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Dragon Riders GBP/JPY

  • #15,381
  • Mar 22, 2016 9:55pm Mar 22, 2016 9:55pm
im in the market goes bananas risk off group. i stay watching that s&p waiting for the hammer to drop...bearish divergence showing its face...lovely candlestick pattern in the process on the daily...this sucker is begging for risk off and since UJ is correlated i expect this to drop right along with it
  • #15,382
  • Mar 22, 2016 10:17pm Mar 22, 2016 10:17pm
good eye....and thanks

reading the targets you guys post.....put a new wrinkle in my brain......cool 61.8 then.....gotta go read up on that ratio....
  • #15,383
  • Mar 22, 2016 10:48pm Mar 22, 2016 10:48pm
Quoting Gbp/jpy
good eye....and thanks reading the targets you guys post.....put a new wrinkle in my brain......cool 61.8 then.....gotta go read up on that ratio....
I think most people are going with the assumption that there will be no long term bull trend to be seen until after the June referendum. Too much uncertainty.

I've read some funds are expecting a 20% devaluation in the pound, which could put the price even lower at around 130.00 or below. We'll just have to wait and see.
  • #15,384
  • Mar 22, 2016 11:38pm Mar 22, 2016 11:38pm
Quoting MarkoTrd
short, tp: 111.522 long term.
Now that is the mother lode of all TP.
  • #15,385
  • Mar 22, 2016 11:56pm Mar 22, 2016 11:56pm
Quoting Geppy
Still holding my shorts from 161.40. Yesterday was boring, but looks like everything is developing nicely today. I don't know how you guys do it... stress all the time on these small time frames, jumping in and out of positions constantly. There's a better way, kiddos. Move to the higher time frames and take a more methodical approach.
I see what you're getting at.

Thing is for a part-time trader like me, and especially with my weird sleeping pattern, I have maybe a 3-4 hour window to trade, before going to sleep right when the market really picks up. I tried swing trading for a bit, but it really crushed my account, due to me sleeping, and not being at my terminal.

Honestly the shorter timeframes are not too difficult to get a hold of if you know what to look for. I just basically look for price to enter an area that it's been at before, then trade the opposite way. It's like a shorter-term version of FX-Ray's Decision Points, with the DP's being much closer together.
  • #15,386
  • Mar 23, 2016 12:12am Mar 23, 2016 12:12am
Let's just hope this bullish broadening pattern at support is not going to work otherwise it's going to crush all you shorts.

I don't have a long term position so this is unbiased analysis. Also on the weekly GJ is testing 50% retracement.

Price is still bearish from daily to lower time frames but be on the guard.
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  • #15,387
  • Mar 23, 2016 1:47am Mar 23, 2016 1:47am
Quoting maflip
Let's just hope this bullish broadening pattern at support is not going to work otherwise it's going to crush all you shorts. I don't have a long term position so this is unbiased analysis. Also on the weekly GJ is testing 50% retracement. Price is still bearish from daily to lower time frames but be on the guard. {image} {image}
still think 157 is where its headed before any serious up....but who knows??
  • #15,388
  • Mar 23, 2016 1:50am Mar 23, 2016 1:50am
Quoting raiders
{quote} still think 157 is where its headed before any serious up....but who knows??
If the pattern fails it may go much lower than that. But at this time I don't like the PA on GJ. It's better on GU at the moment.
  • #15,389
  • Mar 23, 2016 1:55am Mar 23, 2016 1:55am
Quoting maflip
{quote} If the pattern fails it may go much lower than that. But at this time I don't like the PA on GJ. It's better on GU at the moment.
im still waiting for a bounce in GU you seeing north or south?
  • #15,390
  • Mar 23, 2016 1:58am Mar 23, 2016 1:58am
Quoting raiders
{quote} im still waiting for a bounce in GU you seeing north or south?
40 - 50 pips more south on GU but I don't have an entry yet.

For GJ shorts it's a good sign at the moment. GU is weak and UJ strong.
  • #15,391
  • Mar 23, 2016 2:08am Mar 23, 2016 2:08am
Quoting maflip
{quote} 40 - 50 pips more south on GU but I don't have an entry yet. For GJ shorts it's a good sign at the moment. GU is weak and UJ strong.
yeah....were both seeing the same rising line then. thats good
  • #15,392
  • Mar 23, 2016 2:09am Mar 23, 2016 2:09am
im not trading it but usdchf is looking interesting as a short in this area if anyone is interested
  • #15,393
  • Mar 23, 2016 2:16am Mar 23, 2016 2:16am
Quoting raiders
{quote} yeah....were both seeing the same rising line then. thats good
Good Then I wait what they do at that price.

This is why I was so comfortable shorting it yesterday. It's still a long way to get there.

But GJ so messy right now.
  • #15,394
  • Mar 23, 2016 3:09am Mar 23, 2016 3:09am
147's totally reasonable if analysed on a MN chart. But can you imagine what happened to the retail margin accounts that inadvertently sold January's low only to have to sit through an immediate +1000 pips retrace? It's just about perspective.

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Today there's a market top and bottom on the M30, with some nice enough looking S+R.

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  • #15,395
  • Mar 23, 2016 3:31am Mar 23, 2016 3:31am
Quoting simond2002
147's totally reasonable if analysed on a MN chart. But can you imagine what happened to the retail margin accounts that inadvertently sold January's low only to have to sit through an immediate +1000 pips retrace? It's just about perspective. {image} Today there's a market top and bottom on the M30, with some nice enough looking S+R. {image}
lol that looks like a bat on M30
  • #15,396
  • Mar 23, 2016 3:33am Mar 23, 2016 3:33am
Quoting maflip
{quote} lol that looks like a bat on M30
Watching to see how it develops
  • #15,397
  • Mar 23, 2016 3:44am Mar 23, 2016 3:44am
Well i got a short in GBPAUD. Gonna see if I can make 120 pips

SL 45 pips.

There is a fakeout break on the top triangle. I'm going to assume the right one now is to the down side. 3:1 risk reward.

This is an aggressive entry. High risk but big reward. So small lot only.
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  • #15,398
  • Mar 23, 2016 3:50am Mar 23, 2016 3:50am
Quoting maflip
Well i got a short in GBPAUD. Gonna see if I can make 120 pips SL 45 pips. There is a fakeout break on the top triangle. I'm going to assume the right one now is to the down side. 3:1 risk reward. This is an aggressive entry. High risk but big reward. So small lot only. {image}
Gonna take half out at +30 off course since that's the lower triangle. Just in case it's a range o mania. Then its risk free from there. Just gonna wait for myself to say WOHOO!

My TP after +33 pips = 1.85177
  • #15,399
  • Mar 23, 2016 4:09am Mar 23, 2016 4:09am
-3 on GBPAUD it moved 25 pips in my favor then back up. Fakeouts like those usually move fast but if it retest the top. I don't want it anymore. Gonna see again what is good at US session.

Sorry wont post my trade anymore. If I do this I should start my own journal. OK back to GBPJPY topic.
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  • #15,400
  • Mar 23, 2016 4:26am Mar 23, 2016 4:26am
GJ hitting resistance around 159.70
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