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GBPJPY scalpers

  • #941
  • Mar 25, 2008 1:39pm Mar 25, 2008 1:39pm
Quoting Scotty B
I know where she is going I just don't know when she'll get there. This would be a great time to talk about the stop loss issue. Right now I don't have one set on my shorts, but I have a reasonable idea of where this beast will go. If you look at the last chart I posted there are two green lines. I am comfortable staying in my short even if she goes up to the far green line. I let my trades ride because I have a SOLID REASON for doing so. Could I lose money? Of course! Don't ever not place a stop so you 'don't lose money.' You should ALWAYS have a REASON for everything you do in trading. Always! Justification for your trades is the first step to success!
I never try to justify them, I more rationalize them.
  • #942
  • Mar 25, 2008 2:00pm Mar 25, 2008 2:00pm
When I post here eveything seems to be 1 Hour behind what the real time is.
  • #943
  • Mar 25, 2008 2:03pm Mar 25, 2008 2:03pm
Quoting rrram2
One thing i want to point out that I learned not that long ago.
If you were sure the markets were going down weather DJ or GJ
which usually seems to travel in the same direction, what caused you to think that? All the bad news?

Here is my point...no matter what the bad news is...you have to think and act like it is already PRICED into the market because in reality it is.

The reason news events cause so much stir is that you have zillions of people waiting for the split second they get the news and then try to make a trade based on the news before others can react.

But I assure you trading the news is VERY risky and trading based on thoughts of bad news being out there is not what determines price.

I tell you one time when I was green, I was in a trade during some news
(which usually is a no no) ,that was getting ready to come out that I had no clue about.

Well it was Bernacke or whatever his name is was talking...crap...
he opened his mouth and within less than a minute shit started crashing hard. I lost 100 pips in less than 5 seconds I swear. It was all I could do to find the SQR button. If I was smart I would have waitied for it to retrace some or NOT been in the market at all. Because it did retrace almost all of what it fell over the next several hours.

All I am saying is that in trading you have to assume that all news is already priced into the market except in the case of some high impact breaking news,
which once it hits at one moment in time, millions of people are going to be reacting and the moves are crazy and unpredictable.

I make my best money on days that there is no high impact news releases.
But the way I trade now, the only news that I fear is NFP and I make sure to get out before that news hits.

I think you are one of the greatest traders I know and you have tremendous skills and insight. I consider you one of the best and even the best traders like yourself will have an off day every once and a while.

Make sure to enter that stop loss order at the same time that the entry order is placed (I know you already know this but I am reaffirming this for my misstatements earlier so no one thinks that anyone but a moron would not have a stop loss order in place.

M, You rock! Tomorrow is a new day!

Elijah
Thanks for info on the news... but I got that news is somewhat factored in

My mind is the thing that messed me up today. i was sure in my mind that the marjets were going down.

I typically come to trade with a clear mind , only aware of what is coming out when.

That way my mind will not form judgement on the direction of the trade for the day.
Blogging daily now at www.volume.zone
  • #944
  • Mar 25, 2008 2:12pm Mar 25, 2008 2:12pm
GBPUSD testing 2.000 as mentioned yesterday that it would.

However the rsi14 (regular) on the 60 min chart is very overbought and should drop before gbpusd can go higher.

On this note I have a swing trade order in on gbpchf , entry under the 15 sma on gbpchf at 2.0150, target 2,1000 1st target as this is support.

If gbpusd does not retrace form 2.000 then obviously this trade will be void.
Blogging daily now at www.volume.zone
  • #945
  • Mar 25, 2008 3:10pm Mar 25, 2008 3:10pm
Sorry I am messing up with this thread. Scalping is like hunting. You need patience like a sniper who sits for days waiting.... In scalping mode every move has thousand more signifacance then in swing or position trading... So one should be careful and selective....
.
  • #946
  • Mar 25, 2008 3:27pm Mar 25, 2008 3:27pm
Quoting bullrock
Sorry I am messing up with this thread. Scalping is like hunting. You need patience like a sniper who sits for days waiting.... In scalping mode every move has thousand more signifacance then in swing or position trading... So one should be careful and selective....
I am glad The above statement is untrue. I never wait for a trade for days.
I do hundreds of RT trades per week.

One should sure be careful and selective for certain. And any forex trading requires patience.

