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GBPJPY scalpers

  • #641
  • Mar 18, 2008 9:36am Mar 18, 2008 9:36am
Quoting 59fender
195.35 scale out 3/4 let the last 1/4 ride
may be you missed this
  • #642
  • Mar 18, 2008 9:47am Mar 18, 2008 9:47am
Quoting Money-RX
Nice shrt scalping on 5M from 198.60 - 198.30 ish.

Nice trading ..

this almost looks like a trap .... they want traders to put buy and sell orders above and below the channels and then spike the price to grab them then reverse it down or up. I have seen this trap many times.
Blogging daily now at www.volume.zone
  • #643
  • Mar 18, 2008 9:51am Mar 18, 2008 9:51am
looking to short above 199
  • #644
  • Mar 18, 2008 9:51am Mar 18, 2008 9:51am
Quoting malcolmb14
Nice trading ..

this almost looks like a trap .... they want traders to put buy and sell orders above and below the channels and then spike the price to grab them then reverse it down or up. I have seen this trap many times.
Thanks for the tip
History is written by the victors.
  • #645
  • Mar 18, 2008 9:52am Mar 18, 2008 9:52am
Malcolmb any comments on EUR/USD? Its on a tear but I get the feeling a major correction is coming.
  • #646
  • Mar 18, 2008 10:14am Mar 18, 2008 10:14am
GJ breaking channel up.. and with divergence? something is going on....
Attached Image (click to enlarge)
Click to Enlarge Name: divergence 2.jpg Size: 68 KB
  • #647
  • Mar 18, 2008 10:20am Mar 18, 2008 10:20am
The last time the Feds came out with the interest rate statement it was on target with predictions. So many thought, “GBP/JPY to the moon!!!!!!” I have to admit, I wondered myself. But what happened was 50 pips or so up on an initial spike after the report and then it fell about 300 pips over the next few hours. I believe the reason for this is a turn in market trading. At least it seems like a turn or a departure from what has happened in the past to me
Maybe it's just that retail traders are doing a better job of aligning themselves with the big money. I don't know but whatever the reason I see traders buying on expectation and selling on facts. (or Vice Versa depending on the currency) "buy the Rumor Sell the news"
So the night before the report or up to a few days before (such as Euro & Pound before NFP this month and the month before) you may see a mini trend in the direction of market expectation.
But to buy into that expectation after the report has not been working out so good as there seems to be an initial spike and then take profit equals big reversal.
SO what do I do with all this? Simple.
First I acknowledge no one has a crystal ball and sometimes the market does crazy things
That is why God invented the Stop loss. But I would fully expect IF IF IF the feds proceed on mission with a 75 basis point cut then I would look for a 50-75 pip spike in the GBP/JPY followed by a little sideways action followed by sell-off.
I feel my view is further supported by the 300 pip rally in the GBP/JPY and the 150 Pip rally in the GBP/USD last night. So if I make a play at all on this interest rate statement I would be looking for an entry on a sell off following the report IF IF IF it is the expected 75 point basis point cut.
The wildcard would be if the cut was more or less than expected. Then I would probably just stand aside and re-evaluate the markets tonight.
Pigs get fat, Hogs get slaughtered
So my mantra is; Be a pig!

Energy and persistence conquer all things! Ben Franklin
  • #648
  • Mar 18, 2008 10:25am Mar 18, 2008 10:25am
update on the divergence....
sometimes... they just don't work...
Attached Image (click to enlarge)
Click to Enlarge Name: divergence 3.jpg Size: 69 KB
  • #649
  • Mar 18, 2008 10:30am Mar 18, 2008 10:30am
short 199.83
  • #650
  • Mar 18, 2008 10:40am Mar 18, 2008 10:40am
Quoting malcolmb14
Nice trading ..

