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Dragon Riders GBP/JPY

  • #24,441
  • Jun 19, 2017 6:07pm Jun 19, 2017 6:07pm
Quoting enochben
also keep in mind the brexit negotiations....
Brexit will only confirm the up move and send the GBP/JPY into orbit, at Mach 7 speed.
  • #24,442
  • Jun 19, 2017 6:13pm Jun 19, 2017 6:13pm
On top of a possible breakout from a descending channel, we also have an inverted bottom Head and Shoulders formation on the 30-min chart.

Oh boy, the GBP/JPY is about to explode any minute now.
Attached Image (click to enlarge)
Click to Enlarge Name: image.png Size: 120 KB
  • #24,443
  • Jun 19, 2017 6:35pm Jun 19, 2017 6:35pm
H4

Below===>@141.473====>141.170====.140.967
Over===>142.345====>143.163====>142.514=====>144.238===>144.830
Attached Image (click to enlarge)
Click to Enlarge Name: h4.png Size: 95 KB
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  • #24,444
  • Jun 19, 2017 6:37pm Jun 19, 2017 6:37pm
Quoting ForexForex17
is everyone agreeing with mr break?... best to go long?
We are heading into overbought... if you are long... go long with a plan... I'm long at 142.233 I'll take another at 141.70 and 141.20 then I will short to cover losses if it goes bad at 139.70... that's if it goes short otherwise I'll keep scalping every 4 pips ts 5 until the next level up
I'll pick up the crumbs don't need the whole pie
  • #24,445
  • Edited 7:55pm Jun 19, 2017 6:45pm | Edited 7:55pm
Quoting Quickiepip
I'm long at 142.233 I'll take another at 141.70 and 141.20 then I will short to cover losses if it goes bad at 139.70...
So basically you want to keep adding to an already losing position?

Personally I do the opposite, If I buy at 1.2000 for example, I will add to my position only if the price is above that level.

If it goes below then my stop will be hit and that's it, I don't consider that new low price as a "bargain" or an "opportunity" to buy again. In fact I may even go short at that point.

Adding WITH the trend (let's say every time we gain an additional 50 pips, short or long) is still THE best way to make a bundle with a modest starting capital.
  • #24,446
  • Jun 19, 2017 8:20pm Jun 19, 2017 8:20pm
Quoting Mr Breakout
On top of a possible breakout from a descending channel, we also have an inverted bottom Head and Shoulders formation on the 30-min chart. Oh boy, the GBP/JPY is about to explode any minute now. {image}
Good luck. You might be on the right path but for me I am still hesitant unless I see a good setup.
Enter Signature
  • #24,447
  • Jun 19, 2017 8:26pm Jun 19, 2017 8:26pm
Quoting Mr Breakout
{quote} So basically you want to keep adding to an already losing position? Personally I do the opposite, If I buy at 1.2000 for example, I will add to my position only if the price is above that level. If it goes below then my stop will be hit and that's it, I don't consider that new low price as a "bargain" or an "opportunity" to buy again. In fact I may even go short at that point. Adding WITH the trend (let's say every time we gain an additional 50 pips, short or long) is still THE best way to make a bundle with a modest starting capital.
lol it works for me... proof is in the pudding, writing is on my wall... feel free to check it out.

If I screw up you can see... I don't just speak with nothing to show for it....lol I turn losers into winners
I'll pick up the crumbs don't need the whole pie
  • #24,448
  • Jun 19, 2017 8:45pm Jun 19, 2017 8:45pm
Quoting bbk1
I am still hesitant unless I see a good setup.
You have a breakout from a descending channel AND a bottom Head and Shoulders formation AND the price is above the 20, 50 and 100 simple moving averages (1h), what more could you possibly want my friend?

THIS is the perfect setup

Quoting Quickiepip
I turn losers into winners
Turning winners into bigger winners is even better...
  • #24,449
  • Jun 19, 2017 8:55pm Jun 19, 2017 8:55pm
Quoting Mr Breakout
{quote} You have a breakout from a descending channel AND a bottom Head and Shoulders AND the price is above the 20, 50 and 100 simple moving averages (1h), what more could you possibly want my friend? THIS is the perfect setup {quote} Turning winners into bigger winners is even better...
Is there any place where I can see how Mr. Breakout does it?.... I'm willing to learn.... lead by example A win is a win..doesn't do any harm.. a loss could be account changing.
I'll pick up the crumbs don't need the whole pie
  • #24,450
  • Jun 19, 2017 8:59pm Jun 19, 2017 8:59pm
Quoting Quickiepip
{quote} Is there any place where I can see how Mr. Breakout does it?.... I'm willing to learn.... lead by example
I am thinking of starting a trading journal soon, with live calls and specific stop/exit points.
But right now let's make some money on GBP/JPY first.

