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  • #2,001
  • Apr 3, 2008 12:17pm Apr 3, 2008 12:17pm
Summitfx up to his / her tricks. I guess they did not take their medications this morning again.

I see Summit has changed the name to BS eradication squad ...so he/ she is suicidal also as they are going to eradicate themselves.

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  • #2,002
  • Apr 3, 2008 12:19pm Apr 3, 2008 12:19pm
You guys are brutal Man~
Trade what you see - Not what you think
  • #2,003
  • Apr 3, 2008 12:20pm Apr 3, 2008 12:20pm
If you must~

Quoting Billser
rrram2,

Just out of curiousity, what is your set up that you use to make your trades...It sounds like you are making a lot of pipmullar

Thanks

Billser
Trade what you see - Not what you think
  • #2,004
  • Apr 3, 2008 12:23pm Apr 3, 2008 12:23pm
Yes Summit I get it..... Remember....you....sent...this...to...me...yesterday...via...PM.....I'm....still....learning.... and..... proud...of...it.......( is that slow enough for you mountain boy)

The more you post..Ken....the more people on this website see you as a bigger idiot...

EDIT: Sorry guys that will be my last post addressed to Summit hero


Quoting summitfx
If you must~
It's All About Attitude ...
  • #2,005
  • Edited 3:35pm Apr 3, 2008 12:31pm | Edited 3:35pm
Looks like Bernanke. Nice pic.
Attached Images
  • #2,006
  • Apr 3, 2008 12:31pm Apr 3, 2008 12:31pm
Here's a hint guys - internet trolls feed on attention. Starve them of it and they'll go elsewhere. Summit isn't even a good one so please, just ignore him.
  • #2,007
  • Apr 3, 2008 12:35pm Apr 3, 2008 12:35pm
My message is that scalping the GJ is going to cause you to have losses. It's almost guaranteed. The FX graveyard is full of scalpers!!
It's a fools game! I know I did it. Maybe a few new traders have looked elsewhere like james16 thread or Steviets thread. Anything but this.

Think of me as the modern day Greek God Hermes!


I'm only to trying to help!

Quoting kocher
Yah know, im not one to get into an internet pissing contest but some people just dont know when to stfu. The simple fact that you have over 800 posts and no one to vouch even once for 1kt for you should show what you post for, cause it cleary isn't trade related. Amazing how you consider Malcolmb and Kujo are phony yet they are 1kt...

Malcolmb and Kujo are two of a very small few left that take time to post and help out new traders. I believe anyone, new or experienced, that has taken time to read thier posts over the last few months has learned something. I for one enjoy thier insight on the market, and hope they continue to post.

You on the other hand....
Trade what you see - Not what you think
  • #2,008
  • Apr 3, 2008 12:40pm Apr 3, 2008 12:40pm
Quoting summitfx
My message is that scalping the GJ is going to cause you to have losses. It's almost guaranteed. The FX graveyard is full of scalpers!!
It's a fools game! I know I did it. Maybe a few new traders have looked elsewhere like james16 thread or Steviets thread. Anything but this.

Think of me as the modern day Greek God Hermes!


I'm only to trying to help!
Maybe the good people in the thread do not want to hear your wisdom! Maybe you are also wrong, as there are many scalpers in that "graveyard", but they do not consist of the likes of malcolmb14, kujo17 or ScottyB. So why do you not stick your head into another hypocaustum and get away from here, as you are only hijacking a good thread and make it impossible for others to stick to the topic!
After trying to mess up the Oz thread the other weekend, this is the next time you stand on my feet. Get off and leave the guys alone here! And Hermes, by the way, never acted on his own behalf. He was sent!

Gnat
  • #2,009
  • Apr 3, 2008 1:00pm Apr 3, 2008 1:00pm
Summitfx has a good point on the last posting , trading gj on a 5 min time frame is not for everyone and is very high risk. but although he could not do it , does not mean it cannot be done.

I trade the 5 min charts if the trade set up I look for turns up. I even trade it on a 2 min once in a while if the market is ranging nicely and the trade match my requirements. It seems that 1400 - 1700 hours pst the last few days have given some very nice trades on a 2 min chart.

