Dragon Riders GBP/JPY

Unlikely to go below around the 175.70 region.

We will likely see an attempt to scrape 176

What a stubborn resistance that is

Cut my loss at 120 pips trying to long the euro. I never want to trade that piece of garbage again. %^$RE^&%$E^FVUY

My condolences. I also got stopped out as well.

That euro....goin all the way....huh!!!! EUR/AUD......my personal favorite carry trade.

How do you approach this? Aussie is also very weak, but Euro should be weaker in coming months. I have 1.53 capping it, but you never know.

Ah....bah.

I shorted 2 lots in total on the geppy, but I closed one of them way too early. Instead of getting 40pips+ on one trade, I left early and got 10. And it all happens right when I was taking a 1 hour nap.

*currently in the process of banging head against wall*

Edit: Took profit on my shorts at 176.520. I've earned enough. If anything, the last few minutes of the session will probably spike the prices even higher.

So, last year and a half ago when the european vacation ( two months plus )...was on,......the eur/aud sold off on automatic like.....down to 116 exactly or so.....
then it went interest negative by rising in price.......so for it to be worthwhile for the market operators......it had to go far and steady and fast......more later......friday night went to salt grass steak house.......he he

Yes, it sold off pretty nicely, then a retracement happened. Anyway, looking forward to the continuation of the story ...

Notice from Oanda today that the NFA has raised the margin requirements on several currencies, including Yen and Aussie, by 50%. Increased margins on accounts that are heavily into these currencies will inevitably impact the retail trader. Comment?

My current stance: stayed flat until I saw a breach of 176 and a retest of 175.70. Shorted at the bounce at 176.271, and added another on the second bounce from a futher drop.

Second short at 176.072. All SL is set at 177, but subject to early liquidation depending on chart movement.

Optimal target is 175/174.80, and I'll continue to observe from there. I think we're nearing the last bit of downward spurt before continuing upwards. Given the current political events, the dollar (and by close association against the yen, the pound sterling) has nowhere but to go up for the next few months~year. I can't say with certainty about long term (t<1 year).

U.S.= better econ. state than most other rivals in currency
U.K.= okay-ish, but still leagues ahead of Eurozone and Japan

Update 1: As expected, immediate rejection of 175.70. But we've had a surprisingly quick race back up to the recent opening price (176.5), followed by a rejection of that area right down to the recent 176.30 support. Currently waiting to see if the climb back up will be rejected as quickly or not. If not, and the bulls give a good fight, I may leave earlier than expected.

UPDATE 2: Closed all positions as soon as 176.30 became support.

Update 3: Waiting to close counter weight short (to make up for losses) sold at 176.930, TP at 176.500 (Edit: TP reached, liquidated the short. Got caught slight slippage, but profitable nonetheless).

i am expecting this pair will go down at least 200 pips from current level (176.36 >> 174 ) let see...

I have a few shorts around 176.300 (+/- a few pips).

I'm also leaning towards further movement down, but my main target is 175/174.80. If I keep seeing a downward trend, I'll aim for 174 and somewhere around 173.

But if 176.300 holds, and continues to be a support, I expect 176.80/177 to be the next resistance.

Goodnight everyone, and happy trading.

SHORT GJ at 176.517 SL 176.617

S/O

GBP/JPY extremely oversold at 177.50; sold shorts at that price. Looking to take profits at new supports 177/176.80, 176.50, 176.30. Most likely going to take partials. 175.70 is out of reach at the intraday moment according to chart.

The area I'm watching closely is 177 (+/- 20 pips). That's the major source of contention for me.

I'm looking for a place to short, as long as 179.20 is not breached...

177.50 is being stubborn. If The price keeps flip-flopping around here, I'll have either leave or tighten SL

Maybe 118.00 could be a good entry for a short (daily R1 and 50% 180.3-175.75)

The market doesn't seem too certain where to go in London session. We're 2 hours into this and we still have yet to see significant moves up or not. I'd say it's waiting for the New York session to coincide with the London market.