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Dragon Riders GBP/JPY

  • #17,461
  • May 19, 2016 1:33pm May 19, 2016 1:33pm
On the break ill be aiming for that rising trendline
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  • #17,462
  • May 19, 2016 2:55pm May 19, 2016 2:55pm
it's Friday , strong history this will go down today as been going up all week
  • #17,463
  • May 19, 2016 4:03pm May 19, 2016 4:03pm
Or it's in a wide diamond continuation pattern, with another move up to fail 161.2/3, before falling back to untested support around 159.3/4. As per May 2015.
  • #17,464
  • May 19, 2016 4:41pm May 19, 2016 4:41pm
GU....ill be shorting this very soon.

Im staying away from shorting JPY pairs because im afraid of Kuroda dropping a bomb in the next 24 hours with G7 going on. That said I have a monster long hidden in the 110.50s in UJ just incase he decides to start talking about his favorite udon spot
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  • #17,465
  • May 19, 2016 4:52pm May 19, 2016 4:52pm
Quoting Mpt
Or it's in a wide diamond continuation pattern, with another move up to fail 161.2/3, before falling back to untested support around 159.3/4. As per May 2015.
This is very true and very much a possibility. I still think is UJ needing to hit the 110.40s before correcting so it def could be just that. im not shorting jpy pairs anyways during the G7 but if it touches the upper trendline which is in the 162 area i will be cautiously trying to short for a few pips
  • #17,466
  • May 19, 2016 7:54pm May 19, 2016 7:54pm
hardest thing....sittin on 11 pips from the Asia open.....for hours now......
Tokyo stocks following oil.....little bounce for no reason.
  • #17,467
  • May 19, 2016 10:08pm May 19, 2016 10:08pm
Of course, a total inability to hold here and a loss of 158 turns the equation around totally and suggests the last 61 days has been a b wave in a declining wedge, with the fall to 154.7 having been only the first, or 'a' wave.
  • #17,468
  • May 19, 2016 10:10pm May 19, 2016 10:10pm
I'm short @ 160.677 and 160.573. However, I'll be watching very closely as it gets nearer the first rising trend line. If it breaks down that first trend line we have a good chance of getting at least half way down to the second rising trend line below so me taking a profit at S2 is very reasonable if this trade works out. If not then I'll be hitting a stop and reverse above the right shoulder of this H&S pattern if so I'll loose 40 pips at stop out and with a 60 pips potential TP to retest the top head so if I'm wrong the first trade but right on second trade I will still net 20 pips. Let's see what happens. Opinions saying I'm crazy etc etc?
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  • #17,469
  • May 19, 2016 10:11pm May 19, 2016 10:11pm
Quoting maflip
I'm short @ 160.677 and 160.573. However, I'll be watching very closely as it gets nearer the first rising trend line. If it breaks down that first trend line we have a good chance of getting at least half way down to the second rising trend line below so me taking a profit at S2 is very reasonable if this trade works out. If not then I'll be hitting a stop and reverse above the right shoulder of this H&S pattern if so I'll loose 40 pips at stop out and with a 60 pips potential TP to retest the top head so if I'm wrong the first trade but right...
I choose fall too... But i dont have any position (no courage to follow u)
row row row your boat
  • #17,470
  • May 19, 2016 10:15pm May 19, 2016 10:15pm
Quoting maflip
I'm short @ 160.677 and 160.573. However, I'll be watching very closely as it gets nearer the first rising trend line. If it breaks down that first trend line we have a good chance of getting at least half way down to the second rising trend line below so me taking a profit at S2 is very reasonable if this trade works out. If not then I'll be hitting a stop and reverse above the right shoulder of this H&S pattern if so I'll loose 40 pips at stop out and with a 60 pips potential TP to retest the top head so if I'm wrong the first trade but right...
I have a pending long above the right shoulder at 160.95 and a pending short in GU at 1.4579....1 of the two is gonna hit tonight

you crazy?? nah...i think its a smart move


ohh....and my lines are exactly what you have so i know where on the same page
  • #17,471
  • May 19, 2016 10:15pm May 19, 2016 10:15pm
Quoting ngiler
{quote} I choose fall too... But i dont have any position (no courage to follow u)
It's a calculated risk. If the H&S pattern fail and price goes up the shoulder, retest of the top head is high. If so I loose 40 pips and make 60 pips. But if the H&S pattern works out then I make about 120 pips. Got it?
  • #17,472
  • May 19, 2016 10:17pm May 19, 2016 10:17pm
Quoting raiders
{quote} I have a pending long above the right shoulder at 160.95 and a pending short in GU at 1.4579....1 of the two is gonna hit tonight you crazy?? nah...i think its a smart move ohh....and my lines are exactly what you have so i know where on the same page
hah hah thanks bro
  • #17,473
  • May 19, 2016 10:18pm May 19, 2016 10:18pm
Quoting maflip
I'm short @ 160.677 and 160.573. However, I'll be watching very closely as it gets nearer the first rising trend line. If it breaks down that first trend line we have a good chance of getting at least half way down to the second rising trend line below so me taking a profit at S2 is very reasonable if this trade works out. If not then I'll be hitting a stop and reverse above the right shoulder of this H&S pattern if so I'll loose 40 pips at stop out and with a 60 pips potential TP to retest the top head so if I'm wrong the first trade but right...
BTW....you pivot point indi....does it reset daily? or do you need to reset the chart?i had to redo all my stuff and i lost all my indis
  • #17,474
  • May 19, 2016 10:21pm May 19, 2016 10:21pm
Quoting raiders
{quote} BTW....you pivot point indi....does it reset daily? or do you need to reset the chart?i had to redo all my stuff and i lost all my indis
It resets daily and I find it accurate. I found it here somewhere in FF. There's an option to shift the hour because not all brokers have the right time in line with the market.
Attached File(s)
File Type: mq4 Pivot Points - Daily (Shifted).mq4   11 KB | 329 downloads
  • #17,475
  • May 19, 2016 10:40pm May 19, 2016 10:40pm
Quoting maflip
{quote} It resets daily and I find it accurate. I found it here somewhere in FF. There's an option to shift the hour because not all brokers have the right time in line with the market. {file}
Thanks man
  • #17,476
  • May 19, 2016 10:44pm May 19, 2016 10:44pm
long from 160.59 ....targeting 160.80 (daily pivot) ....

will it work ....
Position sizing, risk & phycology management are real definition of trading
  • #17,477
  • May 19, 2016 10:45pm May 19, 2016 10:45pm
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No holy grail.
Exits == most important part of your strategy
  • #17,478
  • May 19, 2016 10:56pm May 19, 2016 10:56pm
Quoting edmun1388
{image} No holy grail.
yea man if the market doesnt wake up soon im gonna call it a week. its been dead for hours
  • #17,479
  • May 19, 2016 11:05pm May 19, 2016 11:05pm
Quoting raiders
{quote} yea man if the market doesnt wake up soon im gonna call it a week. its been dead for hours
That's why we have a bearish H&S pattern. But if the top shoulder or the neckline of this pattern breaks I have a feeling market is going to wake up.
  • #17,480
  • May 19, 2016 11:12pm May 19, 2016 11:12pm
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JPY lowest strength
Exits == most important part of your strategy
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