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GBPJPY scalpers

  • #381
  • Mar 7, 2008 7:45pm Mar 7, 2008 7:45pm
looking forword to your next week's analysis on kiwi and aussie. thanks so much i learned alot!!! btw, congrats on being 1kt!!
  • #382
  • Mar 7, 2008 8:06pm Mar 7, 2008 8:06pm
http://forexfactory.com/images/icons/dollar.gifMalcolm that suits u just fine 1K per pip.http://forexfactory.com/images/icons/dollar.gif
Think BIG!
  • #383
  • Mar 7, 2008 9:20pm Mar 7, 2008 9:20pm
Quoting 1ADB
http://forexfactory.com/images/icons/dollar.gifMalcolm that suits u just fine 1K per pip.http://forexfactory.com/images/icons/dollar.gif
One day ... one day lol

Hey check this out.... I learnt today that oil futures move at 1 contract,0.1 cent move = $1 or $1000 per $1 move

Oil went from 98 to 106 today. Insane !!!
Blogging daily now at www.volume.zone
  • #384
  • Mar 7, 2008 10:14pm Mar 7, 2008 10:14pm
M,
Congrats on your woman trading. I am trying to teach my woman to be a stripper, not a trader. I see a much greater upside if she just keeps her "talents" at home. Have a GREAT weekend! Mine is already off to a great start.
BS
  • #385
  • Mar 8, 2008 5:50am Mar 8, 2008 5:50am
Quoting PipAV8tor
M,
Congrats on your woman trading. I am trying to teach my woman to be a stripper, not a trader. I see a much greater upside if she just keeps her "talents" at home. Have a GREAT weekend! Mine is already off to a great start.
BS



"Honey Honey ....hey look they have pole dancing classes at the local gym"
Blogging daily now at www.volume.zone
  • #386
  • Mar 8, 2008 7:07am Mar 8, 2008 7:07am
Hi Malcomb! What a great thread u have here! This thread has just started for not more than a month old but already had 26 pages. The feedbacks show the underlying potential of your trading style n system, Congrats!!! I'm glad to find this thread this early, at least b4 it accumulates to hundreds of pages to read! Lol

I've been trading live for 2 months now but my account is still in negative. I really wish to find a good system that can earn me big pips, luckily i found yours! But this thread seems a little not well-organised. I just wan to make sure that I'm on the right track.

I've attached 10, 20, and 50 SMA, and RSI(14) to my 5-min chart on GBPJPY chart. Take 1st half hour of Euro market open price range to form Open Range support n resistance areas. Trade breakout of the s/r areas. Go long when RSI crosses up 40 lvl or SMA10 crosses up SMA50 and short when RSI crosses down 60 lvl or SMA10 crosses down SMA50.
Did I miss out anything? If yes could you pls guide me?

Also, you mentioned Nikkei and Dow Jones in your posts. Do you trade Dow Jones and Nikkei too or do you just compare the correlation between them and the Gbp/Jpy? If yes, which broker do you trade DJ with? WHC Trader? Or any other you can introduce to me as I'm from South-East Asia country.
Thanks for your patience to answer my questions. Happy Pipping!
  • #387
  • Mar 8, 2008 7:23am Mar 8, 2008 7:23am
I know this is gbpjpy forum but charting is charting and pips are pips.

Here is the trade playing out on audjpy. Right now it is in a 200 pip LR channel. Since Feb 28th it has moved up and down in very nice waves 5 times

i am thinking of position trading this pair as it ranges nicewly and the risk per trade is only 100 pips

Attached Image (click to enlarge)
Click to Enlarge Name: audusd 60min01.png Size: 272 KB
Blogging daily now at www.volume.zone
  • #388
  • Mar 8, 2008 7:54am Mar 8, 2008 7:54am
Quoting maxcruiver
Hi Malcomb! What a great thread u have here! This thread has just started for not more than a month old but already had 26 pages. The feedbacks show the underlying potential of your trading style n system, Congrats!!! I'm glad to find this thread this early, at least b4 it accumulates to hundreds of pages to read! Lol

I've been trading live for 2 months now but my account is still in negative. I really wish to find a good system that can earn me big pips, luckily i found yours! But this thread seems a little not well-organised. I just wan to make sure that I'm on the right track.

I've attached 10, 20, and 50 SMA, and RSI(14) to my 5-min chart on GBPJPY chart. Take 1st half hour of Euro market open price range to form Open Range support n resistance areas. Trade breakout of the s/r areas. Go long when RSI crosses up 40 lvl or SMA10 crosses up SMA50 and short when RSI crosses down 60 lvl or SMA10 crosses down SMA50.
Did I miss out anything? If yes could you pls guide me?

Also, you mentioned Nikkei and Dow Jones in your posts. Do you trade Dow Jones and Nikkei too or do you just compare the correlation between them and the Gbp/Jpy? If yes, which broker do you trade DJ with? WHC Trader? Or any other you can introduce to me as I'm from South-East Asia country.
Thanks for your patience to answer my questions. Happy Pipping!
Thanks for the kind words

Open range breakouts are a standalone technique.

