Gbp/jpy

[4xStar]

Originally Posted by Andrewunknown

bingo.....

btw, picked up an extra 1/3 @ 202.40 on the pullback to jump my basis, got rid of the 203.23 @ BE.

I'm totally confused .. are you long or short? 202.40? did you mean 203.40??

[Andrewunknown]

Typo - should've been 203.40. Good catch. 202.60 is turning out to be a significant level of support. That run-down got smacked, but we may see a revisit shortly.

[4xStar]

You obviously know enough about it to play the interim moves & with multiple positions, but would I be correct in saying that if you can only put one position on it, better to wait for a clear break below 202.60 for a short? And what would show that it IS a clear break (apart from dropping 200 pips in 10 minutes )?

[Andrewunknown]

One short position only? Yes, I'd wait until 202.60 is taken out. How would we know that has happened? What is important here is a body that closes below 202.80, followed by another that closes sub-202.80. Two consecutive candles set up in that fashion would put a lot of weight on the support in that area. Then a third candle to confirm. IMO, the pair is behaving such that taking a position intra-candle is ill-advised - this is a real slugfest. Price may end up 80 pips away - or more by the end of the hour, even though your set-up seemed plausible when taken 15 min. previous.

[Andrewunknown]

The last 24 hours have featured some of the strangest price action I've ever seen on the pair.

Looking for a fresh break @ 203.04 to probe lower again.

[4xStar]

Originally Posted by Andrewunknown

The last 24 hours have featured some of the strangest price action I've ever seen on the pair.

Looking for a fresh break @ 203.04 to probe lower again.

I'd say more like the last several days .. it's as if something we can't see is pulling its strings lol. Sooner or later, somethin's gotta give... can't keep this up forever .. I hope!

That 202.60 level has been tested multiple times, I want a clear commitment (preferably in writing... ) that it intends to break that support and head significantly lower. Just hope I don't miss out on what may be a huge ride down.

[Andrewunknown]

Don't hold your breath, but we *may* get that close. Probably not, because price has broken support intra-candle and bid-up by close almost every hour today - that's what's keeping the longs in this above 202.55-202.82. If we see a close below and it is sustained, though....well....

[Andrewunknown]

How do you like that: 202.81. Some people just don't appreciate a good thing when they see one, like the opportunity to set up 400 pip collapse between now and Tokyo by really killing it in the last minute of the hour. Testing a bit lower, but this is probably going to remain fairly flirtatious with 202.82....at least until after supper time (ET).

Updated chart attached, in case you're interested....

[mytwopips]

Wow... after going three pages back, I had to give CPR to this thread to bring it back to life.

Anyways, guppy is at semi strong short term resistance after that nice long run up.

Do I hear pending straddle orders (buy stop and sell stop) for the break or bounce after the open Sunday?

Anyone?

[mytwopips]

Whiskey Tango Foxtrot People?!?!

Where are you guys at? Licking your wounds?

That was an awesome call and nobody even wanted to comment.

Well I hope all of your guys trading is going well.