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Dragon Riders GBP/JPY

  • #10,181
  • Apr 10, 2015 5:11am Apr 10, 2015 5:11am
Quoting raiders
lol im waiting for the pullback
and just when i think iim out, they pull me back in.....
im in looking for 175.8
  • #10,182
  • Apr 10, 2015 5:17am Apr 10, 2015 5:17am
Quoting Vermillion
{quote} When you say "dump right through"...Do you mean 175.70 region? It's possible, but what makes you so sure?
Consolidate, then through. Above 173 = bad. Below 173 = good. Why? Because of where GU supports are and UJ still expecting to fade here.

GJ runs into all mother of potential support circa 174.8/173.5 ish. But, hey, it's Friday
  • #10,183
  • Apr 10, 2015 5:23am Apr 10, 2015 5:23am
Quoting Mpt
{quote} Consolidate, then through. Above 173 = bad. Below 173 = good. Why? Because of where GU supports are and UJ still expecting to fade here. GJ runs into all mother of potential support circa 174.8/173.5 ish. But, hey, it's Friday

In a nutshell, under 173 confirms GJ is no longer potentially bullish and is in retreat. Holding above 174x/173 suggests more topside consolidation or just bullish.
  • #10,184
  • Apr 10, 2015 5:31am Apr 10, 2015 5:31am
Quoting Mpt
{quote} GJ runs into all mother of potential support circa 174.8/173.5 ish. But, hey, it's Friday
It's Friday, Friday, Gotta get down on Friday (literally)

Inserted Video


Yeah, sorry about that. I just couldn't resist.
  • #10,185
  • Apr 10, 2015 5:34am Apr 10, 2015 5:34am
Quoting Vermillion
{quote} It's Friday, Friday, Gotta get down on Friday (literally) https://www.youtube.com/watch?v=kfVsfOSbJY0 Yeah, sorry about that. I just couldn't resist.
You choose the front seat, I'll have the back seat. Gotta get down. What a brilliant track????
  • #10,186
  • Apr 10, 2015 5:38am Apr 10, 2015 5:38am
NU at some strong support. But might have a shot at .73 next week if the dolla can stay strong
  • #10,187
  • Apr 10, 2015 5:39am Apr 10, 2015 5:39am
Quoting Talzus
Guys, Just so I can follow along.. What is DP? What is GU? Thanks T
DP = rays decision points
GU = GBPUSD
  • #10,188
  • Apr 10, 2015 5:49am Apr 10, 2015 5:49am
Quoting Talzus
Guys, Just so I can follow along.. What is DP? What is GU? Thanks T
DP = Decision Point - They are levels of support/resistance that Ray publishes weekly based on previous price action. A combination of Market Profiles and clever statistacal stuff goes into how he works them out.
They are important because price in GBP/JPY (and other currencies) will tend (not always but most of the time) to hop between these levels. When it stops for breath at one of the DPs thats when we decide whether its going up or down. How you decide where price is going is up to you. Ray sits there like a hawk and watches it move in the 1 minute scale and references the current price to previous daily closes. Othere use market bias; similiar to what you were saying in your initial posts here. Others use Elliott wave theory, Gartley patterns...the list goes on...I just guess half the time.
When the gaps between the DPs are big Ray will also publish 1/2 levels and sometimes 1/4 levels. These are alot weaker levels than full DPs so treat them with caution.
To see how effective they are have a look back to the posts in this thread for Monday. There you will find Rays template (.tpl file). Load it into MT4 and have a look at the chart in 15M and notice where price has gone over the previous week.

GU = GBP/USD - Currencies are often abbreviated to just the first two letters i.e. EU = EUR/USD, UA = USD/AUD. Some currencies also have nicknames i.e GBP/USD = Cable, USD/CAD = Loonie, GBP/JPY = Geppy...etc

A screenshot of M30 GJ with this weeks levels. DPs are green, 1/2 levels are grey.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 32 KB
  • #10,189
  • Edited 6:27am Apr 10, 2015 6:09am | Edited 6:27am
DP 175.8 printed

Not looking so negative anymore - stay strong, NY in 30 mins.
  • #10,190
  • Apr 10, 2015 6:10am Apr 10, 2015 6:10am
Ahhh. I see..

