Dragon Riders GBP/JPY

looks like its going to go deeper.. perhaps another 500 pips south?

Weekly and Monthly pivots-- I trade in the moment and wont follow this but it looks like the path of least resistance.

Man am I happy about that up "correction" sat down by the monitor just as it was ending and closed all my longs at a decent -10% not bad for such a mess up.

....good eye, man....absolutely correct..all I did was reverse the lunch......long at point 23....so I had to disconnect my self from the room and go spraypaint the 10"purlins for the new 30' overhang.....

''
something's different about t his fall.......
plow down there deep maybe.....69 or 70 idk

sell orders at 128.21....that old timey 333 sma 15M is getting into the picture almost....last time it was like 250 pips worth of down,,
9( still sellin rallies coza Brexit )

radio edditt......128.14 now.......sell the round number, huh!!

I'm surprised the 5M says buy still as it intersects the 333.....15M looks like a spike could hit it 100 pips up.....proportionate wise of the existing PA

the 5M because of the second bump ...on the slo sto....34,3,3 ain't bumped yet....

I'm hoping this is just build up for London... It was a nice day... lol

If the dragon behaves it should reverse at least to the pivot point 126.22 during london.... I hope it does lol

Gap and Fade

but how far down will it go?

Good call, Barloc...it hit 126.54, pretty big stab at your .22....new for me...thanks...London is a mystery to me

London is robbery for me

in this times..

i prefer to trade only one trade a day only 10 to 30 pips and i do prefer only the Asian Session

less expose yourself in this crazy market of now days its better as well

Cheers

Al

What if it is going to paint a reverse Head & Shoulders. 196 as destination?

OUTLOOK ON THIS DRAGON

Ok price eventually crashed 124.xx, well we are where we are. I see some strength coming into this pair, but first a close( at above 127.41) is the flip level if this bullish strength is to stand any chance albeit momentary(as more evidence is required to assume a big move atm IMHO).

Can the Bulls show more strength and do this? these small battles are small but mighty especially at this crucial times. But preference is always to act on reaction and not the other way round. Wait..

Trade idea - 2 positions (see chart below)
1 position will target TP1 to the fullest, if trade becomes shaking mostly likely around 127.81, close the second position here with 40pips profit.
NOW the exposure on the trade is greatly reduced (from an initial exposure of 214pips - 40pips aprox spreads non-incl.).

That's one scenario if the setup is activated ie close above 127.41, the next is the zoom scenario, where price will accross 127.81 without much ado to attack TP1 @128.37, then 1 position is closed. Between TP1 and up to 128.64 -128 84(shaded area on chart) are likely candidates from retrace/correct areas generally but it bulls are strong then 129.33 will be the nominated/consensus(on the instance of initiation of the move) level.

My insights,my trades..

ATM price has not closed above the entry mark, projections are all based on this criteria to consider executing any buy trade at all.

If Price cannot close as anticipated, then obvious scalp target at 126.80, with a decisive close below 126.46 to then see 125.61 initially, then maybe, just maybe 122.xx - 118.xx

As always trade is monitored at it progresses and views and decisions will adapt but will not change until sentiment is confirmed, but it happens will opens another page with a sneek preview opportunity, that is the way I see trading anyway, just saying I take the loss vice versa the win, but losses are few.

WHAT?! is 110.XX ever possible? Disaster, that is to say the least, thing is most times before it gets that bad, people who are suppose to make sure it don't get that back will do something..hopefully.

IF this bulls cannot win this small fight on the Long -side Analysis as above then it is very gloomy, gloomy indeed, I dare not even attempt to assume supremacy over live wire(Market price) ... Market is KING ALWAYS.

Interesting views from others..

entered @126.29 ,tp1 @129.60, [email protected]/Buy order at 126.50 same targets applies.

IF Bounce at 126.94, enter long to target 128.00 tp1, 128.43 tp2(I can go with this)

IF price drops to 126.51-146 but cannot close on hourly chart, enter long to target 127.59 tp1, 127.76 then 128.41(I can go with this)

entered sell @127.35 targets 126.43 tp1, 125.12 tp2, tp3 124.34.

Lastly(I go with this), close below 126.46 to target 125.64 tp1, 125.14 tp2, 124.56 -124.34 tp3.

..will see.



More pips to all

Well, looking at the entire mess since the Brexit fall, most people were of the opinion that price was in a 5 wave triangle. The overall complexity and, indeed, internal structure never supported that view. The 131.5/132 area was always a complete shit, dating back years and the chart below appears to back that up, insofar as 131/2 became a central pivot. The apparent overall result was that of a diamond continuation which would break ... and subsequent price action bore that out.

Now, a diamond pattern will normally bounce back from is base to retest key places in its drop. Again, this can be seen.

It may yet attempt to break back in and there's no reason why, should it clear 132, that it doesn't rise for a major correction (meaning that my interpretation was just plain wrong). Sticking with the thing continuing though, the structure height is 2060 pips and continuations down are normally measured from breakout point retest, with overall height multiplied by either 1 (127.6 - 20.6 = 107 ish), 0618 of 1 (127.6 -12.7 = (115 ish) or 1.618 times 1 (127.6 -33.3 = 94 ish). That still allows for a further new low into the 80's. That would likely complete the entire multiyear correction, bringing maybe a fast rise back towards the 50% mark in the fall from 550.



Right now i just want to see it dropping out of 126.2/5

HEY>>>>
there's some nice dude named Robert on the comments at investing dot com for the GBP/JPY under their chart.....

He's killin it...called the return to the day high today of 127.70....
he's showing a chart using primitive lines .....how interesting....

edit....so I was just reading that again now over at investing.......he said he uses curved lines......targets are 125.7 then 123.xx

Curved/circular TLs do not offer direction. They provide fairly accurate support and resistance levels, along with key pivots.

Having failed to break 126.2 thus far, GJ remains potentially bullish for attempt to break 127.6 Waiting for UJ to show its hand