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Auslanco - GBP/JPY and GBP/USD (newstrade)

  • #68,421
  • Mar 14, 2008 11:55am Mar 14, 2008 11:55am
I am long in the lower levels but overleveraged which is a big big mistake I still haven't learnt my lesson on that since last Decemeber. I wonder if Karmo is Ok he's been long since 208 area. I can handle the drawdown but hate to see history repeat itslelf
  • #68,422
  • Mar 14, 2008 11:56am Mar 14, 2008 11:56am
Quoting arezab
I noticed something about this momentum indicator. It is really useless for predicting market future. I know some of those guys are fund of this tool but I've been watching this daily and weekly 10c momentum this week.

10c momentum fans were saying all the time that this week will be very bullish because momentum is pointing up sharply. Now you see that only daily 10c momentum has slightly turned down after 680 pips downfall and weekly mom is still bullish and sharply pointing up

I think it will remain bullish even when we reach 175
the 1c mom is closer to real time
  • #68,423
  • Mar 14, 2008 11:57am Mar 14, 2008 11:57am
Quoting ovaforty
me too
i jumped in short at 202.11
Lets get the pips bro. . . I think it will end ar'd the bottom. It took a hard bounce off 199.80/90 area. . . I think ultimately it will probably rest there when all the shock is over. . . Amazing to see GJ this low in a matter of a couple hours!
  • #68,424
  • Mar 14, 2008 11:58am Mar 14, 2008 11:58am
Quoting mktjong
Shorted @202.85, closed @202.66: +19 pips
(Previously shorted GU @2.0275, closed @2.0255: +20 pips

Total today: +35 pips (Not bad .. I guess) ( Fingers are still itchy )
good going .. yes finger itchy lol ....

But if you got 35 pips day in day out for the rest of your life ..... watch that account grow !
Blogging daily now at www.volume.zone
  • #68,425
  • Mar 14, 2008 11:59am Mar 14, 2008 11:59am
Quoting arezab
I noticed something about this momentum indicator. It is really useless for predicting market future. I know some of those guys are fund of this tool but I've been watching this daily and weekly 10c momentum this week.

10c momentum fans were saying all the time that this week will be very bullish because momentum is pointing up sharply. Now you see that only daily 10c momentum has slightly turned down after 680 pips downfall and weekly mom is still bullish and sharply pointing up

I think it will remain bullish even when we reach 175
I think Aus has a handle on it but I could never figure mom out so I stuck with my ZL Stoch which is spot on 99% of the time. . .
  • #68,426
  • Mar 14, 2008 12:01pm Mar 14, 2008 12:01pm
Quoting vinesh2
I think market is starting to price in the rate cut for next week.

if there is no rate cut then the market will go down.

If there is .75% rate cut market may blip up , but then market will be looking at statement that goes with rate cut. ANY MENTION of no further rate cut or rate hikes markets going down.

Market goes down GBPJPY goes down

Please refer to my postings on market mechanisms. I trade stock , futures and forex. So have a good understanding of how things work.
Blogging daily now at www.volume.zone
  • #68,427
  • Mar 14, 2008 12:03pm Mar 14, 2008 12:03pm
I am out again here. I have been waiting for 2 months for this green sma to get hit. also 50% fib
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  • #68,428
  • Mar 14, 2008 12:03pm Mar 14, 2008 12:03pm
Quoting vinesh2
I am long in the lower levels but overleveraged which is a big big mistake I still haven't learnt my lesson on that since last Decemeber. I wonder if Karmo is Ok he's been long since 208 area. I can handle the drawdown but hate to see history repeat itslelf
Yeah, that's unfortunate bro - I hope things go your way soon.
One thing I've learned is to never hold positions on friday. The market is very unpredictable on Friday's more so than on any other day. I typically take cash off the table as soon at my target are hit. I'll jump back in if I see an opportunity but I don't stay in for long periods of time esp. this pair on Friday.

Good luck bro in that position and I wish u all the best - u know that!
  • #68,429
  • Mar 14, 2008 12:04pm Mar 14, 2008 12:04pm
Quoting Scrat
monthly chart. are we going to hit that lower line???
This is what I have been saying ever since I came into the forum.

189 is my target.
Blogging daily now at www.volume.zone
  • #68,430
  • Mar 14, 2008 12:05pm Mar 14, 2008 12:05pm
Quoting DollaBill
Karmo is a genius.!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
He said 200 late last night! That allowed me to follow my trading plan a little longer than usual.
lol .... why .. did he know the news about Bear Stearns before anyone else ?

everyone has been predicting downward move to 199 for weeks now.
Blogging daily now at www.volume.zone
  • #68,431
  • Mar 14, 2008 12:09pm Mar 14, 2008 12:09pm
Quoting malcolmb14
lol .... why .. did he know the news about Bear Stearns before anyone else ?

everyone has been predicting downward move to 199 for weeks now.
play nice, bro, LOL
  • #68,432
  • Mar 14, 2008 12:10pm Mar 14, 2008 12:10pm
Excellent post. Especially for newbys like me -- the point that you can only handle multi-hundred pip drawdowns if you are using a very small part of your account on the trades. Otherwise the margin requirement will get you.

