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Dragon Riders GBP/JPY

  • #10,501
  • Apr 17, 2015 2:18am Apr 17, 2015 2:18am
Quoting alexpi
Good (Euro) morning all From here on I agree with you Mpt. 180 has been my target for short entry for days, though I'm not sure if it's going to go as smoothly as you say, price can still penetrate 178.2/178.5 even and then get stopped at 178.6 or 178.8. Hard to call these kinds of scenarios with precision Daily supply is well formed, but rather wide, so anything can happen. Second 2 numbers come from 4H supply That's a limit order btw, not an open trade {image} {image}
Short GU triggered, moved short GJ to 177.85 so that's triggered too

Allons y

Could be a quick trade to SL this one
  • #10,502
  • Apr 17, 2015 2:23am Apr 17, 2015 2:23am
Maybe its fake, all i know is the gbp is on fire right now and news coming in an hour
  • #10,503
  • Apr 17, 2015 2:27am Apr 17, 2015 2:27am
Quoting gespiri
Or this could be a fake pump. There's a lot of resistance at the moment at this level. The previous hour, price bounced off the daily pivot of 177.43 which is also the bottom of an old trend line.
Yes, happens all the time with this pair.
Be humble or be humbled.
  • #10,504
  • Apr 17, 2015 2:40am Apr 17, 2015 2:40am
I really hate trading through news events
  • #10,505
  • Apr 17, 2015 3:00am Apr 17, 2015 3:00am
Quoting alexpi
I really hate trading through news events
yup. might have been a big dump before the news
  • #10,506
  • Apr 17, 2015 3:03am Apr 17, 2015 3:03am
^decided to follow suit, took tiny profits and gonna get back in when/if the news gives us good price action
  • #10,507
  • Apr 17, 2015 3:20am Apr 17, 2015 3:20am
doesn't mean its going to be correct direction, but recently all news has moved early. be careful
  • #10,508
  • Apr 17, 2015 3:25am Apr 17, 2015 3:25am
1 reason to exit the GU short is that with the break of last week's high, albeit only by 2 points, I'm seeing a small long signal. I'd rather miss short profits than be on the wrong side of a news event if the fundamentals match the technicals in 5 minutes' time
  • #10,509
  • Apr 17, 2015 3:35am Apr 17, 2015 3:35am
bad news and it still climbs. gbp is strong right now
  • #10,510
  • Apr 17, 2015 3:38am Apr 17, 2015 3:38am
Quoting raiders
bad news and it still climbs. gbp is strong right now
A good example why the news don't matter. The market will do what it wants to do regardless of what some bureaucrat says.

This has a chance to hit 179.0 today.
Lost....
  • #10,511
  • Apr 17, 2015 3:39am Apr 17, 2015 3:39am
I wouldn't jump to conclusions just yet
  • #10,512
  • Apr 17, 2015 3:40am Apr 17, 2015 3:40am
So even on daily the signal is clear if nothing changes today:
Attached Image
Fix up, trade sharp ...
  • #10,513
  • Apr 17, 2015 3:42am Apr 17, 2015 3:42am
Quoting alexpi
I wouldn't jump to conclusions just yet
What do you mean?
Lost....
  • #10,514
  • Apr 17, 2015 3:48am Apr 17, 2015 3:48am
If it stays above 178.2 it will be a clear long signal, if it drops back under it would have been a bull trap.

I've loaded a short for now with SL at 178.45

Just one thing - the news isn't really bad, it's just red. UK economy is doing pretty good actually
  • #10,515
  • Apr 17, 2015 3:50am Apr 17, 2015 3:50am
Quoting Mpt
Must hold over 178.15/2 and break 178.5 to be bullish
Ok, got it. I see another inverted H/S on the daily with the right shoulder at 179ish.
Lost....
  • #10,516
  • Apr 17, 2015 3:57am Apr 17, 2015 3:57am
Quoting alexpi
If it stays above 178.2 it will be a clear long signal, if it drops back under it would have been a bull trap. I've loaded a short for now with SL at 178.45 Just one thing - the news isn't really bad, it's just red. UK economy is doing pretty good actually
CPI is at near deflation. thats anything but good.

regardless or good or bad, this bad boy is moving north.
  • #10,517
  • Edited 4:15am Apr 17, 2015 4:02am | Edited 4:15am
Quoting raiders
{quote} CPI is at near deflation. thats anything but good.
Yes, CPI is the only bad indicator

Edit: Got stopped out by the way
  • #10,518
  • Apr 17, 2015 4:14am Apr 17, 2015 4:14am
I closed all positions
Attached Image (click to enlarge)
Click to Enlarge Name: 1.png Size: 49 KB
https://tracking.avapartner.com/_RwAAA
  • #10,519
  • Apr 17, 2015 4:14am Apr 17, 2015 4:14am
Quoting cat
{quote} 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.
I'm out of my second long on this run at 865. there may be a few more pips in this, but with solid resistance at 17,910 I'm happy closing out here. We may yet go quite a lot higher as the Daily MACD is rising strongly, though we may have to come down a bit first. As always, I'll let the pa dictate.
  • #10,520
  • Apr 17, 2015 7:37am Apr 17, 2015 7:37am
what's the next resistance? I'm at work, I cant see charts properly.

Thanks

T
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