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GBPJPY scalpers

  • #2,041
  • Apr 3, 2008 8:38pm Apr 3, 2008 8:38pm
Quoting tonyo524
Malcolm are you still in that short trade from earlier?

I am but to tell you the truth not loving it. The 20 sma on the daily is forming good support and now it has formed trend line support and what was a breakdown of a flag is now a symmetrical triangle , which is a continuation pattern.

I also do not love the rapid rsi being oversold on the 60 min.

However the 4 hour does look promising for a drop. I would enter this trade again for a swing on the 4 hour if we dropped under the 50 sma at 79.85

I may close it with 15 pips profit

Attached Image (click to enlarge)
Click to Enlarge Name: nzdjpy.png Size: 145 KB


Attached Image (click to enlarge)
Click to Enlarge Name: nzdjpy4hour.png Size: 130 KB
Blogging daily now at www.volume.zone
  • #2,042
  • Apr 3, 2008 8:39pm Apr 3, 2008 8:39pm
Quoting malcolmb14
Tony that is esignal

I use Tradetsation also. .... it looks a little different and what i like it for is I have something called Radar that send me alerts on indicators on multiple time frames

The software does not really matter .. it is knowing the right time frames to trade on and when. For example the uercad chart below is the same time period , but makes no sense to trade it as it doesa not move in the 1600 - 1800 time period. This is why I scalp / day trade the euro overlap the second image is a 2 min of the same pair in the euro / us overlap ... yes that is a 120 pip range this morning

Personally I would rather catch the entry on the rsi and macd cross on a 2 min at extremes with a 20 pips stop and make 80 -100 pips in 2 hours than leave my position at risk to make 200 in a swing trade , with a possible draw down of 400 pips

Attachment

Attachment
Oh ok, I see. I'm in right now long for a quick scalp of the gj, entry at 204.61 long sl set for 20 pips
All that is left in FF is just plain garbage. "Cloggie"
  • #2,043
  • Apr 3, 2008 8:49pm Apr 3, 2008 8:49pm
Quoting tonyo524
Oh ok, I see. I'm in right now long for a quick scalp of the gj, entry at 204.61 long sl set for 20 pips

If you get a chance I would go flat ... take profit .. even only 5 pips

204.55 is R , with the 3 , 4, 5, and 10 min forming sell triggers.

It looks like it is getting set to head back down again .
Blogging daily now at www.volume.zone
  • #2,044
  • Apr 3, 2008 8:54pm Apr 3, 2008 8:54pm
Quoting malcolmb14
If you get a chance I would go flat ... take profit .. even only 5 pips

204.55 is R , with the 3 , 4, 5, and 10 min forming sell triggers.

It looks like it is getting set to head back down again .
Ok thanks I missed my first take profit, while I was typing have to wait for the osma to come around again. My 1 hour is showing a daily r1 at 204.92
All that is left in FF is just plain garbage. "Cloggie"
  • #2,045
  • Apr 3, 2008 8:57pm Apr 3, 2008 8:57pm
Oh and by the way, I'd rather be ahead 5.00 then minus http://www.forexfactory.com/images/icons/icon10.gif
All that is left in FF is just plain garbage. "Cloggie"
  • #2,046
  • Apr 3, 2008 9:10pm Apr 3, 2008 9:10pm
Quoting malcolmb14
If you get a chance I would go flat ... take profit .. even only 5 pips

204.55 is R , with the 3 , 4, 5, and 10 min forming sell triggers.

It looks like it is getting set to head back down again .
I already just got flat myself as GJ is looking to be headed for a dip down
especially on the 240. I was thinking long but sure does look like short would be wiser here.
  • #2,047
  • Apr 3, 2008 9:15pm Apr 3, 2008 9:15pm
Quoting malcolmb14
NJ I got at 80.45 , stop 81.1

Targets as shown on chart below 79.64, 79.4 , 79 .

NFP is coming out tomorrow. With the leading indicators showing that it might be neutral to slightly positive so i am hoping that NJ moves down overnight so that I can move stop to break even at least .