this almost looks like a trap .... they want traders to put buy and sell orders above and below the channels and then spike the price to grab them then reverse it down or up. I have seen this trap many times.
so much for the trap lol
Blogging daily now at www.volume.zone
  • #651
  • Mar 18, 2008 10:43am Mar 18, 2008 10:43am
Quoting Iron-man
The last time the Feds came out with the interest rate statement it was on target with predictions. So many thought, “GBP/JPY to the moon!!!!!!” I have to admit, I wondered myself. But what happened was 50 pips or so up on an initial spike after the report and then it fell about 300 pips over the next few hours. I believe the reason for this is a turn in market trading. At least it seems like a turn or a departure from what has happened in the past to me
Maybe it's just that retail traders are doing a better job of aligning themselves with the big money. I don't know but whatever the reason I see traders buying on expectation and selling on facts. (or Vice Versa depending on the currency) "buy the Rumor Sell the news"
So the night before the report or up to a few days before (such as Euro & Pound before NFP this month and the month before) you may see a mini trend in the direction of market expectation.
But to buy into that expectation after the report has not been working out so good as there seems to be an initial spike and then take profit equals big reversal.
SO what do I do with all this? Simple.
First I acknowledge no one has a crystal ball and sometimes the market does crazy things
That is why God invented the Stop loss. But I would fully expect IF IF IF the feds proceed on mission with a 75 basis point cut then I would look for a 50-75 pip spike in the GBP/JPY followed by a little sideways action followed by sell-off.
I feel my view is further supported by the 300 pip rally in the GBP/JPY and the 150 Pip rally in the GBP/USD last night. So if I make a play at all on this interest rate statement I would be looking for an entry on a sell off following the report IF IF IF it is the expected 75 point basis point cut.
The wildcard would be if the cut was more or less than expected. Then I would probably just stand aside and re-evaluate the markets tonight.
Pigs get fat, Hogs get slaughtered
So my mantra is; Be a pig!

Very very very nice post.

We have had over 550 pip move with NO pull back yet.

I think no 1% we get 300 pips plus pull back.
Blogging daily now at www.volume.zone
  • #652
  • Mar 18, 2008 10:43am Mar 18, 2008 10:43am
There is a solid chance of 100 basis point and then a further 25bp. Hmmm..should have kept my longs at 205.50 hahahah took a lose on that one last week but its all part of the game I guess. Looks like the entire move on GJ is news driven
  • #653
  • Mar 18, 2008 10:45am Mar 18, 2008 10:45am
Quoting malcolmb14
Very very very nice post.

We have had over 550 pip move with NO pull back yet.

I think no 1% we get 300 pips plus pull back.
Thank you
Energy and persistence conquer all things! Ben Franklin
  • #654
  • Mar 18, 2008 11:11am Mar 18, 2008 11:11am
careful we could still get 100 + pip move upwards
  • #655
  • Mar 18, 2008 11:23am Mar 18, 2008 11:23am
198.56 exit
  • #656
  • Mar 18, 2008 11:25am Mar 18, 2008 11:25am
I doubt it is going to be going 100 pips higher it looks like the up move is over and it is heading for 191.99. That is where I will be getting long this next time up.
  • #657
  • Mar 18, 2008 11:30am Mar 18, 2008 11:30am
Quoting 59fender
short 199.83

Did you stay in ?

I got 60 pips on the drop ...futures told me to get in 5 seconds before gj moved

My platform was not locked up , spread was insane , I got in 70 pips under the bid (they screwed me) ... but still made 60 lol.

Now that was high risk trading.

grade for my trade D-
Blogging daily now at www.volume.zone
  • #658
  • Mar 18, 2008 11:36am Mar 18, 2008 11:36am
[quote=malcolmb14;1910481]Did you stay in ?

I got 60 pips on the drop ...futures told me to get in 5 seconds before gj moved

My platform was not locked up , spread was insane , I got in 70 pips under the bid (they screwed me) ... but still made 60 lol.

Now that was high risk trading.

grade for my trade D-[/quote yes i did currently long 197.75
  • #659
  • Mar 18, 2008 12:00pm Mar 18, 2008 12:00pm
199.85 exit
  • #660
  • Mar 18, 2008 3:03pm Mar 18, 2008 3:03pm
I wonder if this puppy is going to go all the way back to 197.65 area and then back down from there.....The USA is still in the poop and nothing really changed except the 3/4 % rate change.


Any thoughts any one!!

EDIT: Maybe the Big Dogs need to get some more longs on board before they drop this thing....

Billser
It's All About Attitude ...
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