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Dragon Riders GBP/JPY

Quoting Hickson
{quote} Yeah, nice chop levels. It turned down just to chop up again ... we need a break in any direction to trade this pair. But whole market is in consolidation again before NFPs as it seems ...
Seems so.
Quoting Didgeridoo
personally, seeing traction in what is ultimately an uptrend.
It hasn't been this high since asia this morning so maybereturning to previous level.
Looks more like aimless wandering around with a destination of nowhere, but not before clipping your stops up and down.
Quoting Didgeridoo
personally, seeing traction in what is ultimately an uptrend.
Overall as we go through 2015,? Yes- it's an uptrend.

Right now (~month or so)? Uncertain. Need clearer signal/cleaner break.
anyone trying foer a short at the top?
Ive left it but if it stays in the range could be a nice scalp.
Waiting for a positive break, long's the way to go if it breaks 178.2

Edit: Setting a sell stop at 177.8 if it rejects; Edit2: On second thought, it isn't a short opportunity yet, not gonna have an order there
Talking about manipulation in FX markets ... no, it ain't of course
Fix up, trade sharp ...
Quoting alexpi
I would like to see a short to 175.6 but at the moment it looks like a real possibility that if we get positive on 177.5 and 178.0 we'll also get 179 before price keeps going down (if it does, with three tests of 176.5/6 it looks like we've hit a solid floor for now; price needs to accumulate before taking it out either way)
Don't know if this move is a manipulation, but I was waiting for it since morning
[quote=alexpi;8176217]{quote} Don't know if this move is a manipulation, but I was waiting for it since morning[/quote I saw nothing on the calendar...if I can ask why were you waiting>just time for a rally or some news event I missed???
[quote=NicMilani;8176231]
Quoting alexpi
{quote} Don't know if this move is a manipulation, but I was waiting for it since morning[/quote I saw nothing on the calendar...if I can ask why were you waiting>just time for a rally or some news event I missed???
The range this morning was very tight which means the breakout is usually big. It had to go somewhere...MPT made a couple of interesting observations earlier about price going lower.
[quote=NicMilani;8176231]
Quoting alexpi
{quote} Don't know if this move is a manipulation, but I was waiting for it since morning[/quote I saw nothing on the calendar...if I can ask why were you waiting>just time for a rally or some news event I missed???
1 test at 176.46, 1 test higher at 176.5, two more tests higher still at 176.6. That's a total of four tests against a solid support. The final one broke slightly lower than the second last and rebounded rapidly up, signaling lots of demand.

I don't like this market behaviour, because it's purely emotional trading following Carney's words from Friday, the frenchman's rumours about Greece, and the news about GDP results being slightly better than expected.

Nonetheless, I had to expect it and therefore didn't trade shorts today.

The market can remain illogical longer than you or I can remain solvent, as they say...

Edit: Naturally, if we get a good reject here short is still an option, but I've just decided I'm not putting down any money on short positions until we get to 179 or solidly break 176.6.
On the other hand UCAD looks like a buy may be a good.
getting close to me pulling the trigger on a long. still probably a day or two away.
Quoting Tom_D_Trader
Am buying Geppys. Actually selling Yen all across the board. - EJ and UJ as well, mostly EJ and Dragons.
Is mostly GBP move now. EJ and UJ +- chop, GU running to 1,491 monthly again, now both Geppy and GU stuck at first resist, so I take partial.
"I know one thing, that I know nothing." Sokrates
Quoting raiders
getting close to me pulling the trigger on a long. still probably a day or two away.
target on my long is at 190.3 once i get in
Quoting anima999
On the other hand UCAD looks like a buy may be a good.
128 is set in concrete with the troubles mentioned in the speech
Quoting Tom_D_Trader
{quote} Is mostly GBP move now. EJ and UJ +- chop, GU running to 1,491 monthly again, now both Geppy and GU stuck at first resist, so I take partial.
reload
"I know one thing, that I know nothing." Sokrates
Huh interesting moves...definitely lot of chop and we're back to 178 guess getting stopped out BE on my shorts before wasn't too big a deal al though my TP was hit after getting stopped with price never retesting my entry, kind of glad took rest of the day off. The rejection of 177 seemed a bit strong but it could just be false move for MM to fill their shorts for eventual breakout down. Im sitting aside before taking any longs until we get above 178 area. I still feel 176.2-175.5 area needs to be tested.

In better news I got into the grad school program I wanted

International Political Economy and Development Program focusing on International Finance and Banking

http://legacy.fordham.edu/academics/...sage_33593.asp
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Quoting Tom_D_Trader
{quote} reload
I expect a retest of 177.70/50. We may even hit around 177.40/30 before going back to 178+

Right now, I expect further consolidation (probably remaining above 177), followed by a retest of today's highs and beyond. Upside will likely be limited to around 179.10 for now.

I'll probably add a long around 177.70/50, and maybe consider further longs if we retest lower areas. And if this never happens, at least I won't lose anything by staying out for now.
Quoting anima999
{quote} It hasn't been this high since asia this morning so maybereturning to previous level.
Quoting Vermillion
{quote} Overall as we go through 2015,? Yes- it's an uptrend. Right now (~month or so)? Uncertain. Need clearer signal/cleaner break.
True. Lot's of bouncing off supp/res levels with no apparent direction. Which makes s/t pa more irrelevant - imo of course.

GBP/JPY will happily follow USD/JPY either way it moves. Given overcrowding of USD longs, need JPY weakness. In a word: Abe.
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