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Dragon Riders GBP/JPY

  • #19,821
  • Aug 15, 2016 2:00pm Aug 15, 2016 2:00pm
Quoting GJscalper
{quote} May I ask why would you be shorting this pair? Why not just wager on both sides instead of having an overall bias towards one side?
In a little less than 3 months, GBP/AUD has sunk 3800 pips. During the same time period, GBP/NZD has sunk 4300 pips. Just think about that for a moment. And GPB/JPY has sunk over 3000 pips. Isn't this reason enough to have an overall bias for GBP?
  • #19,822
  • Aug 15, 2016 2:31pm Aug 15, 2016 2:31pm
Quoting marian
{quote} In a little less than 3 months, GBP/AUD has sunk 3800 pips. During the same time period, GBP/NZD has sunk 4300 pips. Just think about that for a moment. And GPB/JPY has sunk over 3000 pips. Isn't this reason enough to have an overall bias for GBP?
Looking at it that way, the answer would be yes, but the question is, look at the "correction" of all of those pairs within the time span of the drop. Most of us don't trade less than 3% of our account, where a correction of 3-5% can easily wipe anyone out who uses 10:1 leverage or more.
@GJscalper I've turned a new leaf. No more trolling.
  • #19,823
  • Aug 15, 2016 2:47pm Aug 15, 2016 2:47pm
even though all gbp pairs have lost a lot, that doesn't mean they can't fall further
my personal target for GBPJPY is the 124 - 126 area over the next 2 - 4 weeks
  • #19,824
  • Aug 15, 2016 2:52pm Aug 15, 2016 2:52pm
Quoting MXT
even though all gbp pairs have lost a lot, that doesn't mean they can't fall further my personal target for GBPJPY is the 124 - 126 area over the next 2 - 4 weeks
Jezzzz you see the bottom falling out of it! Then again most peopel see that happening especially since the "banks" are calling GU to drop to 1.20 So of course it would be normal to expect a drop within this pair. Yet, the question is would a "cup and handle" formation on the higher tf be out of the questions? A cup and handle formation to touch the "brexit" price would kill all sellers, but still give it the chance to drop right to the prices which everyone is giving.
@GJscalper I've turned a new leaf. No more trolling.
  • #19,825
  • Aug 15, 2016 2:59pm Aug 15, 2016 2:59pm
Quoting GJscalper
{quote} Jezzzz you see the bottom falling out of it! Then again most peopel see that happening especially since the "banks" are calling GU to drop to 1.20 So of course it would be normal to expect a drop within this pair. Yet, the question is would a "cup and handle" formation on the higher tf be out of the questions? A cup and handle formation to touch the "brexit" price would kill all sellers, but still give it the chance to drop right to the prices which everyone is giving.
i see the cup&handle you're talking about on GBPUSD , but if you take a closer look you'll see that the handle has well been broken to the downside and soon the whole cup will be broken and smashed to the downside too
  • #19,826
  • Aug 15, 2016 3:06pm Aug 15, 2016 3:06pm
Quoting MXT
{quote} i see the cup&handle you're talking about on GBPUSD , but if you take a closer look you'll see that the handle has well been broken to the downside and soon the whole cup will be broken and smashed to the downside too


Based on the 30m GU has yet to form the cup part of the "cup and handle" formation as it is still very much still at the low end. The "CUP" portion of the aforementioned formation would be GU moving all the way up to 1.29449 at which point the handle could form either straight across, a tilt upward, or a tilt downward. Clearly a move that high considering everything surrounding GBP would take a massive high impact news play like FOMC, NFP. etc Yet, I can understand why everyone would want to keep selling GBP, but we should all be aware that "price action" has many variations and igorning it can result in a big fat minus 200-300 pips on GU and even bigger minus 300-1000 on GBP/JPY.

