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GBPJPY scalpers

  • #1,121
  • Mar 27, 2008 7:02am Mar 27, 2008 7:02am
Quoting zebra7860
Mktjong,

Bullish on this pair?

Absolutely not. However, facts are facts. I have a strong culimination of facts pointing to an upmove so they can make suckers out of those who short at these levels. My educated guess is that the London session, or late Asian session will see a high and then a drop in prices.

No sir....a move like 360 pips eventually leads to lower prices after the market has suckered some people to get in and this happens in the consolidation phase. You ain't short, are you bro? If so, you may have a large drawdown before you can take it to the bank

Al
Good call Malcolmb and Al.

I can't believe seeing where the price is at this morning. Fortunately, didn't take any short position last nite before bedtime. So, do u think there is still more room to the upside?
Thanks.
  • #1,122
  • Mar 27, 2008 7:17am Mar 27, 2008 7:17am
Too many people are calling for a high. It is 17 min before the news at 5:30 am PST. THis is gonna be interesting. This could be the new bull leg, which may happen. If it goes higher, Malcolm has identified 202.34 as the next level. Don't be surprised if they push it through and then it consolidates and then falls.

It is forming a wedge on the 5/15 min chart.

It is also forming a negative divergence on 2/5/15/240 minute chart.

VERY interesting..

I did get out with a profit last night before going to bed. Seems that Thursdays are HUGE days, iff you look back several months

A colleague of mine is calling for the high on the EURUSD on March 27/28. That could have an impact on GBPJPY. However, that is a BIG range. Imagine knowing that a high could be near but it may go higher before correcting.

We shall see...13 min to go

Al
  • #1,123
  • Mar 27, 2008 7:26am Mar 27, 2008 7:26am
If you pull up a 4 hr chart, it has been knocking on a trendline and has been hitting it 3x from below. W.D. Gann said that on the 4th try a commodity will break through. THis is scary for shorters.

I have seen such a pattern over and over...

If this goes higher, nothing will stop it till the 202 level, but all bets off in the initial minutes after the news
  • #1,124
  • Mar 27, 2008 7:38am Mar 27, 2008 7:38am
Quoting zebra7860
Too many people are calling for a high. It is 17 min before the news at 5:30 am PST. THis is gonna be interesting. This could be the new bull leg, which may happen. If it goes higher, Malcolm has identified 202.34 as the next level. Don't be surprised if they push it through and then it consolidates and then falls.

It is forming a wedge on the 5/15 min chart.

It is also forming a negative divergence on 2/5/15/240 minute chart.

VERY interesting..

I did get out with a profit last night before going to bed. Seems that Thursdays are HUGE days, iff you look back several months

A colleague of mine is calling for the high on the EURUSD on March 27/28. That could have an impact on GBPJPY. However, that is a BIG range. Imagine knowing that a high could be near but it may go higher before correcting.

We shall see...13 min to go

Al
That news was hardly dollar positive don't know why everyone is going long GBP/JPY all of a sudden, I think short.

It should retrace back dopwn I doubt it will be able to hold the small gains it made on that insignificant news

Elijah
  • #1,125
  • Mar 27, 2008 7:42am Mar 27, 2008 7:42am
Ok, just to make sure that I have one of the ideas shared here...If the GBP/JPY retraces back to the opening high of the opening range...we go long with a 30 pip stop. Is this correct?
  • #1,126
  • Mar 27, 2008 7:42am Mar 27, 2008 7:42am
Quoting rrram2
That news was hardly dollar positive don't know why everyone is going long GBP/JPY all of a sudden, I think short.


Elijah
GJ1d moms
Attached Image
  • #1,127
  • Mar 27, 2008 7:57am Mar 27, 2008 7:57am
Don't let all those Stop Loss orders filled on the USD/JPY fool you.

There is no way the USD is rising against the JPY too heartily this week.

So unless the GBP/USD keeps going up hard then the GJ will fall hard.
It already looks like it is overbought and quite heavy.

Patience

Elijah
  • #1,128
  • Mar 27, 2008 8:00am Mar 27, 2008 8:00am
Quoting naatha
GJ1d moms
That is GJ 1D chart with moms?

mom's are momentum?

Elijah
  • #1,129
  • Mar 27, 2008 8:06am Mar 27, 2008 8:06am
mom's are 1.10.14 momentum
http://www.tradingrooms.com/chartpos...9200895833.png
http://www.tradingrooms.com/chartpos...2720081374.png
  • #1,130
  • Mar 27, 2008 8:16am Mar 27, 2008 8:16am
Quoting naatha
mom's are 1.10.14 momentum
http://www.tradingrooms.com/chartpos...9200895833.png
http://www.tradingrooms.com/chartpos...2720081374.png

Wow how can you read anything on those charts you posted

I like mine to be simple, clear, and concise

Elijah

P.S. I am using a stochastic momentum with 3 periods.
I did another Stochastic MOM with the periods you use.

It looks like it is better than the default period settings.

Thanks,
Elijah
  • #1,131
  • Mar 27, 2008 8:19am Mar 27, 2008 8:19am
Wow Naatha,

Does your predictive cci plot the predictive lines, or is that you ?

Can you share that indicator ?

