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Dragon Riders GBP/JPY

  • #9,621
  • Mar 30, 2015 2:17pm Mar 30, 2015 2:17pm
Quoting gespiri
Lookie, lookie here! This is a trifecta in my opinion: 1) 1hr shows 200EMA hit 2) 4hr shows 55EMA hit 3) MurreyMath 2/8 level hit 4) R2 on daily pivot hit A very good probability that this will reverse from here (178.18) on hopefully down to 175.5. Let's wait and see.... {image}
Don't know about going straight down to 175.70, but there's a good chance we'll see a decent pullback, like the one we're seeing right now. I do agree that 178.10/00 is a significant resistance to overcome, and quite frankly, I'm still targeting lower areas for down.

I did end up closing the three shorts after they hit 177.50 after the movement down from 177.65-ish. Losses were acceptable compared to the likely retest of 177.90/80. Instead, we saw it go straight to the even bigger resistance of 178.10, so I decided to short there again. I consider it the market giving free 20-30 pips on a better trade for my trouble.

177.10/00 will be the main point of contention, and the halfway mark between 177 and 178 (177.60/50) has the potential for a retest to the upside if the bulls are still feeling feisty. Quarter way S/R (177.80, 177.30) are also viable, but less so than the others.
  • #9,622
  • Mar 30, 2015 3:11pm Mar 30, 2015 3:11pm
I'm short 178.10 order triggered.
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  • #9,623
  • Mar 30, 2015 3:13pm Mar 30, 2015 3:13pm
Quoting Vermillion
{quote} Don't know about going straight down to 175.70, but there's a good chance we'll see a decent pullback, like the one we're seeing right now. I do agree that 178.10/00 is a significant resistance to overcome, and quite ....

Correct. I actually see 177.4 first as support to the upside.
Lost....
  • #9,624
  • Mar 30, 2015 3:52pm Mar 30, 2015 3:52pm
Am buying Geppys. Actually selling Yen all across the board. - EJ and UJ as well, mostly EJ and Dragons.
"I know one thing, that I know nothing." Sokrates
  • #9,625
  • Mar 30, 2015 5:26pm Mar 30, 2015 5:26pm
Quoting FX-Ray
G/J: Try to stay out @ 1/4 177.525/425 its oscillating around it (Example: same as Wednesday 25th March), wait for DP 178.10/00 or 1/2 176.95/85.
Long time reader, first time poster. I'm new to forex and have been keenly following this thread. Thank you all for your inputs. I have gone through the whole thread but there is something i cant figure out. Can someone explain what 1/4 and 1/2 refers to. how do you interpret it? thanks
  • #9,626
  • Edited 7:15pm Mar 30, 2015 6:29pm | Edited 7:15pm
Id find it very odd if we didn't atleast test the 176.2 area or even 177.7/.5 levels this week or next, with price getting this low already a test seems almost necessary.

Still holding short from 178.1 moved SL to 178 letting it ride.

edit: just added 177.8 short SL BE at 177.959
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  • #9,627
  • Mar 30, 2015 7:44pm Mar 30, 2015 7:44pm
Quoting FX-Ray
Im done for today. No reason to trade anything. Im out. Laters https://www.youtube.com/watch?v=fiCjs0Eh7xo {image}
That is so not right...............LOL
The More You Learn, The More You Earn.....
  • #9,628
  • Mar 30, 2015 8:01pm Mar 30, 2015 8:01pm
Are you F*cking serious.... stopped out to the pip for a loss to boot because of that spike that's just ridiculous hahaha well great.
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  • #9,629
  • Mar 30, 2015 8:34pm Mar 30, 2015 8:34pm
Quoting thegmann
Are you F*cking serious.... stopped out to the pip for a loss to boot because of that spike that's just ridiculous hahaha well great. {image}
Hmm,, well if its any consolation Im managing to lose my arse today also, just totally out of sync
  • #9,630
  • Mar 30, 2015 8:40pm Mar 30, 2015 8:40pm
guys, i think this pair has finally decided to turn back up. im staying out until i get more confirmation, but its slowly making its way north
  • #9,631
  • Mar 30, 2015 8:44pm Mar 30, 2015 8:44pm
Quoting js5020
{quote} Hmm,, well if its any consolation Im managing to lose my arse today also, just totally out of sync
yeah..basically a BE trade (my SL was a tiny bit below BE) just the slippage kind of sucked but is expected with a spike like that up to my SL
  • #9,632
  • Mar 30, 2015 9:05pm Mar 30, 2015 9:05pm
Quoting thegmann
{quote} yeah..basically a BE trade (my SL was a tiny bit below BE) just the slippage kind of sucked but is expected with a spike like that up to my SL
Well glad to hear that,,, I tried to go big on EU earlier and make it a real short week,, yea Ill be here all week and then some to get back to even.
  • #9,633
  • Mar 30, 2015 9:28pm Mar 30, 2015 9:28pm
Quoting thegmann
Are you F*cking serious.... stopped out to the pip for a loss to boot because of that spike that's just ridiculous hahaha well great. {image}
My condolences. You might get another chance to short depending on the bounce from the next support of 177.60/50. If we're headed down to 177 and possibily even more below, that bounce from the halfway point between 2 fibonacci points is a good area to short.

