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Dragon Riders GBP/JPY

  • #3,101
  • Feb 1, 2015 9:05pm Feb 1, 2015 9:05pm
Quoting Vermillion
{quote} Eh, no. I'm looking for 176/175.70, anywhere in between. 176.200 is NOT a good place to long. I'm so happy I added quick shorts at 177.60/50. I made back my losses and added some on top of that. The reason is because we're so close to the 175.70 support, which has been tested twice before. we'll definately have bears who are eager to test that once more. If it was tested twice, why not a third time? Also, in the event that the MM have plans to go down below 175.70, we may only get a bounce of a few dozen pips back up, which would make 176.20...
176.2 looking pretty good Range bound still between 200 and 100 MA's 176-180. Id expect resistance at 178 if holds could see 175.7 and possible LL.
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  • #3,102
  • Feb 1, 2015 9:11pm Feb 1, 2015 9:11pm
Quoting thegmann
{quote} 176.2 looking pretty good {image}
Came back to see my TP at 177.48 were triggered. My shorts didn't go 178.80 to 175.70. Lost about half my potential profit. Well, that was unexpected. Nice job on beating the market; I couldn't max my profits here.

If that's the case, then we should be moving towards upward regions of the descending triangle. We might see a small bounce down for a couple dozen pips in preparation for going to 178.10/00 in that case.
  • #3,103
  • Feb 1, 2015 9:13pm Feb 1, 2015 9:13pm
Quoting Vermillion
{quote} Came back to see my TP at 177.48 were triggered. My shorts didn't go 178.80 to 175.70. Lost about half my potential profit. Well, that was unexpected. Nice job on beating the market; I couldn't max my profits here. If that's the case, then we should be moving towards upward regions of the descending triangle. We might see a small bounce down for a couple dozen pips in preparation for going to 178.10/00 in that case.
yeah gave up half my EJ short as well stopped out at 133 but that was expected.
  • #3,104
  • Edited 9:36pm Feb 1, 2015 9:16pm | Edited 9:36pm
Quoting thegmann
{quote} Range bound still between 200 and 100 MA's 176-180. Id expect resistance at 178 if holds could see 175.7 and possible LL. {image}
That's the thing about 178. I don't really "trust" it to hold; only respected. One of the reasons why I TPed around halfway between 177 and 178 is that 178 has a nasty habit of leading to a corrective drop of 20-30 pips (or just outright ignoring the resistance), and then the price just skyrockets up. Try looking at the 5min chart every time the price attempts to go up to 178 in the past few weeks. I'm hesitant to short from 178 for that reason.

And speaking of corrective drops, I think we're seeing gbp/jpy retesting somewhere around 177.20 before heading up to 178. We should see somewhere around +/- 15 pips of the resistance turned support if it happens. But honestly, we're almost right in the middle of the range trading. not really a great place to make trades.
  • #3,105
  • Feb 1, 2015 10:09pm Feb 1, 2015 10:09pm
Quoting Vermillion
{quote} That's the thing about 178. I don't really "trust" it to hold; only respected. One of the reasons why I TPed around halfway between 177 and 178 is that 178 has a nasty habit of leading to a corrective drop of 20-30 pips (or just outright ignoring the resistance), and then the price just skyrockets up. Try looking at the 5min chart every time the price attempts to go up to 178 in the past few weeks. I'm hesitant to short from 178 for that reason. And speaking of corrective drops, I think we're seeing gbp/jpy retesting somewhere around 177.20...
Tested 3 times now and has not broken. I think we see some upside this week.
Be humble or be humbled.
  • #3,106
  • Feb 1, 2015 10:14pm Feb 1, 2015 10:14pm
Quoting Temujin
{quote} Tested 3 times now and has not broken. I think we see some upside this week.
It'll depend on USD news this week, with the FOMC announcement day (Friday). that's when we get unemployment, non-farm unemployment, etc. By then, we should have tested somewhere in high 178s or 179, as long as this move up from 176.20 wasn't a massive bull trap.

right now, I'm just staying flat. Price is too...."middle-ish" to do anything, if you catch my drift.
  • #3,107
  • Feb 1, 2015 10:39pm Feb 1, 2015 10:39pm
Quoting Vermillion
{quote} It'll depend on USD news this week, with the FOMC announcement day (Friday). that's when we get unemployment, non-farm unemployment, etc. By then, we should have tested somewhere in high 178s or 179, as long as this move up from 176.20 wasn't a massive bull trap. right now, I'm just staying flat. Price is too...."middle-ish" to do anything, if you catch my drift.
I do catch it for sure. I'm long until the NFP. Seems like "buy the dip" is being forced on stock participants and GJ once again along for the ride.
Be humble or be humbled.
  • #3,108
  • Feb 1, 2015 10:49pm Feb 1, 2015 10:49pm
Quoting Temujin
{quote} I do catch it for sure. I'm long until the NFP. Seems like "buy the dip" is being forced on stock participants and GJ once again along for the ride.
Friday is a Loooong ways from now though. I'm probably moving to eur/usd right now. Should be getting news in like 3~3.5 hours.

