Dragon Riders GBP/JPY

BUY BUY BUY AUD GBP against YEN

If I could share something with you. If you really want to trade this pair and profit, you need to back test at least the last year of price action. What it will do is give you a large amount of variations, in which, you can find the "sweet spots" and earn 30 point before ever giving up 1/3 of it. GBP/JPY has sharp reversals, but if you guess wrong, it will be a minus 70 pip trade in a heartbeat. My trade equity proves it, but having followed the original plan, I would of lasted the -60 pip spike up followed by the +75 pip move down. It touch the daily r1 and dropped to the daily main pivot only to fall again towards Asia. I believe that is when the market is its weakest, as it doesn't have much breakout of "flat trading" then come back in then go the opposite way. Depending on the formation, you can hawk the variations and make some interesting R:R There are things the market "doesn't" do. How many times have you seen 3 back to back 1m candles engulf one another? Or even an hourly?

Rainboom again.

the GBP CPI was fairly predictable.

picked up a cool 30 pips on gbp/jpy on release.

I like this chart:

I decided to close my shorts with consistent profit (entry price ~ 139.8). Although my initial target was 134.3., this looks slightly probable, as PA shows the bearish trend seems rather exhausted (triple bottom around 137, 136.9 support strongly rejected). I would sell again above 139.8, but an impulsive spike in both UJ and GU could also strenghten momentum and push the dragon above 141 this week, IMO.

138.5 might also be a good opportunity to try reloading some shorts

GJ M15 i'm waiting to long from 137.3x

What amazing price action on GJ. It would of been an amazing profit, if I would of held this 12 hours more.

I guess if it would go up know, everybody would make some nice money So, we are going down all the way, getting all those stop losses executed. Too bad I closed my shorts...

Back to the 200 on the daily ,,,,, watching the lows but have a starter at 137.08, hard stp below last quarters low ,,,,,,, wont hold much below todays low so far tho, Ill see what happens . stoped out , short from 137.17

GJ Analysis - Break Yellow line we will see 139.300 again.

flat Ill watch and see what developes

This pair is acting very strange this week is anyone else getting these quick spikes during the u.s. trading session.

last support daily pivot 136.91... i wonder if it will break or not , if break we go to 136.28 to next weekly pivot support

target 136.442 year low , TP2 is 136.54.

have been buying a few of these spikes ,,,scalp longs back up to areas pointed out

They have been very very normal and clearly are present for a reason. What that reason is, no one knows, but what we can assume is it is to pick up some fresh orders.

It would also look like Friday's NFP low, is big time support but only time will tell. It took GJ 1 full trading session to test that NFP low, and since then it has remained there the entire session.

I would like to hear your thoughts, although it isn't directly related to GBP/JPY. There is sudden yen weakness...why?

Yellen speaks tonight, and Fitch is saying there will only be 2 hikes? That is lesser than expected right? We should see USD/JPY sell off then.

Last night when Yellen spoke at Michigan, USD/JPY and all the yen pairs came off. Do you see the same tonight? I shorted AUD/JPY pretty low (at 82, was trying to chase a scalp), so am concerned.