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Dragon Riders GBP/JPY

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
Quoting Mr Breakout
{quote} +50 pips, moving stop to break-even.

Did thesame, but took 40pips
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".
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.
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.
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)...?
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
Murrey Math 8/8 shows 142.18.
Lost....
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....
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.
I will be looking for longs from pullback to 140. I see 141 and 142.25 as resistance.
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Pullback never happened but still took some longs
If anyone is considering going long right now, just be extremely careful.

Would not recommend.
I will be very careful , this is the last up then ranging or drop
Exits == most important part of your strategy
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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bull trying to break up
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Exits == most important part of your strategy
Quoting edmun1388
bull trying to break up {image}
Ignore what I said.

It's looking bullish
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...
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
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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