The best technique to use is rsi triggers using the rapid rsi that someone kindly posted the file for MT4 earlier in the forum.

so to declutter things .. forget the open rnage technique

Using rapid rsi set it to 14.
A long trigger is when RSI crosses up thru 30 on a 5min chart. Go high 15 pips higher than the high of the ocnfirmation bar. This will keep you out of false trigger.
A sell trigger is when rsi goes down thru 70 on a 5min chart. sell 15pips lower than the low of the trigger bar.

Moving averages :

10.20.50 sma are what i like to use.

here is a trade that played out on Friday morning before the NFP came out.

It is a 10 sma / 20 sma cross over.

I do not talk about everything I use on this forum as it would be info overload , but ebery technique i do use is very very simple.

The crossover happenesd at the blue vertical line

Before this we had rsi come out of oversold , creating a long trigger with a trigger bar high of 205.64 with entry 15pip higher at 205.80.

I was looking to see if there was something else to give me a better entry , then the 10 / 20 sma cross gave me that.

It gave me a trigger that gave me a 20 pip better entry , that is the one I took.

The exit ... get the hell out of dodge before the NFP came out , or take profit 50 pips

I am going to cover money management in next posting :

THIS IS AM IMPORTANT ONE.

BTW you might all notice i have added somnething to the charts.. bollinger bands. Not sure how they come into play yet.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy40.png Size: 254 KB
Blogging daily now at www.volume.zone
  • #389
  • Mar 8, 2008 8:25am Mar 8, 2008 8:25am
The most successful trader is not the one that makes the most pips or has the biggest account , but the one that manages risk the best

Here it goes

10 mini lots ( now if i mess this up it is because I trade standard lots , but lets call 1 mini lot , 1 pip = $1)

stop is 30 pips on each trade on gbpjpy to allow it room to breath

If trade goes in my direction:
15 pips up I take profit 3 lots ,$45 profit
30 pips up i take profit 2nd 3 lots , $90 profit

$135 profit .. stop is payed for

Now I let my other 4 lots run. Even if the market drops on last 4 lots and stops me out I am still in profit. Once you have paid for the stop it is easier to let the last 4 lots run.

4 lots = 4 per pip x 30 pip = $120 only.

scenario 2 once you have 30 pips in bank move stop to break even , last 4 lots goes down to your entry price you get stopped out but have $135 profit

sceanrio 3. The market only goes to 15 pips. You have profit 450.
last 7 lots goes down.....you get $210 hit , but have already banked $45 profit on trade. Hit does not seem as bad.

scenario 4 .. trade goes down as soon as you buy .... mmm .. likely you did not enter the trade correctly as you should get at least 15 pips

The numbers can be adjusted depending on your personal trading style and risk tolerance.

Looking back in posting at that audusd trade

Lets say I get a trade triger on support at 9250
10 mini lots is what I want to position trade
target 78.6 fe at 9382

50 pips stop

3 lot take profit at 25 pips = 75 profit
3 lot take profit at 50 pips=150 profit
4 lot run to 9382 = 132 pips profit = 528 profit

1 k trade gives you 750 profit with very safe and good money management

sure you could make 1300 on this trade with poor money management and not taking phased exits, but they always say with more risk comes more reward

Tell anyone you made 75% on a trade they will think you are a genius.

remember the story where the Tortoise won the race against the hare ?
Blogging daily now at www.volume.zone
  • #390
  • Mar 8, 2008 8:28am Mar 8, 2008 8:28am
Sorry for typing errors last 2 postings.

been up since 4am on a Saturday monring .... this is the thing that sucks about being a trader. The body clock still wakes you up early on a weekend !!!

I was a real animal last night ... lol.... Friday night in bed by 8:30 pm
Blogging daily now at www.volume.zone
  • #391
  • Mar 8, 2008 9:05am Mar 8, 2008 9:05am
does anyone know where the rapid rsi malcom uses is on this thread that u can use in mt4? if someone has it can u post it
TRIALS THAT SHAKE SOME, CONFIRM OTHERS!
  • #392
  • Mar 8, 2008 9:59am Mar 8, 2008 9:59am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting moneymagnet
does anyone know where the rapid rsi malcom uses is on this thread that u can use in mt4? if someone has it can u post it
Click on the little paperclip on the top right of this page. It will be listed in the attachments.
"Wishful thinking dies hard." Igor T.
  • #393
  • Mar 8, 2008 12:17pm Mar 8, 2008 12:17pm
Fantastic thread Malcolm, keep up the good work!
Just read through it all and I'm gonna read it over again, and will be following you the coming week for some good pips!
  • #394
  • Mar 8, 2008 12:49pm Mar 8, 2008 12:49pm
Quoting malcolmb14
Thanks for the kind words

Open range breakouts are a standalone technique.

