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Dragon Riders GBP/JPY

  • #2,901
  • Jan 21, 2015 4:16am Jan 21, 2015 4:16am
not the best entry though
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  • #2,902
  • Edited 5:45am Jan 21, 2015 5:33am | Edited 5:45am
Quoting thegmann
{quote} indeed.... As usual should have went with my 2nd choice of entry (178 instead of 178.5) but what can you do, i'm sure my stop will get hit at 177.5 before I wake up tomorrow anyways. Looks like down we go, oh well I tried. Seems most orders I place go against me 30+ pips in the opposite direction rofl, would of had a nice short entry hahaha.
HHAHAHAHAHAHAHAHAH WOW....I swear.... goes from my exact entry all the way down and touches my SL exactly.... to the pip.... all in a minnute.... Now that I can't even make up....Idk what to say....

I'm done for the week, shits too crazy for me ECB is going to throw everything out the window it's going to be crazy, don't want to be around for that. This whole printing to infinity thing is really starting to get out of hand.
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  • #2,903
  • Edited 7:33am Jan 21, 2015 7:23am | Edited 7:33am
Oh dear. The recent move up to 180 seems to have been a bull trap.

I had the impression that the institutions and market makers seemed to be raising the gbp/jpy too quickly just prior to the BoJ news, so I expected a decent drop (100-200 pips) but I didn't expect it to be THIS far and fast to drop. 180 really was the last bastion for bears, and it held (for now only). The average entry for forexfactory bulls was around 179.50 (it's 177.260 right now). Ouch.

This is the most amount of pips I've ever snagged in 24 hours on a pair. And now, I might even get to load my longs at a decent price. Thank you, market makers.

http://www.picresize.com/images/rsz_screenshot_69.png
  • #2,904
  • Jan 21, 2015 8:01am Jan 21, 2015 8:01am
Quoting Vermillion
{quote} BOJ conference will tell all. That'll be the decision maker as to whether we resume the immediate move up, or continue down for the time being. And then we'll get the mother of all bombs with the ECB. I just hope they don't pull another stunt like the SNB; the last thing I want is the European Central Bank to start something really stupid in desperation.
The BOJ is expected to stay the course this meeting but analysts think more easing to come the second half of 2015. Pound and USD getting a beating this A.M. Could be a good sized rally on the way with the ECB action tomorrow. I keep in mind in order for banks to buy they must create sellers to free up liquidity. Long 177.33 pre-market N.Y.
Be humble or be humbled.
  • #2,905
  • Jan 21, 2015 8:05am Jan 21, 2015 8:05am
Quoting Vermillion
Oh dear. The recent move up to 180 seems to have been a bull trap. I had the impression that the institutions and market makers seemed to be raising the gbp/jpy too quickly just prior to the BoJ news, so I expected a decent drop (100-200 pips) but I didn't expect it to be THIS far and fast to drop. 180 really was the last bastion for bears, and it held (for now only). The average entry for forexfactory bulls was around 179.50 (it's 177.260 right now). Ouch. This is the most amount of pips I've ever snagged in 24 hours on a pair. And now, I might...
Congrats, This month has been a wild ride. Glad to see you profited from it.
Be humble or be humbled.
  • #2,906
  • Jan 21, 2015 8:11am Jan 21, 2015 8:11am
Quoting Temujin
{quote} Congrats, This month has been a wild ride. Glad to see you profited from it.
Thanks. It's been hectic for me as well, and just recently, I've blown nearly 9 days of hard work because I was asleep and didn't look at my charts when I had a large SL.
With this, I've made back my losses and added a bid on top, but it still makes me wish that I didn't make those stupid mistakes. Oh well, at last I'm still in the game.
  • #2,907
  • Jan 21, 2015 9:18am Jan 21, 2015 9:18am
Should Bounce Back DOWN from 178.167, If Not then 178.496
Have a pending SHORT at 178.496
A good trader follows his rules, but great trader knows when to break them
  • #2,908
  • Jan 21, 2015 9:19am Jan 21, 2015 9:19am
I can totally identify with that. I live on west coast of the U.S. so London is my sleep time. I've awaken to quite a few disasters in N.Y. time, lol. I guess it just comes down to what time frame we are trading. To me the 15 min and 30 min are just indications of what the pair will do for 12 or 72 hours. This is a the most tempermental and volatile pair but when you look at the H4 or daily chart all those candles are consolidated hours and even this pair is no longer chaotic. It's travelling somewhere.
Be humble or be humbled.
  • #2,909
  • Jan 21, 2015 9:25am Jan 21, 2015 9:25am
Quoting ill_be_back
Should Bounce Back DOWN from 178.175, If Not then 178.496 Have a pending SHORT at 178.496
Follows the DOW Jones and 3 times now 17,000 has been tested and approved. Stocks have never had a losing year before an election year since 1939. Expect the unexpected.
Be humble or be humbled.
  • #2,910
  • Jan 21, 2015 9:55am Jan 21, 2015 9:55am
Quoting Temujin
{quote} The BOJ is expected to stay the course this meeting but analysts think more easing to come the second half of 2015. Pound and USD getting a beating this A.M. Could be a good sized rally on the way with the ECB action tomorrow. I keep in mind in order for banks to buy they must create sellers to free up liquidity. Long 177.33 pre-market N.Y.
I was 29 pips in the red but I used no SL and now just closed that long at 178 for 67 pips.
Be humble or be humbled.
  • #2,911
  • Jan 21, 2015 10:36am Jan 21, 2015 10:36am
Quoting Temujin
{quote} I was 29 pips in the red but I used no SL and now just closed that long at 178 for 67 pips.
Is this the way to be profitable on this pair?
Fix up, trade sharp ...
  • #2,912
  • Jan 21, 2015 10:41am Jan 21, 2015 10:41am
Quoting Hickson
{quote} Is this the way to be profitable on this pair?
Not necessarily. the GBP/JPY just requires a bigger SL than others in my opinion. By bigger SL, I mean potentially in the 100pip+ to hundreds of pips. Unfortunately, most retail traders I know refuse to have that.

