DislikedNah, 300 pip without a problem. Technically, can handle more, roughly 450 or so. Plus have funds in case it continue to go down we can replinish account in matter of a couple hours.
Thanks for questionIgnored
- #8,701
- Jul 20, 2007 6:50pm Jul 20, 2007 6:50pm
- | Joined Feb 2007 | Status: Small is beautifull | 1,368 Posts
I never use S/L trading GJ
I never use any technical indicator
I never follow news related to trading
How come I win every single week?
My tools are:
Money Management
Position Sizing
and most importantly:
COMMON SENSE
Orca
How does this relate to GBP/JPY? If you are asking a question what kind of answer are you looking for? Sounds like your on the right track except for the "I never follow news" part. Give it some time and you will i can almost guarantee it.
"Only when the tide goes out will we know who is swimming naked."
- #8,705
- Jul 20, 2007 10:24pm Jul 20, 2007 10:24pm
I'm cocked and loaded on LONGS already. Dont have to tell me twice!!!
And even if it goes further down I have enough margin to withstand another 300 pip drop on G/Y before having to put more money into account to avoid margin call.
i am sooo impressed!!
- #8,706
- Jul 20, 2007 10:27pm Jul 20, 2007 10:27pm
Congratulations! it takes guts to do so! The pair was so bullish. It is scary buying at that price, let alone shorting it. I was actually expecting a drop big time seeing its behaviour the last several days. We will know if this is a major or minor retracement by close observations of its movement in the coming days..If it go down, one has chance to load up moreregards, BR.
- #8,711
- Edited 7:42am Jul 21, 2007 7:02am | Edited 7:42am
- Joined Feb 2007 | Status: Trade @ your own risk | 6,628 Posts
Nah, 300 pip without a problem. Technically, can handle more, roughly 450 or so. Plus have funds in case it continue to go down we can replinish account in matter of a couple hours.
Thanks for question
I exclusively trade GBP/JPY for the last 2 years.
about 3-5 news trades on GBP/USD per month only if I can find a good strong direction just after the news releases.
Total Maximum risk exposure at any given time is 2% of my account. ( diversify-you can go upto 10% if you are trading other pairs)
Maimum risk exposure per pair is 2% of my accoount. (if you risk anything more than 2% per pair you playing with the devil)
my profit target per trade is 4%(mostley) to 6%
I only do 4-8 trades per month.
I can handle even a 1000pip drawdown without any issues , which will be only 20% of my account.
My account grew 340% in 2005, 410% in 2006 and 280% so far in 2007.
Most important thing to remember: a good money management is the only way to be succsessfull in trading.Forex is not a quick get rich scheme. you have to trade forex like any other traditional investment like shares or futures etc.
Even if you toss a coin and buy or sell on every london start, if you follow the 2% rule you will still make money.
There are three things to remember in forex.
1.Good money management
2.Good money management
3.Good money mangement.
losses are part of your business. You have to arm yourself with a good defensive system to handle the losses speacially with the most volatile pair in the world GBP/JPY. otherwise you will loose in the long run.
Hope you got the picture.
I dont mean to sound like an expert guru. I just follow the basics.
- #8,712
- Jul 21, 2007 7:53am Jul 21, 2007 7:53am
- Joined Feb 2007 | Status: Trade @ your own risk | 6,628 Posts
I should have gone with my strategy when I got the first warning signals on the 19th. Hmmmm
... here's what I posted on the 19th..
... here's what I posted on the 19th..Be very careful on GBP/JPY Longs. As I mentioned earlier daily charts were bearish from the 11th July. It just didnt have the 4hr support to shoot south. Now 4hr charts are slowly turning bearish. I think market will be choppy around or below 250.25 area for the next 4-8 hours.If the price stays around 250.25 and choppy for the next 4-8hrs that will be the end of Bullish rally for GBP/JPY. There will be a major retracement soon, down to 245 area within about few days.
I have closed all my GBP/JPY positions untill I see a clear direction .
- #8,713
- Jul 21, 2007 8:06am Jul 21, 2007 8:06am
I will explain little about my Money management set up. You will get an Idea.
I exclusively trade GBP/JPY for the last 2 years.
about 3-5 news trades on GBP/USD per month only if I can find a good strong direction just after the news releases.
Total Maximum risk exposure at any given time is 2% of my account. ( diversify-you can go upto 10% if you are trading other pairs)
Maimum risk exposure per pair is 2% of my accoount. (if you risk anything more than 2% per pair you playing with the devil)
my profit target per trade is 4%(mostley) to 6%
I only do 4-8 trades per month.
I can handle even a 1000pip drawdown without any issues , which will be only 20% of my account.
My account grew 340% in 2005, 410% in 2006 and 280% so far in 2007.
Most important thing to remember: a good money management is the only way to be succsessfull in trading.Forex is not a quick get rich scheme. you have to trade forex like any other traditional investment like shares or futures etc.
Even if you toss a coin and buy or sell on every london start, if you follow the 2% rule you will still make money.
There are three things to remember in forex.
1.Good money management
2.Good money management
3.Good money mangement.
losses are part of your business. You have to arm yourself with a good defensive system to handle the losses speacially with the most volatile pair in the world GBP/JPY. otherwise you will loose in the long run.
Hope you got the picture.
- #8,714
- Jul 21, 2007 2:26pm Jul 21, 2007 2:26pm
- Joined Feb 2007 | Status: Trade @ your own risk | 6,628 Posts
- #8,716
- Jul 22, 2007 4:51am Jul 22, 2007 4:51am
hi
what do u mean 2 bottoms on 30m ...i don't see it
actually G/Y is very bearish in my book and is heading towards 245
lets compare notes. would u mind posting a chart? of what u seeing?
i am not seeing it at all. actually the contrary.
http://i194.photobucket.com/albums/z...1ch/double.jpg
"it doesn't come any sharper than this!"
- #8,717
- Jul 22, 2007 5:51am Jul 22, 2007 5:51am
Look at the chart Dr.ich posted. It went down to 248.55 and then rebounded just below the S3 (249.38) once. Then, it tried to break the support line 248.55 but failed to do so. This is the D bottoms I was referring to. Now it bounced back and broke the S3 line and heading north even if it's temporarily. I have made about 25 pips easily just by spotting this D bottoms. This strategy works for me almost all the time. My trading style is not waiting for a big wave to come, but to catch as many small waves as possible in a big wave.
But don't get me wrong. I'm not saying that this correction is over. If you look at the candle in the daily chart, it looks bearish as I already said. I'm prepared for that.
This strategy works for me almost all the time. My trading style is not waiting for a big wave to come, but to catch as many small waves as possible in a big wave.But don't get me wrong. I'm not saying that this correction is over. If you look at the candle in the daily chart, it looks bearish as I already said. I'm prepared for that.
hi
what do u mean 2 bottoms on 30m ...i don't see it
actually G/Y is very bearish in my book and is heading towards 245
lets compare notes. would u mind posting a chart? of what u seeing?
i am not seeing it at all. actually the contrary.
- #8,718
- Jul 22, 2007 8:47am Jul 22, 2007 8:47am
- | Joined Sep 2005 | Status: Full Time Trader | 1,780 Posts
