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Dragon Riders GBP/JPY

  • #23,741
  • Apr 7, 2017 1:25pm Apr 7, 2017 1:25pm
Quoting RainBowDash
{quote} Why would you say that I am spamming I simply sharing my charts and my entries like everyone else. Since I seem to not be abreast to what is going on here, please enlighten me.
The thread is dead anyways... post on playa...lol Hopefully we can get down to 136.30... it's Friday i'll be carrying thrades over the weekend
I'll pick up the crumbs don't need the whole pie
  • #23,742
  • Apr 7, 2017 2:51pm Apr 7, 2017 2:51pm
Quoting Quickiepip
{quote} The thread is dead anyways... post on playa...lol Hopefully we can get down to 136.30... it's Friday i'll be carrying thrades over the weekend
We more than likely will get a gap down on GJ when market opens. Did you noticed how the price moved up right before London close to my STOP loss and came only 2 pips from hitting it? Only for it drop like 40 pips from that high! I assume many people were thinking a recovery was coming, and a gap down is the last thing they would expect.
I'm your unknown friend!
  • #23,743
  • Apr 7, 2017 2:53pm Apr 7, 2017 2:53pm
Quoting RainBowDash
I just closed those massive shorts on GBP/JPY. The formation is still intact, but having been green by so much, I preferred to take the profit. If the price reaches back to the hourly high, i will reenter with the short! Price should hit 136. 767 before moving up to 137.846 {image}
We fast forward a few hours and you can see that the price moved all the way to my STOP LOSS, only to miss it by 2 pips, then give a nice drop down. I closed my massive shorts, and kept a small short open for a possible gap down and run. Everyone enjoy their weekend.
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I'm your unknown friend!
  • #23,744
  • Apr 7, 2017 3:14pm Apr 7, 2017 3:14pm
this pair might be stuck at 137.5 next week

