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Dragon Riders GBP/JPY

  • #24,421
  • Jun 19, 2017 2:59pm Jun 19, 2017 2:59pm
I am thinking of entering gbpjpy a short position near 142.30 which is the resistance level
Enter Signature
  • #24,422
  • Jun 19, 2017 3:35pm Jun 19, 2017 3:35pm
I just noticed in the last hour that the tides have turned I sqr'd up the longs and am short now GBP/JPY

and I threw in a little EUR/GBP long for good measure :Þ

I am looking for 1.36 MT again,. briefly, then continuation down into 135.2, see you there.

Quoting Mr Breakout
{quote} Watch out, if the breakout is false the down move is going to be huge, Fast and Furious style, especially with that kind of neat descending channel formation (see chart above).
  • #24,423
  • Jun 19, 2017 3:38pm Jun 19, 2017 3:38pm
Quoting bbk1
I am thinking of entering gbpjpy a short position near 142.30 which is the resistance level
great idea, but we may not get back up there, grab em while you can get them, its coming down...
  • #24,424
  • Jun 19, 2017 3:40pm Jun 19, 2017 3:40pm
lined for your viewing pleasure :Þ
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  • #24,425
  • Jun 19, 2017 3:50pm Jun 19, 2017 3:50pm
Quoting bbk1
I am thinking of entering gbpjpy a short position near 142.30 which is the resistance level
Experience shows that when a financial instrument (GBP/JPY in this example) spends too much time flirting with a gap level (here 142.30), it usually breaks it.
  • #24,426
  • Jun 19, 2017 3:57pm Jun 19, 2017 3:57pm
Agree, but don't you think it should correct first to the light blue line below? This is the MM line 4/8 at 4hr.
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Lost....
  • #24,427
  • Jun 19, 2017 4:04pm Jun 19, 2017 4:04pm
Quoting gespiri
Agree, but don't you think it should correct first to the light blue line below?
But the pullback to the upper downtrend line has ALREADY occurred my friend, see 1h chart below.
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  • #24,428
  • Jun 19, 2017 4:22pm Jun 19, 2017 4:22pm
According to the measured move principle for breakouts from channel formations, target for GBP/JPY is around 144.25 (about 200 pips higher than current price).
  • #24,429
  • Jun 19, 2017 4:41pm Jun 19, 2017 4:41pm
Quoting rmrf
{quote} great idea, but we may not get back up there, grab em while you can get them, its coming down...
You could very well be right but presently I would prefer to wait it out a bit more it might try to push to 142.30 or close to it
Enter Signature
  • #24,430
  • Jun 19, 2017 5:53pm Jun 19, 2017 5:53pm
GBP/JPY is now 4 pips away from gap level, this is the moment of truth.

Come on boy, fly like an eagle.
  • #24,431
  • Jun 19, 2017 6:03pm Jun 19, 2017 6:03pm
The last few, die-hard short sellers are still fighting for their territory, but will soon run out of ammo.
  • #24,432
  • Jun 19, 2017 6:04pm Jun 19, 2017 6:04pm
Not looking good for flying yet I think...
  • #24,433
  • Jun 19, 2017 6:16pm Jun 19, 2017 6:16pm
Quoting OkomBit
Not looking good for flying yet I think...
Don't worry, some short orders just got triggered at the 142.20 level.
Obviously a few traders still believe that GBP/JPY is going down.
I was one of them just a few days ago but now we have a new reality that I can no longer ignore...

Trade the market not your opinions, that's my motto.
  • #24,434
  • Jun 19, 2017 7:29pm Jun 19, 2017 7:29pm
Personally I doubt that it can go too far beyond 142.30. I am getting ready for short position once it gets close to 142.30
Enter Signature
  • #24,435
  • Jun 19, 2017 7:36pm Jun 19, 2017 7:36pm
Quoting bbk1
Personally I doubt that it can go too far beyond 142.30. I am getting ready for short position once it gets close to 142.30
On the other hand I will be adding to my long position at 142.30.

Hope you are not precisely the one doing the selling, I would hate to take money from a FF member.

At the technical level, the GBP/JPY has almost completely reversed the intraday trend (from down to up).
I would really, really be amazed if the intraday downtrend resumed now.

I mean come on, GBP/JPY is not going to do a U turn and go down like nothing happened.
  • #24,436
  • Jun 19, 2017 7:39pm Jun 19, 2017 7:39pm
Quoting Mr Breakout
{quote} On the other hand I will be adding to my long position at 142.30. Hope you are not precisely the one doing the selling, I would hate to take money from a FF member.
Careful, you'll be buying into daily supply.
  • #24,437
  • Jun 19, 2017 7:45pm Jun 19, 2017 7:45pm
Quoting Denden2012
{quote} Careful, you'll be buying into daily supply.
We will see, we will see, hehehehe
  • #24,438
  • Jun 19, 2017 7:45pm Jun 19, 2017 7:45pm
Quoting Mr Breakout
{quote} I would hate to take money from a FF member.
I don't know if you hate it or love it, but you already took money from some of thousands of FF members. I am 100 percent sure in that.

BTW, on daily we are still in full bull domination, so I wouldn't even think of shorting yet.
"Don't lose your cool, and you will fare well".
  • #24,439
  • Jun 19, 2017 7:53pm Jun 19, 2017 7:53pm
also keep in mind the brexit negotiations....anything can happen
  • #24,440
  • Jun 19, 2017 7:54pm Jun 19, 2017 7:54pm
Quoting diana91
I don't know if you hate it or love it, but you already took money from some of thousands of FF members. I am 100 percent sure
That's why Forex is called a zero sum game (actually it's a negative game, due to transactions costs).
Actually I am taking money mostly from my broker, the little sneak is betting against me.
But hey, what else is new...?
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