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Dragon Riders GBP/JPY

  • #9,301
  • Mar 25, 2015 10:32pm Mar 25, 2015 10:32pm
UJ at technical resistance at 119.2/3, but a break there goes to 118.9. Under there, 118.5/6 can still bounce to renew the up trend.

Below 118.15/3 it is in a broader consolidation, or has entered medium term reversal.

.....................

On an older GJ thread some years ago (Auslanco) the very simple prevailing wisdom was that direction was signalled by being above or below the 4hr and daily Gann and the daily 200 simple. The daily gann is descending through 179.7 right now, the 4hr gann is at 178.1 and we closed for the first time below the daily 200 which sits at 178.1
  • #9,302
  • Mar 25, 2015 10:35pm Mar 25, 2015 10:35pm
Greetings all I'll start posting more here, I've been a long time lurker, Kudos to those who ride the Dragon as I do, I tip my hat to Ray for making this thread as well as your price action analysis and the others here. Currently I've been short since 177.81 Looking for 176.88 and eventually where what I've labeled *The Three Towers at 175.84*
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the market can remain irrational longer than you can remain solvent
  • #9,303
  • Mar 25, 2015 11:11pm Mar 25, 2015 11:11pm
Quoting FX-Ray
{quote} I got DP 178.90/80 as crucial here, as long as it stays resistance optimal target is DP 175.80/70; if market is up and DP 178.90/80 support next optimal target is DP 181.20/10
Done. 1/2 177.35/25 printed. If support next DP 178.90/80; if resistance next is DP 175.80/70
  • #9,304
  • Mar 25, 2015 11:15pm Mar 25, 2015 11:15pm
Anyone would think there's a war breaking out. Oh wait ... maybe there is
  • #9,305
  • Mar 25, 2015 11:24pm Mar 25, 2015 11:24pm
Quoting Sombasan
Greetings all I'll start posting more here, I've been a long time lurker, Kudos to those who ride the Dragon as I do, I tip my hat to Ray for making this thread as well as your price action analysis and the others here. Currently I've been short since 177.81 Looking for 176.88 and eventually where what I've labeled *The Three Towers at 175.84* {image}
Welcome here, Sombasan....cool deal huh!!!
thanks for that ....FX-Ray, baby
  • #9,306
  • Mar 25, 2015 11:38pm Mar 25, 2015 11:38pm
175.7 --> here we go
  • #9,307
  • Mar 26, 2015 12:00am Mar 26, 2015 12:00am
After three days, target price of has been reached at 177.100

Shorted from 179.000, 178.847, and 177.831. Took profit at 177.100, gained 190 pips, 170 pips, and 70 pips on each trade respectively.

Quoting Vermillion
{quote} This is a hypothetical outlook, and can easily go wrong, but.... Assuming we make a clean break of 177.60, one of the more likely scenarios is that the gbp/jpy will go somewhere close to 177, bounce back up for a bit(177.85~somewhere in the 178s) just as the eur/usd does a final spurt to the 1.1000s region, then fall down along with the eur/usd down to 175.70/50. We could also just fall down further without much of a bounce at 177, but given the mercurial nature of the eur/usd and the impact it has on other pairs at the moment, one more...
First part of the hypothesis has been confirmed (retest of area around 177). Let's see if we can go to step two with a bounce back up to upper 177s~lower 178s.
  • #9,308
  • Mar 26, 2015 12:10am Mar 26, 2015 12:10am
Quoting Vermillion
After three days, target price of has been reached at 177.100 Shorted from 179.000, 178.847, and 177.831. Took profit at 177.100, gained 190 pips, 170 pips, and 70 pips on each trade respectively. {quote} First part of the hypothesis has been confirmed (retest of area around 177). Let's see if we can go to step two with a bounce back up to upper 177s~lower 178s.