I speak from personal experience -- although I must say I did not learn as well as I should have. This huge GBPJPY move today is painful.

Regards..

Quoting malcolmb14
Karmo

I did say you were an awesome trader ok . I do not agree with your money management style, but we can all agree to disagree and that is what makes the debate in a forum like this so great, You have a great style. Alot of newbie traders hold you in high regard and listen to what you say.

I did not mean to upset you , or slander your trading style.

Unfortunately new traders are after the holy grail , and we as experienced traders have a responsibility to make sure we lead them on the right path. Saying things like ignore the news is not the right thing to do in my mind .

News is very important...add the pieces together and you can draw your own conclusions.

I am a 100% technical trader , but always have consideration of the news in the back of my mind.

I do swing trade forex on a 4 hour chart. Only less risky pairs like the audusd or eurcad. I have very nice profit in both these postions right now that I have protected. I am able to manage entry and exits in audusd with a maximum of 100 pips draw down. That enables me to compound profits. EURCAD moves in very sweet waves that are easy to enter and exit. The trend reversals are easy to see.

I manage my risk on swing trading by trading less voltile pairs , but the profits rack up with compounding the profit.

I reinvest 25% of profit on every trade I make on audusd and 15% for eurcad as it is a little more volatile. All I need is 10 trades year in each to make insane returns.

By the way all .... the total loss on sub primes will likely be 1 trillion before the dust settles. There are rumours of 600 million out there , but that is likely on the light side. That is just a hunch.
Regards, Android.
  • #68,433
  • Mar 14, 2008 12:12pm Mar 14, 2008 12:12pm
Quoting malcolmb14
if there is no rate cut then the market will go down.

If there is .75% rate cut market may blip up , but then market will be looking at statement that goes with rate cut. ANY MENTION of no further rate cut or rate hikes markets going down.

Market goes down GBPJPY goes down

Please refer to my postings on market mechanisms. I trade stock , futures and forex. So have a good understanding of how things work.
Hi M14,

I can't seem to find your posting on market mechanisms. Can you help me to find this please? Thanks in advance.
  • #68,434
  • Mar 14, 2008 12:14pm Mar 14, 2008 12:14pm
alright ladies time to become BULLISH and join the rest of the crew
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  • #68,435
  • Mar 14, 2008 12:17pm Mar 14, 2008 12:17pm
The reason I am very comfortable with trading the eurcad is it is barely effected by days like this and it really is more reliant on the fundamantals of each country as it is not a carry trade.

Today I had a max draw down on my 700 pips of profit of 150 pips. That is nothing on a volatile day like today. yes it has taken be a long month to get that profit , and it is not as exciting as the GBPJPY , but who won the race the tortoise or the hare ? Make 700 pips month after month , compound the profits and you will be in the money.

It hit my March 13th target of 1.5500 overnight (see posting for in my gbpjpy scalpers thread for how I worked that one out .. simple geometry). I removed half the position.

Risk management is not only about how you manage your stops , but which pairs you trade.

If you have a small account $2000- $5000 and day trade or even swing trade gbjpy your stops have to be 300 pips for swing trading . A 2 mini lot positoin needs a stop of $600 to allow a swing trade to work. That would be a large protion of your account gone if ot works against you. The majors only need 150 pips (300 risk .. it is better).

Also in chatting to traders thewy are using 1:400 margin with these small accounts so that they can get better returns. One or 2 losses with that margin and it is game over.

Greed and fear are the traders two worst enemies.

Manage the risk in all areas and you will succeed.
Blogging daily now at www.volume.zone
  • #68,436
  • Mar 14, 2008 12:23pm Mar 14, 2008 12:23pm
Is this a record for GJ movement for the day?
  • #68,437
  • Mar 14, 2008 12:25pm Mar 14, 2008 12:25pm
Quoting quecee5
I think Aus has a handle on it but I could never figure mom out so I stuck with my ZL Stoch which is spot on 99% of the time. . .


Could you post ZL Stoch please...

Is it any special indicator ? How to set it up ?
4X is the biggest casino in the world...Open 24h Monday to Friday.
  • #68,438
  • Mar 14, 2008 12:31pm Mar 14, 2008 12:31pm
Quoting vinesh2
Is this a record for GJ movement for the day?
no V, look at august 16th and 17th 2007. In 16th that month GJ moved 1000 points down and in 17th, it moved around 980 pips. That is the real movement record for this pair in one day. I regret I missed those days ...
Discipline + Patience - Fear - Greed = Success
  • #68,439
  • Mar 14, 2008 12:32pm Mar 14, 2008 12:32pm
Have this pair ever moved 1000 pips a day? I can't remember the max of last Summer move in a day.
  • #68,440
  • Mar 14, 2008 12:36pm Mar 14, 2008 12:36pm
Can you beleive this IBFX has been down since 3Pm and they close at 4Pm
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