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Dragon Riders GBP/JPY

I've been shorting this from 178.38 for 12 hours now. If this hit my stop loss again this will probably be the most I have lost within 48 hours...
Volatile, be careful out there. The DOW is down 337 points in just one session. Check out USD/CAD. Seems to be a top to me.
Be humble or be humbled.
I think we'll get another test of 179
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Quoting Temujin
Hope everyone was long before London.
Yep got in @ 175.95 and have been holding it since then. That was a huge opportunity to get a leg in this pair, I had missed the 2 moves in October, 2014 and made a mental note not to make the same mistake twice. With the double bottoms lately combined with the daily 200 EMA ....61 fib number and round number it was a relatively high probability trade. No one knows for certain where this will head to but it is the participation that counts.
Daily gbp/jpy
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got in at 178.39. tp 179.59 sl 177.88
use leverage with caution...
Quoting Gbp/jpy
London's selling the 178.45 mark and so am I........fillin' our socks these days.... They could make it tougher if they wanted.....makes the case for a true untampered market...of which I was always doubtful....no one pullin' the strings, well every now and then, OK !!
Depends on how far stops are ... shorts were pretty screwed during the last hours.
Fix up, trade sharp ...
Calm here since FX-Ray is gone. But welcome back Ivegotquads.
Fix up, trade sharp ...
Quoting Hickson
Calm here since FX-Ray is gone. But welcome back Ivegotquads.
Thanks Hickson, how have you been. Hope trading treating you well !!!
Quoting IveGotQuads
{quote} Thanks Hickson, how have you been. Hope trading treating you well !!!
Trading has been abysmal in January, still alive though. At least not crushed like the SNB gamblers ... hope it is going better for you, regards.
Fix up, trade sharp ...
Quoting Hickson
Calm here since FX-Ray is gone. But welcome back Ivegotquads.
Yes it is very quiet here and in general GJ as well, not even 100 pip move since morning! Can be expected on FOMC day, although it has not been looking very good of late, no clear direction for me, so keeping calm and carrying on!
Quoting IveGotQuads
{quote} Yep got in @ 175.95 and have been holding it since then. That was a huge opportunity to get a leg in this pair, I had missed the 2 moves in October, 2014 and made a mental note not to make the same mistake twice. With the double bottoms lately combined with the daily 200 EMA ....61 fib number and round number it was a relatively high probability trade. No one knows for certain where this will head to but it is the participation that counts. Daily gbp/jpy {image}
Good to see you posting! That was a good entry, had a few longs from 176.50ish but took profit a few days ago, don't like how it is acting at the minute, still feel we haven't bottomed out yet but probably it is just me, so staying put at the minute! Keep adjusting your stops, just in case!
Quoting workingforex
{quote} Good to see you posting! That was a good entry, had a few longs from 176.50ish but took profit a few days ago, don't like how it is acting at the minute, still feel we haven't bottomed out yet but probably it is just me, so staying put at the minute! Keep adjusting your stops, just in case!
It is such a thing with Geppy ... if you have the stops too wide, you lose too much if the position is not small. If it is too close, you will probably be stopped out. So I guess even for scalping this 20 pip SLs are probably needed lol ... I have not been trading much Geppy lately, but that is my take on it ... do you have some rule of thumb for your stops on it or just decide from time to time?
Fix up, trade sharp ...
Quoting workingforex
{quote} Good to see you posting! That was a good entry, had a few longs from 176.50ish but took profit a few days ago, don't like how it is acting at the minute, still feel we haven't bottomed out yet but probably it is just me, so staying put at the minute! Keep adjusting your stops, just in case!
If second 15min. candlestick finishes below the ascending triangle support line, then I'm adding more shorts. So if I'm right, we did both ourselves a favor.

Also, if the breach does turn out to be permanent, I recommend those with longs remaining to TP longs and reloading longs later, since a pronounced breach would test 178.20 (and scrape 178). Further points of note remain the same as my previous posts.

Update: Also right now would be a good time to add a small short; we've breached the support that's been holding or the past 12 hours (and tested 3 times). We're retesting the former support turned resistance. Still, there's the possibility that it might spring back up, so manage your losses.
Well, we seem to have changed something, at least. We finally changed from a frustrating bullish movement to a frustrating bearish one. The price keep trying to test the support-turned resistance, despite breaching it.

This is the hourly chart.

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I think FOMC will be the stimulus to moving out of this dulldrum. We've had enough choppy movements in this sector.
FOMC update: U.S. economy is improving, blah blah blah....we're keeping the same rates

Simple terms: Nothing changed, the news is as expected. Resume technical correction of the yen pairs (at least scratching at 178)
Last Sept. we hung around this level and then had a nice reversal. Wonder if the same will happen now.
I made 150pips on the pair this week, am out for now.
Disregard all prognostications.
Took partials at 177.980, added small long at 178 with SL at 177.70. Reload short/TP longat 178.40.

Update 1: SL triggered, staying flat for now.

Update 2: Added another long at 177.80, SL 177.55. TP at 178.40
Quoting workingforex
{quote} Good to see you posting! That was a good entry, had a few longs from 176.50ish but took profit a few days ago, don't like how it is acting at the minute, still feel we haven't bottomed out yet but probably it is just me, so staying put at the minute! Keep adjusting your stops, just in case!
Yep you are right , holding the position and its down about 120 pips which I am the least bothered about it. My stop is already @ breakeven so its a free trade, I would like to add more long positions but I am @ work at the moment. 177.85 is looking like another good level to add. Will pay attention to the early asian session.
If we don't try and test 178+ within the next couple of hours, I'm liquidating all my longs and will place a small short, adding them as we go down.

Two main regions of importance: 177.20/00 & 176.00/175.70. All other previous supports/resistances/area of volatility will be respected, but none are as important as those two areas for me.

Update: TP on all longs. yielded about 20 pips in total. Going long is not worth it while the market is trading in such a tight range in between sessions.

Oh, and one of my longs had exactly 0.2 pips in profit after I subtracted the commision. Mmmm.. I wonder what I could buy with 0.2 pips.
Quoting IveGotQuads
{quote} Yep you are right , holding the position and its down about 120 pips which I am the least bothered about it. My stop is already @ breakeven so its a free trade, I would like to add more long positions but I am @ work at the moment. 177.85 is looking like another good level to add. Will pay attention to the early asian session.
Another lost opportunity to add to long position...got home a little late. But opportunities may abound in the London session. If we can have a ranging session around 178.55 /15 the London traders might send this around the 178.00 /20 level for liquidity before taking off north. one can only hope price action doesn't decide to break up to the next zone at 179.20 without picking us up.

1Hour Time Frame
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