However in my mind it is not the pair to swing trade either as draw downs on accounts can be massive (400 - 500 pips I have heard ). With th gj in order to swing trade it you have to wait for the perfect oppertunity and set up.

Those that got in long on the double bottom of the 60 min chart / 197 zone are doing well .

For swing trading, eurcad , or the majors are easier on ones account as stop losses do not have to be 200 pips plus.

The thing about day trading the gj is to let the wins run , and cut the losses short. 30 pip stop seems to be the magic number for day trading. Also choose the time you trade , trying to scalp now would be a waste of time and money. The euro / us session overlap gives some good trades.

Remember also if there is no decent trade set up do not trade , there is always tomorrow.

Also when trading 5 min charts , beaware of news that is coming out , and also of the direction of the higher time frames. i use 10,15 and 30 , anyhting higher than that when trading a 5 min chart is insignificant.

The other thing about day trading is do not over trade . 1st trade of day you get 30 - 50 pips profit be happy and stop trading for the day. Do not go on to place another trade , as this could be the one that you give your profits back on. I was guilty of this today when trading the YM and suffered a $400 loss after being up $600.
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  • #2,010
  • Apr 3, 2008 1:11pm Apr 3, 2008 1:11pm
When one of the other traders mentioned good call on gbpjpy and gbpchf ... eher were the trades.

We were on skype at the time chatting , there is a small group that get on in the mornings

Attached Image (click to enlarge)
Click to Enlarge Name: gj94.png Size: 150 KB


Attached Image (click to enlarge)
Click to Enlarge Name: gc.png Size: 154 KB
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  • #2,011
  • Apr 3, 2008 1:17pm Apr 3, 2008 1:17pm
Quoting malcolmb14
When one of the other traders mentioned good call on gbpjpy and gbpchf ... eher were the trades.

We were on skype at the time chatting , there is a small group that get on in the mornings

Attachment

Attachment
Hi malcolmb, what is your skype username? Thanks.
  • #2,012
  • Apr 3, 2008 1:23pm Apr 3, 2008 1:23pm
Quoting currinexfx
Hi malcolmb, what is your skype username? Thanks.
I get a lot of sypes in the mornings , and it distracts me from trading , so if you do not mind will keep that under wraps for now.
Blogging daily now at www.volume.zone
  • #2,013
  • Apr 3, 2008 1:29pm Apr 3, 2008 1:29pm
Hi all,
Could any buddy kindly tell me which EA trade live GBP/JPY orders now?
It will be profitable,if EA works perfect
ele
  • #2,014
  • Edited 1:31pm Apr 3, 2008 1:30pm | Edited 1:31pm
Greetings Malcolmb and all,

I believe you have summed this thread up in it's essence. I have been watching and reading it daily. I do believe you have it down to an art. I continue to learn from your posts.

Unfortunately I have only been trading FX for about three months and have realized that I am not capable of scalping successfully yet. I came to this realization after deleting my account about 50% trying different techniques on these boards.

For me the solution is now obvious, I need to focus on longer time frames such as 4 hour and day charts. I will continue to watch with interest this thread but I must regress to an approach that gives me a better probability trade which I believe is based on longer time frames.

I only post this in the event there may be others out there that are having a similar experience.

I am looking at EUR/USD as a more stable 'beast' than GBYJPY. GJ is for experienced traders not a novice such as myself.

Thanks for educating us all! I will continue to watch and learn albeit I will not be emulating at this point.

Best Regards,
Dave

Quoting malcolmb14
Summitfx has a good point on the last posting , trading gj on a 5 min time frame is not for everyone and is very high risk. but although he could not do it , does not mean it cannot be done.

I trade the 5 min charts if the trade set up I look for turns up. I even trade it on a 2 min once in a while if the market is ranging nicely and the trade match my requirements. It seems that 1400 - 1700 hours pst the last few days have given some very nice trades on a 2 min chart.

