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Dragon Riders GBP/JPY

  • #3,601
  • Feb 11, 2015 10:24am Feb 11, 2015 10:24am
Quoting Vermillion
{quote} I think it's u.S. oil supply driving the yen pairs up; the prices for yen just jumped dozens of pips right after the oil announcement. Shouldn't we be getting a correction (100pip+) soon? The gbp/jpy is increasing way to fast for me to consider longing right now. Just look at the RSI on the hourly; every time I see it, the more I feel scared about the gbp/jpy. Currently shorting 183.80 & 183.90 respectively. Was hoping for 183.95 or 184 to short, but that wasn't going to happen.
It should already retrace around 183.60 but traditionally the vast majority always seek for .80 levels to go short and .20 levels to go long.. here it happened again almost the way I expected.. I could wait a little bit more actually but it's still okay..

Now as long as price stays below the long shadow of the very top candle on 15 min. chart I stay bearish..

Happy Trades
Focus only on what truly matters!
  • #3,602
  • Feb 11, 2015 10:31am Feb 11, 2015 10:31am
Quoting Vermillion
{quote} Hmmm....hope you don't mean any portfolio/fund. Lord knows how many financial institutions are flipping over because of central bank shocks. SNB decides to remove the price floor (and then does a 180 degree turn by buying the eur/chf back up from 0.98 to 1.60), Russia's central bank decides to hike rates while its economy is drowning, ECB announces a massive QE to save the Euro, Grexit is now closer than ever; the list goes on and on. I hereby dub this year with the following title. 2015: The Banks Strike Back.
Negative!

What I meant was another currency pair less volatile as I only trade Forex.
I'm ok now as my monthly pips have been achieved and now I just wait for the A set ups to develop
  • #3,603
  • Feb 11, 2015 10:45am Feb 11, 2015 10:45am
Quoting Ata-Turkoglu
Risking a small lot short trade at 183.73.. (SL: 184.10) Happy Trades
Keep that short It might stick and build it up for a nasty drop of 1600 pips b4 June and double your account easily...166.80 that's if the high of today hold IMHO
  • #3,604
  • Feb 11, 2015 10:52am Feb 11, 2015 10:52am
Quoting Ironman777
{quote} Keep that short It might stick and build it up for a nasty drop of 1600 pips b4 June and double your account easily...166.80 that's if the high of today hold IMHO
Snipers are nice to use for long distances but I like machine guns because need to see instant results.. the longest trade I kept so far was 1 week.. no longer.. because I scalp a lot and make profit out of the tiniest ranges.. shoot reload.. shoot reload.. that's my style.. but thanks

Happy Trades
Focus only on what truly matters!
  • #3,605
  • Feb 11, 2015 10:57am Feb 11, 2015 10:57am
Quoting Ata-Turkoglu
These moments are the moments where I tell myself the same way Mel Gibson in his Braveheart movie, was telling his warriors when enemy troops were getting closer and closer... "hold....... hold........ hold...... don't go short yet... hoooooold!!!"
Hooold . GBP not nice last few hours :/. I will be holding till 181,6-181,8 breaks.
"I know one thing, that I know nothing." Sokrates
  • #3,606
  • Feb 11, 2015 10:59am Feb 11, 2015 10:59am
Quoting Ata-Turkoglu
{quote} Snipers are nice to use for long distances but I like machine guns because need to see instant results.. the longest trade I kept so far was 1 week.. no longer.. because I scalp a lot and make profit out of the tiniest ranges.. shoot reload.. shoot reload.. that's my style.. but thanks Happy Trades
For sure!
That was just what I see from birds eye view. I don't hold trades for that long myself but that what it's showing as off now...
Anyways b4 it gets there will be many swings up and down to participate on and those are the ones I tear up with like 500 pips at a time holding like a week or 2...
Just food for thought!
  • #3,607
  • Feb 11, 2015 11:04am Feb 11, 2015 11:04am
nope....now wait a minute.....375 pips up on the last move....says more to the upside....I think 330 is the number as I usually post.....meaning if it goes past 220 pips, that's signaling more up..............then the next shelf is the aforementioned 330 pips, stomped that ........so let's see if this can be ....good place for all to watch, HUH!!

eta.....I'm bettin' cash money....he he..........Lucinda Williams, " Car Wheels On A Gravel Road " Texas music to trade by.....Oh wait....now it's Uriah Heep.... more Texas music....Ken Hemsly lives in Dallas now....

