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Dragon Riders GBP/JPY

  • #24,321
  • Jun 14, 2017 7:42am Jun 14, 2017 7:42am
Quoting cat
{quote} Hi VK. I wouldn't regard myself as I scalper, but I do trade off of smaller time frames than most people, so entering trades on a 15 second chart using the higher time frames for the set ups and to give me my S&R. See my thread ' Trader's Academy ', where I've posted quite a few charts. My rationale for trading the smaller time frames is that it simply offers many more trades during the day, especially if the price is ranging, but also, if well timed, I can get optimal entries using a stop loss of around 15 pips, even on this pair.
Your thread Traders Academy is a very nice thread, missed it as Forexfactory is like an ocean. I am going to go thru it. thx
  • #24,322
  • Jun 14, 2017 11:59am Jun 14, 2017 11:59am
Quoting Mr Breakout
{quote} +50 pips, moving stop to break-even.

Did thesame, but took 40pips
  • #24,323
  • Jun 14, 2017 12:03pm Jun 14, 2017 12:03pm
Scalping a lil' bit, and enjoying it. JPY pairs were so amazing today.
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"Don't lose your cool, and you will fare well".
  • #24,324
  • Jun 14, 2017 12:32pm Jun 14, 2017 12:32pm
Quoting maxwell-eqtn
{quote} Did the same, but took 40pips
Good for you.

However, the problem with partial profit taking (for example the trader liquidates half of his position after X pip gain) is that you lose double (or more) when the stop is hit first, since you are betting 2 units (or more) right from the start.
  • #24,325
  • Jun 14, 2017 2:20pm Jun 14, 2017 2:20pm
The FOMC is completely reversing the original trend (since beginning of the week) of some currency pairs.

Wednesday is notoriously known for its tendency to reverse the trend of the week by the way.
  • #24,326
  • Jun 14, 2017 6:24pm Jun 14, 2017 6:24pm
So what do you think folks : is Monday still the low of the week (and the uptrend is still valid) or is Wednesday the new high of the week and the trend is now in complete reversal mode (meaning down)...?
  • #24,327
  • Jun 14, 2017 7:20pm Jun 14, 2017 7:20pm
Quoting Mr Breakout
So what do you think folks : is Monday still the low of the week (and the uptrend is still valid) or is Wednesday the new high of the week and the trend is now in complete reversal mode (meaning down)...?
I think we reached bottoms for now because it has steadily been going up.. I had to splash my 138.64 tp and settle for less I think we are looking for 142.00 zone just under the 200EMA before anything else happens... But we will see
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I'll pick up the crumbs don't need the whole pie
  • #24,328
  • Jun 15, 2017 1:08am Jun 15, 2017 1:08am
Murrey Math 8/8 shows 142.18.
Lost....
  • #24,329
  • Jun 15, 2017 3:37am Jun 15, 2017 3:37am
I hope I'm right but if you look at PA, there seems to be a lot of support buying at these levels albeit a bearish retail report. I'm still holding longs from 138.68.....SL at BE.
Lost....
  • #24,330
  • Jun 15, 2017 3:51am Jun 15, 2017 3:51am
At the end it's all question about timeframe you are trading.
For me with 139 an important zone has been reached and long term it could reverse from here, but so far no signals are shown.
Short term: looks like a bottom has been found and i expect a leg up today or tomorrow.
  • #24,331
  • Jun 15, 2017 7:36am Jun 15, 2017 7:36am
I will be looking for longs from pullback to 140. I see 141 and 142.25 as resistance.
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  • #24,332
  • Jun 15, 2017 8:37am Jun 15, 2017 8:37am
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Pullback never happened but still took some longs
  • #24,333
  • Jun 15, 2017 8:38am Jun 15, 2017 8:38am
If anyone is considering going long right now, just be extremely careful.

Would not recommend.
  • #24,334
  • Jun 15, 2017 8:40am Jun 15, 2017 8:40am
I will be very careful , this is the last up then ranging or drop
Exits == most important part of your strategy
  • #24,335
  • Jun 15, 2017 8:48am Jun 15, 2017 8:48am
Quoting raphaelfx
If anyone is considering going long right now, just be extremely careful. Would not recommend.
Quoting edmun1388
I will be very careful , this is the last up then ranging or drop
Is there any data or news coming up? I dont see any news other than this

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  • #24,336
  • Jun 15, 2017 8:49am Jun 15, 2017 8:49am
bull trying to break up
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Exits == most important part of your strategy
  • #24,337
  • Jun 15, 2017 9:20am Jun 15, 2017 9:20am
Quoting edmun1388
bull trying to break up {image}
Ignore what I said.

It's looking bullish
  • #24,338
  • Jun 15, 2017 11:57am Jun 15, 2017 11:57am
Quoting Mr Breakout
Alright, most probable scenario for GBP/JPY this week: it is going to drop below the low of the previous week (located at 139.50), just to trigger stop orders from short sellers betting on the breakout, then it will go up to 142.35 and fill the gap, and THEN it will drop like a stone again. Yep yep yep, that's it, that's its plan right there...
Seems like the second part of the prophecy is about the be fulfilled...
  • #24,339
  • Jun 15, 2017 12:22pm Jun 15, 2017 12:22pm
Quoting Mr Breakout
{quote} Seems like the second part of the prophecy is about the be fulfilled...
How much money should I give you.. I made 1000's off this prediction.... or was it the obvious lol!!!
I'll pick up the crumbs don't need the whole pie
  • #24,340
  • Jun 15, 2017 3:28pm Jun 15, 2017 3:28pm
Quoting Quickiepip
{quote} How much money should I give you.. I made 1000's off this prediction....
Well, just Paypal me a 100 grand (USD of course, not Vietnamese Dongs) and we will call it even
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