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Dragon Riders GBP/JPY

  • #14,201
  • Jan 27, 2016 8:09pm Jan 27, 2016 8:09pm
Quoting AussieForexM
{quote} Thanks for sharing...
No problem, AussieFX! I hope to get some more good trades posted on a regular basis. My USD/CAD trade I posted last month ended up being a killer trade for those that followed it.
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  • #14,202
  • Jan 27, 2016 8:45pm Jan 27, 2016 8:45pm
Quoting Gr8tr8r
{quote} I have touch of 168.40 and then all up, what you think?
At this point, I don't think it gets down that far (currently trading above 169.40).

But let's pretend I answered this when we were still in the upper 168's...

At that point, I don't think it matters; here's why.

If you believe in the target of 173.00 and you believe that 168.00 is a good stop loss level, there's no reason why you shouldn't be jumping into that trade. It's a 1:4 risk/reward scenario with technicals and sound judgement to back it up. In my view, trying to get in a hair lower when you have such a nice setup like this just isn't worth the risk of missing out on the trade.

I'm not saying not to be patient and wait for your entry levels, you most definitely should. But do it when you've outlined a trade plan and the risk/reward would only make sense if you patiently waited for your entry. In this case, we already had a very favorable risk/reward situation. When I see trades like this, I'll just execute at market because I'd rather be trading my plan that's already outlined a great trade.

Hope that makes sense.
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  • #14,203
  • Jan 27, 2016 8:54pm Jan 27, 2016 8:54pm
I just added a bit to my position at 169.25 with a stop on that new entry at 168.50
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  • #14,204
  • Jan 27, 2016 8:58pm Jan 27, 2016 8:58pm
Quoting Geppy
{quote} At this point, I don't think it gets down that far (currently trading above 169.40). But let's pretend I answered this when we were still in the upper 168's... At that point, I don't think it matters; here's why. If you believe in the target of 173.00 and you believe that 168.00 is a good stop loss level, there's no reason why you shouldn't be jumping into that trade. It's a 1:4 risk/reward scenario with technicals and sound judgement to back it up. In my view, trying to get in a hair lower when you have such a nice setup like this...
and what makes you say that. cable has broken support after support. last flop was yesterday. infact you watch for the past 10 days it has reversed 100 pips on a daily basis. gbp/jpy if anything is going back to 163
  • #14,205
  • Jan 27, 2016 9:01pm Jan 27, 2016 9:01pm
Quoting giveachance
{quote} and what makes you say that. cable has broken support after support. last flop was yesterday. infact you watch for the past 10 days it has reversed 100 pips on a daily basis. gbp/jpy if anything is going back to 163
If you read my analysis I posted earlier, you'd already know what makes me say that. So I'm not going to reply beyond saying, go read my analysis.
check out my blog: forexmademillionaire dot com
  • #14,206
  • Jan 27, 2016 9:10pm Jan 27, 2016 9:10pm
Quoting Geppy
{quote} If you read my analysis I posted earlier, you'd already know what makes me say that. So I'm not going to reply beyond saying, go read my analysis.
goodbye to your stop. will be taken out today.
  • #14,207
  • Jan 27, 2016 9:57pm Jan 27, 2016 9:57pm
Quoting giveachance
{quote} goodbye to your stop. will be taken out today.
If it is I'll be here to say so.

But if it isn't, will you be here to say you were wrong?
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  • #14,208
  • Jan 27, 2016 11:28pm Jan 27, 2016 11:28pm
Quoting Geppy
{quote} If it is I'll be here to say so. But if it isn't, will you be here to say you were wrong?
I will be here
  • #14,209
  • Jan 27, 2016 11:36pm Jan 27, 2016 11:36pm
stops were taken out yesterday, bitch day lol
I am what Many Dream to be but only a few can achieve, im a part of the 1%
  • #14,210
  • Jan 28, 2016 4:36am Jan 28, 2016 4:36am
GU .....pending sell order at 1.43715
  • #14,211
  • Jan 28, 2016 6:11am Jan 28, 2016 6:11am
Quoting giveachance
{quote} I will be here
And how's that working for you now that we're currently trading ~100 pips higher after having traded as much as 170 pips higher?