Thanks
  • #1,132
  • Edited 9:30am Mar 27, 2008 8:25am | Edited 9:30am
Can you share that indicator ?

http://www.tradingrooms.com/chartpos...2008133058.png
----------------
http://www.tradingrooms.com/chartpos...7200814057.png
http://www.tradingrooms.com/chartpos...2008143048.png
Attached File(s)
File Type: zip indicators.zip   4 KB | 433 downloads
  • #1,133
  • Mar 27, 2008 8:47am Mar 27, 2008 8:47am
Quoting naatha
Can you share that indicator ?

http://www.tradingrooms.com/chartpos...2008133058.png
----------------
hi goodbadmas i'm in 4rex4rus-room now
Thanks a lot
  • #1,134
  • Mar 27, 2008 9:36am Mar 27, 2008 9:36am
I am now out of my shorts with aevrage profits like a fool. Already I left another 75 pips on the table. But I have reached my goal of 400 pips for the day.

I am now looking to get some order in long.

The new high invalidates my Fib Retracements.

But I am hoping for support around 200.00 or 199.80 and hope to get long at those levels.

Unless someone can justify a move down lower to test 197, 196, and 195.

I know she has to return to 195 but will it be now or are we going higher and making new highs first?

I am still down about 400 for the week, but should make that up today or tomorrow.

Elijah
  • #1,135
  • Mar 27, 2008 10:27am Mar 27, 2008 10:27am
good work rrram2!

Carolyn
  • #1,136
  • Mar 27, 2008 11:36am Mar 27, 2008 11:36am
Quoting rrram2
I am now out of my shorts with aevrage profits like a fool. Already I left another 75 pips on the table. But I have reached my goal of 400 pips for the day.

I am now looking to get some order in long.

The new high invalidates my Fib Retracements.

But I am hoping for support around 200.00 or 199.80 and hope to get long at those levels.

Unless someone can justify a move down lower to test 197, 196, and 195.

I know she has to return to 195 but will it be now or are we going higher and making new highs first?


I am still down about 400 for the week, but should make that up today or tomorrow.

Elijah
Elijah

Nice trading

I went long on the bounce off 200 , just closed at 200.7 on test of 50 sma on the 5 min.
Blogging daily now at www.volume.zone
  • #1,137
  • Mar 27, 2008 12:00pm Mar 27, 2008 12:00pm
When I first opened an account with a broker that paid interest on positive carry trades I was overcome with joy and to receive triple interest on Wednesday……. Well it’s just like the song says, “…. Get your money for nothing…..”

But as I pursued my dream of free money I found it to be an elusive one.

Nothing holds true 100% of the time, especially in the FX markets, but this is what I have found. (Drum roll, please)

The positive carry held through NY close for GJ equals about 2.2 pips or 6.6 pips on Wednesdays. Now this is where tunnel vision hinders successful trading.

What I see a majority of the time is that GJ will sell off before NY close. To be sure there is a sell off immediately following NY close but trading that can be like trading a news spike with spreads suddenly widening.
So you can be certain of one thing. If you hold a GJ buy past NY close (or whenever your broker pays his swaps) you WILL be paid the interest on your trade. There you have it. I GUARANTEE in forex. But at what cost? In a carry trade (held for two minutes or two years) you make money in two ways, the interest and capital appreciation (pips in your pocket from a positive trade) Now of the two, which is the most important? Anyone?

Right on! Capital Appreciation by a landslide. SO how do we turn this into a successful trading strategy? Simple (and this will work even if your broker does not pay interest on positive carry trades)

Early in the US session look for a bottom and buy. Hold it until you see signs of a peak and take your pips and go home.

Another trade is when you see the top forming sell and hold it through the NY close.

“Now wait a minute! If I do that I will pay interest, TRIPLE interest! What are you? Nuts?”

Let’s see. 1 hour and 55 minutes before NY close yesterday there was a huge spike upward that was visible on 5M, 15M and 30M TF in the area of 199.70. If you had sold in this area you would have been in the market near 199.50 if you bailed out BEFORE NY close you would have conservatively netted 30+ pips. If you had held through NY close price bottomed out at 198.20 one hour and 5 minutes after NY close. That’s easily 100 pips. Minus your spread we will say 5. Now we have +95 pips and of course the triple interest we paid. Another 7 pips. Now we have + 88 pips.

SO there you have 3 possible strategies from my trading toolbox. Research the charts and see for yourself. Maybe come up with some others and come back and share.

The prize here is positive pips, the promise is triple interest. We have to keep our eyes on the prize, not the promise.
Energy and persistence conquer all things! Ben Franklin
  • #1,138
  • Mar 27, 2008 12:05pm Mar 27, 2008 12:05pm
Bear flag broken on 5 min = downwards bound

support at 200
Blogging daily now at www.volume.zone
  • #1,139
  • Mar 27, 2008 12:13pm Mar 27, 2008 12:13pm
Quoting malcolmb14
Bear flag broken on 5 min = downwards bound

support at 200

if 200 is broken then we may see more down

i m short already at 200.41 ...

Goodbadmas
  • #1,140
  • Mar 27, 2008 12:34pm Mar 27, 2008 12:34pm
Quoting goodbadmas
if 200 is broken then we may see more down

i m short already at 200.41 ...

Goodbadmas
nice trade bro
Sometimes in order to see the light, you have to risk the dark
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