GBP/JPY Equity Building Profitable trading strategies

[rrram2]

"Minds are like parachutes, they only function when they are open"

Oh well someone said it I lost it.

[Andrewunknown]

Inverted hammer forming on 3H if closes at or below resistance at Kijun-Sen @ 210.15;

Chikou Span is also reinforcing the ~210.15 barrier.

Also resistance @ 50% fibret for last swing high/low (208.00 - 212.25) there.

A close on the 1800 ET candle much below 210- @ 2100 ET creates Dark Cloud Cover. Dark Cloud Cover, Piercing and Engulfing Patterns pair very well with line studies to signal the Guppy's peaks and troughs.

61.8%: 210.63. This matches with the classic barrier (~210.67) we've seen since the beginning of June. 210.55 fib fan here as well..

76.8%: 211.25 - which coincides exactly with Senkou Span-A @ the bottom of the kumo. Fib fan resistance ~211.15 here. Keeping in mind price and Tenkan-Sen/Kijun-Sen all remain below the cloud.

Above that back to the 211.68-212.20 (our 100% retracement) range with which the Guppy recently contended.

[rrram2]

Dont know where else to get one...selling this one at 211.00 and going to bed I think.

[rrram2]

I cant really tell, the 3H is a strong up still
I dont see a signal of a reverse.

It has been an amazing come back and i am certain there is some retrace in the works and thatis why I sold my 209.99 for 7 or 8 pips and reenetered a order to buy one again at 209.99.

We have strong LT trend line support at 209.20 now moving up every 3 hours.
There may be some small bounces but a continued move upward is in order.

UJ is now above 105 for a bit now maybe it can hold as that is a big level.
I am going to bed thinking up because if it runs down I dont have many orders if any waiting to be filled. Except the 209.99 which I could care less either way if it gets filled, if it does great, I have still good margin useage

Thanks for keeping us up to date while you are on vacation!

Originally Posted by Andrewunknown

Inverted hammer forming on 3H if closes at or below resistance at Kijun-Sen @ 210.15;

Chikou Span is also reinforcing the ~210.15 barrier.

Also resistance @ 50% fibret for last swing high/low (208.00 - 212.25) there.

A close on the 1800 ET candle much below 210- @ 2100 ET creates Dark Cloud Cover. Dark Cloud Cover, Piercing and Engulfing Patterns pair very well with line studies to signal the Guppy's peaks and troughs.

61.8%: 210.63. This matches with the classic barrier (~210.67) we've seen since the beginning of June. 210.55 fib fan here as well..

76.8%: 211.25 - which coincides exactly with Senkou Span-A @ the bottom of the kumo. Fib fan resistance ~211.15 here. Keeping in mind price and Tenkan-Sen/Kijun-Sen all remain below the cloud.

Above that back to the 211.68-212.20 (our 100% retracement) range with which the Guppy recently contended.

[rrram2]

"Do not take life too seriously. You will never get out of it alive."

Elbert Hubbard




"If you are aware of your weaknesses and are constantly learning, your potential is virtually limitless."

Jay Sidhu

Night all see you in london

[trav72]

what do you think? do you reckon that 210.30 is elliotwave point 2 or point 4.......would be better if four, otherwise leg 3 is coming next....might need a parchute for that one!

[Andrewunknown]

Originally Posted by rrram2

I cant really tell, the 3H is a strong up still
I dont see a signal of a reverse.

It has been an amazing come back and i am certain there is some retrace in the works and thatis why I sold my 209.99 for 7 or 8 pips and reenetered a order to buy one again at 209.99.

We have strong LT trend line support at 209.20 now moving up every 3 hours.
There may be some small bounces but a continued move upward is in order.

....

Thanks for keeping us up to date while you are on vacation!

The widest TF to which I pay heed with any consistency is 1D, which I follow closely because of IKH. There I see an ascending trendline from begun 03/17-03/18 that has had 7 subsequent touches (6 excluding today): all have held, with today being no exception. Currently that line sits right around 209.60, which we'll close above (my 1D candles are configured for ET) unless a flood of shorts pushes the rate down in the next 10. Uptrend intact.

The last time that line was violated intraday was May 9, but the close occurred above the line. The line, as circumstance would have it, coincided almost exactly with the bottom of the cloud. Price moved up, touched the line once more on May 21 while it dawdled along Kijun-sen, then crossed KS and didn't look back until the uptrend's momentum began stalling around June 27.

How about precedent? The most recent top-down Tenkan/Kijun cross occurred on May 16, several sessions before the trendline test on May 21. The trendline pushed back, causing a bottom-up cross that was only negated yesterday. Now we have a new top-down T/K cross, once again at the trendline. The difference? The top of the cloud (Senkou Span B) supported price in late May. This time around, the top of the cloud (Senkou Span A) sites @ 206.30. Again, this is all derived from 1D. It's a moderately bullish POV that relies principally on maintenance of the ascending trendline.

But, I don't take trades from 1D - almost always 1H or 3H. This approx. level at this point in time is littered with support (209.93, 209.67, 209.26) which is mostly respected (with the exception of the excursion beneath 209 earlier, promptly corrected), but also resistance (210.15, 210.45). On these TFs, I'm neutral, seeing some significant buoyancy around 209 but also the capacity to slide another couple hundred pips to the kumo if this pull back to 210 turns out to be corrective (not to mention the cloud does ramp back to 210 at the beginning of August). This is the gray area in which I'm - mostly - comfortable being alternately bullish and bearish whenever suitable, with relatively little mental quibbling over direction.

And no problem - glad to be able to check in on occasion while I'm gone. Sometimes you need a brief vacation from vacation, anyway!

[trav72]

if she doesnt bust through 211.30 in the next couple of hours,,...well there she is going to take a trip down south...she liked the thrill she got from it yesterday...wind blowing in the hair and all

[4xStar]

Originally Posted by trav72

if she doesnt bust through 211.30 in the next couple of hours,,...well there she is going to take a trip down south...she liked the thrill she got from it yesterday...wind blowing in the hair and all

Yeah and the beaches are nicer .. Toronto doesn't have beaches, she may have remembered that

Jeb's charts do not show any chance of another leg up without some sort of significant retracement. His conservative scenario is a retrace to 208.60 and then the trip north to Toronto at 212.79. This to me would be the most probable, I just don't see any technical reason for a continuation upward here without a retracement. I have checked back on the charts and have never seen it happen without the retracement.

So I am very curious to see how this plays out.... the only thing pulling her north seems to be Elijah waiting for her at that Toronto cafe'.

[rrram2]

So I guess I am going to get a few more winks. Just scalped another,
trying to get a few more down around 209.70 if we get there.

I sold the 210.07. She is going north in a mad fast way. HOld ON!

Forget that sinking south thing, I doubt she will do it but if she does I will get more again. margin useage is down to 7.8% getting better.