Attachment

hi bud...just woke up to a few green ones (about 35 now) .... locking some in....lettiing a bit ride for target..... hope you did the same
  • #2,048
  • Apr 4, 2008 2:19am Apr 4, 2008 2:19am
Hi Malcolm,

I am new here, I'm interested with your system & chart.
Could you explain little bit about your chart? i.e is red color for sell area, and so on.

Thanks & Regards,
  • #2,049
  • Apr 4, 2008 2:46am Apr 4, 2008 2:46am
Quoting tonyo524
Oh ok, I see. I'm in right now long for a quick scalp of the gj, entry at 204.61 long sl set for 20 pips
ricky business
  • #2,050
  • Apr 4, 2008 3:08am Apr 4, 2008 3:08am
Lots of volatility this morning on this cross. It's a wait and see for me possibly looking at the 204.90 if I am to take any entry. It looks to be tracking the EUR/USD and the GBP/USD at the moment but this expansion on the chart is my concern. See chart below.

http://www.siriusforex.com/_gbpjpy_crazy.gif

Have a great trade.
  • #2,051
  • Apr 4, 2008 4:48am Apr 4, 2008 4:48am
Malcomb,

Pls can I still hold the NZD JPY trade cos it is now heading north i suppose
Pls I need ur help.. dont want to lose much
  • #2,052
  • Apr 4, 2008 5:21am Apr 4, 2008 5:21am
Great thread, taking me forever to get into it. Thanks to Malcomb and co for the information.

I haven't finished it all yet but has GBP/JPY been acting a bit funny for the last couple of days. Seems very indecisive. Ir is this normal.
Thanks
Max
Gravity goes both ways in forex...
  • #2,053
  • Apr 4, 2008 5:52am Apr 4, 2008 5:52am
Quoting noblefx
Malcomb,

Pls can I still hold the NZD JPY trade cos it is now heading north i suppose
Pls I need ur help.. dont want to lose much
My last posting yesterday was that I got out of NZDJPY although it has only moved north by a few pips , and is still having 20 sma on the 2 hour as resistance.

I am not in nzdjpy right now , but will be looking to sell again if it break 79.80
Blogging daily now at www.volume.zone
  • #2,054
  • Apr 4, 2008 6:00am Apr 4, 2008 6:00am
Quoting max pips
Great thread, taking me forever to get into it. Thanks to Malcomb and co for the information.

I haven't finished it all yet but has GBP/JPY been acting a bit funny for the last couple of days. Seems very indecisive. Ir is this normal.
Thanks
Max
Not really been acting to badly. The gj is in a steady uptrend on the 2 hour.

The thing that baffles me is the bearish divergence I am seeing on the rsi and macd.

204.30 is support now , with an upside target of 206.85 if support holds

Todays NFP may send the gj 200 pips in either direction.

Attached Image (click to enlarge)
Click to Enlarge Name: gj61.png Size: 206 KB
Blogging daily now at www.volume.zone
  • #2,055
  • Edited 7:08am Apr 4, 2008 6:20am | Edited 7:08am
CCI-bat, then price bat-pattern GJ1d
http://www.forexfactory.com/attachme...1&d=1207133642
http://www.tradingrooms.com/chartpos...4200811182.png
--------
GJ4h
http://www.tradingrooms.com/chartpos...2008113334.png
-----
If RSI is above 70 this is overbought and indicating a downward correction move soon... - when choppy market
Also - it may indicate the strong bull trend, when trend market, if Volumes low, may be.
Il faut to look Ma-slope, Volumes and JCFBaux/21,5/-for trend changes.
Let's ask malcolmb14...
---
GJ15m
Attached Image
Attached File(s)
File Type: zip JCFBaux.zip   6 KB | 367 downloads
  • #2,056
  • Apr 4, 2008 6:30am Apr 4, 2008 6:30am
Quoting armfx
Hi Malcolm,

I am new here, I'm interested with your system & chart.
Could you explain little bit about your chart? i.e is red color for sell area, and so on.

Thanks & Regards,
I think the red and green on Malcolmbs charts represents oversold and overbought.

