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  • #321
  • Nov 12, 2007 9:36am Nov 12, 2007 9:36am
Quoting Oromis
Yep, I'm keeping my eye on that E/U with a lot of patience.

Have had a fairly good start to the week, just hope it continues for the remainder.

Ian, are you on par with your goals?
it is always good to get a good start to the week
We are seeing a lot of selling off. However there are no fundamentals to suggest this downtrend to continue. So i will be looking for a good buy signal again

yes i got hurt on friday when IBFX servers went down for almost 30mins. i just wnet long on eu/usd and gbp/usd and then the market came down with a bang. By the time the servers were up and running i lost a few dollars. But that was my mistake. I should have had my stop losses in place as soon as i entered the trade.

But yes i am on par with my goals. I try and make $5 000 per month with forex. Right now i am doing it. However i dont wanna get greedy cause then one tend to make mistakes that are costly
  • #322
  • Nov 12, 2007 9:40am Nov 12, 2007 9:40am
Quoting Oromis
mmm....that B/J trendline is indeed something I've been wondering about...this of course is my favorite pair. The problem I'm facing lately though is that I'm not letting some of my profits run, instead I'm exiting completely . I need to work on this.

I am with you. I also tend to exit my profits too soon with this pair because i have been badly burnt by this green monster. But whenever i walk away with a profit trading gbp/jpy then i am happy.


gbp/jpy is not my main trading pair. I like eur/usd toooooo much

after eur/usd i trade gbp/usd

and then i will have a look at aud/usd or one of the jpy pairs

i have been lingering with the idea of only trading one pair. afterall eur/usd and gbp/usd are almost the same pair....and eur/jpy and gbp/jpy and usd/jpy are almost the same pair.....

ps...quick edit...right now it is sooooooo tempting to chase gbp/jpy further down.....lol
  • #323
  • Nov 13, 2007 1:12am Nov 13, 2007 1:12am
Here was an excellent trade on gbp/jpy this morning. The black arrow is the candle that made the last lower lower. The yellow candle is the candle that DID NOT make a lower low signaling a potensial reversal in trend. You enter long as soon as candle by yellow arrow gets broke to the upside (meaning if candle's high gets broken. Currently i am almost 200 pips up on this trade. Not bad
Attached Image (click to enlarge)
Click to Enlarge Name: long jpy.gif Size: 10 KB
  • #324
  • Nov 13, 2007 1:15am Nov 13, 2007 1:15am
look at this textbook example of a shooting star or pin bar on the weekly gbp/usd charts. If you took this signal you would have made well over 300 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: long jpy.gif Size: 12 KB
  • #325
  • Nov 13, 2007 2:55am Nov 13, 2007 2:55am
Ian, are you straying from your original strategy of taking only 5pips and then getting out? You latest posts seem to suggest this?
Liberate me ex inferis
  • #326
  • Nov 13, 2007 3:26am Nov 13, 2007 3:26am
Quoting iandekoker
... yes i got hurt on friday when IBFX servers went down for almost 30mins. i just wnet long on eu/usd and gbp/usd and then the market came down with a bang. By the time the servers were up and running i lost a few dollars. But that was my mistake. I should have had my stop losses in place as soon as i entered the trade.
That is a bummer and yes as you stated, that is the very reason you set emergency stops.

I hope you recover from that quickly, good luck.
  • #327
  • Nov 13, 2007 3:28am Nov 13, 2007 3:28am
Quoting iandekoker
Here was an excellent trade on gbp/jpy this morning. The black arrow is the candle that made the last lower lower. The yellow candle is the candle that DID NOT make a lower low signaling a potensial reversal in trend. You enter long as soon as candle by yellow arrow gets broke to the upside (meaning if candle's high gets broken. Currently i am almost 200 pips up on this trade. Not bad
Why can't I view this chart, I've seen this on other threads as well. Does anyone here have the same problem?
  • #328
  • Nov 13, 2007 4:47am Nov 13, 2007 4:47am
Quoting Ronyn76
Ian, are you straying from your original strategy of taking only 5pips and then getting out? You latest posts seem to suggest this?
No i am not. I still do the 5 pip trades. The 5 pip trades keep me busy while i wair for the 1 hour candles to form.

I do both intraday trading and longer term trading. Right now went long gbp/usd at 2.0556 and plan on holding this trade till we get to 2.1200 level.

I also went long on gbp/jpy at 225.75 and are also planning on holding this postion till we get back to 240.00 level.

Those are my long term trades.

But like i said on a previous post. I am not posting my 5 pip trades anymore because then i would post 5-10 trades on eur/usd, gbp/usd every day and that would be counterproductive cause i am sure everyone knows by now how to trade the 5 pip trades.
  • #329
  • Nov 13, 2007 4:48am Nov 13, 2007 4:48am
Quoting Oromis
That is a bummer and yes as you stated, that is the very reason you set emergency stops.

I hope you recover from that quickly, good luck.
Thx you. no matter how many times i get loosers they all still hurt. damn i hate loosing trades....lol

but that is all part of the game....
  • #330
  • Nov 13, 2007 4:50am Nov 13, 2007 4:50am
Quoting Oromis
Why can't I view this chart, I've seen this on other threads as well. Does anyone here have the same problem?

yes i also have this problem. it all started since the server upgrade over the weekend
  • #331
  • Nov 13, 2007 4:53am Nov 13, 2007 4:53am
ok so right now the gbp/jpy is trading around daily pivot. I want confirmation that we are going north again. and the confirmation will come in the form of a daily close above the daily pivot.
Attached Image (click to enlarge)
Click to Enlarge Name: long jpy.gif Size: 11 KB
  • #332
  • Nov 13, 2007 6:17am Nov 13, 2007 6:17am
Ok, I'm too much of a beginner to watch more than two currencies, so have decided, due to this thread to focus on EUR/USD and obviously GBP/JPY (just can't get away from this "beast")

On your post above regarding GBP/JPY are you still in at 225.75 (that was a good entry) and waiting for PP to break to decide whether you are remaining in that trade or what?
  • #333
  • Edited 7:11am Nov 13, 2007 6:18am | Edited 7:11am
OK, just entered E/U long at 1.4609.
Had the MA's crossing, ADX above 35 as well as the +DMI.

let's see.

