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Dragon Riders GBP/JPY

  • #9,821
  • Apr 2, 2015 6:36am Apr 2, 2015 6:36am
Quoting FX-Ray
Nice rejection of 1/2 176.95/85 Add: If she is able to hold it, next probably 178.10/00; it it turns resistance, next probably 175.80/70 {image}
That's some confident buying, I'm quite jealous.
  • #9,822
  • Apr 2, 2015 6:38am Apr 2, 2015 6:38am
Quoting alexpi
No banter today Ori and the blind forest's soundtrack will lift some spirits hopefully https://www.youtube.com/watch?v=MkzeOmkOUHM
I can recommend you this, this mix is sick and dat women really makes me melt..

Inserted Video
  • #9,823
  • Apr 2, 2015 6:39am Apr 2, 2015 6:39am
Quoting Mpt
It takes time. The last time GJ successfully broke through this particular technical resistance was 150 weeks ago at 124.8. Back then it took over a week. Curiously, when it finally broke back then, it collapsed 600 pips and that was the 2nd last low before the big rise. That's why this place may have more significance than we realise.
Mpt we were in a downtrend when that happened in 2008, backed by severe fundamental pressure on the USD and GBP. At the moment we are in an uptrend and price has been trying to break up for 66 weeks, with every attempt to go back down failing. Are you sure you're not mistaking the direction of the significance?
  • #9,824
  • Apr 2, 2015 6:41am Apr 2, 2015 6:41am
Quoting FX-Ray
{quote} anima999, how would you describe price behaviour at 1/4, the last 4 days?
Confused, ranging and enticing to the inexperienced.
It appears to be central to the range with more PA below than above.

How would you?
  • #9,825
  • Apr 2, 2015 6:42am Apr 2, 2015 6:42am
Quoting anima999
{quote} Confused, ranging and enticing to the inexperienced.
Exactly, and if you ever observe something like this at any 1/4, 1/2 or DP its an indication for a ranging market which means to stay out until things settle down, got it?

Add: It doesnt invalidate those, thats not trivial. Thats why context is crucial, thats your job as a trader.
  • #9,826
  • Apr 2, 2015 6:44am Apr 2, 2015 6:44am
both gbp and jpy looks strong imo, im looking at gbpnzd and nzdjpy for this month.
  • #9,827
  • Apr 2, 2015 6:45am Apr 2, 2015 6:45am
To add to my point above price broke the most important flip-zone for this pair since 1993.

I see no reversal signals here until the Weekly trend-line gets broken, but that was denied by the weekly flip-zone about 2 months ago (Edit: I lost quite a bit going short at the time by the way, since I got over-aggressive with my expectation for a break of that level)

This is all speaking purely long-term position-trading-wise. Not swing/intraday
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  • #9,828
  • Apr 2, 2015 6:49am Apr 2, 2015 6:49am
Quoting anima999
{quote} That's some confident buying, I'm quite jealous.
Dont be, thats contra-productive, try to emulate me instead. Anyway:

Add: Main target would be DP 178.50/40 since weekly high confirmed it. 1/2 needs to hold though. Dont be deluded by the TP in that pic, its for the perfect condition, Im ready to take partial profits whenever its needed.
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  • #9,829
  • Apr 2, 2015 6:51am Apr 2, 2015 6:51am
Quoting FX-Ray
{quote} Exactly, and if you ever observe something like this at any 1/4, 1/2 or DP its an indication for a ranging market which means to stay out until things settle down, got it? Add: It doesnt invalidate those, thats not trivial. Thats why context is crucial, thats your job as a trader.
Understood and thanks.
  • #9,830
  • Apr 2, 2015 6:59am Apr 2, 2015 6:59am
Quoting FX-Ray
{quote} I can recommend you this, this mix is sick and dat women really makes me melt.. https://www.youtube.com/watch?v=gmQJVl51yCc
I'm enjoying this, here's one of my favorite mixes from OnlyChillstep (though I'm guessing you've come upon him in the past)

Inserted Video
  • #9,831
  • Apr 2, 2015 7:00am Apr 2, 2015 7:00am
Quoting alexpi
{quote} I'm enjoying this, here's one of my favorite mixes from OnlyChillstep (though I'm guessing you've come upon him in the past) https://www.youtube.com/watch?v=yX9q...4EADA&index=14
Thanks dude, will check out later. Already listen to one mix
  • #9,832
  • Apr 2, 2015 7:10am Apr 2, 2015 7:10am
Quoting FX-Ray
{quote} Dont be, thats contra-productive, try to emulate me instead. Anyway: Add: Main target would be DP 178.50/40 since weekly high confirmed it. 1/2 needs to hold though. Dont be deluded by the TP in that pic, its for the perfect condition, Im ready to take partial profits whenever its needed. {image} {image}
Once again, Good Friday's NFP news always causes prices to be in range trading.

