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GBPJPY scalpers

  • #981
  • Mar 26, 2008 6:20am Mar 26, 2008 6:20am
Quoting Money-RX
How about a nice spike up to the 200.70s and I will be short again.


Not alot of good news overseas as will be the same in US today.
History is written by the victors.
  • #982
  • Mar 26, 2008 6:38am Mar 26, 2008 6:38am
Looks like first new highs for scalping in the 198.60s down to the 20s but lets see what the next few candles do into the NY open.
History is written by the victors.
  • #983
  • Mar 26, 2008 8:08am Mar 26, 2008 8:08am
Hello Malcolmb and all,
I am new to this forum and am in the process
of reading thru all previous posts. I have a quick
question for you Malcolmb regarding your RSI based
entries. You state that you wait and enter 15 pips above
or below the signal bar. Does that 15 pips include the
spread or does the spread have to be factored in on top
of the 15 pips? For example, if I get an RSI signal at 197.15
do I enter at 197.30 (15 pips above entry signal) which when
factoring in the spread, is really like entering 10 pips above
the signal (10 pips above entry signal + 5 pip spread)? Or do
I actually set my order for 197.35 ( 15 pips above entry
signal + 5 pip spread)? Thanks for the time and info....

Tony
  • #984
  • Mar 26, 2008 8:52am Mar 26, 2008 8:52am
HI rrram2

I just finished to read all your post in here and I was wondering if the setup you are using for the GBP/JPY can be found somewhere? Have you made a post about it I did not see? a book you have read? I see you make alot of trade per day, and I love you comment about scalping is sooo not like hunting I ve been trading for a year now but on a 1 hour chart wich only produce 1 trade a day... and the wait (like 8 hours) is killing me. Any tricks, hints, methods or setup you would like to share or talk?

Maxwells

You can send me a private msg in here or an email.
  • #985
  • Mar 26, 2008 9:11am Mar 26, 2008 9:11am
I am holding longs. From the current level and it is looking like we are up off the bottom. Those new housing sales over 600K really helped.

I'm long looking for TP targets.

Elijah
  • #986
  • Mar 26, 2008 10:25am Mar 26, 2008 10:25am
Quoting alearner
Scotty

The detailed example you gave was on the 30min chart. Does your theory apply to every timeframe? Sorry very very green... couldnt a swing Low or High on a low timeframe not exist on a higher timeframe? (e.g 200.10 isnt a swing high on the hourly chart)

regards
a(slow)learner.
Yes this rule applies to every time frame.
  • #987
  • Mar 26, 2008 10:45am Mar 26, 2008 10:45am
What do you think about this mess of a market we have today?

It sure through me for a loop with that 150pip+ run down out of the blue this morning from 514 to 614AM EDT or so.

I was thinking long at the bottom 197.50. I am still long on many
with open TP targets NOT set yet. And I can't tell if I am going to get a chance for it to complete some of these cycles lurking above or if I need to get the heck out and reverse.

I am very disturbed by what looks to be going on. I think it is going to retest and complete many of those lows lurking below because the USD is mad weak against the JPY which wacks the GBP/JPY becuase we all know how to figure the relationship between GBP/USD USD/JPY and GBP/JPY right?

My point...The USDJPY sadly looks like it will be testing 95 pssibly before week end. Which if that happens GJ will have no choice but to follow
Unless of course the GBP/USD soars.

So I am about ready to throw the towel in. I had to sell a few higher long losers on the run down to avoid being sold out.

So I Ignorantly and moronically got in too deep too soon and errored in using way to much of my available margin. That move dow was shocking.
GJ was so strong overnight and looked really bullish when I first saw it this morning at 5Am EDT.

And even now it is looking to be recovering from that move down and it may do like it did the other day retrace the whole move down.

But my Gut tells me bail out on those longs, before I lose my Shorts (literally).

Elijah
  • #988
  • Mar 26, 2008 10:50am Mar 26, 2008 10:50am
Did someone say something and now its surging North?