For me, I profit from the geppy by having a pretty tight SL (20-50 pips) when I first enter. If market goes to my direction within the next few hours, I start locking in profits 5-15 pips at a time.

Most of the time however, I just let profitable trades run with a huge SL that already has profits locked in. So I end up losing a lot of money in total potential profit, but I also tend to yield big dividends as the profits run. I'm curently trying to construct a trading strategy to minimize lost potential profit by locking profits in earlier, but it's touch and go for now.

I've been improving as of late, and for the past 5 months or so, it's worked out fine. The problem is the sheer frustration you get as you keep thinking about all the lost opportunities you just refused to cash in. Then I think of all the times that early TP has cost me, and then my head just explodes.
  • #2,913
  • Jan 21, 2015 10:43am Jan 21, 2015 10:43am
Quoting Vermillion
{quote} Not necessarily. the GBP/JPY just requires a bigger SL than others in my opinion. By bigger SL, I mean potentially in the 100pip+ to hundreds of pips. Unfortunately, most retail traders I know refuse to have that. For me, I profit from the geppy by having a pretty tight SL (20-50 pips) when I first enter. If market goes to my direction within the next few hours, I start locking in profits 5-15 pips at a time. Most of the time however, I just let profitable trades run with a huge SL that already has profits locked in. So I end up losing a...
Yes, I can relate to that ... wonder if there will be ever a solution to that but to take more profit than losses.
Fix up, trade sharp ...
  • #2,914
  • Jan 21, 2015 4:35pm Jan 21, 2015 4:35pm
anyone shorting GJ, looks a nice diverge in overall down trend
  • #2,915
  • Jan 21, 2015 6:44pm Jan 21, 2015 6:44pm
Quoting fxjorr
anyone shorting GJ, looks a nice diverge in overall down trend
H1 broke previous high and didn't create new low, maybe should to long, I just long it.
Trust yourself maybe will be wrong,doubt yourself absolutely will be wrong
  • #2,916
  • Jan 21, 2015 10:39pm Jan 21, 2015 10:39pm
Quoting Hickson
{quote} Is this the way to be profitable on this pair?
Well,,, I'd say no, but if it works for you why not, no one has a foolproof method anyways, in all honesty this pair (GJ) needs good entry choices from logical reference points to avoid needing wide stops and/or taking big losses, not to boast by any means but I am currently using a 15 pip default stop on every trade and I don't hit it that often on GJ/AJ or EU. I use to need 50 pip + on GJ/AJ, but if you read through what the OP has given here (thanks Ray) and do a bit of experimenting/research and practicing you will likely be able to get some very clean entries with even with GJ. I have found this principle of only trading at decision points to be very effective for me.
  • #2,917
  • Jan 21, 2015 11:26pm Jan 21, 2015 11:26pm
Quoting Hickson
{quote} Is this the way to be profitable on this pair?
Shorted in N.Y. at 178.27 and arrived from other business to find a loss of 79 pips. Cut my loss at 179.06. I should have just scalped but my recent success made me over confident. I should have seen the sign. The 1:00 PM N.Y. H4 candle was not going anywhere, did not go down.
Be humble or be humbled.
  • #2,918
  • Edited 11:48pm Jan 21, 2015 11:35pm | Edited 11:48pm
Quoting Hickson
{quote} Is this the way to be profitable on this pair?
During one session the answer is yes. With a swing trade the answer is above. Shawn Overton, a programer who worked for one of the top 5 brokers had software to view a cloud of stops. It must be Daily candles with small leverage or one session either N.Y. or London with great leverage. To swing trade this is very difficult on the H1 or H4 chart.

Just my advice and I've tried to short this pair for a year at my financial peril; In a country where the average meal in a restaurant is 2,500 yen with stimulus to even inflate that, the pound beats the crap out of it once it wakes up and bidding starts.
Be humble or be humbled.
  • #2,919
  • Jan 22, 2015 12:05am Jan 22, 2015 12:05am
this pair has to go down ..i learn ichimoku and wave analysis...here i am posting my thoughts on this...

Ichimoku : its closed below the cloud and pull back however cloud become resistance and coming down so it will go down if its break recent low then it may go down furthur....


wave analysis : 2nd wave retrace more than 50% and 3rd wave rally 138.2% and 4th wave retrace 38.2% if this analysis is correct it should go down furthur

let see whats going to happend............
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  • #2,920
  • Jan 22, 2015 12:21am Jan 22, 2015 12:21am
Quoting praviiii
this pair has to go down ..i learn ichimoku and wave analysis...here i am posting my thoughts on this... Ichimoku : its closed below the cloud and pull back however cloud become resistance and coming down so it will go down if its break recent low then it may go down furthur.... wave analysis : 2nd wave retrace more than 50% and 3rd wave rally 138.2% and 4th wave retrace 38.2% if this analysis is correct it should go down furthur let see whats going to happend............ {image}

I agree with you but what concerns me is on mothly chart tenken sen is big support from ichimoku respective
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