Gbp/jpy

[cadarkitek]

In this case my TP wil be 10 pips before the next support. Thats what I normally do. If I was planning to Short 2 lots I would only close 1 lot at that point. I will be looking to short again 30-50pips below that support, just as how I'm gonna short below that blue line I post in a previous thread.
The 2nd lot from my last entry is at 170+ pips. Getting back some of that loss from that Long entry yesterday.

[4xStar]

Originally Posted by cadarkitek

In this case my TP wil be 10 pips before the next support. Thats what I normally do. If I was planning to Short 2 lots I would only close 1 lot at that point. I will be looking to short again 30-50pips below that support, just as how I'm gonna short below that blue line I post in a previous thread.

I'm beginning to see how this works .. you wait until a support level has been definitively broken so there is better odds of the downtrend (in this case) continuing. If it continues much below the 198 level, it just might go to test its prior lows of Mar 17, in which case the trip back up again would be a gift

What would signal you to exit this kind of trade .. say if it gets to 198.70 and just stalls .. do you watch volume/price action & on which timeframe. Do you have a trailing stop, mental or otherwise?

[4xStar]

What a wild ride

[4xStar]

No one has posted here in awhile, did everyone get slammed by the G-Y last week?? It is setting up again .. for either a new short or a great long .. so keep an eye on s/r levels and may your journey aboard be a safe one!

[cadarkitek]

Originally Posted by 4xStar

No one has posted here in awhile, did everyone get slammed by the G-Y last week?? It is setting up again .. for either a new short or a great long .. so keep an eye on s/r levels and may your journey aboard be a safe one!

well it did its work on several accounts. Still in love with it but i'm giving it space now.

[4xStar]

Falling nicely now. Over in the other thread where the guy from Malaysia posts those incredibly complicated charts (that look like electrical wiring plans for the NYC subway system!) he thinks it will retrace back down before moving up again and, based on a chart with only one indicator on it apart from candlesticks, I think so too

Last week I made the mistake of over-analyzing this pair, reading too many other opinions & ended up ignoring the evidence right before my eyes & getting on the wrong side of it.

After licking my wounds a bit, I have resolved to just pay attention to what is happening on the chart as this pair is pretty clear about announcing its intention when it makes a major move. I have charts on 4 different timeframes but not a lot of indicators, price action is the key. Although it IS useful to know what is going on with the Yen & GBP, from a fundamental point of view & there are good (and brief!) reports in the Analyst Arena by DailyFX.

Also in the Holy Grails section of this forum, under DayTrading there is a thread on trading the G-Y that is a must read for anyone serious about this pair.

[mytwopips]

guppy down... nuf said

Man I hope I don't eat them words

[Piphacker]

Originally Posted by mytwopips

guppy down... nuf said

Man I hope I don't eat them words

No buddy it bullish...Actually i was also thinking to go short on G/J As i also said in my previous post but i also said that only if other conditions were in my favour to go short... but now see the screenshot i was ready to go short but at the end the candle in 4-Hour formed a reversal candle shape... So 1st G/J Remain's strucked their but after sometime it retraces back to bullish mood coz of this reversal candle in 4-Hour chart & You know im also trading through this pattren coz my morning U/J Trade was also based on reversal candle...That's why i didnt go for short...
PipHacker!!!

[4xStar]

It was a good short until some news came out at 5am eastern which had a bullish effect on the GBP. I got out of my short with a few pips, so no complaints
The GBP is set up for a major reversal and if it goes up, it will drag the g-y with it, so I guess shorts are off the table for now. I'll be on the sidelines (but long the GBP) until it looks more decisive.

[mytwopips]

Well guys "humble pie" all in my face

But... when it comes to breakouts below the 200 ema "sell stops" are your friend.

ok... ok... I know. I already said that in Piphackers journal.