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Enter The Dragon - GBP/JPY 2 replies

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Dragon Riders GBP/JPY

Well it's workin so far ....whatcha guys and girls think about buying here on the 11th?

if it can break up threw 137.38...."EL STICKY "....ha, meaning my beloved sticky spot seen from .28 to .37

and I demand literary license to embellish on how to spell through, threw.....tharue....
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Ladies and Gents I just took a short... TP is 136.779 SL is the dotted line which says daily s1. Should the stop loss hit before GJ moves to my take profit, I will close the short, and reverse to the long, as that long would more than likely hit during Asia or London session. Let's see how it pans out.
I'm your unknown friend!
Quoting RainBowDash
{image} Ladies and Gents I just took a short... TP is 136.779 SL is the dotted line which says daily s1. Should the stop loss hit before GJ moves to my take profit, I will close the short, and reverse to the long, as that long would more than likely hit during Asia or London session. Let's see how it pans out.
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I have taken profit, of the short. Hopefully the price goes back up a bit so I can re-enter the short.
I'm your unknown friend!
Quoting ThreeHalf
{quote} 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.
From what I have seen the last 24 hours of price action, is that YEN has regained its strength over GBP. Recall that if you are trading GBP/JPY if the prices goes up that means GBP is getting strong against YEN, whereas if the price drops it means JPY is getting strong over GBP. Please be advised that I don't look into fundamentals at all, as I believe it is used to "lead the herd to slaughter". I honestly believe that we should take trades day by day and never carry over a trade unless you are in green. The low of Jan 16th seems to be in the eyes of GJ, although, I wouldn't short it here to hold for that price, the reality is GJ should be traded very carefully. I was luckly enough to 50% of my loss, but the reality is it could of gone the other way and finished me off.
I'm your unknown friend!
If we simply look at the high and low of the month of April, we will notice an interesting thing. Do you see the first big arrow pointing upwards? Well that was the first low of the month, as that was the first low of the month before the MA lines crossed over. Now look to the right at the second arrow. What do you see? Look at how that candle breached the low of the first arrow, but retraced before the 1hr close and it caused GJ to move up 130 points in a day! (NFP). Now you can see that arrow two has made the fresh new low of the month and the price is now right at that low. I would consider taking a long of GJ, only if the month low isn't closed under on the hourly and if any of the previous candles on the same tf are closed a crossed to the upside.
Unless those 2 conditions are met, GJ is a massive sell and buys should not last longer than a few days on this pair.