Scalping is more like going to the ATM with a debit card that you have the password for.
  • #947
  • Mar 25, 2008 3:40pm Mar 25, 2008 3:40pm
Hi Malcomb,

looking at usd/chf and eur/chf, both at present could be tentative short trades, so if that is the case why do you expect gbp/chf to rise to 2.10 and your input in eur/cad is appreciated . thank you
  • #948
  • Mar 25, 2008 3:45pm Mar 25, 2008 3:45pm
Quoting rrram2
I am glad The above statement is untrue. I never wait for a trade for days.
I do hundreds of RT trades per week.

One should sure be careful and selective for certain. And any forex trading requires patience.

Scalping is more like going to the ATM with a debit card that you have the password for.
I did not think for true the days thing, I just wanted to emphasize the patience, that is for the hunter or when you are a swing trader or position trader. I do 10-15 trades a day myself. So have fun
.
  • #949
  • Mar 25, 2008 3:51pm Mar 25, 2008 3:51pm
Quoting sharon_gpl
Hi Malcomb,

looking at usd/chf and eur/chf, both at present could be tentative short trades, so if that is the case why do you expect gbp/chf to rise to 2.10 and your input in eur/cad is appreciated . thank you
I think i said sell .... target 2.0100 .. sorry .... I think I wrote 2.1000
Blogging daily now at www.volume.zone
  • #950
  • Mar 25, 2008 4:04pm Mar 25, 2008 4:04pm
Thanks Malcomb
  • #951
  • Mar 25, 2008 4:30pm Mar 25, 2008 4:30pm
OK, back to scalping - 200.80s - 200.40s short bias.
History is written by the victors.
  • #952
  • Mar 25, 2008 5:08pm Mar 25, 2008 5:08pm
Quoting Money-RX
OK, back to scalping - 200.80s - 200.40s short bias.
That usdjpy dropping ... short bias would be best
Blogging daily now at www.volume.zone
  • #953
  • Mar 25, 2008 5:37pm Mar 25, 2008 5:37pm
Sent you a PM mr Malcolmb.
  • #954
  • Mar 25, 2008 5:54pm Mar 25, 2008 5:54pm
Beautiful scalp from 200.70 - TP @ 200.32

Now the question is will we go up again?
History is written by the victors.
  • #955
  • Edited 6:40pm Mar 25, 2008 6:38pm | Edited 6:40pm
I'm still sitting back watching the charts. On my chart the green lines are all boundaries the market wants to cross to complete candle cycles. The market has focused on completing long cycles all day and has disregarded those obligations to the south. They are still valid however and I'm still baby sitting those shorts.

The price is obviously consolidating (see triangle). It will be interesting to see how things shape up. Which way will she break?

All you guys are great

Edit:
Sorry...The green lines are long cycles the red lines are short cycles.
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  • #956
  • Mar 25, 2008 6:39pm Mar 25, 2008 6:39pm
Take a look at this mirror image ( from Mike Jenkins' work ) The vertical line represents the inflection point and notice how an impending down side is coming if you compare the left side with the right side. It may take hours to arrive, but it sure looks promising. 15% of the time these mirror images invert, so be careful. Just wanted to throw this in...
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  • #957
  • Mar 25, 2008 6:42pm Mar 25, 2008 6:42pm
New daily pivot is 200.12
Blogging daily now at www.volume.zone
  • #958
  • Mar 25, 2008 6:43pm Mar 25, 2008 6:43pm
Quoting zebra7860
Take a look at this mirror image ( from Mike Jenkins' work ) The vertical line represents the inflection point and notice how an impending down side is coming if you compare the left side with the right side. It may take hours to arrive, but it sure looks promising. 15% of the time these mirror images invert, so be careful. Just wanted to throw this in...

Thanks Al

Very interesting ......
Blogging daily now at www.volume.zone
  • #959
  • Mar 25, 2008 6:49pm Mar 25, 2008 6:49pm
How about a nice spike up to the 200.70s and I will be short again.
History is written by the victors.
  • #960
  • Mar 25, 2008 6:52pm Mar 25, 2008 6:52pm
With GBPUSD back over 2 and USD selling off on market hopes of another interest rate cut due to the week house price report today the gbpjpy could be heading up into test the top of the wedge at 202 zone , this would tie in nicely with the 50 sma on the 8 hour and the 61,8% fib of the last major move down.

Todays daily pivot is 200.12 , interestingly right above the whole number 200 .

The next article will explain why the market was happy happy even though the economnic reports were not good.

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