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GBPJPY scalpers

  • #2,361
  • Apr 11, 2008 10:10am Apr 11, 2008 10:10am
Quoting timewilltell
man forget indicators that reverse pyschology stuff works!
Stop using that! it is making the market move against ME!
  • #2,362
  • Apr 11, 2008 10:16am Apr 11, 2008 10:16am
Quoting stewrigh
Hey Elijah,

Can I ask a question - why do you keep fighting the market.

The PY has been heading south for weeks but you are still long.

You need to park your convictions and go with the flow - IMHO.

Just some friendly advice.

Regards
Stew.
However I figure about 10% of the forex folks make 90% of the forex money.
I have always tried to go with the flow and it never worked for me. I was either too slow or too late or set my SL to low, and had some SL hunting broker eat me up.

If 90% of the people are doing something then they must be the folks making the 10%. I wan't to be against the flow and doing things that 90% of other traders are not doing.

What I do now works, slow but sure and every time I have tried to go with the flow when it is short GJ I always get eaten up. Heck I lost about 2G
week or two ago on some GJ shorts which took me all the next week to make back. If I go short she turns around!
  • #2,363
  • Apr 11, 2008 10:43am Apr 11, 2008 10:43am
Hi I just started forex trading and was wondering if this system/pair would be easy to learn and trade. I would like to try the 9 90 pip method to make a mil and help others. That is my goal with forex. Financial independence, and helping others. Can you guys please give me some advice? I have studied babypips.com and now studying technical analysis of financial markets by john murphy. I will soon be off to encyclopedia of chart patterns as well as japanese candlestic patterns by nison. ANY advice, books, methods, websites that you can give me, or email me, would be GREATLY appreciated. I have told my friends about forex and have started a google group. I am not sure if I can post the group url here, so if any of you want to join and manage it go to my profile and tell me who you are and I will make you a manager. I want to help as many people as I can by working with orphans and helping the poor. I figured that I can do this because I am good in math and analyzing. God bless you all!

Ahren
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #2,364
  • Apr 11, 2008 11:22am Apr 11, 2008 11:22am
Quoting eaglestar
Hi I just started forex trading and was wondering if this system/pair would be easy to learn and trade. I would like to try the 9 90 pip method to make a mil and help others. That is my goal with forex. Financial independence, and helping others. Can you guys please give me some advice? I have studied babypips.com and now studying technical analysis of financial markets by john murphy. I will soon be off to encyclopedia of chart patterns as well as japanese candlestic patterns by nison. ANY advice, books, methods, websites that you can give me, or email me, would be GREATLY appreciated. I have told my friends about forex and have started a google group. I am not sure if I can post the group url here, so if any of you want to join and manage it go to my profile and tell me who you are and I will make you a manager. I want to help as many people as I can by working with orphans and helping the poor. I figured that I can do this because I am good in math and analyzing. God bless you all!

Ahren
Ahren

GJ is called the beast for a reason ... it can be a very hard pair to trade , but when you are on the right side of the trade you can make some nice pips.

i would suggest start with EURUSD , a niced slow moving pair , trade it using a 2 or 4 hour chart , that way you can have a bit more time to think about the trade.

I like cathy Liens Day trading the currency market
Blogging daily now at www.volume.zone
  • #2,365
  • Apr 11, 2008 3:53pm Apr 11, 2008 3:53pm
I would like to learn at a faster level such as the 15 min or 5 min. Can you use this system profitably trading the eur/usd at the 15 min? or is this system tweaked specifically for gpb/jpy?

thanks
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #2,366
  • Apr 11, 2008 4:02pm Apr 11, 2008 4:02pm
Quoting eaglestar
I would like to learn at a faster level such as the 15 min or 5 min. Can you use this system profitably trading the eur/usd at the 15 min? or is this system tweaked specifically for gpb/jpy?

thanks
Look at higher timeframes first or you will get burned. After you find a profitable system on the higher timeframes, you can fiddle with lower timeframes.