lots of speculators shorting GBP at record levels because they believe that the U.K. economy will crash without the EU
Don't Worry Be Happy
  • #23,745
  • Apr 7, 2017 3:31pm Apr 7, 2017 3:31pm
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Had I held up until this point, my profit would of been 1000gbp more. I wish today would not of been a friday, I would of rode this the entire way down.
I'm your unknown friend!
  • #23,746
  • Apr 7, 2017 3:47pm Apr 7, 2017 3:47pm
I am expecting a huge gap down as in the chart below.
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An easy 200-300 pips profit the moment the market opens.
I'm your unknown friend!
  • #23,747
  • Apr 7, 2017 5:11pm Apr 7, 2017 5:11pm
Quoting RainBowDash
I am expecting a huge gap down as in the chart below. {image} An easy 200-300 pips profit the moment the market opens.
Nothing written in stone obviously ,,,,,,,,,including an easy 200- 300 pips gap down ,,,,,,,,I wouldnt be counting them just yet,,,,,cheers
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  • #23,748
  • Apr 7, 2017 6:17pm Apr 7, 2017 6:17pm
Very different conditions than what was happening in the big gap pictured in this chart. as stated tho nothing written in stone,,,, cheers man ,,have a great week end
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  • #23,749
  • Apr 7, 2017 8:00pm Apr 7, 2017 8:00pm
Selling below that 137.40
  • #23,750
  • Apr 7, 2017 9:14pm Apr 7, 2017 9:14pm
Quoting digger1
{quote} Nothing written in stone obviously ,,,,,,,,,including an easy 200- 300 pips gap down ,,,,,,,,I wouldnt be counting them just yet,,,,,cheers {image} {image}
Sir your chart is very small. I can't see anything at all. Would you mind making a bit bigger please?
I'm your unknown friend!
  • #23,751
  • Apr 7, 2017 9:15pm Apr 7, 2017 9:15pm
Quoting digger1
Very different conditions than what was happening in the big gap pictured in this chart. as stated tho nothing written in stone,,,, cheers man ,,have a great week end {image} {image}
I understand what you are saying. However, if you look at the week in which that gap happened, you will notice that GJ closed that week at it's lowest point, followed with a run down during the last hour of trading, just as we saw today.
I'm your unknown friend!
  • #23,752
  • Apr 7, 2017 11:10pm Apr 7, 2017 11:10pm
I think what we have seen is a wide trading range for GBP, more towards the bearish side of recent, but I would be cautious against selling too low. Just my two cents. Having said that, I acknowledge that there is a very good possibility there is panic selling when markets open on Monday. After all, GBP/USD is at its low at the end of US session. I myself would be keen to fire a short or two at GBP on Sydney open, depending on how things pan out. Good weekend to all!
  • #23,753
  • Apr 8, 2017 8:28am Apr 8, 2017 8:28am
Quoting RainBowDash
{quote} I understand what you are saying. However, if you look at the week in which that gap happened, you will notice that GJ closed that week at it's lowest point, followed with a run down during the last hour of trading, just as we saw today.
As stated before ,nothing written in stone lol, anything is possible ,,,,,,,,,,,,,,,,,,,,very stark differences between the 2 periods we are discussing ,,,,,,,never a bad idea to check a few jpy crosses when trading one ,,,,,,,several that are right around their daily 200 sma ,,a good point to keep track to see if something is more yen related as compared to the actual cross you are trading ,,,,,anyhow the dragon ,,,,,,,, the difference back in feb is the day closed with a break of a right shoulder or a bear flag after a big run up the daily chart to a resistance point ,,,,,,,, Fridays trading finished well off its low it has absorbed the selling from the 15 min H&S pattern and it is above the little 15 min trendline ,,,,,,,,,,,,,,,,,,the daily finished the week above a 200 sma which it has poped from everytime it was touched as it has slowly came back to its current prices and above the 50% of the move from the lows up to 148.48 the area that was the resistance,,,,,I wouldnt be surprised to see a small gap up come mkt open ,,,,,,,,takes the 200 or the 50% level out then I reckon much bigger drops to the down side ,,,,,,,until then not so much, cheers
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  • #23,754
  • Apr 8, 2017 8:57am Apr 8, 2017 8:57am
Ps ,,,,if you move the 1st time period mentioned ahead just a tad ,,,,,I wouldnt really want to sell near that for other than a scalp such as a good hourly set up or as the 15 min setup was thursday going into friday,,,,,,,,,till I knew that 50% and 200 sma was was taken out. Building short positions from here means you could possibly have to withstand a trip to 148.48 again and being short biased if and when it heads that way traders tend to add to losers especially if they are biased one way or the other,,,, I trade to make money I dont care which way it moves ,,,,,,,,Building a few longs with that 50% level in mind would seem a little more logical,,,( altho building longs for any more than a scalp any amount away from that level not logial either),, if it gets broke a little loss not an acct buster,,,, Find the line in the sand and trade accordingly . cheers man
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  • #23,755
  • Apr 8, 2017 9:18am Apr 8, 2017 9:18am
Quoting digger1
Ps ,,,,if you move the 1st time period mentioned ahead just a tad ,,,,,I wouldnt really want to sell near that for other than a scalp such as a good hourly set up or as the 15 min setup was thursday going into friday,,,,,,,,,till I knew that 50% and 200 sma was was taken out. Building short positions from here means you could possibly have to withstand a trip to 148.48 again and being short biased if and when it heads that way traders tend to add to losers especially if they are biased one way or the other,,,, I trade to make money I dont care which...
Thanks again for your opinion, but the higher the TF the less accurate one's entry will be. The head and shoulder formation, al thought popular, is one of the hardest formations to predict before hand and even harder to guess the direction once it is confirmed, unless you are looking at it on the lower tf. Once a head and shoulder formation is confirmed, the next wave heads away from the head about 47% of the times, based on stats which I have seen. All in all we will have to wait to see what will happen, but the recommendations I have made thus far, have all panned out very well, and it is supported by my Trade explorer. Yet of course past results aren't a reflection on future results.
I'm your unknown friend!
  • #23,756
  • Apr 8, 2017 9:24am Apr 8, 2017 9:24am
Quoting RainBowDash
{quote} Thanks again for your opinion, but the higher the TF the less accurate one's entry will be. The head and shoulder formation, al thought popular, is one of the hardest formations to predict before hand and even harder to guess the direction once it is confirmed, unless you are looking at it on the lower tf. Once a head and shoulder formation is confirmed, the next wave heads away from the head about 47% of the times, based on stats which I have seen. All in all we will have to wait to see what will happen, but the recommendations I have made...
Ah no worries man ,,,,,,,,I will say tho the most accurate levels will come from a longer time frame ,,,,,,,,,,,,longer time frames look more like a bullish flag pattern no break either way as of yet ,,,the mkt will do what its gonna do . As far as the trade explorer ,,looks like you average out of losers if it works for ya great ,,,,,,,have a good one ,cheers
  • #23,757
  • Apr 8, 2017 9:54am Apr 8, 2017 9:54am
Quoting digger1
{quote} Ah no worries man ,,,,,,,,I will say tho the most accurate levels will come from a longer time frame ,,,,,,,,,,,,longer time frames look more like a bullish flag pattern no break either way as of yet ,,,the mkt will do what its gonna do . As far as the trade explorer ,,looks like you average out of losers if it works for ya great ,,,,,,,have a good one ,cheers
Correct. What I do is I enter bigger lot sizes as the price nears my stop loss. There is a chart which I 6 hours before NFP in which I stated my short position, and where my STOP LOSS is. You can then see from the charts which I shared, that my stop loss came 2 pips away from hitting, and I ended up loading up on the sell and the price pulled back nicely all the way to market close. Looking at 1m to 30 min, based on the way I trade, GJ is a short which is why I have taken a shot at that position for the market gap. I sure hope that this market gaps down 3 hours before market opens, as that will make me very very very happy leading up until market open.

