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Dragon Riders GBP/JPY

  • #3,021
  • Jan 29, 2015 9:52am Jan 29, 2015 9:52am
Quoting AllyB
DP here but looking to buy again if this holds. {image}
Hey ally, any ideas as to why the gbp/jpy has been erratic in its hourly sentiments as of late?
  • #3,022
  • Jan 29, 2015 9:57am Jan 29, 2015 9:57am
Quoting Vermillion
{quote} Hey ally, any ideas as to why the gbp/jpy has been erratic in its hourly sentiments as of late?
no not really but I sure liked the high ADR we had and wish that was still happening. I have found that the asia session has been a good guide as to direction ... at least until London comes on board and NY isn't doing much at all either. sort of a waste of time these days.
  • #3,023
  • Jan 29, 2015 10:00am Jan 29, 2015 10:00am
Quoting Vermillion
{quote} I disagree. Price's key support is at the fib area 177.80 +/- 20 pips. 178 can and has been broken in prior cases, so breaching 178 doesn't mean it has to go down. Things will get dicey, though. I'm more concerned about the market reaction to positive unemployment claims; if the usd/jpy and gbp/jpy simply ignore them and push downwards, I think 175.70 and possibly lower will be the target; a bearish sentiment that strong might not stop at 177.20/00
What key fib area is that? (what time frame) 178 is the 50% on the daily and within the current range we've been trading in. I would say anything above or below that level would constitute up/downward pressure. Price is as you've said yourself moving around that area. Price has on occasion gone a few pips below or above but 178 is the median level here.

edit: btw did anyone catch the GBPAUD train before it set sail last few days . Could be possible reload again coming up we've made HH's on the Daily.
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  • #3,024
  • Jan 29, 2015 10:00am Jan 29, 2015 10:00am
Based on Gbp/usd and the usd/jpy, I'm leaning towards scraping the 177.80 area. Who knows.
  • #3,025
  • Jan 29, 2015 10:00am Jan 29, 2015 10:00am
Quoting AllyB
DP here but looking to buy again if this holds. {image}
Nice chart Ally, now the moment of truth. 11 AM NY candle.
Be humble or be humbled.
  • #3,026
  • Jan 29, 2015 10:07am Jan 29, 2015 10:07am
Quoting Vermillion
Based on Gbp/usd and the usd/jpy, I'm leaning towards scraping the 177.80 area. Who knows.
It will either grind out a bullish channel from this level or fail and remain under that 14 EMA on the daily as the next days and weeks go by. The average of the last 14 days will climb or print a lower and lower average.
Be humble or be humbled.
  • #3,027
  • Jan 29, 2015 10:23am Jan 29, 2015 10:23am
After lookng at charts of related currency pairs, I get the feeling that we're close to the decision moment. I expect things to happen in the next hour or so.
  • #3,028
  • Jan 29, 2015 10:50am Jan 29, 2015 10:50am
Approaching potential establishment of another bull run.
  • #3,029
  • Jan 29, 2015 11:02am Jan 29, 2015 11:02am
Quoting Vermillion
Approaching potential establishment of another bull run.
Right now GBP has a strength of 3.0 to the Yen's 5.3. The power of the Yen won't allow it to run.
Be humble or be humbled.
  • #3,030
  • Jan 29, 2015 11:04am Jan 29, 2015 11:04am
Quoting Temujin
{quote} Right now GBP has a strength of 3.0 to the Yen's 5.3. The power of the Yen won't allow it to run.
Shifting now, yen 5.0
Be humble or be humbled.
  • #3,031
  • Jan 29, 2015 11:26am Jan 29, 2015 11:26am
Oh guys, here is the CSM to download for you. Web based. You can see why it's having trouble rising.

http://www.currencynewstrading.com/c...eter-download/
Be humble or be humbled.
  • #3,032
  • Jan 29, 2015 12:07pm Jan 29, 2015 12:07pm
Quoting Temujin
Oh guys, here is the CSM to download for you. Web based. You can see why it's having trouble rising. http://www.currencynewstrading.com/c...eter-download/

I'm guessing your strength figures for gbp &jpy are from CSM? You've never specified in your post
  • #3,033
  • Jan 29, 2015 2:35pm Jan 29, 2015 2:35pm
This is the kind of markets I like ...clearly defined Zones and ranges. Main zone @ 178.70 Minor zone @ 179.40 minor zone @ 177.66 Mondays and fridays are the days a lot of traders make the "bigger" mistakes and we can capitalize on that. I will post my charts later, I know we will get some very high probability trades coming up very soon. GL

