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Dragon Riders GBP/JPY

  • #10,441
  • Apr 16, 2015 12:34am Apr 16, 2015 12:34am
Quoting cat
Very nice bullish pattern building on H4 which should take us through to the weekend... looking to take it back towards 178.50
This still holds for me. We'll drop back a bit, but I think this level could well be hit today.
  • #10,442
  • Apr 16, 2015 12:56am Apr 16, 2015 12:56am
Quoting cat
{quote} This still holds for me. We'll drop back a bit, but I think this level could well be hit today.
that 4H is smart to trade during asia....I wish I had some funds for the gbp/jpy....I'm all stuck in the EUR/AUD...
  • #10,443
  • Apr 16, 2015 1:15am Apr 16, 2015 1:15am
Quoting Gbp/jpy
{quote} that 4H is smart to trade during asia....I wish I had some funds for the gbp/jpy....I'm all stuck in the EUR/AUD...
Then unstick yourself and come on over
  • #10,444
  • Edited 2:15am Apr 16, 2015 1:46am | Edited 2:15am
Quoting Gbp/jpy
{quote} I'm going to start trading like you.....I sold the aud at 7700.....after what you said came true...
Why did you sell there, the market was going up at the time? Don't stand in the way of a runaway train mate, I hope you managed to exit the scalp before the second pump

Seems I was wrong with my worries for GJ, long from 176.9 for now, aiming 178 (edit: well, 177.9 to be precise), also long GU from 1.482

Also, good morning all, hope Tokyo and Aus session treated everyone well.

Good decision to hold there Decima, the wall at 176.6 had me stressing. My exit was obviously rushed though
  • #10,445
  • Apr 16, 2015 2:17am Apr 16, 2015 2:17am
just hit H4 100sma which might offer some temporary resistance, but we should be now set for 178,50.
  • #10,446
  • Apr 16, 2015 2:39am Apr 16, 2015 2:39am
this action is horrible. still a mess
  • #10,447
  • Apr 16, 2015 2:53am Apr 16, 2015 2:53am
Action's excellent, great setup for a short from 178.

Lots of trading in the 174.8-176.6 area, each move up is drawing liquidity from lower demand areas. Talking about 4H graph here

Price could melt through this like butter.

Bad side is that today and tomorrow will be tough on the nerves
  • #10,448
  • Apr 16, 2015 2:59am Apr 16, 2015 2:59am
up 50 then right back down 50... thats not a direction to me. thats a sword fight. cheers

In any case, this thing went from bull to bear in minutes. fall south looks probable again
  • #10,449
  • Apr 16, 2015 3:07am Apr 16, 2015 3:07am
Quoting raiders
up 50 then right back down 50... thats not a direction to me. thats a sword fight. cheers In any case, this thing went from bull to bear in minutes. fall south looks probable again
this is the Dragon - what do you expect?
  • #10,450
  • Apr 16, 2015 3:22am Apr 16, 2015 3:22am
I'm still expecting a re-test of 175.70/80 but my bias is still up based on the daily chart.
Lost....
  • #10,451
  • Apr 16, 2015 3:26am Apr 16, 2015 3:26am
Quoting cat
{quote} this is the Dragon - what do you expect?
its the area its in. once it breaks free direction will more clear. until then same ping pong nonsense....
  • #10,452
  • Apr 16, 2015 5:08am Apr 16, 2015 5:08am
Guys,

A little advice please.

I have a fairly good long position on this pair. However, we have a high number of high impact news coming out of the US this afternoon. What would you advise?

Tight stop?
leave my stop at 176.5x? (scared of news spikes)
Close trade and remove the risk?

Advice welcome!

Thank you.

T
  • #10,453
  • Apr 16, 2015 5:17am Apr 16, 2015 5:17am
Quoting Talzus
Guys, A little advice please. I have a fairly good long position on this pair. However, we have a high number of high impact news coming out of the US this afternoon. What would you advise? Tight stop? leave my stop at 176.5x? (scared of news spikes) Close trade and remove the risk? Advice welcome! Thank you. T
Hang on to your longs. I posted yesterday that we would likely see 178,50 this week, but now it could be today..approaching R2 as I type, which may give a pause, but up momentum is strong today.
  • #10,454
  • Apr 16, 2015 5:32am Apr 16, 2015 5:32am
If this is a correction, price should be stopping right here at 177.6
  • #10,455
  • Apr 16, 2015 5:34am Apr 16, 2015 5:34am
Quoting Mpt
If this is a correction, price should be stopping right here at 177.6
Why? 61.8% is at 177,623, but that doesn't mean it will reverse here - it might if enough people close out their longs, but they'll look to re-enter again on the long side. We have R2 here as well, which could send it back down, but this is no correction, this is a bullish run up to 178,50 - 179.
  • #10,456
  • Apr 16, 2015 5:40am Apr 16, 2015 5:40am
Quoting cat
{quote} Hang on to your longs. I posted yesterday that we would likely see 178,50 this week, but now it could be today..approaching R2 as I type, which may give a pause, but up momentum is strong today.
To reach R3 (178.5) in a single day is quite telling. I'm shorting at R2 (177.88) with a quick SL at BE if it falls since 1hr and 4hr are approaching overbought levels.
Lost....
  • #10,457
  • Apr 16, 2015 5:42am Apr 16, 2015 5:42am
Quoting cat
{quote} Why?

Because 178 plus is a bullish up trend beginning and assumes that 175 was the bottom. Here would be completion of a correction from 175 which took the form of an expanding triangle and rising wedge to complete.

We will see if it holds
  • #10,458
  • Apr 16, 2015 5:42am Apr 16, 2015 5:42am
GU reached my TP and sell limit, yen weakness is the only reason i could hope for for my TP on GJ now and further pound strength will put me out of GU... I'm split on whether to hold further...

Mpt why do you think this is as far as it goes and not the 177.9-178 area?
  • #10,459
  • Apr 16, 2015 5:44am Apr 16, 2015 5:44am
Quoting gespiri
{quote} To reach R3 (178.5) in a single day is quite telling. I'm shorting at R2 (177.88) with a quick SL at BE if it falls since 1hr and 4hr are approaching overbought levels.
Good luck, but you're shorting against momentum. I'm holding my longs for 178,50, though I might close at 30, which is the 76.4% fib if it looks like holding the price
  • #10,460
  • Apr 16, 2015 5:49am Apr 16, 2015 5:49am
Quoting cat
{quote} Good luck, but you're shorting against momentum. I'm holding my longs for 178,50, though I might close at 30, which is the 76.4% fib if it looks like holding the price
THAT makes more sense. I mentioned to FX-Ray a while back that all GBP pairs tend to reverse at the 76.4% level.
Lost....
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