is it feasible to scalp gbpjpy?? how?? | Page 2 | Forex Factory

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is it feasible to scalp gbpjpy?? how??

  • #21
  • May 1, 2007 5:06am May 1, 2007 5:06am
Quoting bluebuddha
I was thinking in terms of stock index futures (S&P, RU2000, Dow, etc.), which I didn't do well in scalping those due to a lack of capital. But yeah, comparing the contract info between the stock and currency futures, it looks like the risk is about half with currencies.
Hey, dude, with your attitude, you'll be a millionaire before me! You're alright, man.
  • #22
  • Sep 14, 2008 6:48am Sep 14, 2008 6:48am
Quoting don perry
use an ecn like EFX or hotspot fxi to scalp the pair. Very easy to do if u looking small 3 pips a go

don perry,
how do you manage to scalp only 3 pips with EFX or MB?

I tried this but the spread usually ranges between 1,5 and 2 pips on Euro for instance and the commission to open and then close the trade is the equivalent to 1 pip , so you end up being charge 2,5 - 3 pips just to trade the pair....I found I was breaking even or losing a half a pip most of the times I used them for scalping 3 pips.
  • #23
  • Sep 14, 2008 7:01am Sep 14, 2008 7:01am
Quoting rivertraderfx2
gbpjpy has such a "wild spirit" and momentum spurts...is it possible to scalp this one?? (i realize the spread makes it seem more difficult...)

let`s create a thread describing scalp strategies...

thanks in advance...
Yes it is, even on 8pips spread
  • #24
  • Sep 29, 2018 7:48am Sep 29, 2018 7:48am
Well this is a fairly old thread!

I would say that with the ECN broker spreads now (and the fact that there is a lot more volume these days), it's even more possible to scalp this pair successfully. Including GBPCAD and GBPAUD too

That said, I think one has to be open minded as to which pair to trade depending on where the price action is on Europe open (silver dotted line). The 3 charts I've attached show that the picture was far more bearish on GBPCAD and GBPAUD. Price action was above the daily pivot on GBPJPY (solid green line) but well below on the other two pairs. The position is different each day of course but reading it correctly can help one scalp 10 - 20 pips each day (IMHO of course)
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPJPYM1.png Size: 49 KB
Click to Enlarge Name: GBPCADM1.png Size: 41 KB
Click to Enlarge Name: GBPAUDM1.png Size: 46 KB
  • #25
  • Sep 29, 2018 9:16am Sep 29, 2018 9:16am
I think shorting this pair currently is a good option, considering it's been appreciating for a long time. Sell on highs and it should make some profit for us.
  • #26
  • Oct 1, 2018 5:47am Oct 1, 2018 5:47am
The pair seems to be stuck in a range at the moment with 149 as a cap -

Having said that, there are still a few pips available as always at London open. I took 20 before the news
  • #27
  • Oct 1, 2018 3:22pm Oct 1, 2018 3:22pm
I'm just wondering if it's not a good idea to switch to the related pair EURJPY when it looks a whole lot better to trade - lot more bearish.

Hopefully the bearish picture will now continue through the week
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYM5.png Size: 60 KB
  • #28
  • Oct 2, 2018 6:03am Oct 2, 2018 6:03am
Quoting jmtini
I'm just wondering if it's not a good idea to switch to the related pair EURJPY when it looks a whole lot better to trade - lot more bearish. Hopefully the bearish picture will now continue through the week {image}
Well a few hours again is a long time in forex!

The focus has switched back to GBPJPY nicely since sterling is being hammered again today

I picked up a few pips this morning - low risk - using the EA which I actually forgot that I had set up !

Manually of course one can simply bounce trades off the tram lines. The tram line set-up is really excellent to use - use them when both sets of "tracks" are nicely in line - angled up or down of course
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYM1.png Size: 58 KB
  • #29
  • Oct 3, 2018 5:54am Oct 3, 2018 5:54am
You probably shouldn't be scalping this pair if you have to ask....
The only system that will work is one designed by and for yourself.
  • #30
  • Edited 9:11am Oct 3, 2018 8:35am | Edited 9:11am
Quoting bloodpoodle
You probably shouldn't be scalping this pair if you have to ask....

bloodpoodle - the guy who asked the question last posted about 11 years ago!

But I revived the thread because I think that the question is still of interest since the pair is quite popular.

The answer to the original question is yes - but not always! Best to check your currency strength indis first just in case one of the other currencies is flashing up red or green - and also there is no doubt that it's best traded in the hour or two after European session open. Rarely is it good to trade this pair after 11.00am (UK time).

I have posted some examples of possible good set ups - I think that one has to have the ability to accurately read the situation at a certain key time of the day and also have the patience to wait for a suitable pull-back to dynamic support/resistance before opening one's trade. If one is going for 20-30 pips a day, that has to the key to profitably scalping the pair (or related pairs)
  • #31
  • Edited 3:51am Oct 4, 2018 3:40am | Edited 3:51am
Well this morning we've got strong GBP and EUR although JPY is not as weak as one would like - AUD and NZD are being hammered today
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPJPY.iM1.png Size: 64 KB
Click to Enlarge Name: GBPCAD.iM1.png Size: 51 KB
  • #32
  • Oct 5, 2018 6:02am Oct 5, 2018 6:02am
Ho Hum - Same old, same old!