I never listen to those fools. I can never understand their secret codes.

Elijah
  • #989
  • Mar 26, 2008 10:57am Mar 26, 2008 10:57am
Quoting alkemi
Hello Malcolmb and all,
I am new to this forum and am in the process
of reading thru all previous posts. I have a quick
question for you Malcolmb regarding your RSI based
entries. You state that you wait and enter 15 pips above
or below the signal bar. Does that 15 pips include the
spread or does the spread have to be factored in on top
of the 15 pips? For example, if I get an RSI signal at 197.15
do I enter at 197.30 (15 pips above entry signal) which when
factoring in the spread, is really like entering 10 pips above
the signal (10 pips above entry signal + 5 pip spread)? Or do
I actually set my order for 197.35 ( 15 pips above entry
signal + 5 pip spread)? Thanks for the time and info....

Tony
I think when you buy selected entry price the spread is ALREADY included.
Because generally the broker at market is selling you GBP/JPY at 10 pips above the real price.

So I think if your MA is 197.20 on the 50 SMA on the 15M chart
as soon as the price hits 197.35 you want to buy.

The trouble with this is that in order to buy at the price you want
USUALLY it is best to enter an entry order to buy at a certain price
(AND OF COURSE ENTER YOUR NEEDED SL & TP ORDERS)
in ADVANCE so when it hits that price you buy it at exactly that price

I think the RSI signal is the trigger

FIRST you NEED the price of the pair to cross the 50 SMA on the 15M and goes 15 pips above the MA (or below for shorts)

Then I think you need to consider the RSI trigger

I could be wrong but hope that helps
  • #990
  • Mar 26, 2008 11:03am Mar 26, 2008 11:03am
Quoting rrram2
What do you think about this mess of a market we have today?

It sure through me for a loop with that 150pip+ run down out of the blue this morning from 514 to 614AM EDT or so.

I was thinking long at the bottom 197.50. I am still long on many
with open TP targets NOT set yet. And I can't tell if I am going to get a chance for it to complete some of these cycles lurking above or if I need to get the heck out and reverse.

I am very disturbed by what looks to be going on. I think it is going to retest and complete many of those lows lurking below because the USD is mad weak against the JPY which wacks the GBP/JPY becuase we all know how to figure the relationship between GBP/USD USD/JPY and GBP/JPY right?

My point...The USDJPY sadly looks like it will be testing 95 pssibly before week end. Which if that happens GJ will have no choice but to follow
Unless of course the GBP/USD soars.

So I am about ready to throw the towel in. I had to sell a few higher long losers on the run down to avoid being sold out.

So I Ignorantly and moronically got in too deep too soon and errored in using way to much of my available margin. That move dow was shocking.
GJ was so strong overnight and looked really bullish when I first saw it this morning at 5Am EDT.

And even now it is looking to be recovering from that move down and it may do like it did the other day retrace the whole move down.

But my Gut tells me bail out on those longs, before I lose my Shorts (literally).

Elijah
Refer to chart, Green lines are long cycles and red are short cycles. I think she could bounce off the 38.2 fib and keep heading down to finish her lower cycles.IMHO. The overall trend is down.
Attached Image (click to enlarge)
Click to Enlarge Name: downslide02.gif Size: 13 KB
  • #991
  • Mar 26, 2008 11:42am Mar 26, 2008 11:42am
We'll see what happens at the 50. The current candle needs to be broken though the way it is now.
Attached Image (click to enlarge)
Click to Enlarge Name: downslide02.gif Size: 13 KB
  • #992
  • Mar 26, 2008 12:25pm Mar 26, 2008 12:25pm
The Mirror image I posted yesterday gave an accurate description of the fall in prices today, and another Mike Jenkins technique, the Arc, tells me that prices currently at 199.36 are overextended. This may be it for the upmove. Prices may just go sideways now before either going slightly higher or falling. My 2c is that when you combine that with the 60 min Gann Fann, and RSI looking suspiciously tired on the 60 min chart, it does seem that its all over...

