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GBPJPY scalpers

  • #181
  • Feb 28, 2008 10:31am Feb 28, 2008 10:31am
Thanks for the great thread Malcomb!

Can't be too greedy today - out @ 209.75 and trying to decide to go long again.
History is written by the victors.
  • #182
  • Feb 28, 2008 10:32am Feb 28, 2008 10:32am
Quoting Money-RX
Thanks for the great thread Malcomb!

Can't be too greedy today - out @ 209.75 and trying to decide to go long again.
No long

dj going down
Blogging daily now at www.volume.zone
  • #183
  • Feb 28, 2008 10:34am Feb 28, 2008 10:34am
Quoting malcolmb14
No long

dj going down
dj I shorted off 12640 .. i have target 12500

140 pips ...

Loving it

dj broke three day pivot
Blogging daily now at www.volume.zone
  • #184
  • Feb 28, 2008 10:35am Feb 28, 2008 10:35am
only a 160 pip day

Who says day trading does not pay off !!!

simple rsi crossing down thru 70 and rsi crossing up thru 30 triggers.

It really is that simple.
Blogging daily now at www.volume.zone
  • #185
  • Feb 28, 2008 10:37am Feb 28, 2008 10:37am
malcolmb,

do u receive my priv msg?
  • #186
  • Feb 28, 2008 10:38am Feb 28, 2008 10:38am
Quoting malcolmb14
only a 160 pip day

Who says day trading does not pay off !!!

simple rsi crossing down thru 70 and rsi crossing up thru 30 triggers.

It really is that simple.
Looks like RSI may be headed for another cross up soon.
History is written by the victors.
  • #187
  • Feb 28, 2008 10:45am Feb 28, 2008 10:45am
Quoting Money-RX
Looks like RSI may be headed for another cross up soon.
I agree
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  • #188
  • Feb 28, 2008 11:00am Feb 28, 2008 11:00am
Quoting malcolmb14
I agree
Hi, malcolmb
Great thread! Appreciate your knowledge.
Can you tell me what moving averages and indicators you're using on your chart? And i couldn't find the color coded rsi indicator for esignal. Where did you get it from? Thanks a lot in advance.

JCsteward
  • #189
  • Feb 28, 2008 11:13am Feb 28, 2008 11:13am
hourly RSI below 30 and hitting hourly trendline - Analysis?
History is written by the victors.
  • #190
  • Feb 28, 2008 11:22am Feb 28, 2008 11:22am
Quoting jcsteward
Hi, malcolmb
Great thread! Appreciate your knowledge.
Can you tell me what moving averages and indicators you're using on your chart? And i couldn't find the color coded rsi indicator for esignal. Where did you get it from? Thanks a lot in advance.

JCsteward
simple moving averages , 50 , 20 and 10
rsi14..

in esignal open an advanced chart....it should be on the chart automatically.
Blogging daily now at www.volume.zone
  • #191
  • Feb 28, 2008 11:31am Feb 28, 2008 11:31am
Quoting malcolmb14
simple moving averages , 50 , 20 and 10
rsi14..

in esignal open an advanced chart....it should be on the chart automatically.

We have dropped 400 pips in 2 days with no retracement yet,

The hourly rsi is under the 30 zone.

We might get a retracement to 211 zone ... or we might not.

I day trade only and am done for the day so do not really care which way it goes.

I trade 4am to 9 am pacific as this is the most volatile time in the euro and us overlap.
Blogging daily now at www.volume.zone
  • #192
  • Feb 28, 2008 11:52am Feb 28, 2008 11:52am
Quoting malcolmb14
simple moving averages , 50 , 20 and 10
rsi14..

in esignal open an advanced chart....it should be on the chart automatically.
Do you look for anything special with these SMAs?
  • #193
  • Feb 28, 2008 12:23pm Feb 28, 2008 12:23pm
Quoting mirzyk
Do you look for anything special with these SMAs?
Not really other than I use them for bull or bear direction.

For example a 10/20/50 stack is bearish wheras a 50/20/10 stack is bullish
Blogging daily now at www.volume.zone
  • #194
  • Feb 28, 2008 12:26pm Feb 28, 2008 12:26pm
It looks like we are forming a descending triangle on the 5 min

due to the strong down trend we are in right now add 25 pips to all long triggers. The reason for this is that the additon of more pips to the long trigger bar high is a better confirmation of a trend reversal.

