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GBPJPY scalpers

  • #601
  • Mar 17, 2008 10:00am Mar 17, 2008 10:00am
the only trade i have taken today is from s3 long but i do see we could see another run down and looking at the charts back in 2003-2004 186 can come also we have to wait for the news tomorrow but i am long as i said at s3 and have no sl on the trade and will look to add more long after news. I am still rubbing my hands after closing my sells from 205 for some 1000 pips just wish i had the balls to hold for more pips down.

Tips:
pending buy from s3 193.05 tp 200.00
pending buy from 198.30 tp 204.00

pending sell from 192.35 tp 187.00

enjoy
  • #602
  • Mar 17, 2008 11:52am Mar 17, 2008 11:52am
Quoting SimonJ
We have a hidden bearish divergence on rapid rsi 15m.
Good charting ... did you trade it .

We got to have words... i see you got stuck in short with 200 pip draw down (from another forum,)
Blogging daily now at www.volume.zone
  • #603
  • Mar 17, 2008 11:55am Mar 17, 2008 11:55am
Al

not able to make it tonight , lets do it later in the week.

I would call you but misplaced my cell phone ...

Malcolm
Blogging daily now at www.volume.zone
  • #604
  • Mar 17, 2008 12:01pm Mar 17, 2008 12:01pm
Quoting yenthing
the only trade i have taken today is from s3 long but i do see we could see another run down and looking at the charts back in 2003-2004 186 can come also we have to wait for the news tomorrow but i am long as i said at s3 and have no sl on the trade and will look to add more long after news. I am still rubbing my hands after closing my sells from 205 for some 1000 pips just wish i had the balls to hold for more pips down.

Tips:
pending buy from s3 193.05 tp 200.00
pending buy from 198.30 tp 204.00

pending sell from 192.35 tp 187.00

enjoy
I do not belive the gbp[jpy is going up.

Today banks are screaming for 1% rate cuts. If the market does not get 1% it is goinbg down , if it gets 1% it is going down as this shows the feds are panicking.

I would be shorting rallies only,

Here is a bearish cup and handle formation on the 5 min.

Attached Image (click to enlarge)
Click to Enlarge Name: Chart10.JPG Size: 137 KB


Attached Image (click to enlarge)
Click to Enlarge Name: Chart10.JPG Size: 137 KB
Blogging daily now at www.volume.zone
  • #605
  • Mar 17, 2008 12:04pm Mar 17, 2008 12:04pm
Guys and girls.

I have seen 2 posting on no stops.

No stops = no account .......

sure one trader made a nice 1000 pips , but managing money properly and moving stops up , taking parts of the profits off the table etc etc is better and will keep you in this game for longer.

The best traders are the ones that manage their risk.
Blogging daily now at www.volume.zone
  • #606
  • Mar 17, 2008 12:25pm Mar 17, 2008 12:25pm
Sooo true, keep post coming...

Quoting malcolmb14
Guys and girls.

I have seen 2 posting on no stops.

No stops = no account .......

sure one trader made a nice 1000 pips , but managing money properly and moving stops up , taking parts of the profits off the table etc etc is better and will keep you in this game for longer.

The best traders are the ones that manage their risk.
  • #607
  • Mar 17, 2008 12:26pm Mar 17, 2008 12:26pm
I was wondering if anyone would be interested in a trading room for GU and GJ. I am setting one up on Skype and it is free. I'm not some forex guru, just a fellow trader who believes iron sharpens iron. I like to be around other people with similiar goals (such as trading for a living) I usually trade fom mid asian to early London and sometimes all the way thru to London close. I live in the US but have found that is when the action is. So if you are interested just drop me an email and I will give you the details.
Energy and persistence conquer all things! Ben Franklin
  • #608
  • Mar 17, 2008 1:00pm Mar 17, 2008 1:00pm
Quoting malcolmb14
Good charting ... did you trade it .

We got to have words... i see you got stuck in short with 200 pip draw down (from another forum,)
What does "We got to have words" mean? Like, "we should have a talk"?
And uhm no I didn't take it. The candle moved too fast I wasnt' sure how to get a good confirmation on such a down move. But I took a short at usd/jpy that had breaken a trendline earlier. But got stopped out at breakeven as some suprise spike happened. It was after this the bearish candle happened on geppy. Now I'm stuck in a negative 150 pips hedge. Damn.
  • #609
  • Mar 17, 2008 1:12pm Mar 17, 2008 1:12pm
Nice thread guys, thank's to everyone!
I don't say
  • #610
  • Mar 17, 2008 1:19pm Mar 17, 2008 1:19pm
Iron Man,

I would like to join your trading because I also believe that the European session holds the key to trends. Keep in mind that I do not, at the present, use RSI or any oscillator but use methods of Mike Jenkins, so I am wondering how much we can learn from each other...