EDIT: Made my 5 pips...nearly blew it though, even though I think price will go up more, I missed closing my trade the first time 5pip profit was hit...fortunately this time price only pulled back a little and then moved back up. If I do that again, I'll be asking my wife to give me a few slaps to wake me up)
  • #334
  • Nov 13, 2007 7:38am Nov 13, 2007 7:38am
Quoting Oromis
Ok, I'm too much of a beginner to watch more than two currencies, so have decided, due to this thread to focus on EUR/USD and obviously GBP/JPY (just can't get away from this "beast")

On your post above regarding GBP/JPY are you still in at 225.75 (that was a good entry) and waiting for PP to break to decide whether you are remaining in that trade or what?

yes i am still in jpy trade. if the daily candlestick does not close above pivot point then i will exit straight away.
  • #335
  • Nov 13, 2007 7:40am Nov 13, 2007 7:40am
Quoting Oromis
OK, just entered E/U long at 1.4609.
Had the MA's crossing, ADX above 35 as well as the +DMI.

let's see.

EDIT: Made my 5 pips...nearly blew it though, even though I think price will go up more, I missed closing my trade the first time 5pip profit was hit...fortunately this time price only pulled back a little and then moved back up. If I do that again, I'll be asking my wife to give me a few slaps to wake me up)
easiest is to put take profit target at +5 pips. That way you take emotions out of trade especially when you close trade with 5 pips profit only to see market move up another 20 pips
  • #336
  • Nov 13, 2007 8:06am Nov 13, 2007 8:06am
Quoting iandekoker
easiest is to put take profit target at +5 pips. That way you take emotions out of trade especially when you close trade with 5 pips profit only to see market move up another 20 pips
Hahaha....I see that far to often in my trading. Doesn't matter though, as I believe that this aspect of my trading will improve as well.
  • #337
  • Nov 13, 2007 8:14am Nov 13, 2007 8:14am
Quoting Oromis
Hahaha....I see that far to often in my trading. Doesn't matter though, as I believe that this aspect of my trading will improve as well.
A wise old trader once told me: "Be happy if you walk away with even 1 pip profit because every trade can potentially go against you."
  • #338
  • Nov 13, 2007 8:35am Nov 13, 2007 8:35am
Ok so here is a good example. Right now gbp/usd is trading between the daily pivot and resistance 1. Actually more toward the R1.

So it wudnt be a good idea to long the market here. Cause the market will go up to R1 and then do one of two things....either it will break thru and continue to go to R2 (in which case you make good money).....or the market might bounch off R1 and go back to the daily pivot point (in which case your stop loss would be hit.)

So if you have ever thought about high risk and low risk trades then this is an example.

I would still wanna bo long on this pair....however i would wait for R1 to be broken to the upside....wait for a candle to close above the R1 and then enter long. That way the R1 acts as support. So i would place my stop loss 10-20 pips under the R1 and my take profit target would be R2

I would not wanna go short here. Cause i would be trading against the trend and that is always stupid....

If the price goes all the way back to the daily pivot point i would see that as a potential buy.....if a candle manages to close above daily pivot point

so let's wait and see how this turns out.

oh one quick edit note....this last white candle is a hanging man...and in an uptrend that tends to be a reversal sign......
Attached Image (click to enlarge)
Click to Enlarge Name: long jpy.gif Size: 10 KB
  • #339
  • Nov 13, 2007 9:37am Nov 13, 2007 9:37am
oh dont you just love pivot points. Look how the price hit the R1 line. That was some nice pips.

Ok lemme quickly talk about the possible trades you could have taken between daily Pivot point and R1.

If you look at chart you will see that the closer you buy to daily pivot point the less risky it is.

If you wanna buy when price broke above daily pivot point then the price will in most cases go up to the R1 level.

And you put your stop loss 10-20 pips under the daily pivot point.

That would give you a very nice risk/reward ration cause in today's case you would entered long on the break of 2.0674 (high of candle that broke up thru daily pivot point). You would have put your stop loss 10-20 pips under daily pivot point (2.0642). So that would be 32 pips (difference between high of candlestick that broke thru daily pivot (2.0674) and daily pivot (2.0642) plus you 20 pips stop loss under daily pivot point. giving you a total of 52 pips you would have risked. But you would have made 89 pips profit. Not a bad trade if you ask me. Now who would risk 52 pips if they can make 89 pips?
Attached Image (click to enlarge)
Click to Enlarge Name: long jpy.gif Size: 10 KB
  • #340
  • Nov 13, 2007 9:46am Nov 13, 2007 9:46am
mmmm...thanks for sharing but again I don't see the charts, this is becoming quite annoying .

Maybe we should use something like imageshack.us in the meantime?

Ok, so PP is obviously something you like to use?

What time frame was these charts on?

Ok,, nearly 2am, I'm off to bed, c u tomorrow.

Had a few losers and winners for the day but ended up positive.

Happy trading for the rest of your evening.
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