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137.846 was my stop loss around 9:45 server time, and we can see that after the NFP and right before london close GBP/JPY rallied up to 137.846 but missed it, followed by the pull back which I profited from.I now expect a gap to 136.767 and then a correction. A gap up shouldn't be higher than 137.846 based on the setup I am trading.
I'm your unknown friend!
  • #23,758
  • Apr 8, 2017 8:47pm Apr 8, 2017 8:47pm
Hi Rainboom.

I was just curious, why did you post that a gap down in EUR/USD means a gap up in GBP/JPY? Did I understood your post wrongly?

Hoping to learn more from you and everyone. Thank you.
  • #23,759
  • Apr 8, 2017 9:17pm Apr 8, 2017 9:17pm
Quoting ThreeHalf
Hi Rainboom. I was just curious, why did you post that a gap down in EUR/USD means a gap up in GBP/JPY? Did I understood your post wrongly? Hoping to learn more from you and everyone. Thank you.

Thank you for taking the time and being nice while creating your post unlike the guys on the other thread. I said that because during market hours and high impact PA, the market begins to react a certain way most of those times. In the case of EU and GJ they run against one another. Of course a 30 pip jumo in GJ is like a 8 pip 1 min candle on EU. When they run together its a super good news for one of the lead pairs EUR or GBP...
I'm your unknown friend!
  • #23,760
  • Apr 8, 2017 9:31pm Apr 8, 2017 9:31pm
Quoting RainBowDash
{quote} Thank you for taking the time and being nice while creating your post unlike the guys on the other thread. I said that because during market hours and high impact PA, the market begins to react a certain way most of those times. In the case of EU and GJ they run against one another. Of course a 30 pip jumo in GJ is like a 8 pip 1 min candle on EU. When they run together its a super good news for one of the lead pairs EUR or GBP...
First off, I believe we're all here to make green pips and should be more supportive of each other. I have a similar goal as you to be honest-you are aiming for 5% daily, while I am aiming for 3.5% daily (hence my username). I would be very happy if you have a journal to share or be willing to share your thoughts in mine.

It is interesting because right now, I think a lot is weighing on Brexit. I think any negative news against the UK might also cause people to pull out from the Euro. After all, a messy break-up doesn't bode well for EU either. Just my two cents.

Nonetheless, I am, like you, bearish on the GBP (you can refer to some of my previous posts). My concern is at what level can I place my shorts in. GBP/USD closed at the low of the day at the end of the US session and it is against my belief to buy/sell at the HOD/LOD. That was why I turned my attention to GBP/JPY and aloha, here we are.

PS: Maybe we can discuss more in my/your journal. We might go off tangent with other pairs. Cheers.
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