GBP/JPY - Page 16

LOL I might add.

She's comin' back up. From my observations thus far, it seems that in forex, if you take a bad position it's just a matter of time before it comes back. It's not so much a matter of if, but when. And it's much faster than a penny stock where you can sit on it for months before you break even. So far for me it's only been a matter of hours before I'm in the green again. Anyone with forex experience feel free to chime in and share any nuggets of wisdom you may have. I'm still paper trading btw.

Ya, if you buy to high in a penny stock, you may never be able to see that price again. Forex on the other hand has been ranging for a long time now. Just look at the weeklies. Even intraday, most of the action is sideways, with a few strong bursts here and there doing more volatile hours. If you plan to average a lot, just make sure you have some strong rules in place, because eventually you can get nailed pretty hard.

Going long @ 140 looks like a bottom!

Looking at 140.50 for re entry.

*Changing order to 140.60.

*Stopped out.

This thread is interesting. Never tried GJ before... always playing 'safe' with EU, EJ and GU.

This is my favorite pair. People are selling yen right now and I'm not with it. Going short here.

Got this SSI report from dailyfx.com this morning.

GBPJPY - The ratio of long to short positions in the GBPJPY stands at 1.98 as nearly 66% of traders are long. Yesterday, the ratio was at 2.03 as 67% of open positions were long. In detail, long positions are 2.6% higher than yesterday and 18.4% stronger since last week. Short positions are 5.5% higher than yesterday and 22.0% weaker since last week. Open interest is 3.5% stronger than yesterday and 14.8% above its monthly average. The SSI is a contrarian indicator and signals more GBPJPY losses.

Okay I'm getting out at break even but I want back in soon.

The pivot here is 140, I like it short anywhere below that number using 140 as a stop as well.

Could be a major breakdown in the making, stay tuned.

Just an update, it looks like a pretty clean break of the uptrend. Looking to get short around 136.50 where it will backtest the trendline and hit other resistances.

A long looks nice here...132.85

Blah.

Somehow I spaced and missed that. Would of taken it too... just curious, why not enter at 133, instead of 132.80? Seems like a huge difference to me.... either way, didn't matter obviously

Yeah, a 1.33 entry could have worked as well...I was looking for a bit lower of an entry and took mine at 1.328.

My position is looking OK right now...what's your call on it? Close this bad boy now and leave it running?

My plan is to let it go and look for Asian session to keep it moving up...but my issue is that USD/JPY looks ready to dump (JPY strength) and GBP/USD looks like it may continue down (GBP weakness)...this points to a GBP/JPY short, not long.

I'm also short USD/CAD from 1.02...position is OK so far but I imagine it will be slow until Asia opens up in a couple/three hours.

Let me know what you think. Anything on your radar?

Right now looking to buy some more u/cad if we can come down a bit. Pretty strong reaction of 50 fib on daily (my first entry), and I think another decent entry is approaching. Kind of like the n/u play, just not as clean of entry 2nd time around, I don't think.
Not really sure about g/j, bounce has been pretty weak thus far. Following some strong selling, would be a little more cautious and maybe of moved to BE at FTA, considering how weak of a bounce. Really tough to say, tho.

If you get a chance, post a chart of the UCAD in the UCAD thread...I'm not sure I'm seeing what you're talking about for a long.