Come on you 142.20 short sellers out there, let it go and join the buyers, this is your last call...
  • #24,451
  • Jun 19, 2017 9:09pm Jun 19, 2017 9:09pm
Quoting Mr Breakout
{quote} I am thinking of starting a trading journal soon, with live calls and specific stop/exit points. But right now let's make some money on GBP/JPY first. Come on you 142.20 short sellers out there, let it go and join the buyers, this is your last call...
Looks like it's heading up for now... just got to get by this 200EMA
I'll pick up the crumbs don't need the whole pie
  • #24,452
  • Jun 19, 2017 9:12pm Jun 19, 2017 9:12pm
Quoting Quickiepip
just got to get by this 200EMA
On the 1h chart GBP/JPY is also above its 200 simple moving average (and 20, 50, 100).

Plus when the price stays that long near a resistance area (the gap level) and prints a rectangle-like formation, oh boy, watch out for the powerful breakout that follows!
  • #24,453
  • Jun 19, 2017 9:15pm Jun 19, 2017 9:15pm
Quoting Mr Breakout
{quote} On the 1h chart GBP/JPY is also above its 200 simple moving average (and 20, 50, 100).

I went long at 142.272 with a stop at 142.000.

What do you think? Breakout will occur during first 2 opening hours of london?
  • #24,454
  • Jun 19, 2017 9:29pm Jun 19, 2017 9:29pm
M30

Over====>@142.275=====>[142.345]R====>142.566====>142.764
Below===>@142.095======>141.888
Attached Image (click to enlarge)
Click to Enlarge Name: m30.png Size: 83 KB
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  • #24,455
  • Jun 19, 2017 9:40pm Jun 19, 2017 9:40pm
200 EMA on the daily is used by a lot of traders... I only trade the daily makes no sense surfing each time frame looking for trades. I am also look for the push up if it can break the 200 EMA it hasn't in 3 days
I'll pick up the crumbs don't need the whole pie
  • #24,456
  • Jun 19, 2017 9:40pm Jun 19, 2017 9:40pm
Quoting thejerre
I went long at 142.272 with a stop at 142.000. What do you think? Breakout will occur during first 2 opening hours of london?
The high or the low of the day usually occurs between 2 AM and 4 AM (New York time), sometimes sooner if the trend is strong, so we might see some small pullback to the downside before take-off.

PS: Hope I did not influence your trading decision in any way.
  • #24,457
  • Jun 19, 2017 9:44pm Jun 19, 2017 9:44pm
Quoting Quickiepip
200 EMA on the daily is used by a lot of traders... I only trade the daily makes no sense surfing each time frame looking for trades. I am also look for the push up if it can break the 200 EMA it hasn't in 3 days
Freely traded financial markets (Forex included) are fractal in nature, meaning the trends and the chart patterns you see on the monthly, weekly or daily charts also appear on the 4h, 1h, 15-min, 5-min and 1-min.

The exact same technical analysis tools work on all these time frames, it makes no difference.
  • #24,458
  • Jun 19, 2017 9:58pm Jun 19, 2017 9:58pm
Quoting Mr Breakout
{quote} The high or the low of the day usually occurs between 2 AM and 4 AM (New York time), sometimes sooner if the trend is strong, so we might see some small pullback to the downside before take-off. PS: Hope I did not influence your trading decision in any way.

U did not influence my trading, i saw the setup with the exception of the breaking 200sma u mentioned earlier.

I just hope my 18 pip sl will hold, but i will not keep adjusting it, i think the round number will provide a barrier psycologically speaking offcourse.
  • #24,459
  • Jun 19, 2017 10:02pm Jun 19, 2017 10:02pm
I think it has to be mentioned that this is an ascending TRIANGLE, NOT and ascending WEDGE. The former guarantees a drop while the latter is more BIASED to the upside.
Lost....
  • #24,460
  • Jun 19, 2017 10:05pm Jun 19, 2017 10:05pm
Quoting thejerre
I just hope my 18 pip sl will hold
Bank of England Governor Carney is going to trigger our miserable little stops (mine included) the minute he opens his mouth, I can feel it!

If not get ready for a truckload of pips...
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