So far GBP/JPY has been unable to break through the high of the day (142.35), not once but twice. The third attempt could be the right one, the Dragon is just getting ready to make its move. The Yen is still cruising at high altitude by the way.

Dragon Riders GBP/JPY

Nope, if I day-trade on the 5-min for example I won't even look at the 1h chart, let alone the daily or weekly charts! Yes I know, some traders are going to say : "But you need to see the "big picture" first, come on!" Bulls..t, there is no evidence ...

Dragon Riders GBP/JPY

Yep, the market always goes where it wants to go 100% of the time. Alright, enough joking, back to work, let's make some money...

Dragon Riders GBP/JPY

The Kiwi and the GBP/NZD are highly correlated, on the negative side, that much is true. That said I really don't care about the fundamentals, I am only interested in price action. Simple is not having 25 stupid indicators and 50 different ...

Dragon Riders GBP/JPY

I believe in keeping things very, VERY simple. I know a few traders who earn good money just with Head and Shoulders formations alone. Some others make a bundle with simple breakouts from trendlines, or they wait for nice triangle formations to pull ...

Dragon Riders GBP/JPY

You can make a perfectly good living with the 5-min charts only. Not sure why some traders keep thinking that the daily or weekly charts will give them some kind of special advantage. I could post hundreds of 5-min charts (without the price on the Y ...

Dragon Riders GBP/JPY

That's the problem with unexpected events, they do happen. Now let's see what the GBP/NZD is up to (NZD Trade Balance in 3 hours)...

Dragon Riders GBP/JPY

Are you serious? Go with the flow my friend, if you cannot beat them join them. Position closed at 142.35, +35 pips, possible long re-entry later.

Dragon Riders GBP/JPY

Keep going up you big bully! Thought you could fool me twice, eh? Now pay up!!

Dragon Riders GBP/JPY

Take a look at the chart now, the 5-min for example...

Dragon Riders GBP/JPY

Well, it's already just 17 pips away from that level. I believe GBP/JPY will at least try to break today's high during the Asian session or early London. What's certain it that it was unable to break through today's low, which is a good sign for the ...

Dragon Riders GBP/JPY

So let's get ready to rumble!!! video

Dragon Riders GBP/JPY

That's odd, on the calendar from DailyFX it started at 11 AM (New York time, 3 PM London): url . I am long GBP/JPY at 142.00, 35 pip stop.

Dragon Riders GBP/JPY

That speech started more than 2 hours ago in Lisbon (Portugal), right?

Dragon Riders GBP/JPY

Oh I trust you, it's the Dragon I don't trust The Yen is going up again, and this time I am not sure if the (relatively bearish) GBP/USD will be able to prevent GBP/JPY from going up. In any case I have the feeling we are going to deal with ...

Dragon Riders GBP/JPY

Perhaps, but when you add subjective elements like trendlines or even Fibonacci (where do we start the calculation exactly?), it becomes extremely hard, if not impossible, to backtest and validate such trading ideas, unless the trader has already a ...

Dragon Riders GBP/JPY

Stopped out. Alright you big bully, I will get you Monday evening or Tuesday, don't worry. Off to bed now.

Dragon Riders GBP/JPY

I read an interesting article on the now defunct Currency Trader Magazine : backtests reveal that these pivot points have very little predictive value, except on very strong trends, where these R3 and S3 levels can be useful.

Dragon Riders GBP/JPY

Yep, pullback time, or so it seems. Now keep going down, you fool!

Dragon Riders GBP/JPY

The Yen is still going higher while GBP/USD is somehow preventing GBP/JPY from going up, at least for now.

Dragon Riders GBP/JPY