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Geppy's Geppy Thread (GBP/JPY)

  • #17,421
  • Jul 7, 2016 4:03pm Jul 7, 2016 4:03pm
Quoting Geppy
{quote} I'm not sure it's the craziest idea I've heard. I just posted today's daily update: http://www.forexmademillionaire.com/...oundup-772016/ And I think GBP/JPY longs could actually make sense. A test of 133.20 would make a lot of sense. That doesn't mean it must happen, it'd just make sense and probably be good for the long-term down trend. Taking longs here with a stop at about 129.00 provides a 1:6 risk/reward ratio. I think that's a fine trade, and have more details on my thoughts in that post. I just wish that guy,...

My breakout system signaled GJ has broke out of the low of 130.20 13 hours ago. Unless it is a faking the move. Personally I believe this is a true break out so I will wait until London open to confirm and will enter my short. Join me to ride this breakout. Stop should be above 131. lets rid this to the 125 area or lower
  • #17,422
  • Jul 7, 2016 5:50pm Jul 7, 2016 5:50pm
Quoting vodanh
{quote} My breakout system signaled GJ has broke out of the low of 130.20 13 hours ago. Unless it is a faking the move. Personally I believe this is a true break out so I will wait until London open to confirm and will enter my short. Join me to ride this breakout. Stop should be above 131. lets rid this to the 125 area or lower
Could be right. But NFP tomorrow too. Not sure it's worth the risk putting on a trade.
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  • #17,423
  • Jul 7, 2016 6:01pm Jul 7, 2016 6:01pm
Quoting Geppy
{quote} Could be right. But NFP tomorrow too. Not sure it's worth the risk putting on a trade.

Broke out confirmed.. sell now or wait for a retrace to 130

GL to you all, may the pips be on your side
  • #17,424
  • Jul 7, 2016 7:35pm Jul 7, 2016 7:35pm
As per the daily update, longs are looking good so far.

Watch the 15-minute chart (below). If we get through the 200-bar SMA, 132.00 is the next logical target. Through that, and 133.20 is the next:

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot 2016-07-07 17.33.07.png Size: 139 KB
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  • #17,425
  • Jul 7, 2016 7:35pm Jul 7, 2016 7:35pm
Quoting goldgirl
{quote} I look back on my daily chart and re-measure the depth. Seems that I should wait few hundred pips more. Retraced now and good to go for my re-entry for short. Target 127 hopefully
Was entered at 130.10. Exited at 129.70 this morning. Place long trade on 129.70 . SL 129
  • #17,426
  • Jul 7, 2016 7:38pm Jul 7, 2016 7:38pm
Quoting goldgirl
{quote} Was entered at 130.10. Exited at 129.70 this morning. Place long trade on 129.70 . SL 129
Nice, gg. Think you'll shoot for 133-ish? Or something else in mind?
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  • #17,427
  • Jul 7, 2016 7:39pm Jul 7, 2016 7:39pm
yes think we all agree long, I'm trying to go for better entry 130, missed the action
  • #17,428
  • Jul 7, 2016 7:43pm Jul 7, 2016 7:43pm
Quoting Pip-Miner
yes think we all agree long, I'm trying to go for better entry 130, missed the action
Yeah, 130 is the entry I took. Well... 129.98 to be exact. I'm hoping we see at least 133
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  • #17,429
  • Jul 7, 2016 7:48pm Jul 7, 2016 7:48pm
Quoting vodanh
{quote} What? I would not build a long position from this price action unless you want to scalp. personally I think GJ is hitting 125 area level this month. From there I will be changing my bias to the upside. Otherwise I am bearish GJ
I would have to take short positions 2 hours ago ( based on daily chart ), but I have little doubt see NFL news that will come out later tonight. I will entry after looking at 3 candle H1 has stalled and it is likely to occur around 132.00.

I agree with you that GJ is heading to 125.00 or lower.
Attached Image
  • #17,430
  • Jul 7, 2016 7:51pm Jul 7, 2016 7:51pm
Quoting Cm7
{quote} I would have to take short positions 2 hours ago ( based on daily chart ), but I have little doubt see NFL news that will come out later tonight. I will entry after looking at 3 candle H1 has stalled and it is likely to occur around 132.00. I agree with you that GJ is heading to 125.00 or lower. {image}
This is why I appreciate intelligent threads (like the one we seem to have going here).