Fundamentals? Charts? What are these things you speak of? Just buy low and sell high (prior to Friday, of course)

Never has so many pips been made by relying on that simple philosophy.
  • #9,833
  • Edited 7:23am Apr 2, 2015 7:12am | Edited 7:23am
Price didn't like that 1/4 level, bounce straight back off just shy of my .500 TP.
My position stopped for nice profit. Waiting to see what happens when it reaches the 1/2 176.8 level again.

EDIT,
I won't be putting an order in, based on what Ray noted about every up-move being sold fairly quickly (including this one) I'm going to wait before jumping in.

EDIT 2
US news in a couple of mins
  • #9,834
  • Apr 2, 2015 7:16am Apr 2, 2015 7:16am
Quoting Vermillion
{quote} Once again, Good Friday's NFP news always causes prices to be in range trading. Fundamentals? Charts? What are these things you speak of? Just buy low and sell high (prior to Friday, of course) Never has so many pips been made by relying on that simple philosophy.
What are you referring to? Well you kinda came late with that information, one day before, you should have told us monday or tuesday, it wasnt that clear back then, was it?
  • #9,835
  • Apr 2, 2015 7:21am Apr 2, 2015 7:21am
Quoting FX-Ray
{quote} What are you referring to? Well you kinda came late with that information, one day before, you should have told us monday or tuesday, it wasnt that clear back then, was it?
Oh, don't get me wrong. It took me around 3 trading days to get it right. Lost a lot of potential profit because I refused to TP or adjust positions. I never said I was the first to call this one; I just find it so hilarious that being "illogical" (in a roundabout way; i.e. being unconventional from my usual strategy) would yield so much dividends.

The reason I was able to profit was because I just increased my leverage from usual at the key support/resistances. Still made a lot of money despite my fuck-ups at the start.

And on that note, I plan on loading another cable long in case we temporarily breach 1.4800. Geppy already has one filled out at 176.900. Not the best price, but good enough.
  • #9,836
  • Apr 2, 2015 7:22am Apr 2, 2015 7:22am
Quoting Vermillion
{quote} Oh, don't get me wrong. It took me around 3 trading days to get it right. Lost a lot of potential profit because I refused to TP or adjust positions. I never said I was the first to call this one; I just find it so hilarious that being "illogical" would yield so much dividends. The reason I was able to profit was because I just increased my leverage from usual at the key support/resistances. Still made a lot of money despite my fuck-ups at the start.
Nice one
  • #9,837
  • Apr 2, 2015 7:25am Apr 2, 2015 7:25am
Quoting Vermillion
{quote} Oh, don't get me wrong. It took me around 3 trading days to get it right. Lost a lot of potential profit because I refused to TP or adjust positions. I never said I was the first to call this one; I just find it so hilarious that being "illogical" (in a roundabout way; i.e. being unconventional from my usual strategy) would yield so much dividends. The reason I was able to profit was because I just increased my leverage from usual at the key support/resistances. Still made a lot of money despite my fuck-ups at the start. And on that note,...
I see, the art is to avoid that "fuck-ups"
  • #9,838
  • Edited 7:47am Apr 2, 2015 7:31am | Edited 7:47am
Quoting FX-Ray
{quote} I see, the art is to avoid that "fuck-ups"
Very true. Goal in trading isn't to maximize profits, but to minimize losses.

Only problem is, fixing your errors is hard for trading if it's your current trading strategy that's off; My current weekly record stands at around 64% accuracy for the week due to first half of the week. Oh well. trial and error, I guess.

Now my question is which pair will give the most bang for the buck: geppy, or cable?

Update: YES! Cable drops lower again! Let's see if I can load a long at a decent price.....

Update 2: Buy limit rejected by 6 pips.......d'awww....
  • #9,839
  • Apr 2, 2015 7:33am Apr 2, 2015 7:33am
Quoting FX-Ray
Anyway, E/U delivered some better opportunities early in the morning, catched a nice long at 60ish, took profits @ 1.0830ish. Nice quick run. {image}
shorted this; m5 left, daily right, good R:R, lets see how far this goes. Optimal would be 1.0760
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  • #9,840
  • Apr 2, 2015 7:35am Apr 2, 2015 7:35am
Quoting FX-Ray
U/J: {image}
U/J rejected this one nicely, nice trade here.
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