Just my 2c worth
  • #993
  • Mar 26, 2008 12:26pm Mar 26, 2008 12:26pm
not to 61.8 yet. This will be the determining factor. Everyone else say's long. We'll see.
  • #994
  • Mar 26, 2008 12:46pm Mar 26, 2008 12:46pm
Quoting Scotty B
We'll see what happens at the 50. The current candle needs to be broken though the way it is now.
I bailed out with 125 pips on those remaining longs @ 199.41.

But I am still down 9 LARGE (900 pips) on the day.

Thanks for the insight. I am still going to try to get long on the dips.
Give me some time to review those short term cycle completions and review your fib's.

I think I have some kind of crazy stigma with this GBP/JPY with going short.

If I remember right I went short on it several years ago and lost my arse
as everything said down but it would go down 1 and up 3. Before it was over I think I was out 3 or 4G and swore never to short that resiliant GBP/JPY.

It seems like no matter what happens the GBP/JPY goes up.

Elijah
  • #995
  • Mar 26, 2008 12:52pm Mar 26, 2008 12:52pm
Quoting zebra7860
The Mirror image I posted yesterday gave an accurate description of the fall in prices today, and another Mike Jenkins technique, the Arc, tells me that prices currently at 199.36 are overextended. This may be it for the upmove. Prices may just go sideways now before either going slightly higher or falling. My 2c is that when you combine that with the 60 min Gann Fann, and RSI looking suspiciously tired on the 60 min chart, it does seem that its all over...

Just my 2c worth
We are def the minority today! She is retreating now and has not hit the 61 yet. It will be interesting to see how this current hourly candle closes.
  • #996
  • Mar 26, 2008 1:02pm Mar 26, 2008 1:02pm
She opened a new long cycle. Will she break it now or attend to those shorts?
  • #997
  • Mar 26, 2008 1:05pm Mar 26, 2008 1:05pm
20 minute chart says we may get a retracement from the 50 sma. RSI is in agreement with that.

gj is opposite and disconnected from the markets today is being driven up by GU buying.

I think we may head down soon and am short off 199.4.

Attached Image (click to enlarge)
Click to Enlarge Name: Chart118.JPG Size: 131 KB
Blogging daily now at www.volume.zone
  • #998
  • Mar 26, 2008 1:21pm Mar 26, 2008 1:21pm
Malcolm: Your RSI is very different from the MT4 Rapid RSI, nad even the regular RSI. On my 15min chart, the Rapid RSI set to 10 periods instead of 14,
doesnt even come close to crossing the 60 line.

Now your chart is a 20min, but your Esignal RSI is much more sensitive, and
behaves totally different. So I should have had a crossing down of the 60 level much sooner at 10 period setting, and 15 min time frame.
  • #999
  • Mar 26, 2008 1:25pm Mar 26, 2008 1:25pm
Quoting forexpipmaster
Malcolm: Your RSI is very different from the MT4 Rapid RSI, nad even the regular RSI. On my 15min chart, the Rapid RSI set to 10 periods instead of 14,
doesnt even come close to crossing the 60 line.

Now your chart is a 20min, but your Esignal RSI is much more sensitive, and
behaves totally different. So I should have had a crossing down of the 60 level much sooner at 10 period setting, and 15 min time frame.

that is standard rsi on accucharts.....
Blogging daily now at www.volume.zone
  • #1,000
  • Edited 2:28pm Mar 26, 2008 2:17pm | Edited 2:28pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
I'm apologizing upfront Malcolmb b/c I know this is your thread, but I'm looking for Scotty B's interpretation of this current candle in below chart (trying to apply what shared earlier in thread).

If the 1 hr candle to the right closes bearish, then we can "assume" we should be going back down to complete the unfinished bear cycles, right? Is that accurate?
Attached Image (click to enlarge)
Click to Enlarge Name: march 26th 1 hr.gif Size: 32 KB
"Wishful thinking dies hard." Igor T.
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