Dragon Riders GBP/JPY
- #25,182
- Jul 3, 2017 3:22pm Jul 3, 2017 3:22pm
Here is an idea to explore : buy GBP/JPY but only if both GBP/USD and USD/JPY are above the same simple moving averages, like 20, 50 and 100 for instance (and vice versa for short GBP/JPY positions). This will at least insure that the Dragon is in sync with the two main currency pairs that are supposed to move "him" in the first place, up or down. The same idea could also be applied to other highly correlated currencies.
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- #25,184
- Jul 3, 2017 3:57pm Jul 3, 2017 3:57pm
- Joined May 2011 | Status: Making money 1 pip at a time. | 2,150 Posts
{quote} Hey... Sounds crazy, but I will watch the possible correlation.
In fact it will increase faster than the yen or the cable, taken separately.
- #25,185
- Jul 3, 2017 4:23pm Jul 3, 2017 4:23pm
- Joined May 2011 | Status: Making money 1 pip at a time. | 2,150 Posts
Japan Monetary Base report in less than 30 minutes (7:50 PM EST).
Yeah, sure, like it's going to move the Yen one way or the other.
Yeah, sure, like it's going to move the Yen one way or the other.
- #25,186
- Jul 3, 2017 5:03pm Jul 3, 2017 5:03pm
- | Joined Jan 2010 | Status: forextradestoamillion | 527 Posts
Japan Monetary Base report in less than 30 minutes (7:50 PM EST). Yeah, sure, like it's going to move the Yen one way or the other.
I'll pick up the crumbs don't need the whole pie
- #25,188
- Jul 3, 2017 5:10pm Jul 3, 2017 5:10pm
- Joined May 2011 | Status: Making money 1 pip at a time. | 2,150 Posts
- #25,189
- Jul 3, 2017 5:19pm Jul 3, 2017 5:19pm
- | Joined Jan 2010 | Status: forextradestoamillion | 527 Posts
{quote} Japanese financial reports have ceased to move the Yen a long time ago, for some reason.
I'll pick up the crumbs don't need the whole pie
- #25,190
- Jul 3, 2017 5:27pm Jul 3, 2017 5:27pm
- Joined May 2011 | Status: Making money 1 pip at a time. | 2,150 Posts
- #25,191
- Jul 3, 2017 5:45pm Jul 3, 2017 5:45pm
- Joined May 2011 | Status: Making money 1 pip at a time. | 2,150 Posts
The dragon is easy and kind
But watch out otherwise, or you will be singing the Blues...
Inserted Video
- #25,192
- Jul 3, 2017 5:50pm Jul 3, 2017 5:50pm
- | Joined Jan 2010 | Status: forextradestoamillion | 527 Posts
{quote} Sure, as long as the trader is on the right side of the market. But watch out otherwise, or you will be singing the Blues...
I'll pick up the crumbs don't need the whole pie
- #25,193
- Edited 6:23pm Jul 3, 2017 6:01pm | Edited 6:23pm
- Joined May 2011 | Status: Making money 1 pip at a time. | 2,150 Posts
.. Cool Hand Luke my friends
(By the way, Paul Newman never ate a single egg - let alone 50 - during that famous egg-eating scene, according to an interview he gave on TV.)
Out GBP/JPY at 146.60, minus 20 pips (closing and reversing), the Yen is dragging the dragon down.
- #25,194
- Jul 3, 2017 6:54pm Jul 3, 2017 6:54pm
- | Joined Jan 2010 | Status: forextradestoamillion | 527 Posts
{quote} Cool Hand Luke ended up with a bullet in his neck, remember?
Steady as she goes
I'll pick up the crumbs don't need the whole pie
- #25,197
- Jul 3, 2017 7:52pm Jul 3, 2017 7:52pm
- Joined May 2011 | Status: Making money 1 pip at a time. | 2,150 Posts
{quote} But he was still cool, calm and collected to the end...lol
adding to my losing position... damn I never learn
On the downside use a simple 35 pip stop for example and get out when the currency triggers it. You can always re-enter later, if the logic behind the trade is still valid.
- #25,199
- Jul 3, 2017 8:06pm Jul 3, 2017 8:06pm
- Joined May 2011 | Status: Making money 1 pip at a time. | 2,150 Posts
- #25,200
- Jul 3, 2017 8:10pm Jul 3, 2017 8:10pm
- | Joined Jan 2010 | Status: forextradestoamillion | 527 Posts
{quote} Yep
Come take a walk on the dark side..... where 2% for the year just isn't enough ;P
I'll pick up the crumbs don't need the whole pie