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Geppy's Geppy Thread (GBP/JPY)

  • #17,221
  • Jun 27, 2016 7:27am Jun 27, 2016 7:27am
Quoting Geppy
{quote} I'm not a big believer in "the gap must close" mantra. Did you end up getting short? I'm still holding here.
Better enter late than never ....
Attached Image (click to enlarge)
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Fix up, trade sharp ...
  • #17,222
  • Jun 27, 2016 7:43am Jun 27, 2016 7:43am
Quoting Hickson
{quote} Better enter late than never .... {image}
Nice, Hickson. Good to see you here, too!
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  • #17,223
  • Jun 27, 2016 7:50am Jun 27, 2016 7:50am
Quoting Geppy
{quote} Nice, Hickson. Good to see you here, too!
Hi geppy, hope all is going well and you could side step the cobras in Thailand ... shorting cable might seem late, but I see no real support ... maybe 1.31 leads to some consolidation, if it will even happen ...
Fix up, trade sharp ...
  • #17,224
  • Jun 27, 2016 10:27am Jun 27, 2016 10:27am
Quoting Hickson
{quote} Hi geppy, hope all is going well and you could side step the cobras in Thailand ... shorting cable might seem late, but I see no real support ... maybe 1.31 leads to some consolidation, if it will even happen ...
It's never late as long as you're managing your risk appropriately.
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  • #17,225
  • Jun 27, 2016 10:28am Jun 27, 2016 10:28am
Quoting Geppy
133.22, the lows seen during last week's referendum, is the price to watch now. If we can get through that, I'm hoping we really see this thing start to run again.
I never entered I stayed up awhile last night didn't see much movement so I crashed. To my surprise We didn't break the low of the 24th or close the gap. So my plan at this point is watch the price action look for a closed gap or if we break the previous low last thursday (which is happening right now) to get short soon as that happens
  • #17,226
  • Jun 27, 2016 10:32am Jun 27, 2016 10:32am
Quoting FSUtrader
{quote} I never entered I stayed up awhile last night didn't see much movement so I crashed. To my surprise We didn't break the low of the 24th or close the gap. So my plan at this point is watch the price action look for a closed gap or if we break the previous low last thursday (which is happening right now) to get short soon as that happens
I hear ya. It's always hard getting an entry you're comfortable with in a trend like this.
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  • #17,227
  • Jun 27, 2016 10:44am Jun 27, 2016 10:44am
I just added about 10% to my short position here at 134.44 -- not going to move the needle a ton, but it accumulates
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  • #17,228
  • Jun 27, 2016 11:00am Jun 27, 2016 11:00am
Quoting Geppy
{quote} It's never late as long as you're managing your risk appropriately.
That is why I do it before taking the trade so I won't be late lol
Fix up, trade sharp ...
  • #17,229
  • Jun 27, 2016 12:50pm Jun 27, 2016 12:50pm
S&P Downgrades UK From AAA To AA, Outlook Negative: Full Text

Just saw this via ZeroHedge: http://www.zerohedge.com/news/2016-0...tive-full-text
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  • #17,230
  • Jun 27, 2016 12:54pm Jun 27, 2016 12:54pm
Also, if we don't see a break of the lows on the next attempt, I may close my shorts and look to re-enter higher.
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  • #17,231
  • Jun 27, 2016 1:23pm Jun 27, 2016 1:23pm
Quoting Geppy
Also, if we don't see a break of the lows on the next attempt, I may close my shorts and look to re-enter higher.
Shorts from 137.50 now closed at 134.22 -- US equities are dropping further, but GBP/JPY can't seem to muster the energy. I'll sit back and see what happens next.
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  • #17,232
  • Jun 27, 2016 2:00pm Jun 27, 2016 2:00pm
Quoting Geppy
{quote} Shorts from 137.50 now closed at 134.22 -- US equities are dropping further, but GBP/JPY can't seem to muster the energy. I'll sit back and see what happens next.
good afternoon Geppy...also thinking of getting in at a higher level 135.54... is the first number that comes to mind ..any thoughts?
  • #17,233
  • Jun 27, 2016 2:27pm Jun 27, 2016 2:27pm
Quoting petehnm
{quote} good afternoon Geppy...also thinking of getting in at a higher level 135.54... is the first number that comes to mind ..any thoughts?
The 136.00 area looks interesting, there's a series of lows that were put in there before the most recent drop. That's the magenta line in this chart:

Attached Image (click to enlarge)
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Above that, 138.60-139.00 becomes interesting. That's the blue box I have which was where price closed last week to end the trading week. That seems a long ways off, but it's definitely doable. It'd also give the "THE GAP MUST BE FILLED" fools something to yell about. So there's that...

Honestly, it really bothers me that the post-referendum lows were not taken out last night or today (yet). The culprit seems to be USD/JPY. I don't know if the BoJ is doing some stealth intervention (not really like them to do it quietly), or if USD/JPY is really that resistant. But I actually favor longs right now in GBP/JPY.

Reason being, we can clearly define our risk with a stop at 133.60 -- if it goes that low again, I don't really want to be holding longs. And the inability to break the lows today tells me we may need to see another correction higher before we do.
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  • #17,234
  • Jun 27, 2016 2:32pm Jun 27, 2016 2:32pm
hey geepy...thank you, my friend....136.00 absolutely looks tasty for a scalp up..not sure if the gappers are gonna get their wish at this time in the chaos..lol..
  • #17,235
  • Jun 27, 2016 2:36pm Jun 27, 2016 2:36pm
Quoting petehnm
thank you, my friend....136.00 absolutely looks tasty for a scalp up..not sure if the gappers are gonna get their wish at this time in the chaos..lol..
You're welcome.

I'd play it by ear. Watch PA around 136.00 and give it some time. Hopefully it stalls out for a few hours there and gives us a clear level for a stop loss.

Regardless of what happens, there's a lot of pips to be made in the coming days and weeks, that's for sure!
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  • #17,236
  • Jun 27, 2016 2:37pm Jun 27, 2016 2:37pm
Quoting Geppy
{quote} You're welcome. I'd play it by ear. Watch PA around 136.00 and give it some time. Hopefully it stalls out for a few hours there and gives us a clear level for a stop loss. Regardless of what happens, there's a lot of pips to be made in the coming days and weeks, that's for sure!

I just have to battle the greed monster in the days to come...lol
  • #17,237
  • Jun 27, 2016 2:51pm Jun 27, 2016 2:51pm
Quoting petehnm
{quote} I just have to battle the greed monster in the days to come...lol
We all do, every day

But hey... longs are looking good now. I'm averaged at exactly 134.50
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  • #17,238
  • Jun 27, 2016 2:58pm Jun 27, 2016 2:58pm
btw, we're going to revive the shit outta this thread
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  • #17,239
  • Jun 27, 2016 4:02pm Jun 27, 2016 4:02pm
Hey guys, every day I do a roundup of six currency pairs: EUR/USD, USD/CAD, AUD/USD, GBP/JPY, USD/JPY, and GBP/USD.

Today's was particularly meaty. If you're interested in my thoughts on the above pairs, give it a read here:

http://www.forexmademillionaire.com/...undup-6272016/

I think you'll all really like the GBP/USD analysis.
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  • #17,240
  • Jun 27, 2016 9:13pm Jun 27, 2016 9:13pm
The 136.00 level we talked about has been hit, but it feels like it wants to go higher yet.
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