For those following the trade, I've added a bit more to the long position here at 169.90 -- on the next leg up I'll probably be moving my stop loss to break even. I hope some of you are making money with me!
check out my blog: forexmademillionaire dot com
  • #14,212
  • Jan 28, 2016 6:17am Jan 28, 2016 6:17am
Quoting Geppy
{quote} And how's that working for you now that we're currently trading ~100 pips higher after having traded as much as 170 pips higher? For those following the trade, I've added a bit more to the long position here at 169.90 -- on the next leg up I'll probably be moving my stop loss to break even. I hope some of you are making money with me!
What we've seen happen last night is a classic trend continuation. The short-term resistance has been broken and we've been re-testing it during the last hour. This line holding a retest is a great sign that we are likely to see the price continue higher. I like leaning against this resistance now turned support for new entries:

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot 2016-01-28 04.14.36.png Size: 158 KB
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  • #14,213
  • Jan 28, 2016 6:33am Jan 28, 2016 6:33am
Quoting Geppy
{quote} What we've seen happen last night is a classic trend continuation. The short-term resistance has been broken and we've been re-testing it during the last hour. This line holding a retest is a great sign that we are likely to see the price continue higher. I like leaning against this resistance now turned support for new entries: {image}
Geppy it has not touch the lower Res. line , dont you think it might see that level one more time and after that all up?
  • #14,214
  • Jan 28, 2016 6:39am Jan 28, 2016 6:39am
Quoting Gr8tr8r
{quote} Geppy it has not touch the lower Res. line , dont you think it might see that level one more time and after that all up?
I assume you meant the lower trend line support line (not resistance). There are no rules saying it must touch there before going higher. If I thought that was going to happen I wouldn't have entered long last night where I did.

Price action told me we're most likely going higher. And everything since last night has been confirming that. We're now starting to get comfy trading above 170.00 which is just another indicator that the next leg in the move will be to the topside. Again, this is just from my experience and it is what I see as the most likely outcome. That doesn't mean it will definitely happen.

But I like the odds.
check out my blog: forexmademillionaire dot com
  • #14,215
  • Jan 28, 2016 6:55am Jan 28, 2016 6:55am
Quoting Geppy
{quote} I assume you meant the lower trend line support line (not resistance). There are no rules saying it must touch there before going higher. If I thought that was going to happen I wouldn't have entered long last night where I did. Price action told me we're most likely going higher. And everything since last night has been confirming that. We're now starting to get comfy trading above 170.00 which is just another indicator that the next leg in the move will be to the topside. Again, this is just from my experience and it is what I see as the...
Thanks Geppy. Your input is marvellous!
  • #14,216
  • Jan 28, 2016 6:56am Jan 28, 2016 6:56am
Quoting Geppy
{quote} I assume you meant the lower trend line support line (not resistance). There are no rules saying it must touch there before going higher. If I thought that was going to happen I wouldn't have entered long last night where I did. Price action told me we're most likely going higher. And everything since last night has been confirming that. We're now starting to get comfy trading above 170.00 which is just another indicator that the next leg in the move will be to the topside. Again, this is just from my experience and it is what I see as the...
yep I was long too but exited at 170.32 , now I'm watching with my smaller time frame to re enter again if any today at all ( I can wait until next week) , and yes sorry I meant the sup. line. thanks for answering.
  • #14,217
  • Jan 28, 2016 7:27am Jan 28, 2016 7:27am
Quoting BigBird
{quote} Thanks Geppy. Your input is marvellous!
Thanks, bud!
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  • #14,218
  • Jan 28, 2016 7:29am Jan 28, 2016 7:29am
Quoting Gr8tr8r
{quote} yep I was long too but exited at 170.32 , now I'm watching with my smaller time frame to re enter again if any today at all ( I can wait until next week) , and yes sorry I meant the sup. line. thanks for answering.
Call me crazy, but as I stated in my original trade plan on my blog I truly believe this has potential to hit my 173.00 target by the end of the week. That means we have just today and tomorrow to do it. If it doesn't happen in that time frame, I'm ok with that. But I truly believe it's possible.

Today should be telling. If we can push up another 100 pips or so during NY trading we have a real shot at 173.

Fingers crossed!
check out my blog: forexmademillionaire dot com
  • #14,219
  • Jan 28, 2016 7:35am Jan 28, 2016 7:35am
Quoting Geppy
{quote} Call me crazy, but as I stated in my original trade plan on my blog I truly believe this has potential to hit my 173.00 target by the end of the week. That means we have just today and tomorrow to do it. If it doesn't happen in that time frame, I'm ok with that. But I truly believe it's possible. Today should be telling. If we can push up another 100 pips or so during NY trading we have a real shot at 173. Fingers crossed!
No my friend no one would call you crazy because I'm same way too. stick to your plan , I believe you will get there sooner or later. good luck buddy.
  • #14,220
  • Jan 28, 2016 7:48am Jan 28, 2016 7:48am
jess, a weaker dollar now....Gold is doing the jiggy dance, too......this is fun
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