Yes GBP/JPY is in a downtrend no matter what time frame we are using, from the monthly to the 5-min.

Dragon Riders GBP/JPY

Absolutely, a move beyond that level would render the downtrend more than suspect.

Dragon Riders GBP/JPY

Let's just say I love to study charts GBP/JPY went from 140.50 to the next level (140.80) but did not return to 140.50, so now it could go to the next "magical" price (141.00) and THEN resume its downtrend during the London session. I ...

Dragon Riders GBP/JPY

The NZD Credit Card Spending report is currently lifting the Yen, and also the GBP/JPY of course, but I believe the downtrend will resume soon... Sometimes AUD, NZD or even CNY (China) financial reports can move the Yen (and vice versa), even if the ...

Dragon Riders GBP/JPY

You are quite welcome. There is also a Forex book/system that also uses a similar trading principle/idea but on the higher time frames, it's called "The Quarters Theory: The Revolutionary New Foreign Currencies Trading Method" by Ilian Yotov ...

Dragon Riders GBP/JPY

Hahahaha Not quite my friend, I am simply having iced tea while listening to Chopin, I like to remove any emotion (even a positive one) out of my trading.

Dragon Riders GBP/JPY

140.50 has been hit. Notice the pause at that level, as explained above. Now GBP/JPY could pullback to 140.80, return to 140.50 and then continue to the next level:140.20 Or it could simply hit 140.20 without touching 140.80 first. In any case we ...

Dragon Riders GBP/JPY

As you can see it is just pausing at the 140.80 level, before hitting the next level: 140.50

Dragon Riders GBP/JPY

Here is something I noticed over the years : prices ending in 00, 20, 50 and 80 are usually important resistance/support levels. Let's say GBP/JPY is at 141.00 for instance. During a downtrend it will usually pause (or reverse) at 140.80, then ...

Dragon Riders GBP/JPY

This time the Dragon is going down 139.50 is the next stop...

Dragon Riders GBP/JPY

Shorted GBP/JPY at 141.20 a few moments ago (the pullback level I talked about yesterday), 35 pip stop.

Dragon Riders GBP/JPY

If GBP/JPY retouches the 38% fib it will confirm the down move, although there is no guarantee that the price will continue to drop. The trader can construct a lot of profitable systems just with these simple Fib levels...

Dragon Riders GBP/JPY

GBP/JPY was rejected at the 61.8% Fib (from 142.55), then it went down to the 38.2% Fib and is now testing the all important 50% Fib. This is usually the mark of a bearish scenario.

Dragon Riders GBP/JPY

Plan B (close and reverse) went into effect. A little slippage but that's alright.

Dragon Riders GBP/JPY

Current spread on GBP/NZD is 5 pips, but yes it is climbing. I already made 40 pips, so the spread spike won't really affect me at (and after) 5 PM.

Dragon Riders GBP/JPY

Thanks. I am currently long GBP/NZD (from 1.75). Reserve Bank of New Zealand Rate Decision in less than 25 minutes (5 PM EST), it's going to be hot hot hot, and I am not even talking about the usual spread spike at 5 PM

Dragon Riders GBP/JPY

Thanks. The Yen is dragging the GBP/JPY down at the moment. That's alright, just made 10 pips (and counting) on GBP/AUD (this pair is pulling back nicely), I will come back later and get a serious "refund" from Mister GBP/JPY .

Dragon Riders GBP/JPY

Out at 140.51, 19 pip loss. The expected pullback will probably occur during the London session. Switching to GBP/AUD.

Dragon Riders GBP/JPY

Very good! That's the kind of relaxing songs I like to hear when the Non-Farm Payroll report hits my stop first and then proceeds to move 200 pips in the expected direction

Dragon Riders GBP/JPY