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@GJscalper I've turned a new leaf. No more trolling.
  • #19,827
  • Aug 15, 2016 3:08pm Aug 15, 2016 3:08pm
So my question to all the swing traders who have a bias to the downside on GJ.... At what point will you "ditch" the GJ sell and respect the price correction which "may" come? I would say a close at or above on the 30m at 130.66
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@GJscalper I've turned a new leaf. No more trolling.
  • #19,828
  • Aug 15, 2016 3:18pm Aug 15, 2016 3:18pm
Quoting GJscalper
{quote} Based on the 30m GU
based on the daily GBPUSD, have a look at the daily GBPUSD big cup&handle
  • #19,829
  • Aug 15, 2016 3:25pm Aug 15, 2016 3:25pm
Yup on the daily, as you pointed out. it is clear as day the cup and handle, however, where is the "ditch" price, if one trades the daily, for the GBP sell off?
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@GJscalper I've turned a new leaf. No more trolling.
  • #19,830
  • Aug 15, 2016 3:29pm Aug 15, 2016 3:29pm
the breakout of the bottom of the cup which is also the last bottom following brexit
  • #19,831
  • Aug 15, 2016 3:38pm Aug 15, 2016 3:38pm
On another note... GJ is 7 pips away from the tp given to the buy side! Still holding strong.
@GJscalper I've turned a new leaf. No more trolling.
  • #19,832
  • Aug 15, 2016 3:43pm Aug 15, 2016 3:43pm
Well you can see the recommened GJ scalp buy turned out to be perfect. As of this moment only 3 pips away from tp and it should hit it very soon! You can see from the TE that not only did I take the longs but I trailed out of it! So now 11% on the day and will take a nap until London opens.
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@GJscalper I've turned a new leaf. No more trolling.
  • #19,833
  • Aug 15, 2016 3:44pm Aug 15, 2016 3:44pm
same here, slowly creeping upwards but the pullback is finally materialzing
  • #19,834
  • Aug 15, 2016 3:52pm Aug 15, 2016 3:52pm
Quoting MXT
same here, slowly creeping upwards but the pullback is finally materialzing
Yup, we should hit the tp on the nose in less than 10 mins and from there it "MAY" pull back, but not before touching it. #SaysMyCrystalBall
@GJscalper I've turned a new leaf. No more trolling.
  • #19,835
  • Aug 15, 2016 3:58pm Aug 15, 2016 3:58pm
Quoting GJscalper
{quote} Yup, we should hit the tp on the nose in less than 10 mins and from there it "MAY" pull back, but not before touching it. #SaysMyCrystalBall
well done, good job - but can i tell you something ?

better to have balls of steel than crystal balls
  • #19,836
  • Aug 15, 2016 4:01pm Aug 15, 2016 4:01pm
Quoting MXT
{quote} well done, good job - but can i tell you something ? better to have balls of steel than crystal balls
I guess you are right! Well off to bed for awhile. Been up over 11 hours waiting for this formation to pan out and banked on it.
@GJscalper I've turned a new leaf. No more trolling.
  • #19,837
  • Aug 15, 2016 6:20pm Aug 15, 2016 6:20pm
Hello everyone..

System has given me this setup.
-------------------------------------
Current price is 130.41
Sell GJ
TP is 129.943
SL is a close at or above 130.622 on 5m
-------------------------------------
Should sl condition be met, then buy GJ at 130.622 close across on 5m and tp is 131.065
Sl for this order is 130.266 but it should not be hit if this order is activated! Let us see how this pans out! Either tp should be hit before 5 hours from now!
@GJscalper I've turned a new leaf. No more trolling.
  • #19,838
  • Aug 15, 2016 7:45pm Aug 15, 2016 7:45pm
Quoting GJscalper
Hello everyone.. System has given me this setup. ------------------------------------- Current price is 130.41 Sell GJ TP is 129.943 SL is a close at or above 130.622 on 5m ------------------------------------- Should sl condition be met, then buy GJ at 130.622 close across on 5m and tp is 131.065 Sl for this order is 130.266 but it should not be hit if this order is activated! Let us see how this pans out! Either tp should be hit before 5 hours from now!
Hi, maybe tp could be 129.50. sir
  • #19,839
  • Aug 15, 2016 7:55pm Aug 15, 2016 7:55pm
Quoting Barca
{quote} Hi, maybe tp could be 129.50. sir
Hello,
It is funny you would mention that price, because my system says that if we get a bearish close across the price i gave (compared to a simple touch) then that would be the next TP for sellers, well 129.56 to be exact! Although once the price touches the tp I trail it anyway. I am thinking about shorting a bit higher, but will load up on the buy side should the buy conditions be met!
@GJscalper I've turned a new leaf. No more trolling.
  • #19,840
  • Aug 15, 2016 8:08pm Aug 15, 2016 8:08pm
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You can see it is nearing the tp I gave before!
@GJscalper I've turned a new leaf. No more trolling.
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