Al
  • #611
  • Mar 17, 2008 2:29pm Mar 17, 2008 2:29pm
Hi Malcolm,

I got E-Signal however I can't find the Rapid RSI the only one there is the regular one and tech support could not help. Please advice

Alex
Think BIG!
  • #612
  • Mar 17, 2008 3:05pm Mar 17, 2008 3:05pm
Quoting 1ADB
Hi Malcolm,

I got E-Signal however I can't find the Rapid RSI the only one there is the regular one and tech support could not help. Please advice

Alex
Go to file ... new .. advanced chart....it comes up on auto pilot
Blogging daily now at www.volume.zone
  • #613
  • Mar 17, 2008 3:12pm Mar 17, 2008 3:12pm
I was ready for long covering in the markets . I spoke about that in the trading room yesterday.

Drove the indexes down and hence gbpjpy since 12:30 pst .. lovely entry at 195.30 , using crossing down thru 70 on a standard rsi , 100 pips in bag .

Attached Image (click to enlarge)
Click to Enlarge Name: Chart13.JPG Size: 140 KB
Blogging daily now at www.volume.zone
  • #614
  • Mar 17, 2008 3:21pm Mar 17, 2008 3:21pm
[quote=malcolmb14;1908355]I was ready for long covering in the markets . I spoke about that in the trading room yesterday.

Drove the indexes down and hence gbpjpy since 12:30 pst .. lovely entry at 195.30 , using crossing down thru 70 on a standard rsi , 100 pips in bag .


Hmmm, settings must be different. I have the rapidrsi indicator for mt4 that was posted in this thread earlier and there is a previous run up past the 70 level and cross down that was a false signal. 5min time frame.
  • #615
  • Mar 17, 2008 4:22pm Mar 17, 2008 4:22pm
[Malcolmb] Drove the indexes down and hence gbpjpy since 12:30 pst .. lovely entry at 195.30 , using crossing down thru 70 on a standard rsi , 100 pips in bag .


Hmmm, settings must be different. I have the rapidrsi indicator for mt4 that was posted in this thread earlier and there is a previous run up past the 70 level and cross down that was a false signal. 5min time frame.

Actually, my regular RSI looks exactly like Malcolm's, with the entry point he stated. My RapidRSI gave the same trigger, but surprisingly later than regular RSI.

Unfortunately, I was off doing other things and missed the move.
  • #616
  • Mar 17, 2008 6:01pm Mar 17, 2008 6:01pm
Quoting Somboed
[Malcolmb] Drove the indexes down and hence gbpjpy since 12:30 pst .. lovely entry at 195.30 , using crossing down thru 70 on a standard rsi , 100 pips in bag .


Hmmm, settings must be different. I have the rapidrsi indicator for mt4 that was posted in this thread earlier and there is a previous run up past the 70 level and cross down that was a false signal. 5min time frame.

Actually, my regular RSI looks exactly like Malcolm's, with the entry point he stated. My RapidRSI gave the same trigger, but surprisingly later than regular RSI.

Unfortunately, I was off doing other things and missed the move.
I have found that the rapid rsi is not the same as the rsi in esignal.

The vertical line is the trigger on both and standard RSI

Here is my chart :

Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpt41.png Size: 223 KB
Blogging daily now at www.volume.zone
  • #617
  • Mar 17, 2008 11:20pm Mar 17, 2008 11:20pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting SimonJ
Get demo here http://www.fastonlinetrading.com/terminal.html
the WHC one.

I found something interesting, geppy whipsawed before the news, YM did not.
Malcolm what's your experience on this?
Thanks Simon for posting that. I was trying to find a source to access all the indices and this has everything. Thanks for posting!!
"Wishful thinking dies hard." Igor T.
  • #618
  • Mar 17, 2008 11:35pm Mar 17, 2008 11:35pm
[quote=rrram2;1907632]I too see it much like you. Stop losses are a waste of money. But this last run down wiped me out. I too had TP's up into 208 and far too many long in the 207 range, I was long all the way down into 199 but they ran me out of money and wouldn't let me put anymore in as they limit monthly credit card charges to 5G.


Were you at 400:1 leverage with no stops in this last move down?
  • #619
  • Edited 1:02am Mar 18, 2008 12:39am | Edited 1:02am
Quoting malcolmb14
I have found that the rapid rsi is not the same as the rsi in esignal.

The vertical line is the trigger on both and standard RSI

Here is my chart :

Attachment
I haven't looked at the source code the the RSI in esignal and compared it to the rapidrsi... but they are definitely different. However, I think where we might find the discrepancy lies in the data feed for your MT platform.

I recently purchased eSignal and noticed that the price action is way different than on my trading platform (MT/ODL) For instance, eSignal shows a low of XX for a certain bar, but MT doesn't show this. Also, I set profit target using eSignal, and they hit in eSignal (Spike), but on MT, it does not (unless the price does more that spike... then it shows)
  • #620
  • Mar 18, 2008 1:22am Mar 18, 2008 1:22am
Quick questions for you folks:

1. Who is your broker?
2. What spread do you have on gbp/jpy?
3. What tp/sl are you using to scalp?


I'm building a scalping EA and am wondering how close I can get the SL without really affecting the scalp.

Is there a formula for this for all currencies I can use? Perhaps something that factors in spread and ATR to determine a SL that doesn't drastically affect the scalp.

Any help is appreciated. Thanks. Matt
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