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Dragon Riders GBP/JPY

  • #10,301
  • Apr 13, 2015 2:19am Apr 13, 2015 2:19am
Quoting raiders
well that was short lived. might try to reload again if it gets up to 176.1 if not im waiting for 175.4 fuck this ping pong
No ping pong...we tested huge support and rejected... Its SL hunting time

We break 1.463 on cable and this sucker is gonna pop so hard

aaaand we broke it(or at least touched it lets see)
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  • #10,302
  • Apr 13, 2015 2:27am Apr 13, 2015 2:27am
Quoting thegmann
{quote} No ping pong...we tested huge support and rejected... Its SL hunting time We break 1.463 on cable and this sucker is gonna pop so hard
no doubt that was serious support. thats why i was so quick to move my sl. still think news out of uk cant be that good and this pair will want to drop. but then again the market does what it wants so....
  • #10,303
  • Apr 13, 2015 2:30am Apr 13, 2015 2:30am
Quoting raiders
{quote} no doubt that was serious support. thats why i was so quick to move my sl. still think news out of uk cant be that good and this pair will want to drop. but then again the market does what it wants so....
pump and dump if thats the case either way we weren't going to break 175.5 on no news classic fake out scare the retail short and fill orders before real dump (if it comes) tomorrow

How many SLs are going to get hit if we break 176.2...
  • #10,304
  • Apr 13, 2015 2:45am Apr 13, 2015 2:45am
Quoting thegmann
{quote} pump and dump if thats the case either way we weren't going to break 175.5 on no news classic fake out scare the retail short and fill orders before real dump (if it comes) tomorrow How many SLs are going to get hit if we break 176.2...
I was thinking that too about the break. was seeing a great set up and took a shot that wasnt going to cost anything. it was a win win just incase london wanted to act early. in any case im out of this pair until i see another nice setup. might not be until tue night.

watching nu looking for a 2nd entry
  • #10,305
  • Edited 3:03am Apr 13, 2015 2:50am | Edited 3:03am
Quoting thegmann
{quote} pump and dump if thats the case either way we weren't going to break 175.5 on no news classic fake out scare the retail short and fill orders before real dump (if it comes) tomorrow How many SLs are going to get hit if we break 176.2...
out 176.2 will see what happens here on retest of 175.8 GU looking big down and hard rejection here at 176.25 we break back above 176.3 and ill hop back in
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  • #10,306
  • Apr 13, 2015 3:12am Apr 13, 2015 3:12am
Morning Guys,

This pair is looking a little flat at the moment. Could you suggest what other pairs are good to look at in conjunction with this?

I'm guessing GBP/USD ? Any others?

Thanks

T
  • #10,307
  • Edited 4:15am Apr 13, 2015 4:01am | Edited 4:15am
Quoting Talzus
Morning Guys, This pair is looking a little flat at the moment. Could you suggest what other pairs are good to look at in conjunction with this? I'm guessing GBP/USD ? Any others? Thanks T
A bit weird.

GBP/USD, eur/usd, aud/usd all wanting to head down, but gbp/usd is a bit weirder since pound sterling is one of the stronger rivals of the dollar. As a result, it's holding up for now.

When price failed to head below 1.45660, I just TPed my shorts at 1.4600 and loaded a few scalping longs. Longs got SL triggered around 1.4600 after hitting a local high of 1.46300.

Edit: Let me make myself clear. My ORIGINAL longs closed out at 1.4600 with a profit, but then I decided that it still had the chance to go back up to 14640/30, so I loaded longs around there.....and then it proceeded to fall almost to 1.45800 (somewhere around 1.45830/1,45820)

This is what my status looks like right now. Don't ask why I decided to have 3 longs lined up there. I just wanted to have a bit of fun with a high risk, high yield gamble since I had earned enough profits on my scalp. Not exactly optimal, though, and I'll probably refrain from doing so again.

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Hard SL at 1.45800 (came to around 2-4 pps of being hit), manual soft SL. TP zone is at 1.6440/300

honestly, I should stop fooling around with my daily profits.

Edit: the longs, by the way, are entire single lots. Yes. I'm dead serious. I'll probably either drown myself in sorrow for losing today's profits in one go before we even hit midday, or buy myself a well earned dinner.
  • #10,308
  • Apr 13, 2015 4:14am Apr 13, 2015 4:14am
Quoting Vermillion
{quote} A bit weird. GBP/USD, eur/usd, aud/usd all wanting to head down, but gbp/usd is a bit weirder since pound sterling is one of the stronger rivals of the dollar. As a result, it's holding up for now. When price failed to head below 1.45660, I just TPed my shorts at 1.4600 and loaded a few scalping longs. Longs got SL triggered around 1.4600 after hitting a local high of 1.46300. This is what my status looks like right now. Don't ask why I decided to have 3 longs lined up there. I just wanted to have a bit of fun with a high risk, high yield...
Vermillion,

Why do you have so many open trades on a single pair? Unless I'm reading the chart wrong, they're not to far from each other, why not one big trade rather than lots of little ones?
  • #10,309
  • Apr 13, 2015 4:19am Apr 13, 2015 4:19am
Quoting Talzus
{quote} Vermillion, Why do you have so many open trades on a single pair? Unless I'm reading the chart wrong, they're not to far from each other, why not one big trade rather than lots of little ones?
Read my post, along with my recent edit.

I just cleared out my weekly min. profit today, so I decided to do some experimental "high risk high yield" longs. The thing was, my ORIGINAL longs from around 1.4570 & 1.4580 got stopped out at 1.4600 (i.e. I made a profit, but it was a LOT less than the optimal 1.4630).