Always differing views that force us all to think. Keep it up, gang!
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  • #17,431
  • Jul 7, 2016 7:53pm Jul 7, 2016 7:53pm
Quoting Geppy
{quote} Nice, gg. Think you'll shoot for 133-ish? Or something else in mind?
Look back when the range was playing between 164-151. Similar play might be in place in this demand zone. I think it will retrace from now and hit 136-138. Thereafter, I will short again.
  • #17,432
  • Jul 7, 2016 7:55pm Jul 7, 2016 7:55pm
Quoting Pip-Miner
yes think we all agree long, I'm trying to go for better entry 130, missed the action
I woke up and the price was 129.66. With some spread, I manage to catch only at 129.70.
  • #17,433
  • Jul 7, 2016 7:58pm Jul 7, 2016 7:58pm
Quoting goldgirl
{quote} Look back when the range was playing between 164-151. Similar play might be in place in this demand zone. I think it will retrace from now and hit 136-138. Thereafter, I will short again.
Hey, if we're talking like that... a run up to ~144 is not out of the question. If you look at the 50% fib retracement level from a daily perspective, that coincides very nicely with the previously broken trend line:

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot 2016-07-07 17.57.07.png Size: 161 KB
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  • #17,434
  • Jul 7, 2016 8:09pm Jul 7, 2016 8:09pm
looks like a short coming 50 or so pips then will go long and enjoy rest my day
  • #17,435
  • Jul 7, 2016 8:28pm Jul 7, 2016 8:28pm
Quoting Pip-Miner
yes think we all agree long, I'm trying to go for better entry 130, missed the action
Price will go there bro when scalpers take profit. Congratulation for your long position, for me I will stay aside.
Attached Image
  • #17,436
  • Jul 7, 2016 8:38pm Jul 7, 2016 8:38pm
From ForexLive here:
http://news.forexlive.com/!/japans-a...gency-20160708

Japan's Asakawa: Would act properly if there are speculative moves

Asakawa is from the Minnistry of Finance

He's commenting on the MOF, BOJ and FSA meeting today
That "Would act properly if there are speculative moves" is a hint at intervention
There have been plenty of hints in past months, but no action

More:

  1. market volatility is continuing
  2. Watching markets, especially FX, with urgency

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  • #17,437
  • Jul 7, 2016 9:01pm Jul 7, 2016 9:01pm
Quoting Geppy
From ForexLive here: http://news.forexlive.com/!/japans-a...gency-20160708 Japan's Asakawa: Would act properly if there are speculative moves Asakawa is from the Minnistry of Finance He's commenting on the MOF, BOJ and FSA meeting today That "Would act properly if there are speculative moves" is a hint at intervention There have been plenty of hints in past months, but no action More: market volatility...
Here's another article from a reputable source that mentions similar ideas, but also quotes U.S. Treasury Secretary Jack Lew as saying, "It's important that the G7 has an agreement not only to refrain from competitive devaluations, but to communicate so that we don't surprise each other".
  • #17,438
  • Jul 7, 2016 9:02pm Jul 7, 2016 9:02pm
Link: http://www.reuters.com/article/us-g7...-idUSKCN0YC03O
  • #17,439
  • Jul 7, 2016 10:31pm Jul 7, 2016 10:31pm
Quoting Mulegrinder
{quote} Here's another article from a reputable source that mentions similar ideas, but also quotes U.S. Treasury Secretary Jack Lew as saying, "It's important that the G7 has an agreement not only to refrain from competitive devaluations, but to communicate so that we don't surprise each other".
Yeah, and that's why you always hear Kuroda commenting about the moves in FX. Nobody would be surprised if they did act because he's always spouting about how undesirable the moves are.
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  • #17,440
  • Jul 7, 2016 10:35pm Jul 7, 2016 10:35pm
My understanding is that if the BOJ did lower rates than we'd want t to go long.
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