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Dragon Riders GBP/JPY

  • #18,001
  • Jun 6, 2016 12:15am Jun 6, 2016 12:15am
Cable weekly pivot 1.4543
Forex, awful to watch, AWESOME to play
  • #18,002
  • Jun 6, 2016 12:18am Jun 6, 2016 12:18am
Ok remember this chart?
Attached Image (click to enlarge)
Click to Enlarge Name: longy.PNG Size: 110 KB


Well you can now see that the tp has hit, before the stop loss line 153.451 was closed under. This simply long has earned me well over 10% on the day. I think I will call it a day.
@GJscalper I've turned a new leaf. No more trolling.
  • #18,003
  • Jun 6, 2016 12:28am Jun 6, 2016 12:28am
On the word BIAS, I don't like that word, whether used in life or Forex.
Especially is Forex. Someone will look at moving average and say price is below the 50, so they must sell. Or an oscillator is crossing the 5o mid upwards, so must buy. Yes, it can be used as a gauze. But there are buy orders and sell orders at Pivot, so we should you Pivots as entries.

The pivot will be the place where most action starts. And yes, the pivot does not always win, however it is I feel the safest indication of an entry viewpoint towards which the market might move. Especially the weekly and monthly Pivots. Then the daily pivots are used to get in on the action which was started at the weekly pivots.

On daily pivots, the R1 and S1 are the extreme price will reach before breaking out, and always in conjunction with the direction that price has taken from the weekly pivot

Like this move currently up. Daily pivot is at 154.19. This hour could close above it, then price can drop all the way down to the weekly S1 at 151.45. But the likelihood is far less because of cable's bounce up from it's weekly S1

So I guess I use pivots to gauze my bias n the markets. Did I say bias? Oh dear......
Forex, awful to watch, AWESOME to play
  • #18,004
  • Jun 6, 2016 12:29am Jun 6, 2016 12:29am
Quoting GJscalper
Ok remember this chart? {image} Well you can now see that the tp has hit, before the stop loss line 153.451 was closed under. This simply long has earned me well over 10% on the day. I think I will call it a day.
Nice trade
Forex, awful to watch, AWESOME to play
  • #18,005
  • Jun 6, 2016 12:37am Jun 6, 2016 12:37am
Quoting GJscalper
{quote} I simply pointed out that you ignore price action, as you were taking longs as GJ continued to sell of. However, you mentioned that you trade by "guessing"tops and bottoms. We can clearly see that guessing only puts you further in red trading this GJ pair.
okay so I don't guess... and GJ has risen 160 from the bottom...
  • #18,006
  • Jun 6, 2016 12:39am Jun 6, 2016 12:39am
Quoting Feo
On the word BIAS, I don't like that word, whether used in life or Forex. Especially is Forex. Someone will look at moving average and say price is below the 50, so they must sell. Or an oscillator is crossing the 5o mid upwards, so must buy. Yes, it can be used as a gauze. But there are buy orders and sell orders at Pivot, so we should you Pivots as entries. The pivot will be the place where most action starts. And yes, the pivot does not always win, however it is I feel the safest indication of an entry viewpoint towards which the market might...
lol. I love your view on pivots. I myself believe they are powerful. Anyway I have decided to stay up, but take very very very small orders. I will continue to checkout your recommendations feo
@GJscalper I've turned a new leaf. No more trolling.
  • #18,007
  • Jun 6, 2016 1:04am Jun 6, 2016 1:04am
GJ has hit Friday's close price, after the gap down. Now this will be interesting.
@GJscalper I've turned a new leaf. No more trolling.
  • #18,008
  • Jun 6, 2016 2:05am Jun 6, 2016 2:05am
I think price will visit the blue trend line
Attached Image (click to enlarge)
Click to Enlarge Name: gj.JPG Size: 72 KB
"You may say I am a dreamer .... but I am not the only one."
  • #18,009
  • Jun 6, 2016 3:14am Jun 6, 2016 3:14am
Quoting fxt365
FX-Ray; pardon my ignorance but how do you come usually come to conclusion about the decision point, please elaborate. {quote}
He's developed an algorithm. He occasionally uploads a template, but if you want his actual mathematical equation, well, open up your wallet. Because that's a trade secret.

If you pay attention enough though, you can determine those DPs yourself through your own means.

Price returns to the same areas over and over again. You just need to establish a system that identifies them.

It takes a lot of time and practice, but anything worthwhile isn't handed to you. You figure it out.
  • #18,010
  • Jun 6, 2016 3:43am Jun 6, 2016 3:43am
What an amazing rejection by GBP/JPY from friday's close.
@GJscalper I've turned a new leaf. No more trolling.
  • #18,011
  • Jun 6, 2016 7:42am Jun 6, 2016 7:42am
Quoting FX-Ray
Decision points calendar week 23 for GBP/JPY: (0) 166.40/30* (1) 165.60/50 (2) 164.80/70 (3) 161.30/20 (4) 159.20/10 (5) 157.40/30* (6) 156.10/00** (7) 155.50/40* (8) 153.70/60 (9) 153.20/10 (X) 152.00/90* *Updated **Added
Nice rejection of DP (9) & (8), current print DP (7), watch that level closely and match it up with your analysis.
  • #18,012
  • Jun 6, 2016 7:43am Jun 6, 2016 7:43am
Quoting 4xNewGuy
{quote} He's developed an algorithm. He occasionally uploads a template, but if you want his actual mathematical equation, well, open up your wallet. Because that's a trade secret. If you pay attention enough though, you can determine those DPs yourself through your own means. Price returns to the same areas over and over again. You just need to establish a system that identifies them. It takes a lot of time and practice, but anything worthwhile isn't handed to you. You figure it out.
I posted a part of the algo here: Post #4243
  • #18,013
  • Jun 6, 2016 7:44am Jun 6, 2016 7:44am
keep sell on rally
  • #18,014
  • Jun 6, 2016 12:08pm Jun 6, 2016 12:08pm
Daily
Nice lower wick, hammer side by side... I'd look at longs on a relief rally.
Probably be short lived.
Ciao
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2016-06-06 at 9.05.06 PM.png Size: 72 KB
  • #18,015
  • Jun 6, 2016 12:54pm Jun 6, 2016 12:54pm
Quoting JimmyC
Daily Nice lower wick, hammer side by side... I'd look at longs on a relief rally. Probably be short lived. Ciao {image}
If you look at the 4hr and 1hr to be specific. We are at the 61.8 of the drop. I expect price to drift down from here and the downtrend to continue.
  • #18,016
  • Jun 6, 2016 4:22pm Jun 6, 2016 4:22pm
Does that picture best discribe your account on 06/06/2016
Attached Image
@GJscalper I've turned a new leaf. No more trolling.
  • #18,017
  • Jun 6, 2016 5:01pm Jun 6, 2016 5:01pm
Quoting JimmyC
Daily Nice lower wick, hammer side by side... I'd look at longs on a relief rally. Probably be short lived. Ciao {image}
I saw that chart forming yesterday, didn't take the position but now wish I had
  • #18,018
  • Jun 6, 2016 5:58pm Jun 6, 2016 5:58pm
"Pins" are sooo 2010
  • #18,019
  • Jun 6, 2016 6:22pm Jun 6, 2016 6:22pm
still learning, care to share your method;
or even better an idea whether your making or losing money

ridicule helps neither of us
  • #18,020
  • Jun 6, 2016 6:25pm Jun 6, 2016 6:25pm
out of my small short for 40 pips, im coming to the conclusion this is a buy if it clears 155.65 , could easily go 157
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