The markets can go either way either long or short and moves or retraces, it doesnt matter. All that matters is not getting trapped on the wrong side of the move fueling the cascading effect.
  • #3,034
  • Jan 29, 2015 2:37pm Jan 29, 2015 2:37pm
Quoting IveGotQuads
This is the kind of markets I like ...clearly defined Zones and ranges. Main zone @ 178.70 Minor zone @ 179.40 minor zone @ 177.66 Mondays and fridays are the days a lot of traders make the "bigger" mistakes and we can capitalize on that. I will post my charts later, I know we will get some very high probability trades coming up very soon. GL
Interesting theory .... why do you think so?
Fix up, trade sharp ...
  • #3,035
  • Jan 29, 2015 2:45pm Jan 29, 2015 2:45pm
Quoting Hickson
{quote} Interesting theory .... why do you think so?
Oh this isnt a theory, its a well known fact when retail traders are on the wrong side. Look at your trading journal and see what day you take more losses... more often than not its after the weekend which is monday Getting back into the flow, wrong assessments over the weekend analysis, discrepancies in the markets are but a few of the reasons or close of the week where traders tend to either revenge trade or get caught on the wrong side. That is why it is advised for new traders to trade just Tuesday, wednesday and thursday.
  • #3,036
  • Jan 29, 2015 2:50pm Jan 29, 2015 2:50pm
Quoting IveGotQuads
{quote} Oh this isnt a theory, its a well known fact when retail traders are on the wrong side. Look at your trading journal and see what day you take more losses... more often than not its after the weekend which is monday Getting back into the flow, wrong assessments over the weekend analysis, discrepancies in the markets are but a few of the reasons or close of the week where traders tend to either revenge trade or get caught on the wrong side. That is why it is advised for new traders to trade just Tuesday, wednesday and thursday.
Hm, I never thought about it that way, but seems sensible. Friday is probably the toughest day for everyone: Taking profit is the usual game and taking the wrong positions into the weekend can cost dearly ...
Fix up, trade sharp ...
  • #3,037
  • Jan 29, 2015 3:02pm Jan 29, 2015 3:02pm
Quoting IveGotQuads
{quote} Oh this isnt a theory, its a well known fact when retail traders are on the wrong side. Look at your trading journal and see what day you take more losses... more often than not its after the weekend which is monday Getting back into the flow, wrong assessments over the weekend analysis, discrepancies in the markets are but a few of the reasons or close of the week where traders tend to either revenge trade or get caught on the wrong side. That is why it is advised for new traders to trade just Tuesday, wednesday and thursday.
Hmm interesting,,, I guess that's why Im in no hurry on a Sun night/Monday to get into a trade and I don't take many trades after NY open on a Fri,,, Im also noticing that the first week of the month isn't all that positive for the time spent for my trading style,, and I have to agree on average Tues, Wed, and Thurs are usually the most profitable.
  • #3,038
  • Jan 29, 2015 3:04pm Jan 29, 2015 3:04pm
Quoting js5020
{quote} Hmm interesting,,, I guess that's why Im in no hurry on a Sun night/Monday to get into a trade and I don't take many trades after NY open on a Fri,,, Im also noticing that the first week of the month isn't all that positive for the time spent for my trading style,, and I have to agree on average Tues, Wed, and Thurs are usually the most profitable.
Then again, you might prey on the retailers on monday and friday ... maybe there are some drunken americans or canadians trading before the weekend ... looool ok, this is not poker ...
Fix up, trade sharp ...
  • #3,039
  • Jan 29, 2015 5:44pm Jan 29, 2015 5:44pm
Quoting Ironman777
{quote} OK, that's what makes a market( buyers & sellers ) You go ahead and sell this rally and I'll ride it till 187.25
Hello Dragon Riders, I just want to update on the target I previously posted with a 184.78 as my new target on the upside. After this trade I will go on and post my entry, SL and target for every one of my trades. Good Luck to all.
  • #3,040
  • Jan 29, 2015 7:02pm Jan 29, 2015 7:02pm
Quoting Ironman777
{quote} Hello Dragon Riders, I just want to update on the target I previously posted with a 184.78 as my new target on the upside. After this trade I will go on and post my entry, SL and target for every one of my trades. Good Luck to all.
Cool, I'll read it!
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