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Attachments: A Basic Trading System (BTS)
Exit Attachments

A Basic Trading System (BTS)

We have a very hairy situation on GBP/JPY

On the 1H time frame i am willing to reenter another long positions if the current setup bar is broken, but with a 1% risk this time.

However on the 4H time frame we have a doji and it's only 2 more hours till the candle closes, which means it could turn into somewhat of a morning star.

The dilemma here is, should we wait for the current H4 candle to close and trade of a violation of that, or should we take another signal with less risk on H1.

Dum dum dummm....

EDIT: I've decided to leave it to H4; lets play it safe.
"One Grows Tall After Walking Through A Forest Of Tall Trees."
Thank you for cooperating John - i've done my part.
--------------------------------------------------

This is a really tough call for me, but i'm gonna make it.
It's not always easy decisions unfortunately...

I will risk half of what i normally do; 1.0% as we're already down -4.0% today.

If this fails we will definitely move up to H4 only for today.

1:1 is ~55 PIPS

Regards,
E. Lang

http://img522.imageshack.us/img522/7027/gbby1.jpg
"One Grows Tall After Walking Through A Forest Of Tall Trees."
Thanks for the elaboration and the clear-up on that post. I've understand better. I was trading based on the divergence shown on the MACD & Stochastic only. For OsMA, i think it should works the same.

So if all 3 indicators align and show divergence, it should be a strong signal to trade. Am i right to say that?

Thanks once again.

Jon
10 pips a day, keep all my bills away.
Correct! - You mortgage your house, sell your car, your clothes, your dog, your wife, your children, your computer, Rover the turtle, then run to the nearest internet cafe ass-out-tribal-naked and enter on the divergence

Well.... ok i exaggerated, maybe you can keep Rover; the poor little thing. All he wants is a little love.

LOL
"One Grows Tall After Walking Through A Forest Of Tall Trees."
Quoting effilang
Correct! - You mortgage your house, sell your car, your clothes, your dog, your wife, your children, your computer, rover the turtle, then run to the nearest internet cafe and enter on the divergence

Well.... maybe...

LOL
LOL but that's not my risk management. Just 2% of it will do.

10 pips a day, keep all my bills away.
About the GBPJPY trade. I have recently become aware of the fact that this is a "cross pair". So nowadays when looking at GBPJPY I try to look at what GBPUSD and USDJPY is doing and that have helped me stay out of a few trades. Right now there is a uptrend in the Cable and a downtrend in USDJPY and in this case I would stay out. I really don't like these cross pairs... What do you think about that Effi?
Yeah...

I try and correlate GY and GU and UC and GU.

It's tought right now though. Maybe cuz Bernanke's got something to say again. I'm not sure.

My bias is up for GY and GU for the time being.

Regards,
E. Lang
"One Grows Tall After Walking Through A Forest Of Tall Trees."
why do you say gy up. itīs clearly down the bias. we should look for shorts.
Quoting iberforex
why do you say gy up. itīs clearly down the bias. we should look for shorts.
Then do so, what are you posting it on here for ?
"One Grows Tall After Walking Through A Forest Of Tall Trees."
I know the GY trade looks very juicy now on H1 guys, but hold your pants on for H4! - We don't wanna get whipped again!

Even if we miss the whole trade and its too late to get it, it's worth taking the risk to ensure a more likely safety.
"One Grows Tall After Walking Through A Forest Of Tall Trees."
Quoting iberforex
why do you say gy up. itīs clearly down the bias. we should look for shorts.

I guess GY already reach a strong trendline. This trendline already been tested a few times. So it is more likely the price would bounce back. Should the move fail (long) we shall enter short after a retracement happen...
Quoting spmaon
I guess GY already reach a strong trendline. This trendline already been tested a few times. So it is more likely the price would bounce back. Should the move fail (long) we shall enter short after a retracement happen...
Effi do you see what u r doing to us? We are becoming mini Effi's...
Yes, that was kinda cool

oh... one moment please... *cough *cough

Sorry, choked on some vanity
"One Grows Tall After Walking Through A Forest Of Tall Trees."
Quoting NowAndLater
Effi do you see what u r doing to us? We are becoming mini Effi's...
Did I say anything wrong my friend?
Would this be correct about the UJ? The TL has been broken and price is retracing back to it, should we look for shorts now?
Attached Image (click to enlarge)
Click to Enlarge Name: uj.gif Size: 26 KB
Nooo... lol - he was making a friendly joke

Commonn... don't get your candles in a consolidation :

Make love not war
"One Grows Tall After Walking Through A Forest Of Tall Trees."
Quoting spmaon
Did I say anything wrong my friend?
To the opposite my friend, it's a good analysis and it's if Effi had written it
Oooh. That looks nice NowAndThen - Could be a good setup if it doesn't maintain the lows.
"One Grows Tall After Walking Through A Forest Of Tall Trees."
Quoting NowAndLater
To the opposite my friend, it's a good analysis and it's if Effi had written it
no problems here. I just don't want to mess up the thread. It is been a good one so far.
Nice thread, effilang thanks for your work ;]
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