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Part Time Wealth Building Trading System - Daily Scalping

  • #1,901
  • Jun 26, 2007 11:36am Jun 26, 2007 11:36am
Conclusion of the day: always close shorts fast on GY Gonna keep this in mind for the future. Anyway the market looks a little lost, with these weird moves up and down... still looking for a trend.

Another conclusion: always follow your gut
We leave no soldier behind.
  • #1,902
  • Jun 26, 2007 7:32pm Jun 26, 2007 7:32pm
Result fo the day: (26th JUne 2007)

GBP/USD=-80 pips
BOth long and short trade stopped out.

Total for the JUne so far=+180 pips

MQ
"Those who see Invisible can do Impossible." -Rev. Dadaji
  • #1,903
  • Jun 26, 2007 7:34pm Jun 26, 2007 7:34pm
Hehe, in the end the rally last night was fake, as I expected. Lucky I kept my shorts. Fibs are never wrong in a trending market.

New sell: 246.20. Stop moved to BE. I think its gonna go down further, because on the 4 h chart there was a morning star formation which is negated by the current fall. My first TP 245.27 and TP 244.20 using Fib extensions.
We leave no soldier behind.
  • #1,904
  • Edited 12:58am Jun 27, 2007 12:13am | Edited 12:58am
Quoting gagiul
Hehe, in the end the rally last night was fake, as I expected. Lucky I kept my shorts. Fibs are never wrong in a trending market.

New sell: 246.20. Stop moved to BE. I think its gonna go down further, because on the 4 h chart there was a morning star formation which is negated by the current fall. My first TP 245.27 and TP 244.20 using Fib extensions.
closed my old lots at 245.40 and let only the today one to float. almost 200 pips move

Edit: yesterday low broken, so my TP at 244.20 should be hit today, I hope. The market looks quite angry.
We leave no soldier behind.
  • #1,905
  • Jun 27, 2007 5:17am Jun 27, 2007 5:17am
I am reducing my short position (TP some) on GJ at 243.95, (38.2 fib and also lower trendline). I am locking profits and letting some ride. I will short more on a pullback.
  • #1,906
  • Edited 11:30am Jun 27, 2007 11:20am | Edited 11:30am
Today's Result: (27th June 2007)

GBP/USD: -100 pips

Total result of the June so far=+80 pips

MQ

p.s.- I am reducing my monthly target from 100 pips to 30 pips which is around 36% per year.
"Those who see Invisible can do Impossible." -Rev. Dadaji
  • #1,907
  • Jun 27, 2007 7:36pm Jun 27, 2007 7:36pm
Quoting moneyquest
Today's Result: (27th June 2007)

GBP/USD: -100 pips

Total result of the June so far=+80 pips

MQ

p.s.- I am reducing my monthly target from 100 pips to 30 pips which is around 36% per year.
I also keep on losing on this shitty GU every time I take a trade. In my opinion is worthless to even try to trade GU.

GY offers much better opportunities.

Yesterday made again a nice profit since GY hit the target I had
We leave no soldier behind.
  • #1,908
  • Jun 28, 2007 1:01am Jun 28, 2007 1:01am
Quoting gagiul
I also keep on losing on this shitty GU every time I take a trade. In my opinion is worthless to even try to trade GU.

GY offers much better opportunities.

Yesterday made again a nice profit since GY hit the target I had
Missed the yesterday 250 pips rally, but jumped in at 245.50. I think the downtrend is over, on the Daily GY retraced perfectly at the 38 fib level of the 237-248 move so this is very bullish in my opinion. Good luck to everybody.
We leave no soldier behind.
  • #1,909
  • Jun 28, 2007 1:11am Jun 28, 2007 1:11am
lost all my profits again. not sure what GY is gonna do next. it's behaving very oddly lately
  • #1,910
  • Jun 28, 2007 4:39am Jun 28, 2007 4:39am
Quoting pipbunny
lost all my profits again. not sure what GY is gonna do next. it's behaving very oddly lately
I think its behaving very rationally. No wonder why so many people on this forum are making money on it these days. Just got out 1 lot at 246.50 with 100 pips. It got me out in like 30 min, due to good UK news.

Why did you lose again? If you entered today long, should have made some pips when it reached 246.50 before the fall to 245.50. If you had the fib levels on your chart, you would have seen that 246.50 is very important. Since it reached 246.50, it went down 100 pips in 2 h during japanese session. Then back up again in early London. 246.50 is very important. Above it we are long.