etadd: now the radio is playing some song named " Powder Finger "....friggin rocks man,...hello mama there's a white boat coming up the river....does anyone know if Neil Young is a Texan?....hehe...
  • #3,608
  • Feb 11, 2015 11:06am Feb 11, 2015 11:06am
Quoting Tom_D_Trader
{quote} Hooold . GBP not nice last few hours :/. I will be holding till 181,6-181,8 breaks.
Already added shorts near the daily top. Going to add more short if 183.20/00 breaks. Main TP target is 181.50 +/- 25 pips, but I'll probably take partials around 182.20/00 (initial ichimoku cloud support). Guess we're in it together.
  • #3,609
  • Feb 11, 2015 11:07am Feb 11, 2015 11:07am
Quoting Ironman777
{quote} For sure! That was just what I see from birds eye view. I don't hold trades for that long myself but that what it's showing as off now... Anyways b4 it gets there will be many swings up and down to participate on and those are the ones I tear up with like 500 pips at a time holding like a week or 2... Just food for thought!
I am trading often the 5 and 15 minute charts.. but I also make myself get used to trade the 4H and Daily which would keep me much more relaxed but would also require more patience.. so I am still improving my skills there.. for now.. I go with scalping the hell out of what I see..
Focus only on what truly matters!
  • #3,610
  • Feb 11, 2015 11:09am Feb 11, 2015 11:09am
Quoting Ata-Turkoglu
{quote} I am trading often the 5 and 15 minute charts.. but I also make myself get used to trade the 4H and Daily which would keep me much more relaxed but would also require more patience.. so I am still improving my skills there.. for now.. I go with scalping the hell out of what I see..
hi Ata ; is 80 /20 works on GJ too?
do not stand out in the open with gun ;stand in the bushes with knife..
  • #3,611
  • Feb 11, 2015 11:19am Feb 11, 2015 11:19am
Quoting Ata-Turkoglu
{quote} I am trading often the 5 and 15 minute charts.. but I also make myself get used to trade the 4H and Daily which would keep me much more relaxed but would also require more patience.. so I am still improving my skills there.. for now.. I go with scalping the hell out of what I see..
That's right: "I get paid handsomely to wait for the right set up" is a quote my mentor used a lot and it always stock with me but don't get me wrong I like scalping but can't always do it. I use the 2min and 10 min charts to do it as well...when I scalp
  • #3,612
  • Feb 11, 2015 11:25am Feb 11, 2015 11:25am
Quoting countdown
{quote} hi Ata ; is 80 /20 works on GJ too?
Sometimes it works sometimes it doesn't but whenever I already have some level in my mind where price could return, I prefer relying on this 80/20 when trying to risk a counter trade.. it has at least some probability to work..

Happy Trades
Focus only on what truly matters!
  • #3,613
  • Feb 11, 2015 12:51pm Feb 11, 2015 12:51pm
Quoting Ata-Turkoglu
Risking a small lot short trade at 183.73.. (SL: 184.10) Happy Trades
Closed manually at 183.03.. +70 pips.. will wait till we see some volatility again..

Happy Trades
Focus only on what truly matters!
  • #3,614
  • Feb 11, 2015 3:24pm Feb 11, 2015 3:24pm
So... Are we expecting big moves after the bank holiday?

Not much in the way of JPY fundementals but there are some GBP and USD events tomorow.
  • #3,615
  • Feb 11, 2015 3:46pm Feb 11, 2015 3:46pm
Ping pong game between 80 and 20 has begun.. that's all I see now.. I call it a day.. even Tokyo opening could be slow because as far as I can see there are no important red news..

Happy Trades
Focus only on what truly matters!
  • #3,616
  • Edited 4:44pm Feb 11, 2015 3:48pm | Edited 4:44pm
Greece slated to stay in bailout plan. Eur/usd bounced higher...along with geppy. For that matter, the british pound has a BOE announcement coming soon-and it's at a critical junction point on the daily chart.

Probably short at higher price, certainly, but longing isn't really an option considering BOE comes up tomorrow.

Update: Massive resistance at 183.60/50. The previous move up to 183.90 and the subsequent rejection lines up with the descending trendline on the daily chart. Considering that the Greeks staying in EU was expected for the most part (there's also a lack of clear details about meeting) to drive bulls further, I reloaded another sort on 183.50 after taking profit on one before.

Gbp/jpy is unlikely to break out higher for the next 24 hours. Retest the day's highs? (~184) Certainly. But breakout is unlikely, since it opens up hundreds of pips to the upside potentially, and we've not yet received a green light from UK's central bank to be hawkish.
  • #3,617
  • Feb 11, 2015 3:56pm Feb 11, 2015 3:56pm
Quoting Vermillion
Greece slated to stay in bailout plan. Eur/usd bounced higher...balong with geppy. For that matter, the british pound has a BOE announcement coming soon-and it's at a critical junction point on the daily chart. I don't trust the bounces. Probably short at higher price, certainly, but longing isn't really an option considering BOE comes up tomorrow.
I agree.. on higher timeframes than 30 min. it is too early for shorting and too risky (also not worth the risk/reward) for longing right now.. best is to wait till market gives clues for direction..

Happy Trades
Focus only on what truly matters!
  • #3,618
  • Feb 11, 2015 7:28pm Feb 11, 2015 7:28pm
Quoting Vermillion
{quote} Already added shorts near the daily top. Going to add more short if 183.20/00 breaks. Main TP target is 181.50 +/- 25 pips, but I'll probably take partials around 182.20/00 (initial ichimoku cloud support). Guess we're in it together.
Penetration of 183. I've added another short at 183.00. Shorting from 183.80, 183.59, and 183.00 respectively. Targets are same as before with a manual TP in the final moments before BOE announcement.

Good luck to everyone who have positions in this currency pair.
  • #3,619
  • Feb 11, 2015 7:41pm Feb 11, 2015 7:41pm
Yeah, good downside potential from here.
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  • #3,620
  • Feb 11, 2015 7:46pm Feb 11, 2015 7:46pm
LONG GJ at 182.887 SL 182.182
A good trader follows his rules, but great trader knows when to break them
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