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Dragon Riders GBP/JPY

  • #3,121
  • Feb 2, 2015 8:31am Feb 2, 2015 8:31am
Quoting Ata-Turkoglu
Trying a long scalper at 176.10 pending order.. buy limit.. (tight stop loss, small profit target) Happy Trades
retested 176.25 again.
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  • #3,122
  • Feb 2, 2015 8:33am Feb 2, 2015 8:33am
Quoting Ata-Turkoglu
{quote} pending order cancelled entered manually at 176.22 Happy Trades
Closed at 176.39.. +17 pips..

Happy Trades
Focus only on what truly matters!
  • #3,123
  • Feb 2, 2015 9:28am Feb 2, 2015 9:28am
diggin the inverted hammer.
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  • #3,124
  • Feb 2, 2015 9:49am Feb 2, 2015 9:49am
Quoting thegmann
diggin the inverted hammer. {image}
as per elliotwave and ichimoku..it may fall at least 200 pips if its break 175.70...let see
  • #3,125
  • Feb 2, 2015 10:18am Feb 2, 2015 10:18am
Quoting praviiii
{quote} as per elliotwave and ichimoku..it may fall at least 200 pips if its break 175.70...let see
Agreed, but you should be wary about potential bounces from 175/174.70, and definitely from 173. I don't know how big they'll bounce though, but I wouldn't but a retest of 175.70 out of the question.
  • #3,126
  • Feb 2, 2015 10:19am Feb 2, 2015 10:19am
I fell for that fake move. I was short on Friday and changed my mind. I wanted to make a transition to higher times frames but on this pair it's beyond my technical skill. Must return to the 5 minute.
Be humble or be humbled.
  • #3,127
  • Feb 2, 2015 10:29am Feb 2, 2015 10:29am
Quoting Temujin
I fell for that fake move. I was short on Friday and changed my mind. I wanted to make a transition to higher times frames but on this pair it's beyond my technical skill. Must return to the 5 minute.
Join the group, my friend. I also TPed on my shorts too early (Price jumped past 177.48) and lost nearly half my potential profits.
  • #3,128
  • Feb 2, 2015 10:42am Feb 2, 2015 10:42am
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  • #3,129
  • Feb 2, 2015 4:57pm Feb 2, 2015 4:57pm
coo l reading
watching for 175.69 or so then Thanks.....7:42 trade hasn't looked right in four days....I depend on that one showin' up 3 times a week....
  • #3,130
  • Feb 2, 2015 5:11pm Feb 2, 2015 5:11pm
Quoting Gbp/jpy
coo l reading watching for 175.69 or so then Thanks.....7:42 trade hasn't looked right in four days....I depend on that one showin' up 3 times a week....
175.70 keeps getting cockblocked by the fib support just above it (176.20/00). We're going to test 175.70; market movements have shown that while we're stalling at 176.20, there isn't enough momentum to push back to the top of the daily range. So for now, we're still bearish, and that leaves 175.70 open.

The only question is when we'll get there, I suppose. Do you think we'll test 175.70 today?
  • #3,131
  • Feb 2, 2015 8:08pm Feb 2, 2015 8:08pm
Quoting Vermillion
{quote} First off, I assume we'll retest 175.70 soon. and by soon, I mean by Sunday or Monday soon. Reason is that it's the key support, and the fact that the gbp/jpy bounced up slowly without clear direction right at the closing hours of Friday seems to indicate a last minute test of 177.20/00~177.50 before testing the lower leg. It is VERY rare in a bearish momentum where the bears would refuse to test a crucial support that has been tested twice before. It's like dangling a nice, big juicy steak in front of a famished dog. The dog isn't going...
Well, it was a bit later than optimal, but still within my prediction. Right on the 11th hour-literally. We hit 175.70 one hour before Tuesday began (11:03pm EST). Still Technically Monday, though.

Took a long at 175.780. TP at 178.60

Now let's see how far the geppy bounces. It's gotta go retest 176.20/00 at least.


Update 1: Retested 176. Currently duking it out between bulls and bears.
  • #3,132
  • Feb 2, 2015 8:37pm Feb 2, 2015 8:37pm
The asian session sure is having fun with the yen right now. Waiting for some kind of reversal pattern to show up, but as it stands right now, it looks like it's just going to keep on going bear for a bit.
  • #3,133
  • Feb 2, 2015 9:00pm Feb 2, 2015 9:00pm
yes 178.60 goes along with a a..b..c..d..e..continuation flagg
We're at " D " right now
  • #3,134
  • Feb 2, 2015 9:49pm Feb 2, 2015 9:49pm
I am expecting a retrace back to around 176.20 and then down again.. my mid term bias is bearish (till the end of this week)

Happy Trades
Focus only on what truly matters!
  • #3,135
  • Feb 2, 2015 10:14pm Feb 2, 2015 10:14pm
On H4 GJ looks like it is trying to break the low around 176. It is standing on supports on every higher time frames (SMA200 on Monthly Tf, SMA20 on Dailt Tf, a support horizontal line on H4, and it is trying to break down SMA40 on the weekly Tf. The weekly suggests however there is an even stronger support at 175. (support level + round number + SMA55).
Therefore even if 176 breaks, I would keep an eye on 175 for a bullish reversal.
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  • #3,136
  • Feb 2, 2015 11:20pm Feb 2, 2015 11:20pm
Looks like still room to go a little bit higher.. will try to short around 176.45

Happy Trades
Focus only on what truly matters!
  • #3,137
  • Feb 2, 2015 11:44pm Feb 2, 2015 11:44pm
thanks to the 176.20 posts I read here, I was smart enough to T P there and sell for 1.4 per cent more, and to wait for my sniper technique at 4 am in New York.....catching the London Open....see ya there, mates
  • #3,138
  • Feb 2, 2015 11:52pm Feb 2, 2015 11:52pm
Quoting Ata-Turkoglu
Looks like still room to go a little bit higher.. will try to short around 176.45 Happy Trades
The 4th wave went too deep than expected.. could be a sign of trend change... 176.00 level must be watched carefully..

Happy Trades
Focus only on what truly matters!
  • #3,139
  • Feb 3, 2015 12:55am Feb 3, 2015 12:55am
Trend of timeframes smaller than the daily have been definitely changed.. will stay bullish for today.. overall (daily) bias is still bearish..

Happy Trades
Focus only on what truly matters!
  • #3,140
  • Feb 3, 2015 1:40am Feb 3, 2015 1:40am
U.K. construction PMI did better than expected, but we haven't seen much of a spike. 3 things I suppose.

It could be that 176.20 is a much stronger resistance than expected, and since we were dancing on 176.30/20 right before the news, we might need to go a bit lower before heading up and retesting it. Or, it could mean than the PMI was already priced in before through a news leak, which could explain the shift from a strong struggle at 175.70 to 176.20 during the London session. Markit Co. news tend to be famous for being priced in before the official announcement, so there's that. Or three, market is just not feeling it and is taking its time reacting.

Currently kicking back and looking for other pairs to scalp. We'll have to see whether we retest 175.70 or move past 176.20.
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