I currently have one short from 178.113, stop loss at 178. Targetting 177 for now.

.....But I still want my 175.70. I want it.
  • #9,634
  • Mar 30, 2015 9:38pm Mar 30, 2015 9:38pm
Just be patient.

It's only being held up by the Yen right now. Last week UJ failed to confirm bearish by about 0.000 pips. This week it has a long way to climb to confirm bullish - or the first stage in a bullish climb.

So, re UJ. It's running into good resistance now. Should it clear it may confirm bullish later and GJ would only be dragged down by GU for a modest new low. Conversely, UJ failing about here could have it confirming bearish in a very short time - in which case UJ and GU are back in bearish correlation.
  • #9,635
  • Mar 30, 2015 10:34pm Mar 30, 2015 10:34pm
Quoting Vermillion
{quote} My condolences. You might get another chance to short depending on the bounce from the next support of 177.60/50. If we're headed down to 177 and possibily even more below, that bounce from the halfway point between 2 fibonacci points is a good area to short. I currently have one short from 178.113, stop loss at 178. Targetting 177 for now. .....But I still want my 175.70. I want it.
yeah that spike was a real B*tch...prob down for sure now too. Shouldnt have added but thought we were heading down oh well....
  • #9,636
  • Mar 31, 2015 12:55am Mar 31, 2015 12:55am
Given the price movement around 177.60, I'd say we're in shape for testing 177, with a bit of a bumpy road at 177.30 (quarterway between 2 fibonacci S/R).

177 will be the main source of contention; if that gives way, and the gbp/usd & usd/jpy prices coincide in mvoement as well, then we're probably gunning for 176.60/50, followed by 176 & 175.70/50.

175.70 is a great place to scalp longs for bulls & a good place for bears to cash in their shorts. There's lower risk than usual for longs, since it's the lowest point in 2015 for the geppy. those areas always get respected at least, so if the market seems to turn south, you could also choose to leave early.

Go bears, go!
  • #9,637
  • Mar 31, 2015 1:00am Mar 31, 2015 1:00am
bah humbug shouldn't have checked market before bed...at least i was right with my short they just had to spike the price first
  • #9,638
  • Mar 31, 2015 1:03am Mar 31, 2015 1:03am
Quoting Vermillion
Given the price movement around 177.60, I'd say we're in shape for testing 177, with a bit of a bumpy road at 177.30 (quarterway between 2 fibonacci S/R). 177 will be the main source of contention; if that gives way, and the gbp/usd & usd/jpy prices coincide in mvoement as well, then we're probably gunning for 176.60/50, followed by 176 & 175.70/50. 175.70 is a great place to scalp longs for bulls & a good place for bears to cash in their shorts. There's lower risk than usual for longs, since it's the lowest point in 2015 for the geppy. those areas...
Ive pretty much come up with something along the same lines, so I shorted earlier myself.
  • #9,639
  • Mar 31, 2015 1:03am Mar 31, 2015 1:03am
Having probably completed at 178.2, the earlier diamond correction still projects two possible targets, (now measured from 178.2) as being ..

175.7/8 and/or 174.3
  • #9,640
  • Mar 31, 2015 1:16am Mar 31, 2015 1:16am
Quoting thegmann
bah humbug shouldn't have checked market before bed...at least i was right with my short they just had to spike the price first
What spike? Price has been stable for hours.
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