My plan is to add a long after the retrace from 177.70. Geppy is too high on the RSI to really push further since we're halfway without a small bounce down (no significant stimulus other than the Nikkei trying to recover from the Chinese PMI, which isn't really that big) I'm just worried right now of a potential price leak; we've had a price leak on 1/16/15 which caused a massive drop in gbp/jpy just one hour prior to the news announcement. It dropped over 100 pips at its peak, only to bounce right back up. Not enough to change the trend, but enough to knock out most retail longs, I bet.

Eur/usd seems to be the most predictable one for the weekly IMO.
  • #3,109
  • Feb 2, 2015 12:41am Feb 2, 2015 12:41am
Quoting Vermillion
{quote} Friday is a Loooong ways from now though. I'm probably moving to eur/usd right now. Should be getting news in like 3~3.5 hours. My plan is to add a long after the retrace from 177.70. Geppy is too high on the RSI to really push further since we're halfway without a small bounce down (no significant stimulus other than the Nikkei trying to recover from the Chinese PMI, which isn't really that big) I'm just worried right now of a potential price leak; we've had a price leak on 1/16/15 which caused a massive drop in gbp/jpy just one hour prior...
yes, that euro......has a definite target at 115.55 plus or minus 66 pips on an Elliott Wave system....and an ext. to 117.xx
  • #3,110
  • Feb 2, 2015 4:40am Feb 2, 2015 4:40am
Quoting Vermillion
{quote} By then, we should have tested somewhere in high 178s or 179, as long as this move up from 176.20 wasn't a massive bull trap.
Is this what I'm seeing? Staying flat was best after all. I'll probably return once we hit either end of the descending triangle.
  • #3,111
  • Feb 2, 2015 5:17am Feb 2, 2015 5:17am
Quoting Petr.K
Ok have bought 5K. If works come for beer once in Prague .
"I know one thing, that I know nothing." Sokrates
  • #3,112
  • Feb 2, 2015 5:29am Feb 2, 2015 5:29am
Quoting Tom_D_Trader
{quote} Ok have bought 5K. If works come for beer once in Prague .
Yep
  • #3,113
  • Feb 2, 2015 7:00am Feb 2, 2015 7:00am
Quoting Vermillion
{quote} Friday is a Loooong ways from now though. I'm probably moving to eur/usd right now. Should be getting news in like 3~3.5 hours. My plan is to add a long after the retrace from 177.70. Geppy is too high on the RSI to really push further since we're halfway without a small bounce down (no significant stimulus other than the Nikkei trying to recover from the Chinese PMI, which isn't really that big) I'm just worried right now of a potential price leak; we've had a price leak on 1/16/15 which caused a massive drop in gbp/jpy just one hour prior...
Yes, pound is pretty weak now. 90 pip draw so far.
Be humble or be humbled.
  • #3,114
  • Feb 2, 2015 7:14am Feb 2, 2015 7:14am
inside candle formed on the gbpjpy hourly..short at 176.75 stop loss at 176.90 pt at 176. 25.. anyone else in?
  • #3,115
  • Feb 2, 2015 8:07am Feb 2, 2015 8:07am
Quoting singth
inside candle formed on the gbpjpy hourly..short at 176.75 stop loss at 176.90 pt at 176. 25.. anyone else in?
I also shorted just now.. 176.91.. although I was thinking that it is a little bit risky but I will go with a tight SL in my mind for now.. can manually close if price goes against me..

Happy Trades
Focus only on what truly matters!
  • #3,116
  • Feb 2, 2015 9:06am Feb 2, 2015 9:06am
bad US data may be catalyst we needed to get move on towards a LL...
  • #3,117
  • Feb 2, 2015 9:11am Feb 2, 2015 9:11am
Quoting Ata-Turkoglu
{quote} I also shorted just now.. 176.91.. although I was thinking that it is a little bit risky but I will go with a tight SL in my mind for now.. can manually close if price goes against me.. Happy Trades
Closed manually at 176.65.. looks still risky to me.. (+26 pips)

Happy Trades
Focus only on what truly matters!
  • #3,118
  • Feb 2, 2015 10:18am Feb 2, 2015 10:18am
Fibs-(Buy now!)
Candlesticks-(Sell now!)
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  • #3,119
  • Feb 2, 2015 10:23am Feb 2, 2015 10:23am
Trying a long scalper at 176.10 pending order.. buy limit.. (tight stop loss, small profit target)

Happy Trades
Focus only on what truly matters!
  • #3,120
  • Feb 2, 2015 10:30am Feb 2, 2015 10:30am
Quoting Ata-Turkoglu
Trying a long scalper at 176.10 pending order.. buy limit.. (tight stop loss, small profit target) Happy Trades
pending order cancelled entered manually at 176.22

Happy Trades
Focus only on what truly matters!
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