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Dragon Riders GBP/JPY

  • #11,241
  • Jun 23, 2015 12:34am Jun 23, 2015 12:34am
I think this pair still has Upside momentum. But if I'm wrong there's my SL to stop me there. Here's my view and trade on this one...

Happy Pipping!
Attached Image (click to enlarge)
Click to Enlarge Name: 2015-06-23 13_19_06-GBPJPY,H4.png Size: 45 KB
"Think Different From The Masses"
  • #11,242
  • Jun 23, 2015 7:40am Jun 23, 2015 7:40am
penant on gj
gonna look to buy in and target 196.3/2 and then 197.7/6 just as the man ray would
  • #11,243
  • Jun 23, 2015 11:22am Jun 23, 2015 11:22am
heavily short to 188-189 (daily, fibo 50%)
sl recent heights 196
entry sell stop also all the way down
is anybody with me?
  • #11,244
  • Jun 23, 2015 11:31am Jun 23, 2015 11:31am
still looking for a long. Not ready to short just yet
  • #11,245
  • Jun 23, 2015 12:18pm Jun 23, 2015 12:18pm
closed my short from yesterday.
going long looking for that 196...
I make it rain from the center of my Keytar
  • #11,246
  • Jun 23, 2015 6:54pm Jun 23, 2015 6:54pm
Quoting Gbp/jpy
yes, the projections have different ratio's than the corrections.... . . there's a better method though.....than looking at impulse or correction. more in a minute....
do you have a number in mind for the ea short?
  • #11,247
  • Jun 23, 2015 11:19pm Jun 23, 2015 11:19pm
Speaking purely long-term as it's not worth it trading this pair in it's current state:

I'm looking to start building a long-term short here. The RR to the top of the Monthly supply zone (197.4) is good compared to the possible downside. 159-165 is a realistic goal for a year-year and a half from now

On the other hand a break and close above 197.4 will open door for some nice moves up to 211, as long as it's not a bull trap
  • #11,248
  • Jun 24, 2015 12:23am Jun 24, 2015 12:23am
Quoting alexpi
Speaking purely long-term as it's not worth it trading this pair in it's current state: I'm looking to start building a long-term short here. The RR to the top of the Monthly supply zone (197.4) is good compared to the possible downside. 159-165 is a realistic goal for a year-year and a half from now On the other hand a break and close above 197.4 will open door for some nice moves up to 211, as long as it's not a bull trap
i wish i still had the picture of the long term trendline that goes back years. this pair has been on a never ending elevator ride it seems. that said not sure i would look anywhere short long term with this pair. im tired but i will try and go back maybe tomorrow to find the pic for you. maybe it was scott who first posted it cant remember but i love looking at it every few weeks to remind myself
  • #11,249
  • Jun 24, 2015 12:40am Jun 24, 2015 12:40am
Quoting artocarpus
heavily short to 188-189 (daily, fibo 50%) sl recent heights 196 entry sell stop also all the way down is anybody with me?
with you
I'm high on trading, cant you tell?
  • #11,250
  • Edited 1:21am Jun 24, 2015 12:59am | Edited 1:21am
Quoting raiders
{quote} i wish i still had the picture of the long term trendline that goes back years. this pair has been on a never ending elevator ride it seems. that said not sure i would look anywhere short long term with this pair. im tired but i will try and go back maybe tomorrow to find the pic for you. maybe it was scott who first posted it cant remember but i love looking at it every few weeks to remind myself
How long term?

We have recently entered the most major flip zone for this pair established over the last 22 years. This is the sort of decision point (miss you and your DPs Ray ) that decides the next half a decade. A break up here would mean at least 211 and potentially 234, even 250. But a failure to break above 198 could make it plummet as in 1998-2000. 158 is a very realistic target in this case, with extended targets 151, 142 and even 132. Second dip caused by a crash in the Chinese economy could pull the whole world down, currency-wise.

Right now we are in the same boat as in May 1999 and nothing is certain. Don't trade the dragon too much but do keep your mind open for opportunities

Here's a clean chart with the two lines of the DP as I see it.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYMonthly.png Size: 75 KB
  • #11,251
  • Jun 24, 2015 1:00am Jun 24, 2015 1:00am
This one is kind of obvious but let me just spell it out for you. Sell gj at 195.45 tp at 194.55 sl at 195.9 risk:reward 1:2
I'm high on trading, cant you tell?
  • #11,252
  • Jun 24, 2015 3:56am Jun 24, 2015 3:56am
Quoting Mpt
Channels and trend lines seem to get moved around all the time to 'suit' but there's always one line that never changes. {image}
mpt did the work. where is that cat anyways
  • #11,253
  • Jun 24, 2015 6:49am Jun 24, 2015 6:49am
Quoting raiders
{quote} mpt did the work. where is that cat anyways
That's only 4 years. It's nothing in the grand scheme of things as you can see in the 22-year history above
  • #11,254
  • Jun 24, 2015 7:40am Jun 24, 2015 7:40am
Im going to be using my capital one account to ride the dragon. I have opened an account with them and they are quite good. Its the no deposit account for 100 bucks. Hope to add it to explorer here.
I'm high on trading, cant you tell?
  • #11,255
  • Jun 24, 2015 9:49am Jun 24, 2015 9:49am
Quoting alexpi
{quote} That's only 4 years. It's nothing in the grand scheme of things as you can see in the 22-year history above
youre right. good luck with your trade
  • #11,256
  • Jun 24, 2015 9:51am Jun 24, 2015 9:51am
Sell it more better
Attached Image (click to enlarge)
Click to Enlarge Name: GJ.jpg Size: 160 KB
  • #11,257
  • Jun 24, 2015 10:51am Jun 24, 2015 10:51am
Quoting mahooo
Sell it more better {image}
Agree, double top, it's good level to sell
  • #11,258
  • Jun 24, 2015 12:05pm Jun 24, 2015 12:05pm
Range stuck peace of shit pair... where are we going now? hit the low of the range.. back up again or further down?
  • #11,259
  • Jun 24, 2015 1:11pm Jun 24, 2015 1:11pm
Quoting raiders
{quote} youre right. good luck with your trade
I've got no trade I will trade gj again if I see some concrete movement. There are a lot of better opportunities on all other pairs and it's better to just observe as both long and short scenarios are valid at this point in the pair's movement, until one of them starts happening. That's what I'm trying to say. Take care and don't get aggressive on this pair until we've got movement
  • #11,260
  • Jun 24, 2015 1:23pm Jun 24, 2015 1:23pm
Looks like we may finally be breaking out of range here. I'll be watching the 192.00 level closely as that could be a potential area of support
Good luck and may the odds be ever in your favor!
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