GBP / JPY -- Guppy!

Discussion in 'Interactive Trading' started by jack, Apr 22, 2014.

  1. jack

    jack Administrator Staff Member

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    Current S/R levels I'm paying attention to on a 30 min time frame...

    [​IMG]

    But anyone doing some ICT style analysis on this pair?
     
  2. SLT

    SLT Official GDayFX.com Rep

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    there are clean lines around 1.73500, it would be nice if it gave us a weekly low set up, to go for it
     

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  3. jack

    jack Administrator Staff Member

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    Always trading on higher time frames than me Dan :p Always. ahah..

    Yeah, it is clean up there. But the Yen is taking it on the chin now (look at USD/JPY,) so I'm paying a little more attention for recent moves.

    EDIT: I meant USD/JPY is taking it on the chin, the Yen would be gaining value in this case. I'm tired :p Don't mind me.
     
  4. jack

    jack Administrator Staff Member

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    (To be clear, I don't do much longer term trading, I mostly scalp.. so I look for moves and levels we might see breached sooner rather than later.. kinda like that short time frame experiment you did a while back.)
     
  5. sqa

    sqa Village Scribe

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    It's current 04/22/2014, at 9 GMT.

    The current daily high, hit about an hour ago, was @ the 4 hour order block on the last Swing High. (It's a Sell/Resistance level in this case)

    Current day Low is the Daily Order Block from the Swing High back in March/Collection point.

    I would have a lot of reasons to want to Sell this pair today, from where it's at, but I'm not actively trading it right now. Getting more solid on the USD/JPY first.

    Should be noted, Next week is "Golden Week" in Japan, and there is a historic Sell Off that tends to happen going into the Friday before it. (I was looking at historic data and wondered about the consistent spike at the end of April) That's one thing to also keep in mind.
     

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  6. jack

    jack Administrator Staff Member

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    French PMI seemed to be a bit of a catalyst for a quick sell off... I was late to the game (entry) by a good minute but still jumped on and rode down some selling momentum.

    Just took 4/5ths of my short off at 124.25.. representing a solid 3.5:1 RR trade, and the last little bit is if we touch 19's.. for whatever reason, I want that extra 5 pips.. seems possible, especially with more pending PMI releases for Germany in 5 min.. but not risking my entire gain for it.
     

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  7. jack

    jack Administrator Staff Member

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    closed the last bit early on positive german numbers.. had they been a miss on forecast like the french numbers then I'd have held. Got out 28's
     
  8. TopFroxx

    TopFroxx Well-Known Member

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    jack, a quick question for you. do you use depth of market in your trading at all?
     
  9. jack

    jack Administrator Staff Member

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    DOM is a great tool for many markets... FX just isn't one of them.

    It would be useful for FX traders who want to know if their large sized orders would be slipped when marketing them. Since I'm not punting $1+mm per ticket just (yet..ahah) it's not on my radar.

    I pretty much live out of my DOM and Time and Sales windows with equities at work... but in FX, I don't really bother looking at the DOM.

    I have heard that some people get value from watching currency futures on the DOM with a time and sales feed on the side.. kinda like a proxy to the rest of the currency market, but I've never stuck with it long enough myself to determine if it's valuable to me.

    That said, most of my scalping these days has been event driven...but not all.
     
  10. TopFroxx

    TopFroxx Well-Known Member

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    i delved into prop trading a bit and it seems that it is pretty much impossible without DOM. i dont like that. or is it maybe just for equity, bonds, and commodities? need to investigate further. maybe i find some info on FX trading at prop firms. aaaaaanyway, sorry for off topic.
     
  11. jack

    jack Administrator Staff Member

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    Aww jeeze... this looks like we're gonna run some fun levels really soon:

    (Daily Chart)

    [​IMG]

    :D
     
  12. sqa

    sqa Village Scribe

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    It's going to be a fun May/June. Though the Commercials are setup to eventually drop on the Pound (though they're not stacked anywhere close to as high as you'd expect for a massive move down).

    The Yen is Range Bound for the time being. Commercials seem to be playing "Let the Bank of Japan Pay Us", as they setup a 6+ year Short position at the top in January. Though they unwound most of that by the end of the Month. The BoJ is likely going to defend the 100 level for the time being.

    It's eventually going to get wild and wacky, though. Just a matter of "when".
     
  13. SLT

    SLT Official GDayFX.com Rep

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    Giddy Up
     

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  14. SLT

    SLT Official GDayFX.com Rep

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    Target Hit
     

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  15. shopster

    shopster Well-Known Member

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    why not just do 100 ticks in the ldn session
    load up on the db and unload at the 6.9 gunner extension.

    then do 10 more trades after that.

    s
     

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  16. SLT

    SLT Official GDayFX.com Rep

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    looking at Market structure
     

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  17. AusDoc

    AusDoc Well-Known Member

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    Reversal Dan? ... surely you jest. :D

    That blue that seems to come over your Mondays, is that a rare form of Mondayitis? Can you explain how you use it? TIA
     
  18. SLT

    SLT Official GDayFX.com Rep

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    I call them magic Mondays
     
  19. AusDoc

    AusDoc Well-Known Member

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    This is like pulling teeth. ;D

    OK, so that's what you call them. Great. Again, can you explain how you use it Dan?
     
  20. jack

    jack Administrator Staff Member

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    Just looks like setting a high / low range for the beginning of the week. A lot of breakout / fakeout strategies are based on time series type studies like this.

    Dan? :p

    No pressure, not all traders like giving out their strats. . But I'm very glad Dan shares this stuff since it at least makes us think "ohh, what's that?" and might get the old gears turning in our own heads..
     

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