I've just been reading the schedule of events for today in my GJ product manual. Maybe your's is an updated version, but I can't find any reference to a double retest.
  • #9,309
  • Mar 26, 2015 12:11am Mar 26, 2015 12:11am
Looks like Tokyo was exciting I cut my short early yesterday, bought peace of mind and missed some profits. Still waiting for 176.81
  • #9,310
  • Edited 12:27am Mar 26, 2015 12:12am | Edited 12:27am
Quoting Mpt
{quote} I've just been reading the schedule of events for today in my GJ product manual. Maybe your's is an updated version, but I can't find any reference to a double retest.
Oh, this one? It's just a guess about the erratic movement of the eur/usd and its effects on neighbor currencies. It's really more of an experiment rather than a well thought out plan.

Don't take it too seriously; it has a good chance of being wrong. And by upper 177s, I mean anything at/above 177.50, so there's a lot of open room to interpretation.

I just don't think it'll fall swiftly down to 175.70/50 that a lot of people think it will due to the euro and dollar volatility.

Edit: Going to get some shut eye for an hour or two; this week's been busy, and I need my wits about me once we get into London and NY exchanges.
  • #9,311
  • Mar 26, 2015 12:19am Mar 26, 2015 12:19am
Quoting Gbp/jpy
{quote} Welcome here, Sombasan....cool deal huh!!! thanks for that ....FX-Ray, baby
Thanks Gbp/Jpy kudos, glad to be here looks like were on our way down to the towers risk aversion is looking pretty strong today
the market can remain irrational longer than you can remain solvent
  • #9,312
  • Mar 26, 2015 12:55am Mar 26, 2015 12:55am
Oh would you look at that; 177 is broken prior to london session. Does that mean we might hit 175.70 today?

Honestly, though, I don't have my hopes up. Possible, but given how erratic major pairs have been this week, meh.

Small long scalp at 176.970. Tight SL, lets see if this works.
  • #9,313
  • Mar 26, 2015 1:01am Mar 26, 2015 1:01am
1st target hit, such an aggressive Asian session, rare but appreciated. Three Towers could be next before day is over
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the market can remain irrational longer than you can remain solvent
  • #9,314
  • Mar 26, 2015 1:07am Mar 26, 2015 1:07am
Quoting Vermillion
Oh would you look at that; 177 is broken prior to london session. Does that mean we might hit 175.70 today? Honestly, though, I don't have my hopes up. Possible, but given how erratic major pairs have been this week, meh. Small long scalp at 176.970. Tight SL, lets see if this works.
I'm still anticipating 175 to print. If it bounces, so be it. Otherwise just below that point it risks falling into the weekly cloud
  • #9,315
  • Mar 26, 2015 2:11am Mar 26, 2015 2:11am
A two weeks ride with the dragon
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  • #9,316
  • Mar 26, 2015 2:22am Mar 26, 2015 2:22am
Now that's the GJ I like,, bank made for the week. Long day Im hittin the rack.
  • #9,317
  • Mar 26, 2015 3:34am Mar 26, 2015 3:34am
Quoting Mpt
{quote} I'm still anticipating 175 to print. If it bounces, so be it. Otherwise just below that point it risks falling into the weekly cloud

agreed. though it appears buy on broader-term chart, GBP doesn't seem capable of maintaining this move up (since UK open). imo
  • #9,318
  • Mar 26, 2015 3:42am Mar 26, 2015 3:42am
Quoting Didgeridoo
{quote} agreed. though it appears buy on broader-term chart, GBP doesn't seem capable of maintaining this move up (since UK open). imo
So far nothing abnormal in what you're seeing here. Bottom/low point of the triangle was at 177.2/3. Although it has to reject soon.
  • #9,319
  • Mar 26, 2015 3:58am Mar 26, 2015 3:58am
Quoting Mpt
{quote} So far nothing abnormal in what you're seeing here. Bottom/low point of the triangle was at 177.2/3. Although it has to reject soon.
yes, waiting for it to reject. I just hope it doesn't fall into consolidation pattern like yesterday.
  • #9,320
  • Mar 26, 2015 4:10am Mar 26, 2015 4:10am
Quoting Didgeridoo
{quote} yes, waiting for it to reject. I just hope it doesn't fall into consolidation pattern like yesterday.
As usual, Cable is totally recalcitrant.
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