GBPJPY scalpers

Quoting zebra7860

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Well, I went short early this morning after seeing the divergence and see support at 198 which is the Gann angle as well as the SMA 55. Who knows how low it will go but this may be realistic because it represents 200 pip move and this is the norm for this puppy...Malcolm, what are you looking to cover at or is this a LT hold??

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Quoting rrram2

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I doubt that....look at the GBP/USD...granted USD/JPY is down but GBP/USD is making a run for 2.00 and I think it will hit 2.00 and run right through 2.00,
which will in turn carry the GJ at least some.

I remain bullish on GJ anyone else bullish? Scotty maybe still bullish?

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Quoting Scotty B

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In all honesty I think we are shifting to bears. With the new low just created a new down angle has formed. I think she will range for the next few hours but my TP is @197.60. She keeps finishing bull cycles and has only finished one bear cycle as of this last run down. There are many other bear cycles down lower that need to complete.

Like the bear cycles however, the PA has opened new bull cycles. I think she might complete the newest one with this retrace we are seeing now on the 30 min. I think we will see strong resistance around 200.15 if she can retrace that high.

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Quoting rrram2

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Well I guess if you get short at 199.80, I'll be buying all the way down to 199.20 So you may get 60 pips but after that it will be back up
testing the 201 range.

And BTW nothing is safe with GJ

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Quoting Scotty B

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In all honesty I think we are shifting to bears. With the new low just created a new down angle has formed. I think she will range for the next few hours but my TP is @197.60. She keeps finishing bull cycles and has only finished one bear cycle as of this last run down. There are many other bear cycles down lower that need to complete.

Like the bear cycles however, the PA has opened new bull cycles. I think she might complete the newest one with this retrace we are seeing now on the 30 min. I think we will see strong resistance around 200.15 if she can retrace that high.

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Quoting malcolmb14

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80 pips was not to shabby and within my target for the day

You forget one thing today ...consumer confidence loswest it has been since the 70's.

dj in primary down trend since open.

good luck with that long

my 60 , 2 and 4 hour all say down. well 60 min has a morning star candle formation , but rsi says this might be a fake out.

I would be shorting rallies. .... but then what do i know ....

also why go long on something for a swing trade that is under its 50 sma on the 15 min ?????

I do not get it.....

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Quoting stewrigh

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Hey Ram,
Can I ask a dumb question.
What does ATM stand for??
Stew

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Quoting malcolmb14

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80 pips was not to shabby and within my target for the day

You forget one thing today ...consumer confidence loswest it has been since the 70's.

dj in primary down trend since open.

good luck with that long

my 60 , 2 and 4 hour all say down. well 60 min has a morning star candle formation , but rsi says this might be a fake out.

I would be shorting rallies. .... but then what do i know ....

also why go long on something for a swing trade that is under its 50 sma on the 15 min ?????

I do not get it.....

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Quoting rrram2

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Must be an American thing or something.

I am all about the moment, Now is all we have, yesterday is gone forever and tomorrow is just a dream, all we have is the hear and now.

Elijah

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Quoting rrram2

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Ok you got me nervous now :|

So I cash out all my longs and banked 360 pips since last night.

It's going to be a nice day today, ttyl


I will reiterate what I think, in case anyone else wants to try it.
I don't recommend this for the inexperienced trader though,
because I DO NOT SET STOP LOSS ORDERS (since I don't WANT to lose $ )
So you have to watch your % of your margin that you are using.

With this method I feel best at 1%-3% useage of available funds,
I get worried when I get too much over 10%. And at 25% I am panicing
looking hard to see if I need to deposit money to beat a margin call in case there is a crazy run down. But frankly I love run downs so I can buy at the bottom. I think it is going to keep ranging. I would keep buying long at the lows of 199.20 or 199.00 or 198.65 if it goes that low, and then sell it on the retrace 10-60 pips up, then buy it again on the down. Even if it keeps going down it doesn't matter as I am back at forex.com and I will average my position down as low as I need to go then sell all lots back with one click when I get up even 10 pips or 60 or whatever.

I consistantly bank 2000 pips a week, week in and week out, I am short on the 400 pip/day goal but I am calling it quits for the day. And BTW I do so well at GBP/JPY I rarely play anything else. Some weeks I do as many as 250
round turn trades per week in GBP/JPY. Lately I have been trying to extract more pips and leave less on the table and do less trades and spend less time.

But I enjoy trading, so making $ is a bonus and keeps me from having to
try to find a "JOB" (Just Over Broke)

Thanks Scotty

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Quoting Scotty B

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It's tomorrow in Australia ATM.

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