I hope London drops this like a bad habit.

Dragon Riders GBP/JPY

Which was 4a my time......the wife will probably kick my ass if I woke her up! Anyway, this is going north and I'd expect this to cap at 178.4 maybe. If it breaks through this channel, (which looks like it), then we're entering uncharted territory ...

Dragon Riders GBP/JPY

If you look carefully, this is following a rising bull flag or maybe forming a rising wedge.

Dragon Riders GBP/JPY

I agree. If or when this breaks its support of 175.5, It might go for the 161.40ish (based on the weekly 200EMA). For now on the hourlies, I'm planning to short between 177.54 - 177.73, SL -10pips.

Dragon Riders GBP/JPY

Correct. I actually see 177.4 first as support to the upside.

Dragon Riders GBP/JPY

Lookie, lookie here! This is a trifecta in my opinion: 1) 1hr shows 200EMA hit 2) 4hr shows 55EMA hit 3) MurreyMath 2/8 level hit 4) R2 on daily pivot hit A very good probability that this will reverse from here (178.18) on hopefully down to 175.5. ...

Dragon Riders GBP/JPY

That's looks better. I had the same count until we had that senseless spike last Friday. However, I think wave 5 is still intact going into 175.5 but I maybe wrong. In any case, this is forming the right half of a butterfly pattern. Calling ...

Dragon Riders GBP/JPY

Wave 4 cannot and should not cross wave 2.

Dragon Riders GBP/JPY

Did you mean they're trying to take out shorts instead of longs? If the prices are going up, it should be looking for buy stop losses on short positions in order to continue heading south.

Dragon Riders GBP/JPY

It's really messy. This PA today and last Friday doesn't give any clear indication if you're using PP trading/analysis. It's really ugly and dangerous, like one of my ex-girlfriends.

Dragon Riders GBP/JPY

One thing I learned to do is to ignore any news. It's probably trying to fulfill the 178.10 level (R2 daily resistance). So far, the M4 resistance has been crossed but still holding this advance. Anyway, I'm long until 178.10/18 and will reverse and ...

Dragon Riders GBP/JPY

FX-Ray, this is for you. It refers to the 76.4% fib level for GBP pairs (or google "Practical Fibonacci Methods for Forex Trading). Enjoy. url .

Dragon Riders GBP/JPY

I don't know if you follow it but its beginning to look like a bull flag.....

Dragon Riders GBP/JPY

Be careful of this.....this SOB might want to hit 178.13 first.

Dragon Riders GBP/JPY

You're right. I welcome constructive criticism too so no worries. Although, I'm also trying to find that article on the web which also stated this level among GBP pairs. I use the 55 and 200 EMAs on TF over 1hr since they give me 70% accuracy on my ...

Dragon Riders GBP/JPY

I remember. Incidentally, the 178.50 is the 200EMA on the hourlies. Therefore, the 178.80 could be a valid target as an extension. I've read that all GBP pairs tend to correct at the 76.4% level (179.23), not 61.8% (178.70). At this point, it could ...

Dragon Riders GBP/JPY

Good call. It breached the 177.60 level so it's a good probability that it will reach the next level at 178.10. The CCI is overbought while the RSI is getting up there (1hr).

Dragon Riders GBP/JPY

She's been fighting this ceiling, Ray, for the past 2 days.

Dragon Riders GBP/JPY

Or if it holds, I expect this to hit 181.10-20 (per FX-Ray's levels) which should coincide with the 200EMA in 1hr and close to the 50% fib retracement. We'll see what happens.

Dragon Riders GBP/JPY

Hi F-Ray. I followed your DP thought process this weekend and it's fascinating. Do you also calculate levels for 4hr, 1hr, and less for intraday movement or do you only stop at daily TF?

Dragon Riders GBP/JPY