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Dragon Riders GBP/JPY

  • #16,981
  • May 4, 2016 11:11am May 4, 2016 11:11am
im new to trading Gbp/Jpy but im assuming Usd/Jpy sets the direction for it 90% of the time?


i figured it'd correlate more to Gbp/Usd but apparently not.
  • #16,982
  • May 4, 2016 11:28am May 4, 2016 11:28am
My CADJPY and AUDJPY both hit their 50 pip stop which happens. Sometimes I ignore looking at whether there's news coming out before I place a trade (actually, I just looked and there wasn't any high-impact JPY news anyway so I accept both losses as they're just a part of it). Right now I'm in a NZDJPY sell (entry was a break above the trend line) which is currently about 2 pips in profit and an unrelated EURAUD buy about 55 pips in profit that I entered at 1.53483 but more than likely I'll just close the EURAUD for 1:1 to make up for one of the 50 pip losses from the CADJPY, AUDJPY.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: NZDJPYM15.png Size: 46 KB
Click to Enlarge Name: EURAUDM15.png Size: 35 KB
  • #16,983
  • May 4, 2016 11:31am May 4, 2016 11:31am
Quoting maflip
Maybe I should start a lesson on how to trade trend lines. Ah never mind i'm not starting my own thread. Friend you don't draw a trend line if a swing high or low is not yet taken out. If either one is not yet taken out it's not a trend. Also, be careful, you might just be trading a correctional ABCD pattern. On post 16917 see how I traded EU short using a break of an up trend. Notice those boxes?
maflip, that's just a three touch trend line. When I see a three touch developing, I use it to estimate entry location.
  • #16,984
  • May 4, 2016 11:41am May 4, 2016 11:41am
Here's a buy setup on GBPJPY somewhere below the break of the line, currently I have it around 154.85 or so but might have to drag it up a bit higher depending on how things go.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYM15.png Size: 60 KB
  • #16,985
  • May 4, 2016 11:44am May 4, 2016 11:44am
Quoting ohyeah
Here's a buy setup on GBPJPY somewhere below the break of the line, currently I have it around 154.85 or so but might have to drag it up a bit higher depending on how things go. {image}
Joking from previous page aside I hgihly recommend that you listen to maflip's advice on trendlines
  • #16,986
  • May 4, 2016 11:54am May 4, 2016 11:54am
Quoting alexpi
Joking from previous page aside I hgihly recommend that you listen to maflip's advice on trendlines
alexpi, this method works for me and as they say 'there's more than one way to skin a cat,' with regards to trend lines that is. I probably should have Google'd a different phrase but that's the one I remember from years ago.
  • #16,987
  • May 4, 2016 11:57am May 4, 2016 11:57am
Quoting ohyeah
Here's a buy setup on GBPJPY somewhere below the break of the line, currently I have it around 154.85 or so but might have to drag it up a bit higher depending on how things go. {image}
Granted its a smallish snap shot but that looks more like a sell setup than a buy to me. youve got a bunch of lower pivots there so selling the break of that rising line would be much safer than trying to catch the price on the way down.

This pair is a beast dude. Its most easily seem on higher time frames. As far as im concerned though there are only 2 buy opps right now on this pair that are "safe" and 1 is down around 154.2 and the other is up around 155.8 I personally dont think i would be buying the 155.8 break because i like to buy currencies that are on sale as opposed to paying a higher price.