I then got a bit greedy with my analysis, and decided to take a risky long by reloading longs again around the same price I closed (1.4600). All my longs are within +/-10 pips of 1.4600. I loaded one long, and then thought it wasn't enough. then I loaded another. And another. You get the idea.

The problem was, I set my HARD sl at 1.45800, and the price came very, very close to hitting it. It seems to be working out for now, but long story short, I was playing around with my weekly income.

I only did it because this is only Monday, and I still have 4 more trading days to make my weekly quota.
  • #10,310
  • Apr 13, 2015 4:22am Apr 13, 2015 4:22am
Quoting Vermillion
{quote} Read my post, along with my recent edit. I just cleared out my weekly min. profit today, so I decided to do some experimental "high risk high yield" longs. The thing was, my ORIGINAL longs from around 1.4570 & 1.4580 got stopped out at 1.4600 (i.e. I made a profit, but it was a LOT less than the optimal 1.4630). I then got a bit greedy with my analysis, and decided to take a risky long by reloading longs again around the same price I closed (1.4600). All my longs are within +/-10 pips of 1.4600. I loaded one long, and then thought it wasn't...

Thanks,

I didnt quite understand your original post, this is still a big learning curve for me. I am yet to be consistently profitable.

Thanks for the explanation.
  • #10,311
  • Apr 13, 2015 4:27am Apr 13, 2015 4:27am
Quoting Talzus
{quote} Thanks, I didnt quite understand your original post, this is still a big learning curve for me. I am yet to be consistently profitable. Thanks for the explanation.
Sorry; I know it's confusing. Here's a clarification as to why I even bothered to long when I believe the gbp/usd is slated to go down.

The pound sterling is pretty much the one of the few major rivals right now to the US dollar. The euro, yen, Australian dollar, ruble, and now Chinese renminbi (yuan) don't hold much against them.

I drew my S/R, trendlines, and after watching the prices and adjusting my price action analysis, I thought that there would be a reasonable enough chance that the price will retest 1.4640/30, wth 1.4600 being a notable support/resistance. I got greedy here, and added a LOT of longs around that area, despite having NOT confirmed whether 1.4600 will hold or not.

For now, it still seems to be a region of contest, so my analysis is still valid, but the fact that I jumped in early on my purchases nearly cost me all the money I made this day. And to be honest, depending on the chart movements, it may still do that.
  • #10,312
  • Apr 13, 2015 5:09am Apr 13, 2015 5:09am
Quick Question,

Any reason why there is little to no volatility on this pair? Are we just waiting for USA to open?
  • #10,313
  • Apr 13, 2015 6:14am Apr 13, 2015 6:14am
Quoting Talzus
Quick Question, Any reason why there is little to no volatility on this pair? Are we just waiting for USA to open?
I would say it has been an average day in terms of volatility.Down 30pips, up 90pips, down 10pips and its not even halfway through the day. Remember the average range of a day is approximately 100-200, from low to high we've had close to 100.Lunchtime always slows down because everyone is, well, on lunch.
  • #10,314
  • Apr 13, 2015 6:20am Apr 13, 2015 6:20am
Quoting anima999
{quote} I would say it has been an average day in terms of volatility.Down 30pips, up 90pips, down 10pips and its not even halfway through the day. Remember the average range of a day is approximately 100-200, from low to high we've had close to 100.Lunchtime always slows down because everyone is, well, on lunch.

Hahaha..

I wasn't considering the 7am move as today.. my brain doesnt wake up before 9am **facepalm**

Noted for tomorrow though.
  • #10,315
  • Edited 8:03am Apr 13, 2015 7:26am | Edited 8:03am
Quoting Vermillion
{quote} I drew my S/R, trendlines, and after watching the prices and adjusting my price action analysis, I thought that there would be a reasonable enough chance that the price will retest 1.4640/30, wth 1.4600 being a notable support/resistance. I got greedy here, and added a LOT of longs around that area, despite having NOT confirmed whether 1.4600 will hold or not. For now, it still seems to be a region of contest, so my analysis is still valid, but the fact that I jumped in early on my purchases nearly cost me all...
And done. All three longs (bought at 1.46061, 1.46035, 1.46007) closed at 1.46430.

Attached Image


Edit: Whoops; I wasn't supposed to show the profits in this thread; sorry about the misclick. Cropped out the profits from the image. If you saw it though, then well, at least you know why I was saying that I got greedy. I went long-heavy on 1.4600.

Update: Loaded 2 shorts at 1.46415, targeting 1.4500 optimally, hard SL at 1.46870 for now, manual soft SL.

Update 2: Closed my shorts and added sell limit on 1.46530. I get a feeling the gbp/usd will rise a bit more at least, so that'll be where I'll short again. And if the price never hits it, I may short from whichever price I'm at, or stick with my profits for the day.
  • #10,316
  • Apr 13, 2015 7:45am Apr 13, 2015 7:45am
woahhh lol kind of glad got out my long before now...
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  • #10,317
  • Apr 13, 2015 7:47am Apr 13, 2015 7:47am
WTF happened to cause THAT!?
  • #10,318
  • Apr 13, 2015 7:49am Apr 13, 2015 7:49am
Quoting shiva
WTF happened to cause THAT!?
someone needed their longs filled?? haha
  • #10,319
  • Apr 13, 2015 7:49am Apr 13, 2015 7:49am
Quoting shiva
wtf happened to cause that!?
yen at 105/usd appropriate given purchasing parity; hamada: Yen is weak at 120 considering purchasing parity : Hamada
  • #10,320
  • Apr 13, 2015 7:51am Apr 13, 2015 7:51am
Quoting shiva
WTF happened to cause THAT!?
Don't know but I'm guessing a whale just made a move. Bust the .400 level but rejected hard at approximately .300
Question is will it go back down or was it just a poke.
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