Anyway, my view is bullish now, I think the downside retracement is finished, accroding to the daily chart.
We leave no soldier behind.
  • #1,911
  • Jun 29, 2007 5:48am Jun 29, 2007 5:48am
Yesterday's result (28th June 2007)

GBP/USD: +22 pips

Result of the June so far=+102 pips

MQ
"Those who see Invisible can do Impossible." -Rev. Dadaji
  • #1,912
  • Jun 29, 2007 7:02am Jun 29, 2007 7:02am
Quoting gagiul
I think its behaving very rationally. No wonder why If you entered today long, should have made some pips when it reached 246.50 before the fall to 245.50. If you had the fib levels on your chart, you would have seen that 246.50 is very important. Since it reached 246.50, it went down 100 pips in 2 h during japanese session. Then back up again in early London. 246.50 is very important. Above it we are long.

Anyway, my view is bullish now, I think the downside retracement is finished, accroding to the daily chart.
Hi gaigiul,

Would you mind explaining to a newbie just why this number is so important ?

Thanks
  • #1,913
  • Jun 29, 2007 11:41am Jun 29, 2007 11:41am
Quoting bundubill
Hi gaigiul,

Would you mind explaining to a newbie just why this number is so important ?

Thanks
Hi bundubill, dont worry about the newbie thing, Im newbie too. 246.50 was a support/resistance level which looked to attract the price like a magnet from both ways, either when the price was above it or below it. I said it is important because if price is below it, my view is bearish for GY, so I only enter short positions. Opposite for bullish view. As you noticed today, once it went above 246.50, GY rallied quite strongly, so I guess 248 is in the cards now.
We leave no soldier behind.
  • #1,914
  • Jun 29, 2007 12:48pm Jun 29, 2007 12:48pm
Quoting gagiul
... so I guess 248 is in the cards now.
Hope so, cause I'm increasing my long on this dip. But, I'm looking for 249.19 resistance from 8/1992.
  • #1,915
  • Jun 29, 2007 8:57pm Jun 29, 2007 8:57pm
Today's result: (29th June 2007)

GBP/USD=+50 pips

Total result of the JUne=+152 pips

MQ
"Those who see Invisible can do Impossible." -Rev. Dadaji
  • #1,916
  • Jun 30, 2007 2:34am Jun 30, 2007 2:34am
Quoting gagiul
Hi bundubill, dont worry about the newbie thing, Im newbie too. 246.50 was a support/resistance level which looked to attract the price like a magnet from both ways, either when the price was above it or below it. I said it is important because if price is below it, my view is bearish for GY, so I only enter short positions. Opposite for bullish view. As you noticed today, once it went above 246.50, GY rallied quite strongly, so I guess 248 is in the cards now.
Thanks for coming back Gagiul. I'm learning slowly, but I'm learning.

Good luck
  • #1,917
  • Jun 30, 2007 1:56pm Jun 30, 2007 1:56pm
Quoting pipbunny
lost all my profits again. not sure what GY is gonna do next. it's behaving very oddly lately
Sorry to hear that. Behaving oddly is actually normal for G/J. Consider this: U/J x G/U = G/J. So, keep a close eye on the other pairs. When one is trending up and the other is trending down, you get whipsaws from hell in G/J. When they are in sync, you get good trending.

Now, how do you apply this? Try hedging. If you are long in G/J and U/J is bull, G/U is showing bear, keep open your long G/J and short G/U. You can use a bigger SL on both so you don't get taken out if you are still bullish. This is an art and use a spreadsheet to calculate your risk. When you get really good, you can use no SL. Again, risk management is extremely important.
  • #1,918
  • Jul 2, 2007 8:06pm Jul 2, 2007 8:06pm
Today's result: (2nd July 2007)

GBP/USD=+85 pips
Result of July so far=85 pips

MQ
"Those who see Invisible can do Impossible." -Rev. Dadaji
  • #1,919
  • Jul 3, 2007 2:55am Jul 3, 2007 2:55am
Crazy London opening. Got sopped on both my long and short trade on GY and probably will be stopped out on EY as well. Better stay out of the market until I see a good direction.
We leave no soldier behind.
  • #1,920
  • Jul 4, 2007 6:16am Jul 4, 2007 6:16am
Today's result: (3rd July 2007)

GBP/USD=-8 pips
Total result of the July so far=+77 pips

MQ

p.s.- I am not trading on 4th July because of US holiday.
"Those who see Invisible can do Impossible." -Rev. Dadaji
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