GBP/JPY Trading 2008

Quote from mackinaw:

Been short since 211 - question is when to TP?

209.50 looks like the next target.
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209.50 isn't all that strong at this point. 208.50 is the new 209.50. If we get a solid close under 208.50 the next Ss are 208, 207 and 206 with 206 being the strongest.
 
Never doubt the power of an ECN order book! What a great contrary signal :)

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I understand currencies and markets, but not from the technical perspective and quick trading that most on this thread do. Could you please explain what the above means and why its a contrary signal? Thanks!
 
Quote from tick bandit:

Very tempted as well, i wonder how the London session will play out. If the feds don't come through tomorrow say hello to 187 "i think."
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Correct...even 185 wouldn't be surprising. That's why I'm building sloooowly.
 
Quote from iloveoptions:

Taking a 1/3 size long position in GBP/JPY at 192.71 .
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Short since 203.43 with some fat size. Covered half at 193.43. 233 pip trailing stop unless something tells me otherwise. Good luck with that long.
 
Quote from ralph00:

I understand currencies and markets, but not from the technical perspective and quick trading that most on this thread do. Could you please explain what the above means and why its a contrary signal? Thanks!
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What you're seeing is a whole slew of sell orders from trapped longs and not a single buy order (except for the liquidity providers).

It means the entire retail market is long and on the wrong side of this trade, which since last Friday's close has tumbled 700 pips!
 
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