Sitting on the sidelines is also a position.
  • #16,988
  • May 4, 2016 12:14pm May 4, 2016 12:14pm
EA....some sort of correction is prob in order
Attached Image (click to enlarge)
Click to Enlarge Name: EA4H.png Size: 99 KB
  • #16,989
  • May 4, 2016 12:19pm May 4, 2016 12:19pm
Quoting raiders
Granted its a smallish snap shot but that looks more like a sell setup than a buy to me. youve got a bunch of lower pivots there so selling the break of that rising line would be much safer than trying to catch the price on the way down. This pair is a beast dude. Its most easily seem on higher time frames. As far as im concerned though there are only 2 buy opps right now on this pair that are "safe" and 1 is down around 154.2 and the other is up around 155.8 I personally dont think i would be buying the 155.8 break because i like to buy currencies...
I'm seeing the same buy setup on EURJPY, USDJPY, and still GBPJPY. My NZDJPY from earlier is 23 pips in profit and I'll keep an eye on it to see where a good exit will be. As for the EURJPY, USDJPY, GBPJPY, I'm looking to enter somewhere around 122.879, 106.861, 154.856, or so.
  • #16,990
  • May 4, 2016 12:23pm May 4, 2016 12:23pm
Quoting raiders
EA....some sort of correction is prob in order {image}
raiders, my EURAUD is about 70 pips in profit and I'm still holding on to it unless there's damn news coming out.
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUDM15.png Size: 42 KB
  • #16,991
  • May 4, 2016 12:42pm May 4, 2016 12:42pm
Quoting ohyeah
{quote} raiders, my EURAUD is about 70 pips in profit and I'm still holding on to it unless there's damn news coming out. {image}
  • #16,992
  • May 4, 2016 12:53pm May 4, 2016 12:53pm
ohyeah .. long from 154.966 hold. .. ohyeah ..
* today got 1 loss .. -32 pips due after trade short , no internet access ..when come back .. loss
Exits == most important part of your strategy
  • #16,993
  • May 4, 2016 1:38pm May 4, 2016 1:38pm
I don't see any buy... only ej is sideway, I see uj who need to drop 150 pips, gj maybe can go till 155,7 range and then down again and aj seem sideway but still in down trend , or maybe I'm doing something wrong.... will see
I need the magic ball
  • #16,994
  • May 4, 2016 2:05pm May 4, 2016 2:05pm
Quoting edmun1388
ohyeah .. long from 154.966 hold. .. ohyeah .. * today got 1 loss .. -32 pips due after trade short , no internet access ..when come back .. loss
Agreed Your GBPJPY entry seems like a good value. I might shamelessly pull mine up a bit more to get an entry because of spread.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYM15.png Size: 60 KB
  • #16,995
  • May 4, 2016 2:27pm May 4, 2016 2:27pm
The USDJPY is triggered now and currently 5 pips in profit, waiting for GBPJPY and EURJPY to follow suite.
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYM15.png Size: 42 KB
  • #16,996
  • May 4, 2016 2:30pm May 4, 2016 2:30pm
Quoting stars1985
I don't see any buy... only ej is sideway, I see uj who need to drop 150 pips, gj maybe can go till 155,7 range and then down again and aj seem sideway but still in down trend , or maybe I'm doing something wrong.... will see
Hi stars1985, thanks for the input. Staying in sideways action doesn't bother me personally, I just like to enter at a good value so when it's ranging like that, it gives me a chance to enter in the direction I want and not leave as much money on the table.
  • #16,997
  • May 4, 2016 2:32pm May 4, 2016 2:32pm
Quoting stars1985
I don't see any buy... only ej is sideway, I see uj who need to drop 150 pips, gj maybe can go till 155,7 range and then down again and aj seem sideway but still in down trend , or maybe I'm doing something wrong.... will see
stars1985, what time frame are you trading?
  • #16,998
  • May 4, 2016 2:38pm May 4, 2016 2:38pm
I am doing risky short now.
* major bank holiday ?......
Exits == most important part of your strategy
  • #16,999
  • May 4, 2016 2:49pm May 4, 2016 2:49pm
Quoting edmun1388
I am doing risky short now. * major bank holiday ?......
Hmm, I'm not seeing any sell opportunities on GBPJPY but then I only look at M15.
  • #17,000
  • May 4, 2016 2:55pm May 4, 2016 2:55pm
Quoting ohyeah
{quote} stars1985, what time frame are you trading?
Hi ohyeah, I'm using 1m timeframe, bc I think I can try to see the moves faster, I'm not a scalper
I need the magic ball
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