178.278 tp 174.786
A good trader follows his rules, but great trader knows when to break them
  • #2,792
  • Jan 16, 2015 11:30am Jan 16, 2015 11:30am
Next week should be interesting price at critical 178 level. All about the open for next week open above 178 were going up drop back below it's back to the lows.
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  • #2,793
  • Jan 16, 2015 12:10pm Jan 16, 2015 12:10pm
Quoting thegmann
Next week should be interesting price at critical 178 level. All about the open for next week open above 178 were going up drop back below it's back to the lows. {image}
GMann, check out EUR/AUD. Fell 1,300 pips in 4.5 weeks. 140 level support? GBP/JPY has a 4 pip spread and it's damn expensive for an American to trade too.
Be humble or be humbled.
  • #2,794
  • Jan 16, 2015 12:39pm Jan 16, 2015 12:39pm
Goldman Sachs amazing projections-- USD/JPY to 130 and EUR/USD to 108. So this would put GBP/JPY at around 200 Yen per Pound Sterling then.

http://www.efxnews.com/story/27586/g...-eurusd-usdjpy
Be humble or be humbled.
  • #2,795
  • Jan 16, 2015 12:48pm Jan 16, 2015 12:48pm
Quoting Temujin
Goldman Sachs amazing projections-- USD/JPY to 130 and EUR/USD to 108. So this would put GBP/JPY at around 200 Yen per Pound Sterling then. http://www.efxnews.com/story/27586/g...-eurusd-usdjpy
Yes, I would like to see EUR/USD at 108. That would make me and my countrymen rich lol Anyway, call this a week ... it was just too crazy, better to go into the weekend totally flat except one mini position on Kiwi long that will likely not give trouble by any gaps. And you can expect some crazy gaps on Monday, at least on everything with CHF and EUR!
Fix up, trade sharp ...
  • #2,796
  • Jan 16, 2015 12:55pm Jan 16, 2015 12:55pm
And for the records ... not ending the day on a positive note ... I was long on EUR/USD too early even though it made the anticipated upmove but that does not count yet ... however, no losses overall this week but pretty much break even which might even be a luxury into all this mess and stories of people here having to settle for private insolvency ...

Have a good weekend while you still can. Sure you need some relaxed time after this week and we need to be strong next week as well in this crazy market environment, laters.
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Fix up, trade sharp ...
  • #2,797
  • Jan 16, 2015 1:03pm Jan 16, 2015 1:03pm
4 dustbins

have a good weekend all ... laters
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  • #2,798
  • Jan 16, 2015 2:28pm Jan 16, 2015 2:28pm
I've heard about the yen crosses giving it up to the yen because of (a) safe haven status of yen and, (b) unwinding of carry trade--but why is the yen still considered a safe haven? When will the unwinding of previous trades finally reach the desired effect for traders?

The increased value of the yen seems to go against the economic program of ABEnomics. Isn't anyone worried that Japan Inc. will suddenly devalue the yen again with some version of QE?
  • #2,799
  • Jan 16, 2015 3:44pm Jan 16, 2015 3:44pm
Quoting Hickson
And for the records ... not ending the day on a positive note ... I was long on EUR/USD too early even though it made the anticipated upmove but that does not count yet ... however, no losses overall this week but pretty much break even which might even be a luxury into all this mess and stories of people here having to settle for private insolvency ... Have a good weekend while you still can. Sure you need some relaxed time after this week and we need to be strong next week as well in this crazy market environment, laters. {image}
Hicskson, I dig your candidness and openness about your trading. I had a tough week too, but managed to make a little money. Just updated the blog about it here:

http://www.forexmademillionaire.com/...nce-1-16-2015/
check out my blog: forexmademillionaire dot com
  • #2,800
  • Jan 16, 2015 5:00pm Jan 16, 2015 5:00pm
Quoting Geppy
{quote} Hicskson, I dig your candidness and openness about your trading. I had a tough week too, but managed to make a little money. Just updated the blog about it here: http://www.forexmademillionaire.com/...nce-1-16-2015/
Nice blog Gep. This week wasn't too hot for me either. Was up really good as well and let trades run against me (although I was planning on holding them for awhile) I also accidentally sent a wrong order through my phone and instead of setting a SL closed out a trade for like a 60 pip loss :S haha. All in all though no gain or loss. Pretty blah week which is actually a good thing when you consider some people that got burned on the CHF. Heck imagine if you were long USDCHF that was in nice uptrend x_X.
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