If RSI is above 70 this is overbought and indicating a downward correction move soon. If RSI is below 30 this is oversold and idicates a likely correction up soon.

Your best best for explanations is to go back and read all the posts in this thread. There are some very good posts and instead of explaining many things that have been explained before and are previously posted, I would recommend reading all previous posts.

I will be sure not to be in any trades when NFP comes out this morning.

I am surprised GJ rose to 205 overnight. I am shocked that it is still hanging in there and didn't fall overnight.
  • #2,057
  • Apr 4, 2008 6:50am Apr 4, 2008 6:50am
Quoting malcolmb14
Not really been acting to badly. The gj is in a steady uptrend on the 2 hour.

The thing that baffles me is the bearish divergence I am seeing on the rsi and macd.

204.30 is support now , with an upside target of 206.85 if support holds

Todays NFP may send the gj 200 pips in either direction.

Attachment
So how do you see price moving after NFP.

If NFP is up thats dollar positive and GJ will go up?
IF NFP is down thats dollar negative and GJ will go down?

Is that how it usually plays out?

As far as upcoming NFP, looks like previous was -63K
expected is -50K

Felix say the trader trigger deviation on NFP this month is 50K
So if it comes out at 0 I am thinking buy GJ for a 50 pip move up
IF it comes out at -100K then I am thinking sell GJ for a 50 pip move down.

I don't like to be in trades during NFP as it seems to be the single most influential news event of the month eveyr month.

Normally I watch and that is it. If NFP news results make the GJ or any pair move any direction for 50 pips or whatever, Be careful and TP
because what often happens is alot of whipsawwing, where price skyropckets 50 or 100 pips in a few minutes, but then it quickly reverses sometimes and many times it retraces quickly or over the next several hours all the gains it made.

So I don't recommend trading NFP as it is hard to get orders filled at exact prices, even when you have your order entered with no slippage.

Any ANY time you place an order at MARKET, your broker has got you!
And can fill that thing at almost any price he wants.

So you new people be very careful and don't be in trades before NFP comes out and even be careful after it comes out as there is lots of whipsawwing going on.
  • #2,058
  • Apr 4, 2008 6:55am Apr 4, 2008 6:55am
Quoting malcolmb14
My last posting yesterday was that I got out of NZDJPY although it has only moved north by a few pips , and is still having 20 sma on the 2 hour as resistance.

I am not in nzdjpy right now , but will be looking to sell again if it break 79.80
Thanks for the analysis
  • #2,059
  • Apr 4, 2008 7:12am Apr 4, 2008 7:12am
Quoting rrram2
So how do you see price moving after NFP.

If NFP is up thats dollar positive and GJ will go up?
IF NFP is down thats dollar negative and GJ will go down?

Is that how it usually plays out?

As far as upcoming NFP, looks like previous was -63K
expected is -50K

Felix say the trader trigger deviation on NFP this month is 50K
So if it comes out at 0 I am thinking buy GJ for a 50 pip move up
IF it comes out at -100K then I am thinking sell GJ for a 50 pip move down.

I don't like to be in trades during NFP as it seems to be the single most influential news event of the month eveyr month.

Normally I watch and that is it. If NFP news results make the GJ or any pair move any direction for 50 pips or whatever, Be careful and TP
because what often happens is alot of whipsawwing, where price skyropckets 50 or 100 pips in a few minutes, but then it quickly reverses sometimes and many times it retraces quickly or over the next several hours all the gains it made.

So I don't recommend trading NFP as it is hard to get orders filled at exact prices, even when you have your order entered with no slippage.

Any ANY time you place an order at MARKET, your broker has got you!
And can fill that thing at almost any price he wants.

So you new people be very careful and don't be in trades before NFP comes out and even be careful after it comes out as there is lots of whipsawwing going on.

Best thing to do fater major news is wait for 30 min to enter a trade. If the market is ripping up or down let it go..... then wait for the pull back for entry, That is what I do
Blogging daily now at www.volume.zone
  • #2,060
  • Apr 4, 2008 7:21am Apr 4, 2008 7:21am
Which want more volatile...GJ or GBPCHF? During NFP
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