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Dragon Riders GBP/JPY

  • #3,241
  • Feb 5, 2015 4:47am Feb 5, 2015 4:47am
To be pro-active I will open a short at 179.10.. just in case it doesnt reach 179.20

Happy Trades
Focus only on what truly matters!
  • #3,242
  • Feb 5, 2015 5:02am Feb 5, 2015 5:02am
Quoting Vermillion
{quote} Refer to my post on the "Geppy" thread. I made an analysis a few hours ago that I leaned towards this recent fall being unnatural and against the underlying bullish intraday trend. In case you just don't want to read it, the simple version is that I expect a retest of yesterday's high at least. If we didn't have the Greek news right before NY session ended then I would have aimed for 180.20/00 as well. But with the recent fall, we may or may not get to that. It'll have to depend on what I see on the charts after I hit my initial target.
We're approaching the initial target price from my previous quotes. We also have UK data coming soon, so this window is vital in case the trend changes. Unless confirmed, however, I'll assume that this is only a temporary pullback until 180.20/00
  • #3,243
  • Feb 5, 2015 5:04am Feb 5, 2015 5:04am
Quoting Ata-Turkoglu
To be pro-active I will open a short at 179.10.. just in case it doesnt reach 179.20 Happy Trades
Had to open a short manually at 179.05... it was so stubborn to reach out for my pending sell limit order..
Focus only on what truly matters!
  • #3,244
  • Feb 5, 2015 5:24am Feb 5, 2015 5:24am
Quoting Ata-Turkoglu
{quote} Had to open a short manually at 179.05... it was so stubborn to reach out for my pending sell limit order..
So far so good.. SL at BE now and I will close my short trade at 178.60/55 area... then I can re-enter long..

Happy Trades
Focus only on what truly matters!
  • #3,245
  • Feb 5, 2015 5:34am Feb 5, 2015 5:34am
The U.k. is likely to keep its rates the same. Lowering the rates is unlikely it's at historic lows, while hiking it seems difficult given current inflation trend.

So in all likelihood, it'll come down to the UK MPC rate statement. Anyone know WHEN it is coming out though?
  • #3,246
  • Feb 5, 2015 5:43am Feb 5, 2015 5:43am
Not the highest probability but worth a short shot.

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Soar on my wings, you'll touch the hand of God, he'll make you King.
  • #3,247
  • Feb 5, 2015 5:55am Feb 5, 2015 5:55am
Sure doesn't look like anyone wants to sell into this pullback at all.
  • #3,248
  • Feb 5, 2015 5:57am Feb 5, 2015 5:57am
Quoting js5020
Sure doesn't look like anyone wants to sell into this pullback at all.
Go ahead if you want. I'm not. Maybe a small short at a fib point, but other than that, I'm waiting for higher marks. Unless, of course, the UK news turn out to be bad. Then I'll sit out.
  • #3,249
  • Feb 5, 2015 5:58am Feb 5, 2015 5:58am
Oh no I may not be the brightest bulb running around but Im not sellin.
  • #3,250
  • Feb 5, 2015 6:01am Feb 5, 2015 6:01am
Added another short to my earlier short at 178.95..

Happy Trades
Focus only on what truly matters!
  • #3,251
  • Feb 5, 2015 6:01am Feb 5, 2015 6:01am
All UK data is as expected, and maintained the same as previous months. We've a green light to test 179.20/00 right now, possibly 179.40 (a technical resistance based on yesterday's chart movements, but this may not be accurate as we had an outlier event in the form of Greece yesterday)

After that would be dependent on whatever pullback & movements the charts show.

Whatever pullback we have right now (if it isn't over yet) is probably not going to go much below 178.50.
  • #3,252
  • Feb 5, 2015 6:05am Feb 5, 2015 6:05am
Quoting Ata-Turkoglu
Added another short to my earlier short at 178.95.. Happy Trades
Both shorts' SL are at 179.05

Edit: Moved both SL to 178.95

Happy Trades
Focus only on what truly matters!
  • #3,253
  • Feb 5, 2015 6:07am Feb 5, 2015 6:07am
Im actually trading CD/J today, a bit "smoother" than GJ with a pretty good correlation.

Edit: one nice thing with GJ many times you can be buying and another selling and both close out "in the money".
  • #3,254
  • Feb 5, 2015 6:17am Feb 5, 2015 6:17am
Anyone having this issue? What will the next resistance be: 179.20, or 179.40? The yesterday's high (resistance on the hourly), or the technical fib point based on yesterday's movements?

The pullback there should be 30-40pips (possibly more), so its worth scalping...unless you get the wrong number, in which case you might end up with only 10-20 (and a chance to get stopped out with a loss).

Any ideas?
  • #3,255
  • Feb 5, 2015 6:19am Feb 5, 2015 6:19am
Quoting Ata-Turkoglu
{quote} Both shorts' SL are at 179.05 Edit: Moved both SL to 178.95 Happy Trades
Closed both trades at 178.85... (+30 in total) right now I am confused of all the the up and downs..

Happy Trades
Focus only on what truly matters!
  • #3,256
  • Feb 5, 2015 6:25am Feb 5, 2015 6:25am
Quoting Ata-Turkoglu
{quote} Closed both trades at 178.85... (+30 in total) right now I am confused of all the the up and downs.. Happy Trades
Probably a conflict with the bulls from yesterday clashing with the Greek news. Honestly, this took a lot longer than expected, considering we're intraday bullish for now. We maintain above 179, probably going to see 179.20~.40. If we maintain break below 178.80, i expect pullback up to around 178.50 or something like that.

My guess is that there was a market hesitation (or maybe retails decided to short after seeing the price dip down to descending triangle). I wouldn't be surprised if there were people who shorted right on 178 in hopes of getting in at the "high" of the descending triangle.

I need only point out today's price to show where that misconception went.
  • #3,257
  • Feb 5, 2015 6:29am Feb 5, 2015 6:29am
Quoting Vermillion
{quote} Probably a conflict with the bulls from yesterday clashing with the Greek news. Honestly, this took a lot longer than expected, considering we're intraday bullish for now. We maintain above 179, probably going to see 179.20~.40. If we maintain break below 178.80, i expect pullback up to around 178.50 or something like that. My guess is that there was a market hesitation (or maybe retails decided to short after seeing the price dip down to descending triangle). I wouldn't be surprised if there were people who shorted right on 178 in hopes...
Let's see a clear break of 179.20 area.. will go long after that..

Happy Trades
Focus only on what truly matters!
  • #3,258
  • Feb 5, 2015 6:33am Feb 5, 2015 6:33am
Quoting Ata-Turkoglu
{quote} Let's see a clear break of 179.20 area.. will go long after that.. Happy Trades
Clear break....The market might just have a break to 179.40, dip down to 179~178.80 or something like that just to mess with me. Wouldn't be surprised. Hoping it won't happen, but not unexpected.

And 179.05 area seems to be a rather annoying fib point. We might still retest the mid 178s.
  • #3,259
  • Feb 5, 2015 6:52am Feb 5, 2015 6:52am
Quoting Vermillion
{quote} Clear break....The market might just have a break to 179.40, dip down to 179~178.80 or something like that just to mess with me. Wouldn't be surprised. Hoping it won't happen, but not unexpected. And 179.05 area seems to be a rather annoying fib point. We might still retest the mid 178s.
Thanks for the heads ups..
Focus only on what truly matters!
  • #3,260
  • Feb 5, 2015 6:58am Feb 5, 2015 6:58am
Thinking out loud.. it seems like the best to stay bullish..
Focus only on what truly matters!
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