So you think the downtrend is about to continue, correct? Let's take another look at your daily chart. After drawing the downtrend line we can see : 1: A breakout to the upside 2: A pullback to the breakout line (red line). 3: A short test of the ...

Dragon Riders GBP/JPY

Uh-uh, inverted bottom Head and Shoulders formation on the 15-min. This pattern has bullish implications, unless it fails of course.

Dragon Riders GBP/JPY

I said earlier that when we are almost convinced that a currency should go up, we must also find at least one good reason why it should go DOWN, instead, as this will allow us to keep a clear head. Here is one : if we look at the 4H chart below, the ...

Dragon Riders GBP/JPY

Shhhh, your FX broker is listening... Just kidding.

Dragon Riders GBP/JPY

The uptrend line is of questionable value (too much "white space") but yes, this is also my analysis : first a 50 pip drop or so and then the uptrend will resume. Of course the market makers will try to shake us out of our long positions, I can ...

Dragon Riders GBP/JPY

Question: if it's not even 8 AM in New Zealand, what country (financial center) is currently buying/selling currencies as we speak...?

Dragon Riders GBP/JPY

Let's see...

Dragon Riders GBP/JPY

Yes, but it is still interesting to see the price action before the "official" opening price at 5 PM EST. These pre-market moves can reveal a few clues...

Dragon Riders GBP/JPY

So far the Dragon is down 15 pips from Friday's close, according to the FXCM data feed.

Dragon Riders GBP/JPY

A hundred bucks GBP/JPY is going to gap down (or simply drop) 50 pips or so before resuming its uptrend...

Dragon Riders GBP/JPY

Hello again, I am not saying that indicators, pivot points, support/resistance lines, trendlines, etc... do not work, it's just that your chart is almost saturated with all kinds of indicators and lines. This creates confusion most of the time. ...

Dragon Riders GBP/JPY

Nesta, do you truly believe that putting 3000 different indicators/lines on your chart will help you make money? Keep it simple my friend, keep it simple, profitable trading does not have to be complicated. In fact you can earn a nice living with ...

Dragon Riders GBP/JPY

"Thank God it's Friday", like the famous movie from the late 70's url Some traders are going to celebrate their winnings this weekend, while others are probably licking their wounds as we speak. Such is life. But remember folks, each ...

Dragon Riders GBP/JPY

Hi Moebius, In fact if you look closely at my chart the breakout to the upside started earlier, at 141.00. Once again, the most important thing to remember here is that we should always trade the market, not our little personal opinions. I was ...

Dragon Riders GBP/JPY

On the 1h chart that long descending channel is still holding up well (see chart). The first breakout to the upside failed, but now we have a second possible breakout to the upside! In other words we have a "first train hiding the second train" type ...

Dragon Riders GBP/JPY

Doji and shooting star on the 5-min at the 141.20 level (50% Fib). That's a good sign for short sellers but it could also be a bear trap... I am currently long GBP/AUD at 1.68.

Dragon Riders GBP/JPY

Good, when the price gets stuck for too long, the breakout is even more powerful! I am watching EUR/AUD at the moment, superb ascending channel on the 15-min (and a potential breakout to the downside), take a look.

Dragon Riders GBP/JPY

Price rejection at the 50% fib (from 142.55), would the Dragon go down now, without making any more fuss? I guess we will soon find out...

Dragon Riders GBP/JPY

Keep in mind that GBP/JPY and GBP/USD are highly correlated, on the positive side (and GBP/JPY and USD/JPY even more). That said it is not always easy to know who is really doing the dragging.

Dragon Riders GBP/JPY

Yep, a few bulls are still protecting that 140.50 area. Don't worry, they will soon jump ship...

Dragon Riders GBP/JPY