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Dragon Riders GBP/JPY

  • #15,701
  • Apr 2, 2016 4:04am Apr 2, 2016 4:04am
thsi worked out nicely at the end of the day, the move just started also
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  • #15,702
  • Apr 2, 2016 4:08am Apr 2, 2016 4:08am
dont' see EURJPY going above this TL at all. 500 pips down now all the way to 122.
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  • #15,703
  • Apr 2, 2016 4:16am Apr 2, 2016 4:16am
trading EUR JPY intraday and swing trade next week:

We zoom into M30 chart. Heavy demand zone right beneath current price action @ 127. Suggested strategy: Buy dips into 127-127.10 SL 25 TP Sell zones on chart.
Swing trade strategy: Wait for EURJPY to reach sell zone 1 / 2 go short SL @ 128.60 TP @ 122.80 we use daily to set TP on this swing trade.

Use good risk management and don't forget average week range is 320 pips on EURJPY. If you want more action check out GBP JPY with 600+ pips average week range.
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  • #15,704
  • Apr 2, 2016 4:21am Apr 2, 2016 4:21am
so what's up with GBP JPY and what's the trading strategy here? We go back in history to check out similar daily candles as we have on the closing this Friday.
Here we have the same tall red candle in the downtrend, then we have 2-3 days pullback within downtrend and 3 day trend continuation.
This translates into the following: Monday and Tuesday we push higher, Wednesday we max out and continue lower.
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  • #15,705
  • Apr 2, 2016 4:26am Apr 2, 2016 4:26am
here's our daily candle on friday's sessions I have highlighted very high risk reversal zones on the chart. It's confluence of 50 % of the candle + week pivot @ 160 and month pivot @ 160.60.

Swing traders should look for price to reverse in the highlighted area possible trade setup SHORT SELL @ 160.20-160.60 area SL 80 points TP 156 (400 pips).

Riskier intraday traders can still profit from the pullback in GBP JPY by buying lower in the heavy demand zone @ 158.40-50 area SL 40 points TP is 160.40.

Use good risk management and good luck for the new trading week.
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  • #15,706
  • Apr 2, 2016 4:30am Apr 2, 2016 4:30am
mid-term GBP JPY nothing changes same target on the downside as on this chart.
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  • #15,707
  • Apr 2, 2016 10:09am Apr 2, 2016 10:09am
nice clean potential setup on EURJPY could ride to 127.80.
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  • #15,708
  • Apr 2, 2016 10:11am Apr 2, 2016 10:11am
the above pattern confirms EJ and GJ strategy for next week: early into the week LONG GJ/EJ and after pullback completion SHORT.
  • #15,709
  • Apr 2, 2016 6:17pm Apr 2, 2016 6:17pm
Quoting asgcorp
the above pattern confirms EJ and GJ strategy for next week: early into the week LONG GJ/EJ and after pullback completion SHORT.
dragon future direction very clear on the daily, broke the triangle, obvious downward trend towards 155 with the ma stack in classical position
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  • #15,710
  • Apr 2, 2016 7:00pm Apr 2, 2016 7:00pm
Quoting asgcorp
trading EUR JPY intraday and swing trade next week: We zoom into M30 chart. Heavy demand zone right beneath current price action @ 127. Suggested strategy: Buy dips into 127-127.10 SL 25 TP Sell zones on chart. Swing trade strategy: Wait for EURJPY to reach sell zone 1 / 2 go short SL @ 128.60 TP @ 122.80 we use daily to set TP on this swing trade. Use good risk management and don't forget average week range is 320 pips on EURJPY. If you want more action check out GBP JPY with 600+ pips average week range. {image}
this one has huge downward potential. Its moving in a ascending triangle towards the 100 ma where it will meet heavy resistance. looking for short opportunities around 128.5 -129.5, targeting 123 so Im with you man
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  • #15,711
  • Apr 2, 2016 8:27pm Apr 2, 2016 8:27pm
Quoting asgcorp
mid-term GBP JPY nothing changes same target on the downside as on this chart. {image}
Thanks for the setup but a gartley has the 78.6 level as entry.

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  • #15,712
  • Apr 2, 2016 8:51pm Apr 2, 2016 8:51pm
Quoting longshot_nl
{quote} Thanks for the setup but a gartley has the 78.6 level as entry. {image}
this is what my harmonic program returns, definitely only an indicator so wont be using the levels
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  • #15,713
  • Apr 3, 2016 1:26am Apr 3, 2016 1:26am
Quoting longshot_nl
{quote} Thanks for the setup but a gartley has the 78.6 level as entry. {image}
that's true, historically also price had a nice reaction @ 156.60-80 area, let's watch this level closely. thanks for posting.
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  • #15,714
  • Apr 3, 2016 1:36am Apr 3, 2016 1:36am
it's important to time the entry on GBP JPY with GBP USD reversal @/close to 3960-4040 area. I'm pretty sure BOJ won't let yen run much past psychological level @ 110. If yen goes below 110 it's a big problem for japan, which is in bad shape already. BOJ won't let UJ run below 110 for sure.
  • #15,715
  • Apr 3, 2016 1:41am Apr 3, 2016 1:41am
BOJ will defend this level hard on monthly, make no mistake they will intervene with heavy yen selling @ 110.
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  • #15,716
  • Apr 3, 2016 5:04am Apr 3, 2016 5:04am
USD JPY H4 projected price action for the upcoming 1-2 weeks. This is not to say we will reach 113 this week.
However @ 110.20-40 area UJ will reverse most definately. This is a great spot to get in LONG GBP JPY / EUR JPY, especially if GU hits 3960-4040 at the same time.
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  • #15,717
  • Edited 5:38am Apr 3, 2016 5:23am | Edited 5:38am
speculative GBP USD H4 bullish pattern. This fits well within the general outlook for the week for GBP USD / GBP JPY. First we go up, then we reverse and go down.
pattern: BUY @ point D.
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  • #15,718
  • Apr 3, 2016 5:50am Apr 3, 2016 5:50am
Quoting asgcorp
USD JPY H4 projected price action for the upcoming 1-2 weeks. This is not to say we will reach 113 this week. However @ 110.20-40 area UJ will reverse most definately. This is a great spot to get in LONG GBP JPY / EUR JPY, especially if GU hits 3960-4040 at the same time. {image}
getting usdjpy going down first 110 area so that might affect the upward movement first ,dragon may head south straight away after a minor up movement.
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  • #15,719
  • Apr 3, 2016 6:07am Apr 3, 2016 6:07am
yeah this is also possible bro, that's why intraday we have to be careful if we take a long trade in GJ against the trend now. But still I prefer GJ push higher then gets flushed. Reason is that GBP USD needs a pullback before doing 4000 level.
  • #15,720
  • Apr 3, 2016 6:07am Apr 3, 2016 6:07am
having said that I'm 90% confident that EUR JPY will pullback from lows, therefore high probability GJ will do same also.
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