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Dragon Riders GBP/JPY

  • #3,821
  • Feb 12, 2015 9:06pm Feb 12, 2015 9:06pm
Yawn. It looks like geppy really wanted to test lower areas below 183, but it's being held up. It's been nearly 9 hours since we first came back up 183.

I might just hit the sack and put a large SL instead.
  • #3,822
  • Feb 12, 2015 9:11pm Feb 12, 2015 9:11pm
Yea I think there is a lot of CB intervention going on lately, even if it is of the subtle type.
  • #3,823
  • Feb 12, 2015 9:23pm Feb 12, 2015 9:23pm
Quoting Vermillion
Yawn. It looks like geppy really wanted to test lower areas below 183, but it's being held up. It's been nearly 9 hours since we first came back up 183. I might just hit the sack and put a large SL instead.
Right in the middle. Res about 90 pips up, initial support about 90 pips down.
  • #3,824
  • Feb 12, 2015 9:23pm Feb 12, 2015 9:23pm
Market starts to move on lower timeframes. Oil up, Nikkei up, just m5 charts now. UJ and GJ stuck below R
"I know one thing, that I know nothing." Sokrates
  • #3,825
  • Feb 12, 2015 9:57pm Feb 12, 2015 9:57pm
woah now

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  • #3,826
  • Feb 12, 2015 10:00pm Feb 12, 2015 10:00pm
Quoting Vermillion
Stiff struggle. We keep swapping back and forth between 183. The move from here, wherever it may go, will be big and fast.
Movement to the downside. Instant 50pip drop in the minute chart.

Well, that WAS fast , after all.
  • #3,827
  • Feb 12, 2015 10:00pm Feb 12, 2015 10:00pm
Quoting Vermillion
{quote} Movement to the downside. Instant 50pip drop in the minute chart. Well, that WAS fast , after all.
indeed this pair hasn't been too hard to trade very clear defined s/r levels seem to be holding up at least on higher tfs

next stop 182.2
  • #3,828
  • Feb 12, 2015 10:02pm Feb 12, 2015 10:02pm
Quoting thegmann
{quote} indeed this pair hasn't been to hard to trade very clear defined s/r levels seem to be holding up at least on higher tfs
It's not that hard, true, but it WAS annoying. Over 9 hours of waiting on 183, and in the past three hours, we're tested 183 more than a dozen times, only to keep bouncing back up.

So happy the market decided to go somewhere. So very happy.
  • #3,829
  • Feb 12, 2015 10:07pm Feb 12, 2015 10:07pm
Quoting Vermillion
{quote} It's not that hard, true, but it WAS annoying. Over 9 hours of waiting on 183, and in the past three hours, we're tested 183 more than a dozen times, only to keep bouncing back up. So happy the market decided to go somewhere. So very happy.
183.3 area is a big level of resistance touched around 6 times on daily candles, it was expected for there to be a bit of consolidation here. Think of it has the 176-175.5 range, except the upper bound of the range, break and close above and its big bullish sign stay below and bearish pressure remains.
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  • #3,830
  • Feb 12, 2015 10:15pm Feb 12, 2015 10:15pm
Yep nice drop and I closed,,, tired of waiting. I prefer to be flat going into London. Whats up with all these instantaneous price spikes of late, getting real tired of them for sure, if your in the right direction your golden and if not you get hosed badly, real hard to "trade" if one can call that trading.
  • #3,831
  • Feb 12, 2015 10:18pm Feb 12, 2015 10:18pm
GU at good technical resistance. UJ tracking into the triangle looking for support. GJ sits.

Something's going to happen.
  • #3,832
  • Edited 10:33pm Feb 12, 2015 10:21pm | Edited 10:33pm
Based on the extention of the drop and the amount of "compressed" market tension at 183, I expect to go below the previous support (61.8 retracement at around 182.30) provided this isn't a bear trap.

I'd say anything down to 181, the 100% retracement, is fair game for today and Friday. Only question is finding which point the market will stop at.

Could be 182/181.80, 181.60, 181, who knows.

Anyone got specific numbers they're looking for between 182 & 181? The entire zone seems to be rather iffy for me. I can't get exact numbers in that region.
  • #3,833
  • Feb 12, 2015 10:24pm Feb 12, 2015 10:24pm
Quoting Mpt
GU at good technical resistance. UJ tracking into the triangle looking for support. GJ sits. Something's going to happen.
If GU starts dropping GJ will fall out of the sky, only thing holding GJ up right now is the fact that GU keeps climbing higher.
  • #3,834
  • Feb 12, 2015 10:26pm Feb 12, 2015 10:26pm
Quoting thegmann
{quote} If GU starts dropping GJ will fall out of the sky, only thing holding GJ up right now is the fact that GU keeps climbing higher.
It's going to fall. GU's rising a bit too quickly, while the western yen pairs (i.e. usd/jpy) is falling.

In terms of relationships, geppy is closer to the usd/jpy than gbp/jpy.

Honestly, the pound sterling seems overbought with the over-the-top bullish reaction to BOE's Carney. It's not that the pound has been doing well; it's just that U.S. wasn't having a good day with all the events timing in.
  • #3,835
  • Feb 12, 2015 10:29pm Feb 12, 2015 10:29pm
Quoting Vermillion
{quote} It's going to fall. GU's rising a bit too quickly, while the western yen pairs (i.e. usd/jpy) is falling. In terms of relationships, geppy is closer to the usd/jpy than gbp/jpy. Honestly, the pound sterling seems overbought with the over-the-top bullish reaction to BOE's Carney. It's not that the pound has been doing well; it's just that U.S. wasn't having a good day with all the events timing in.
yes GJ and UJ are a lot more correlated than GU and GJ right now but GJ is lagging behind UJ right now, the only factor i see is GU keeping it behind. Once we start seeing a pullback on GU I expect GJ to fall rather swiftly.
  • #3,836
  • Feb 12, 2015 10:30pm Feb 12, 2015 10:30pm
Quoting thegmann
{quote} If GU starts dropping GJ will fall out of the sky, only thing holding GJ up right now is the fact that GU keeps climbing higher.
Yeah, but if GU breaks up and UJ finds what it's looking for, nothing goes down. Ifs buts and maybes. I suspect that 'something' is close.
  • #3,837
  • Feb 12, 2015 10:33pm Feb 12, 2015 10:33pm
Quoting Mpt
{quote} Yeah, but if GU breaks up and UJ finds what it's looking for, nothing goes down. Ifs buts and maybes. I suspect that 'something' is close.
I expect GU to hit 1.5445 in a quick move then shoot downward. But we shall see of course

off to bed sl b/e for 183.3 short on GJ and pending short 1.5460 GU if even gets there SL 1.5510
  • #3,838
  • Feb 12, 2015 10:39pm Feb 12, 2015 10:39pm
Quoting thegmann
{quote} I expect GU to hit 1.5445 in a quick move then shoot downward. But we shall see of course
Not longing the GU until we see a retracement. And I'm probably going to short it around 1.545/4 as well.

I wonder if anyone is going to long the geppy at this price right now without the intent to scalp.
  • #3,839
  • Feb 12, 2015 11:03pm Feb 12, 2015 11:03pm
Quoting Ironman777
{quote} Hope it helps... {image}
Your chart tells a thousand words.
Best to your trades!
Elliott Wave for optimum entry, exit and risk management of trades
  • #3,840
  • Feb 12, 2015 11:20pm Feb 12, 2015 11:20pm
MPT....that 207....last time on the way up it stalled a good one at 204.50.....or was it falling from 207......OK.....
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