Thread: Dragon Riders GBP/JPY

I have shorted too, I believe that it will return to 151.00.

As we would like to short this thing, its been a battle coming down for the last 4 hours. wow.

Originally Posted by ;

Just as we would like to short this thing, its been a battle coming down to the last 4 hours. wow.

Im sitting on my palms. Searching to short for an entry. I expect 152 breaks and again if this happens I will give it a try. At the moment this movement is keeping me out.

The end result is a decent move upward, although that is always the area in which you get fall-backs. 152 on 13 2013 has been the launch level upon the first easing of BOJ. Kuroda San has jeopardized more of that now in 2 days. This amount has had significance at many occasions since 1994 and was itself a retest stage for the consolidation which started approximately Dec 1995 - one that effectively conducts a fundamental pivot area of 185/195 - the one we are still in - the one that has been running for over 1100 months!

It rebounded from 151.16, I was able to close my short on time. I believe that it may now rally into 153.00.

Was a really long and cluttered cup, but suspect now rising up the ideal side (like in right hand side) of this handle. Retrace was near enough to 38%. If it continue up (either straight or somewhat cluttered) would anticipate marginal new high, followed by little drop back into 154/155 or something like that.

I believe that for the moment we can expect a rally to 154.00 at the least.

If you are considering going long, make sure you watch out for the 153.80-154.00 level. It's around the same high that was struck 12/8/17 9/21/17 , on 1/8/18. Each of these times price was struck, followed with a candle that was spiked after which a retrace or change in management. The single time price proceeded and broke above was between 1/17/18 2/2/18. It did struggle between these dates.

-Ric

Originally Posted by ;

If you are considering going long, make sure you look out for the 153.80-154.00 level. It's roughly the same high that was struck on 1/8/18, 12/8/17 9/21/17. Every one of these times price followed with a spiked candle was struck after which a retrace or change in direction. The only time price proceeded and broke above was 1/17/18 2/2/18. It did however struggle between these dates. -Ric

Maybe you need to go back before 2017. 20 years, maybe go back, just for heck of it, say. In all honestly, should the current level not grip at next open, then 151.8 is back. If it does hold, then it (a) either fractures 153.8 (76% correction level), or (b) it drops back into 151.8. Failure below 150.2/3 likely indies a wave 2 correction which begins a new downtrend, suggesting 156 was the top. Above 153.8 ish returns to 154.5 resistance and then above. Following successful retest of 154.5 ish (finally), allows a major move back to the top and outside.

Originally Posted by ;

quote Perhaps you should go back before 2017. Maybe go back, just for hell of it, say 20 years. In all honestly, should the current level not at next open, then 151.8 is back. If it does hold, then it either breaks 153.8, also it drops back to 151.8 after another collapse at or about 153.8. Failure below 150.2/3 suggests a wave 2 correction that starts a new downtrend.

It was just an observation based on the daily charts. No need to get snippy. Some people today want to trade term, but should you exchange short term that is fine and me indiing to watch out for a point of service or resistance isn't a terrible thing. I didn't say do not trade, I mentioned keep warning for all those amounts because they are established points of SR..

Take it how you like it, it was just an observation.

Great Luck

- Ric