I can now stop pulling my hair out from absolute confusion!

Thanks for the clarification.

Can I ask for some advice then:-

Looking at the charts I posted, I had my sell stop set in MT4 at 175.500 ish. This was to avoid any bounces, but looking at it I have missed a shed load of movement today.

Am I being to cautious? should I maybe have had it by the 176.500 mark?

How can I refine this? or is that the million dollar question?

Thanks,

T
  • #10,191
  • Apr 10, 2015 6:40am Apr 10, 2015 6:40am
Quoting anima999
{quote} DP = Decision Point - They are levels of support/resistance that Ray publishes weekly based on previous price action. A combination of Market Profiles and clever statistacal stuff goes into how he works them out. They are important because price in GBP/JPY (and other currencies) will tend (not always but most of the time) to hop between these levels. When it stops for breath at one of the DPs thats when we decide whether its going up or down. How you decide where price is going is up to you. Ray sits there like a hawk and watches it move...
Nice explanation, well done
  • #10,192
  • Apr 10, 2015 6:40am Apr 10, 2015 6:40am
Quoting anima999
DP 175.8 printed Not looking so negative anymore - stay strong, NY in 30 mins.
You rock Indeed, printed.
  • #10,193
  • Apr 10, 2015 6:43am Apr 10, 2015 6:43am
Lets see if NY can serve us with 1/2 175.40/30 or if 175.80/70 remain support.

Inserted Video
  • #10,194
  • Apr 10, 2015 6:48am Apr 10, 2015 6:48am
Quoting Talzus
Ahhh. I see.. I can now stop pulling my hair out from absolute confusion! Thanks for the clarification. Can I ask for some advice then:- Looking at the charts I posted, I had my sell stop set in MT4 at 175.500 ish. This was to avoid any bounces, but looking at it I have missed a shed load of movement today. Am I being to cautious? should I maybe have had it by the 176.500 mark? How can I refine this? or is that the million dollar question? Thanks, T
I didn't see any orders on your charts. What was your entry price, buy/sell, stop loss, target profit?
  • #10,195
  • Apr 10, 2015 6:54am Apr 10, 2015 6:54am
Quoting FX-Ray
Lets see if NY can serve us with 1/2 175.40/30 or if 175.80/70 remain support. https://www.youtube.com/watch?v=_XSd_AFtGGI
I have my TP set at .500. I really should be painting my bedroom, my wife will go ballistic if its not done - just can't....resist...the....candles
  • #10,196
  • Apr 10, 2015 6:55am Apr 10, 2015 6:55am
Quoting FX-Ray
{quote} You did pretty well, I gotta admit that. You followed the plan, been patient, trailed your stop and took a break after taking profit. Well done.
And I would say I learned all this from you, now there are days between I take a trade, earlier I would at least do 3-4 trades in a day, it is slow but the most important part of trading as you said is PATIENCE and WAITING!
  • #10,197
  • Apr 10, 2015 6:55am Apr 10, 2015 6:55am
Quoting anima999
{quote} I have my TP set at .500. I really should be painting my bedroom, my wife will go ballistic if its not done - just can't....resist...the....candles
Need ... to... resist...

Anyway: Whats your entry, you think its worth the extra 50 pips?
Attached Image
  • #10,198
  • Edited 7:09am Apr 10, 2015 6:58am | Edited 7:09am
Looks like we got the retest...Now the real fun starts. Reversal or we going down down down. Just seemed fishy to get so low and not test this zone but we've finally made it.
We've almost retested the channel on GA will be eyeing for more long opportunities, my 1.886 long did me well see if we can respect the TL a 5th time.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: Screenshot2.png Size: 80 KB
  • #10,199
  • Apr 10, 2015 7:04am Apr 10, 2015 7:04am
Its getting interesting
  • #10,200
  • Apr 10, 2015 7:05am Apr 10, 2015 7:05am
I'm in favor of hitting 175.50/30 for gbp/jpy, 1.456100-ish for gbp/usd.

Must...resist...temptation to take profit.....

I still can't believe I just filled my minimum quota for the next 4 weeks in this week of trading alone.
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