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Dragon Riders GBP/JPY

Quoting Krazydiamond
If you all notice, we closed a daily candle with a nice, clean bullish candle. I am looking at a slight retracement back to 179.80 or so. Maybe with news we will get a whip, but who knows! Don't panic! This is just my observation! We didn't get a spike at the end of the daily or the 4 hr. so I'm in with the trend until I get some long term confirmation we are going south! Just sayin!
The whole thing looks like one big risk-on spike to me right along with triple digit gains on the DOW Jones. The charts are like twins. The stock market has never had a losing year, the year before an election year since 1939 but GBP is only in an upward retracement of a downtrend whereas the USD is in the beginning of a reversal from a 12 year downtrend. No stimulus from the bank of Japan until June. I'm very skeptical of a new bullish channel. The closer it get's to 189 the more I'll be selling the rallies.
Be humble or be humbled.
I have 3 shorts lined up, scheduled to break even overall by manual closing. Worst case SL allows for good r:r. 179.800 reaction will be crucial.

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for the elliotteers out there we're buying the jpy pairs......e/j has a small stop at .17.....buying .44
Quoting Vermillion
I have 3 shorts lined up, scheduled to break even overall by manual closing. Worst case SL allows for good r:r. 179.800 reaction will be crucial. {image}
got a reaction.....tell us more, please.....cool reading while watching that price bar wiggle....
Quoting Vermillion
I have 3 shorts lined up, scheduled to break even overall by manual closing. Worst case SL allows for good r:r. 179.800 reaction will be crucial. {image}
Yeah me too. This DOW surge is very suspect given the market environment now. ECB VS. Greece, earnings no good, mixed data with indexes very highly priced. No BOJ stimulus yet but it is coming in June and I'm certain they want to flush out all the longs between now and 6 weeks before they announce. Risk off.
Be humble or be humbled.
Hope everyone's careful enough to see that NFP tonight can bring risk-on or risk-off sentiments into the market. Risk-on will make YEN weaker across the board. Though chances of a bad NFP (risk-off) is pretty high this release.
Luck shines on the positive.
Quoting Ata-Turkoglu
{quote} I trade the smaller timeframes with Ichimoku but 4H and Daily charts are a must to see the bigger picture.. I check bigger charts only one or two times a day, but I check them.. having the bigger photo in mind helps scalping and intraday trading.. just keep in mind that whatever you see in the bigger picture will need a lot of time to develop.. so never hurry based on that.. One more thing: Mastering Support Resistance + Ichimoku is the best investment a trader can make.. Happy Trades
Ata whats your take on upcoming nfp??
Quoting melvinlimmy
{quote} Ata whats your take on upcoming nfp??
In general I have 2 big pictures in mind.. the daily and the 4H.. both are telling important things for coming hours and days.. Let me explain..

On The Daily Chart the biggest trouble maker is the long shadow from a past candle that reflects an important S/R area. That slows things down and right now price doesn't know which way to go.. since price touched fib 61.8 on earlier days now we are expecting that we go higher and I believe on a daily basis if we are patient enough we will see that we might go really higher towards 182.000 levels but the future cloud of ichimoku is bearish.. I don't believe that cloud will immediately bring price down but it has the slowing down effect and we might have painful and boring days upcoming.. Another important item is the white chikou line that I marked with a smaller circle reflects a possible uptrend if it pierces trough the candles and stays above price.. that would be an early signal for an uptrend but the TK lines (blue and yellow) also must cross so that yellow climbs above blue to confirm the uptrend which is not the case right now.. on dail chart the long story short: We need to get out of the gray area..

On 4H chart it is more clear how trapped we are.. now we can see that on a possible bullish attack there are not much obstacles on the north side. Once price climbs above 180.50 it is free to climb higher till fib 61.8 area which is roughly 183.100, but as you can see the future cloud on 4H is very small and thin.. which is reflecting the reason for this slow indecision session we are in.. but on 4H the white chikou line is above clouds and therefore supporting the bulls. On 4H the long story short is: sideways with up and downs till Non-Farm data... but it is not a guarantee that during or right after the meetings price will break out trough these levels since remember: on daily chart we are in a big gray area.. so we have to be patient...

Overall.. Despite my sentiment is bullish, I don't believe we will have crazy rallies as long as price is trapped in the gray area on daily.. my half cents..