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I'm your unknown friend!
I have a taken a small buy in one of my smaller accounts. Sl is a close on the hourly under 136.851 and TP is 138.843 Let us see which of the two fills first!
I'm your unknown friend!
Something to consider ,,,,,,,where are most retail stops? couple clicks above or below a level like that ,,,,,,,,,try something ,,,,small posistion ,,,,,,,,,put tiny order where your stp would normally be or try it in a demo,,,,,,,,,,,,,,,,,,mm s can see all tht in their order books the big dogs know all that they dont have to see it ,,,,,,,,after stops are nipped the interest is gone and the mkt will make a turn ,,,,,,,,,,how many times have you heard stupid mkt hit my stop then turned and went where I thought it was gonna,,,,,,,,and the classic its a stop hunt ,,,,,,,,they dont have to be hunted they stick out like a sore thumb
Quoting Gbp/jpy
Well it's workin so far ....whatcha guys and girls think about buying here on the 11th? if it can break up threw 137.38...."EL STICKY "....ha, meaning my beloved sticky spot seen from .28 to .37 and I demand literary license to embellish on how to spell through, threw.....tharue....
think most will figure it out ha
Quoting digger1
Something to consider ,,,,,,,where are most retail stops? couple clicks above or below a level like that ,,,,,,,,,try something ,,,,small posistion ,,,,,,,,,put tiny order where your stp would normally be or try it in a demo,,,,,,,,,,,,,,,,,,mm s can see all tht in their order books the big dogs know all that they dont have to see it ,,,,,,,,after stops are nipped the interest is gone and the mkt will make a turn ,,,,,,,,,,how many times have you heard stupid mkt hit my stop then turned and went where I thought it was gonna,,,,,,,,and the classic...
I honestly don't think that your theory will effect the outcome of what the market will do. It would appear that the market is very well synced, so much so, that even if we could see where all the orders are, it would not give us the 1 true piece of information which we need; VOLUME. We can predict where it is going to go, but the reality is if you know where the money is going to rush into, that is where you can make a quick dollar.
I'm your unknown friend!
Quoting RainBowDash
{quote} I honestly don't think that your theory will effect the outcome of what the market will do. It would appear that the market is very well synced, so much so, that even if we could see where all the orders are, it would not give us the 1 true piece of information which we need; VOLUME. We can predict where it is going to go, but the reality is if you know where the money is going to rush into, that is where you can make a quick dollar.
Mkt moves with or with out volume ,,,,,,,little more predictable with volume ,,,,,,, but the levels arent that much different with or with out volume ,,,,,,,liable to go just a little farther with volume ,,,,spikes one way or the other may be a bit greater but thats about it the big boys are pretty good with accumulation and distribution on low level volumes ,,,,,,,usually ends quite different than what most retailers think
Nice recovery by the way ,,,,,,, think of where tht te would be if ya hadent been fighting it all the way up
Took me a while ,,,,,,but I learned to drop the bias , and have been very profitable since ,,,,,,many years ago lol,,,,,,still have my days ha,I just try and trade what the charts show ,,,can see on the hourly bout the same as was shown on the 15 min I was posting ,,,,,,didnt get to the projection but it did get to the neckline or some would consider it was a failure at the weekly pivot ,,,,,,my longs what were left were stpped out ,,,,,,,, then it was short from a 24 ema on an hourly (rough daily price average) and short again from the days open days open almost always comes into play( little levels like that mean a lot ) ,,,,,,,,tried a few longs too quick ,,,green line ,,,,,,,,have a few again from last weeks low atm ,,,,,,, need to see a nice push through that 24 ema ,,,,,,,may get stpped ,,,,,may get a nice bounce now there is last weeks low and a daily low in the same area little more significant now as support or resistance all you can do is look for clues ,,,,,,just trading,,,, nothing more nothing less.
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will be trimming some if and when it gets to 137.30ish,,,,,,, (did get a daily close below the 200sma on the daily )
135.41 then.....ok

coza no hourly close above 137.17..... dats Y

hail man, the upside target is only 137.41..... so......that's if it breaks seventeen
Nice going man....cool thread here fun reading the good systems, learned to drop the bias....I gotta get some of that....yep

uote=digger1;9755854]Took me a while ,,,,,,but I learned to drop the bias , and have been very profitable since ,,,,,,many years ago lol,,,,,,still have my days ha,I just try and trade what the charts show ,,,can see on the hourly bout the same as was shown on the 15 min I was posting ,,,,,,didnt get to the projection but it did get to the neckline or some would consider it was a failure at the weekly pivot ,,,,,,my longs what were left were stpped out ,,,,,,,, then it was short from a 24 ema on an hourly (rough daily price average) and short again from the
Quoting Gbp/jpy
Nice going man....cool thread here fun reading the good systems, learned to drop the bias....I gotta get some of that....yep uote=digger1;9755854]Took me a while ,,,,,,but I learned to drop the bias , and have been very profitable since ,,,,,,many years ago lol,,,,,,still have my days ha,I just try and trade what the charts show ,,,can see on the hourly bout the same as was shown on the 15 min I was posting ,,,,,,didnt get to the projection but it did get to the neckline or some would consider it was a failure at the weekly pivot ,,,,,,my longs...
As stated its trading there are still those days lol,,,,,,,it is difficult but its not rocket science
Quoting digger1
Nice recovery by the way ,,,,,,, think of where tht te would be if ya hadent been fighting it all the way up

Amazing huh? All I had to do was stick to the money management plan and I would of at least not had to have taken such a big loss. Now, I am licking my chops but going to stick to my guns to get the account back to it's high. From there, 10,000 gbp and then withdraw.
I'm your unknown friend!
Nice drop by GJ on the hourly. Longers should now officially be worried about those positions being open! You can see that I have taken shorts the last 4+ hours and it has finally closed at the take profit!
I'm your unknown friend!
sttped and sht from .84
out of most , whts left a stp just barely in the money
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