Bless
Patience + Discipline - Greed = Success
  • #2,367
  • Apr 11, 2008 4:04pm Apr 11, 2008 4:04pm
Malcolm,

I think you're right about the lower open on Sunday. I figured a close above 199 would see us higher but alas we're closing below 199
Patience + Humility + Study = Success
  • #2,368
  • Apr 11, 2008 4:05pm Apr 11, 2008 4:05pm
Malcolmb just wondering whats the best way to enter and exit trades? I am using Pivot levels as entry and exit points and also as Support and Resistence level. Is this effective or do you suggest using FIB levels as support and resistence. Also on 1 and 4hr charts what would be the best way to draw FIBS. I mean i know i have to draw from extreme levels but like how far back should I be going to get an accurate reading? Advice would be appreciated
  • #2,369
  • Apr 11, 2008 4:51pm Apr 11, 2008 4:51pm
Quoting eaglestar
I would like to learn at a faster level such as the 15 min or 5 min. Can you use this system profitably trading the eur/usd at the 15 min? or is this system tweaked specifically for gpb/jpy?

thanks

I trade down to a 2 min chart ( only on futures) , however this is NOT for new traders. When trading a 5 min chart you have to think fast , know what is going on with the overall markets , understand if markets forces are workng together or against each other.

Instead of making the fast (but highly risky) buck i would suggest trading a 2 or 4 hour chart , make 200 ++++ pips on the profitable trades.. let them run i have recently had 1500 pips runs on the eurcad. Let the losers go with 150 pips stop losss (not 400 - 500 pip draw downs as some traders seem to do).

The stats say that 90 % of day traders lose their entire accounts . hence day trading on 5 min time frames is not for new traders.

Also gj is a beast and is not for new traders .. it can move aginast you by 100 pips in a heart beat as the longs discovered today at around 3 am PST... start with a user freindly pair like usdjpy. Another member of this forum told me they know someone that makes 30 - 40 pips a day on average on the usdjpy and grows their account by 10 % month after month after month.

Also when swing trading use only 1 % of your account. I know it sound boring and you are not making thousands every day , but then Rome was not built in a day either. If you have a 10 k account you should not be swing trading with more than $100. Make 1000 pips a months ( can be done with ease) and your account will grow at 10% per month. Never use more than 1% , you can have a few losing trades in a row and still not have to much of a draw down on your account if you stick to the 1% rule.

Earlier in the thread I showed how you could turn 1 k in to 72 k in 9 trades over a period of 4 months.

The issue with forex is that it all looks very exciting , people say they make 100's of pips a week etc etc , but in reality what really happens is that the bulk of forex traders take to much risk and blow their accounts very quickly and lose money.

Why do you think the brokers love pushing forex so much ?

Also there is no 'magic' system out there. What I know cost me $50,000 in lost money in my 1st year of trading. I have since made that back but it was a long journey to get to where I am today , hours spent reading and studying charts , and above all trading. With each trade comes more experience.

remember Eagle , do not be greedy , slowly but surely wins the race.

And above all remember 2 things

1) The best traders are the ones that manage risk the best
2) Trade to trade well not to make money.
Blogging daily now at www.volume.zone
  • #2,370
  • Apr 11, 2008 5:51pm Apr 11, 2008 5:51pm
Hi I was wondering if there was any way to write a more detailed rules post on the front page, plus the invaluable indicators that you use along with your current setup templates. I saw this kind of setup on another system that I am testing, and found it to be very helpful to all newbies like me and also in case you switch computers or something like that. I didn't see hard defined exit rules as well on the main page, and am still reading looking for it.

If you have any advice for a newbie, please send me an email. It would be greatly appreciated!
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #2,371
  • Apr 13, 2008 5:44pm Apr 13, 2008 5:44pm
15 min use 50 sma as a pivot ...

add long off high of trigger bar , 15 pips for sell . The next 15 min bar finishes at 4 pm pst. This is the trigger bar.

I will keep you posted

I am think long into 200.15 / 200.55 zone
Blogging daily now at www.volume.zone
  • #2,372
  • Apr 13, 2008 5:49pm Apr 13, 2008 5:49pm
I am looking for 199.59 , plus spread for entry . My spread is 6 pips so my limit order reads 199. 65

Attached Image (click to enlarge)
Click to Enlarge Name: gj50.jpg Size: 191 KB
Blogging daily now at www.volume.zone
  • #2,373
  • Apr 13, 2008 6:15pm Apr 13, 2008 6:15pm
Quoting malcolmb14
I am looking for 199.59 , plus spread for entry . My spread is 6 pips so my limit order reads 199. 65

Attachment
I am confused. If S is @ 199.16 and R @ 199.75 ( per my chart/fib line, Why enter @ 199.65 long?? What am I missing. Im sure it is something.
  • #2,374
  • Apr 13, 2008 6:36pm Apr 13, 2008 6:36pm
Quoting 13.1 Runner
I am confused. If S is @ 199.16 and R @ 199.75 ( per my chart/fib line, Why enter @ 199.65 long?? What am I missing. Im sure it is something.