It's the early bird that catches the worm guys (if you live in Europe), time and time again. Getting boring!!


Sorry it's GBPAUD here but as I said, one needs to be a bit flexible as AUD has been very weak
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUDM1.png Size: 63 KB
  • #33
  • Oct 6, 2018 8:16am Oct 6, 2018 8:16am
GBPAUD continuation

Well I suppose it is sometimes good to look at the situation in the Europe afternoon. But generally after 2.00pm (as a rule). From 10.00am until 2.00pm (UK time) the volatitilty is dangerous - often the price is being manipulated during this period in advance of the US session

The tramlines always show the way!!
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUDM1.png Size: 63 KB
  • #34
  • Oct 6, 2018 8:26am Oct 6, 2018 8:26am
It is possible to scalp any chart, as long as the spread does not kills you. so find a broker who charges very low spread first.. Taking a scalp trade is nothing more than taking a normal trade in very low time frame : such as 1 min . Generally people scalp 5-15 min charts . but in 1 min chart that scalp looks like a full trend move. And time frame are irrelevant while reading price chart. So if you are good at reading price chart, it is possible to scalp GBPJPY.
  • #35
  • Oct 8, 2018 7:29am Oct 8, 2018 7:29am
Quoting FxDeb
It is possible to scalp any chart, as long as the spread does not kills you. so find a broker who charges very low spread first.. Taking a scalp trade is nothing more than taking a normal trade in very low time frame : such as 1 min . Generally people scalp 5-15 min charts . but in 1 min chart that scalp looks like a full trend move. And time frame are irrelevant while reading price chart. So if you are good at reading price chart, it is possible to scalp GBPJPY.

Quite right. The two time frames side by side show how things developed. A very good morning for sell scalps!
Attached Image (click to enlarge)
Click to Enlarge Name: Tickmill MT4 Client Terminal.png Size: 179 KB
  • #36
  • Oct 10, 2018 5:53am Oct 10, 2018 5:53am
Well this morning was a very good and easy morning for buy scalps!

Again the favoured pair is GBPAUD

I think we better change this thread to "is it feasible to scalp GBPAUD??" !!

Frankly I think that GBPAUD is, on balance, the better and more profitable pair to scalp. Although the spread is not so good (mine is around 1.4 pips) the price can move very quickly which negates a poor spread.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUDM5.png Size: 62 KB
  • #37
  • Oct 10, 2018 8:23am Oct 10, 2018 8:23am
since the thread was started 11 years ago, with the OP's last post also happen to be 11 years ago...i would think he long found the answers for the question, in regard to the then conditions his broker offered.

interesting to see how ppl keep finding decade old threads, in the recycle bin, and start to post on them if they would be recent...
there is always, always another trade!!
  • #38
  • Oct 10, 2018 8:29am Oct 10, 2018 8:29am
Quoting profitfarmer
since the thread was started 11 years ago, with the OP's last post also happen to be 11 years ago...i would think he long found the answers for the question, in regard to the then conditions his broker offered. interesting to see how ppl keep finding decade old threads, in the recycle bin, and start to post on them if they would be recent...

Thank you for your valuable input profitfarmer - I sure that people will find what you have to say very helpful!

  • #39
  • Oct 10, 2018 8:42am Oct 10, 2018 8:42am
Quoting jmtini
{quote} Thank you for your valuable input profitfarmer - I sure that people will find what you have to say very helpful!
lets add some shade to you then:

when ( in 2007) the question was asked if scalping GbpJpy, most broker/bucketshops had 7 to 10 pips spread on it.

fast forward 11 years ( to 2018) and you can easily find that your total cost of spread+comm is about 1.2-2 pips commonly.

conclusion: what wasnt feasible then, may be just as well very lucrative now, IF all other conditions generally are the same.

is this helpful?
there is always, always another trade!!
  • #40
  • Oct 10, 2018 11:47am Oct 10, 2018 11:47am
Quoting profitfarmer
{quote} lets add some shade to you then: when ( in 2007) the question was asked if scalping GbpJpy, most broker/bucketshops had 7 to 10 pips spread on it. fast forward 11 years ( to 2018) and you can easily find that your total cost of spread+comm is about 1.2-2 pips commonly. conclusion: what wasnt feasible then, may be just as well very lucrative now, IF all other conditions generally are the same. is this helpful?

It would be if you gave us a few examples of your system - I am not looking at this from a spread point of view. It 's quite obvious that one cannot scalp these pairs with an 8 pip spread!

I am looking at the feasibility from a purely technical point of view. I have given some examples above of a few good set ups and hope that they might help traders scalp and win these fast moving trading pairs
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