The best technique to use is rsi triggers using the rapid rsi that someone kindly posted the file for MT4 earlier in the forum.

so to declutter things .. forget the open rnage technique

Using rapid rsi set it to 14.
A long trigger is when RSI crosses up thru 30 on a 5min chart. Go high 15 pips higher than the high of the ocnfirmation bar. This will keep you out of false trigger.
A sell trigger is when rsi goes down thru 70 on a 5min chart. sell 15pips lower than the low of the trigger bar.

Moving averages :

10.20.50 sma are what i like to use.

here is a trade that played out on Friday morning before the NFP came out.

It is a 10 sma / 20 sma cross over.

I do not talk about everything I use on this forum as it would be info overload , but ebery technique i do use is very very simple.

The crossover happenesd at the blue vertical line

Before this we had rsi come out of oversold , creating a long trigger with a trigger bar high of 205.64 with entry 15pip higher at 205.80.

I was looking to see if there was something else to give me a better entry , then the 10 / 20 sma cross gave me that.

It gave me a trigger that gave me a 20 pip better entry , that is the one I took.

The exit ... get the hell out of dodge before the NFP came out , or take profit 50 pips

I am going to cover money management in next posting :

THIS IS AM IMPORTANT ONE.

BTW you might all notice i have added somnething to the charts.. bollinger bands. Not sure how they come into play yet.
Malcomb,

Thanks for your reply! I believe this reply could help me in my future understanding of your trading system. But there's still one more question you didn't answer me, it's about the Dow Jones n Nikkei. Do you trade Dow Jones? Are you using the same strategy to trade Dow Jones too?
  • #395
  • Mar 8, 2008 1:28pm Mar 8, 2008 1:28pm
Hi malcolm

Previously you mentioned that you use 40 and 60 levels of rsi as well as 30 and 70 levels, is that for 15 min charts or is it for other instruments such as indices or do you use those levels on 5 min GJ too?
Regards
  • #396
  • Mar 8, 2008 2:29pm Mar 8, 2008 2:29pm
Quoting howard
Hi malcolm

Previously you mentioned that you use 40 and 60 levels of rsi as well as 30 and 70 levels, is that for 15 min charts or is it for other instruments such as indices or do you use those levels on 5 min GJ too?

The 40 and 30 pivots of rsi are used for 2 hour charts up

although the rapid rsi works very well on these time frames

see next posting
Blogging daily now at www.volume.zone
  • #397
  • Mar 8, 2008 2:39pm Mar 8, 2008 2:39pm
Here is a eurcad trade I have been in for a while.

4 hour chart . I got in at 1.4876.

we have an awesome 1-2-3 buy set up.

Plotting fib extensions my target is 127% fib at 1.5500 if all things remain equal.

The linear regression channel shows the current trend

Forecasting forward the linear regression channel and fe 127 will intersect on March 13th.

This is if all thing remain equal and there is no major trend reversal.

Is it really that easy ???

HELL YEAH !!! It is simple geometry

Attached Image (click to enlarge)
Click to Enlarge Name: eurcad01.png Size: 288 KB
Blogging daily now at www.volume.zone
  • #398
  • Mar 8, 2008 2:42pm Mar 8, 2008 2:42pm
Quoting maxcruiver
Malcomb,

Thanks for your reply! I believe this reply could help me in my future understanding of your trading system. But there's still one more question you didn't answer me, it's about the Dow Jones n Nikkei. Do you trade Dow Jones? Are you using the same strategy to trade Dow Jones too?
I trade the YM ( dj e- mini)

My simple systems work for everything . futures , stocks and forex.
Blogging daily now at www.volume.zone
  • #399
  • Mar 8, 2008 2:56pm Mar 8, 2008 2:56pm
Quoting malcolmb14
Here is a eurcad trade I have been in for a while.

4 hour chart . I got in at 1.4876.

we have an awesome 1-2-3 buy set up.

Plotting fib extensions my target is 127% fib at 1.5500 if all things remain equal.

The linear regression channel shows the current trend

Forecasting forward the linear regression channel and fe 127 will intersect on March 13th.

This is if all thing remain equal and there is no major trend reversal.

Is it really that easy ???

HELL YEAH !!! It is simple geometry

Attachment
Can you explain where the fib level 127% comes from? Haven't seen it used before.
  • #400
  • Mar 8, 2008 3:06pm Mar 8, 2008 3:06pm
Quoting malcolmb14
Here is a eurcad trade I have been in for a while.

4 hour chart . I got in at 1.4876.

we have an awesome 1-2-3 buy set up.

Plotting fib extensions my target is 127% fib at 1.5500 if all things remain equal.

The linear regression channel shows the current trend

Forecasting forward the linear regression channel and fe 127 will intersect on March 13th.

This is if all thing remain equal and there is no major trend reversal.

Is it really that easy ???

HELL YEAH !!! It is simple geometry

Attachment
Great thread Malcolmb! I have a quick question if you dont mind answering. On your 1-2-3 set up for a long, where is your buy signal? Is there a certain place you place a buy? (or sell for a short 1-2-3 set up)
PipChick
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