However in my mind it is not the pair to swing trade either as draw downs on accounts can be massive (400 - 500 pips I have heard ). With th gj in order to swing trade it you have to wait for the perfect oppertunity and set up.

Those that got in long on the double bottom of the 60 min chart / 197 zone are doing well .

For swing trading, eurcad , or the majors are easier on ones account as stop losses do not have to be 200 pips plus.

The thing about day trading the gj is to let the wins run , and cut the losses short. 30 pip stop seems to be the magic number for day trading. Also choose the time you trade , trying to scalp now would be a waste of time and money. The euro / us session overlap gives some good trades.

Remember also if there is no decent trade set up do not trade , there is always tomorrow.

Also when trading 5 min charts , beaware of news that is coming out , and also of the direction of the higher time frames. i use 10,15 and 30 , anyhting higher than that when trading a 5 min chart is insignificant.

The other thing about day trading is do not over trade . 1st trade of day you get 30 - 50 pips profit be happy and stop trading for the day. Do not go on to place another trade , as this could be the one that you give your profits back on. I was guilty of this today when trading the YM and suffered a $400 loss after being up $600.
  • #2,015
  • Apr 3, 2008 1:32pm Apr 3, 2008 1:32pm
Hi Malcolmb,
Very good, helpful insight this morning. I am still trying to learn how to ride this crazy gbp/jpy, so your contribution here is well taken.


Thanks for sharing......Tom
  • #2,016
  • Apr 3, 2008 1:50pm Apr 3, 2008 1:50pm
EURCAD has bounced from 1.5720 -> 1.5800+ level twice and it appears as though we are going back down. Maybe this third time will get us through the support around 5720.
  • #2,017
  • Apr 3, 2008 1:51pm Apr 3, 2008 1:51pm
Quoting entropy
Greetings Malcolmb and all,

I believe you have summed this thread up in it's essence. I have been watching and reading it daily. I do believe you have it down to an art. I continue to learn from your posts.

Unfortunately I have only been trading FX for about three months and have realized that I am not capable of scalping successfully yet. I came to this realization after deleting my account about 50% trying different techniques on these boards.

For me the solution is now obvious, I need to focus on longer time frames such as 4 hour and day charts. I will continue to watch with interest this thread but I must regress to an approach that gives me a better probability trade which I believe is based on longer time frames.

I only post this in the event there may be others out there that are having a similar experience.

I am looking at EUR/USD as a more stable 'beast' than GBYJPY. GJ is for experienced traders not a novice such as myself.

Thanks for educating us all! I will continue to watch and learn albeit I will not be emulating at this point.

Best Regards,
Dave

eurusd is a much safer one to trade 4 hour with than the gj . I started with AUDUSD as most of the time news that really effeted either country came out while i was awake

I love the 4 hour time frames to trade these pairs

with eurusd I use 75 pips above / below trigger bars on 4 hour for entry and a 150 pips stop for swing trading.,

here is the chart form the last few days with all the trigger on it.

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd'.png Size: 152 KB


Attached Image (click to enlarge)
Click to Enlarge Name: eurusd01.png Size: 157 KB
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  • #2,018
  • Apr 3, 2008 1:55pm Apr 3, 2008 1:55pm
Quoting thegunslinger
EURCAD has bounced from 1.5720 -> 1.5800+ level twice and it appears as though we are going back down. Maybe this third time will get us through the support around 5720.
According to Gann theory when something is tested 3 time it breaks hard
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  • #2,019
  • Apr 3, 2008 2:01pm Apr 3, 2008 2:01pm
Quoting malcolmb14
According to Gann theory when something is tested 3 time it breaks hard
That was my thinking.
  • #2,020
  • Apr 3, 2008 2:06pm Apr 3, 2008 2:06pm
Quoting thegunslinger
That was my thinking.
Do not get more bearish than this on daily. I got in higher as per my 1st posting on this and have profit already. But a break of the 20 sma might give a good entry , with a stop of 150 pips

1.5480 target after break of 1.5680.

Attached Image (click to enlarge)
Click to Enlarge Name: eurcad.jpg Size: 118 KB
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