Happy Trades
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Be a seer, not a looker!
Ata's Trend Hunter V2.0 All Time Return: 30.8%
Quoting Ata-Turkoglu
{quote} Once price climbs above 180.50 it is free to climb higher till fib 61.8 area which is roughly 183.100, but as you can see the future cloud on 4H is very small and thin.. which is reflecting the reason for this slow indecision session we are in.. but on 4H the white chikou line is above clouds and therefore supporting the bulls. On 4H the long story short is: sideways with up and downs till FOMC... but it is not a guarantee that during or right after the meetings price will break out trough these levels since remember: on daily chart we are...
Ho.......After checking the ichimoku on the respective timelines, I agree, but what really surprises me is your points of significance. I also view a pronounced break from 180.30/00 to be a free ride until 183/182, and my short's maximum profits are limited to 178.100 (partials at 179). Interestingly enough, I didn't use ichimoku for these. I just used recent support/resistance with fib and psychological factors..

Given how similar our points are, I wonder if this is a sign that prices will move according to our designs....or maybe we're all wrong.

Best of luck, Ata.
Quoting Vermillion
{quote} Ho.......After checking the ichimoku on the respective timelines, I agree, but what really surprises me is your points of significance. I also view a pronounced break from 180.30/00 to be a free ride until 183/182, and my short's maximum profits are limited to 178.100 (partials at 179). Interestingly enough, I didn't use ichimoku for these. I just used recent support/resistance with fib and psychological factors.. Given how similar our points are, I wonder if this is a sign that prices will move according to our designs....or maybe we're...
In the end the market does what she wants.. then our job is simply reacting accordingly and not staying married with our calculations.. be water my friend..be water..

Happy Trades
Be a seer, not a looker!
Ata's Trend Hunter V2.0 All Time Return: 30.8%
Quoting Ata-Turkoglu
{quote} In the end the market does what she wants.. then our job is simply reacting accordingly and not staying married with our calculations.. be water my friend..be water.. Happy Trades
Go with the flow? Yesssss.
I wonder: If the price doesn't attempt to test at least 179, should I risk my profits and keep my shorts even when U.S. data comes out?
Quoting Vermillion
I wonder: If the price doesn't attempt to test at least 179, should I risk my profits and keep my shorts even when U.S. data comes out?
its better close all ur shorts & take profit and wait .dangerous zone now..especially with nfp in few hours more...greed,fear & assumption is not healthy in fx..take while ur can.knows to set aside n wait,patience....observe the movement...trade wat u c..not wat u wish..

Knows wen to fold ur cards n cash tad chips mate!

Happy pipping ��������
If there's doubt, there's no doubt.

The only people with open trades open over an NFP are those that truly know what they are doing and those that truly don't. The rest of us just react.
Quoting anima999
If there's doubt, there's no doubt. The only people with open trades open over an NFP are those that truly know what they are doing and those that truly don't. The rest of us just react.
Well said 👍
Quoting Vermillion
I wonder: If the price doesn't attempt to test at least 179, should I risk my profits and keep my shorts even when U.S. data comes out?
The answer to your question is related with fibonacci or S/R levels.. if you can spot important resistance levels where price might go back and retest then it would be okay to leave them for some risk you are willingly to give away if things get ugly.. ask yourself what the risk/reward would be in case price would go back to those levels.. if you think even they would go back but you end up with break even then it is not worth to keep them but also don't close them immediately because of panicking.. instead, try to find a place where price might/could come closest to your suffering trade and close there.. these executive decisions are really connected with the experience level you are in.. wish you luck with that..

IMO.. I still see a possibility for a retest of 178.60 today (with one condition: as long as price stays below 180.00)

Happy Trades
Be a seer, not a looker!
Ata's Trend Hunter V2.0 All Time Return: 30.8%
Price pushes 180.00.. due to my calculations it must drop soon.. I am expecting a fall but this is the market.. it does what it does..
Be a seer, not a looker!
Ata's Trend Hunter V2.0 All Time Return: 30.8%
Morning folks. Had a small short overnight that I closed for a few pips. See what the news brings.
Soar on my wings, you'll touch the hand of God, he'll make you King.
I opened a short at 179.95 closed it at 179.75... now expecting another pullback to fib 61.8 or higher.. that is around 179.90.. will reenter short if price reaches there..

Happy Trades
Be a seer, not a looker!
Ata's Trend Hunter V2.0 All Time Return: 30.8%
Don't forget NFPs due in 30mins.
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