I closed the short position (from 142.30) and went long at 141.64. It seems that we now have a new reality (possible breakout in progress from a descending channel, see the chart I posted on Friday). url Always go with the flow and adapt to ...

Dragon Riders GBP/JPY

Some heavy Australian financial reports are coming up in a few minutes (as well as the GBP Rightmove House Prices report), let's see what kind of impact (if any) they have on the GBP/JPY.

Dragon Riders GBP/JPY

GBP/JPY is currently at 141.25 (bid) according to the FXCM data feed, down 35 pips from Friday's closing. Keep going down boy...

Dragon Riders GBP/JPY

Watch out, if the breakout is false the down move is going to be huge, Fast and Furious style, especially with that kind of neat descending channel formation (see chart above).

Dragon Riders GBP/JPY

It's possible, but although I am short GBP/JPY (from the gap point) something is still bothering me : that nasty potential breakout to the upside from the descending channel (see 1h chart below). Let's just hope it's a false breakout, or a least a ...

Dragon Riders GBP/JPY

Sure it will drop like a stone, it has already started. The next stop is 138.50, at least... PS: As always, trade at your own risk.

Dragon Riders GBP/JPY

Are you using binary Forex options or just plain vanilla call options? I must say that Forex options can offer a huge advantage if used correctly. For example one can stay long and keep his position open without having to worry about a sudden spike ...

Dragon Riders GBP/JPY

Oh I see, ok.

Dragon Riders GBP/JPY

You are buying GBP/JPY at 141.27 and your stop (according to your image) is 141.28, I don't get it (unless it's a buy with also a limit order attached to it). In other words you want to avoid any big slippage.

Dragon Riders GBP/JPY

Not sure if I quite understand your image. You bought where and what is the stop?

Dragon Riders GBP/JPY

Almost there big boy, almost there, don't be shy now, let's wrap this thing

Dragon Riders GBP/JPY

I am already long GBP/JPY (and USD/JPY) but I bet there are tons of traders just waiting for the gap to be filled to short the hell out of the GBP/JPY

Dragon Riders GBP/JPY

Come on GBP/JPY, just 40 pips more and the gap will be filled, you can do it big boy, and then you can rest for the rest of the year. Come on, get up there and show me the money! video

Dragon Riders GBP/JPY

From a mathematical point of view, Scenario 1 (GBP/JPY will fill the gap located 80 pips higher) is almost 4 times more likely to happen than scenario 2. Good trading system + money management + discipline = Big bucks, so anything is possible my ...

Dragon Riders GBP/JPY

GBP/JPY is currently at 141.50, so what is the most probable scenario, from a strictly probabilistic point of view? 1: GBP/JPY will fill the gap located 80 pips higher. 2: GBP/JPY will NOT fill the gap and simply resume its downtrend until it ...

Dragon Riders GBP/JPY

Unfortunately and for some weird reason JPY financial reports do not move the Yen anymore, or not that much anyway. Unless there is a tsunami somewhere or a Bank of Japan intervention has been announced.

Dragon Riders GBP/JPY

Well, just Paypal me a 100 grand (USD of course, not Vietnamese Dongs) and we will call it even

Dragon Riders GBP/JPY

Seems like the second part of the prophecy is about the be fulfilled...

Dragon Riders GBP/JPY

So what do you think folks : is Monday still the low of the week (and the uptrend is still valid) or is Wednesday the new high of the week and the trend is now in complete reversal mode (meaning down)...?

Dragon Riders GBP/JPY

Let's hope so, I am up to my ears in USD/JPY

USD/JPY Discussion