199.75 ?? I do not see that please post a chart.

well I had this same conversation with someone the other day.

if you look hard enough and plot enough lines on charts you will find support and resistance at every 10 pips and never enter a trade,

I have 1-2-3 sell 38.2 % fib at 199.43 , the 23.6% fib extension of the same formation is at 210.66 and formed good R on Thursday of last week. Resistance from Friday at 199.5 , So i think an entry at 199.75 with 200.2 target as not a bad risk / reward ratio.

I am using a momentum play off the 50 sma on the 15 min for this trade. If the price breaks thru the 50 sma , as it did and there is momentum behind the break out , then the next 15 min cnadle should be up.

This is why you add 15 pips to the trigger bar and not just rush into the trade.
Blogging daily now at www.volume.zone
  • #2,375
  • Apr 13, 2008 6:51pm Apr 13, 2008 6:51pm
Quoting malcolmb14
I am looking for 199.59 , plus spread for entry . My spread is 6 pips so my limit order reads 199. 65

Attachment
trade not filled and cancelled

the last candle broke back down thru the 50 sma on 15 min
Blogging daily now at www.volume.zone
  • #2,376
  • Apr 13, 2008 7:13pm Apr 13, 2008 7:13pm
Quoting malcolmb14
199.75 ?? I do not see that please post a chart.

well I had this same conversation with someone the other day.

if you look hard enough and plot enough lines on charts you will find support and resistance at every 10 pips and never enter a trade,

I have 1-2-3 sell 38.2 % fib at 199.43 , the 23.6% fib extension of the same formation is at 210.66 and formed good R on Thursday of last week. Resistance from Friday at 199.5 , So i think an entry at 199.75 with 200.2 target as not a bad risk / reward ratio.

I am using a momentum play off the 50 sma on the 15 min for this trade. If the price breaks thru the 50 sma , as it did and there is momentum behind the break out , then the next 15 min cnadle should be up.

This is why you add 15 pips to the trigger bar and not just rush into the trade.
i had the same pivot at 199.73?
TRIALS THAT SHAKE SOME, CONFIRM OTHERS!
  • #2,377
  • Apr 13, 2008 7:18pm Apr 13, 2008 7:18pm
Quoting moneymagnet
i had the same pivot at 199.73?
oops forgot chart
Attached Image (click to enlarge)
Click to Enlarge Name: gj5min.gif Size: 16 KB
TRIALS THAT SHAKE SOME, CONFIRM OTHERS!
  • #2,378
  • Apr 13, 2008 7:19pm Apr 13, 2008 7:19pm
Quoting malcolmb14
I am looking for 199.59 , plus spread for entry . My spread is 6 pips so my limit order reads 199. 65

Attachment
Not challenging you Malcom. I attempted to post my chart and keep getting an error due to the size. I resized in paint but something is not working. I did compare my chart to yours and your chart also denoted R @199.72 if I am reading it right. Again, not challenging someone who has much more experience than me, just trying to learn from the thread.
  • #2,379
  • Apr 13, 2008 10:19pm Apr 13, 2008 10:19pm
Attached chart as a word doc. may not work but the point is the same. 199.75 is app pivot pt.
Attached File(s)
File Type: doc G J.doc   145 KB | 428 downloads
  • #2,380
  • Apr 13, 2008 10:24pm Apr 13, 2008 10:24pm
Quoting 13.1 Runner
Attached chart as a word doc. may not work but the point is the same. 199.75 is app pivot pt.
I saw those pivot points after you posted. i never really used to pay much notice of them , but I am starting to. Thanks for giving me the info .

Only one nice trade trigger tonight that netted 60 pips. i did not take it as I decided to kick back and relax instead.
Blogging daily now at www.volume.zone
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