I think we will hit 209.
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  • #195
  • Feb 28, 2008 12:52pm Feb 28, 2008 12:52pm
In regards to dj-30 , 12550 ( the level it is sitting on right now) is a three day pivot high. Break of here we are likely going to drop into 12200.

If the dj-30 breaks down ( it has been going up the last few days) what is that going to do do a bearish GBPJPY ?

Food for thought

dj-30 gained 400 points since Monday.
GBPJPY dropped 300 points since Monday.

If the two align as dj-30 drops how far will gbpjpy drop if it has already been dropping as the dj-30 has been going up ?
Blogging daily now at www.volume.zone
  • #196
  • Feb 28, 2008 2:28pm Feb 28, 2008 2:28pm
Quoting malcolmb14
Not really other than I use them for bull or bear direction.

For example a 10/20/50 stack is bearish wheras a 50/20/10 stack is bullish

Malcolmb,
Is there a specific timeframe that you look at these stacks in or are they good for all TF?

Thank you for your time.
  • #197
  • Feb 28, 2008 2:30pm Feb 28, 2008 2:30pm
I asked the question and then looked. Sorry, It would be for all timeframes. Everyone please excuse the stupidity.
  • #198
  • Feb 28, 2008 3:02pm Feb 28, 2008 3:02pm
Quoting AllGirlToo
Malcolmb,
Is there a specific timeframe that you look at these stacks in or are they good for all TF?

Thank you for your time.
Good for all time frames. I like traffic lights ...

10sma = red
20 sma= orange
50 sma was green ... but i changed it to pink as it stands out better

There is all kind of simple trading styles that can be applied to moving averages, Price crossing 50 sma , 10 sma crossing 20 sma for scalps, 10 , 20 , 50 sma crossovers for longer terms trades etc etc

Here are a few from today


Attached Image (click to enlarge)
Click to Enlarge Name: Chart1.JPG Size: 128 KB
Blogging daily now at www.volume.zone
  • #199
  • Feb 28, 2008 3:03pm Feb 28, 2008 3:03pm
Quoting AllGirlToo
I asked the question and then looked. Sorry, It would be for all timeframes. Everyone please excuse the stupidity.
There never a stupid question.
Blogging daily now at www.volume.zone
  • #200
  • Feb 28, 2008 3:06pm Feb 28, 2008 3:06pm
Quoting malcolmb14
The stratergies can be played during the euro session also.... but I am on the West Coast of Canada .. .so the euro/ us session overlap suits me better.

An open range break out , applied to the ftse100 session, would have given 40 pips last night.

RSI14 triggers on a 5 min chart from 21:00 hours feb 27th pacific to 1:00 am feb 28th , 135 pips.

For stop losss I typically use 50 pips when day trading. sounds high , but honestly the techniques I have described in here are 85% accurate when applied correctly.

Ah the ever elusive target points ..... I am going to introduce a technique called 1-2-3 buy and 1-2-3 sell formations.

This also deals with another traders posting on exits.

1-2-3 buy , 1 = low ,2= high , 3 = hogher lower
1-2-3 sell formation 1=high , 2 = low , 3 = lower high

apply fib extensions to these 1-2-3 fprmations for targets.

Look at chart below. WE have a 1-2-3 sell formation. I applied fib extensions to it

23.6 = 211.46
38.2 =211.13
50 = 210.83
61.8 = 210.55 (also the 61.8% fib retracement of 208.7 to 213.4)
76.4 = 210.20 (this is an important 1)
100=209.65
123.6=209.08
138.2=208.73

Those could be used as targets. Note on the 30 min chart below how price tested the 76.4 fib at 210.2. If 76.4 is broken we will typically test 138.2 % fib.

Also of note on the chart below is the fact that we are hugging the 50 sma... we keep on touching it from below.

TODAYS TRADING PLAN

sell breakdown 61.8% fib at 210.55
buy breakout of 211 area (50 sma on the 30min)

we are in tight range right now

Is it that simple ???? yes it is

trading is only hard if you make it hard....

Attachment
trading plan worked awesome today .....sell fib breakdown at 210.55. i waited for rsi sell comfirmation , 210.35 was my entry. Closed 211.65

Could have got 100 pips .. but 70 better than kick in the rear end !!!
Blogging daily now at www.volume.zone
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