GBPJPY scalpers

If the futures were going to react to ML they would have reacted ..... 30 points down is nothing. reaction is 50 points plus

I think the market may be waiting for unemployment claims later

Chart is very helpful. 50 SMA now on the charts. Was trading naked with S/R, T/L, any other indicators work well on the beast?

Am going to keep shorts open, am I an idiot? Probably...a fool who persists in his folly will become wise

Thanks

I am trying to understand why there are so many people here trying to get short. On the two minute looks like I could have salped a few shorts for 10-20 pips BUT I quit doing that short scalping thing on retracements down from new highs.

I for one as a rule on GJ am almost always against shorts!

IU am just trying to understand the constant short feeling here when it is clearly in a big move up.

The short is coz the beast is bouncing of the top downtrend channel, so many like me are geared and waiting for the drop, except there's a lot of buying pressure which is messing with entries bigtime.

I think they're not sure what to make of it, least that's what I'm seeing on bloom/cnbc but unemployment claims will figure as well.

Haven't been in this thread for a while, but I last knew that you were holding some longs. Looks like they did you well congrats!http://www.forexfactory.com/images/icons/icon14.gif

congrats ? it worked out for rram .. he holds trades with 400 - 800 pip draw downs. That is one sure way to wipe out an account.

He was lucky

That's the truth, but sometimes it's better to be lucky than good. Sometimes.

Not many platforms provide a 2hr chart. Would you have come to same conclusions without it?

I have over 55K in my account now and even sitting with 40 minilots at different prices is like 2% of my account. Draw down can be foolish for sure.
But at this point the only thing they can do is run me out of money AGAIN!
This time it is a bit harder as I fattened up my account and reduced my used margin to 1% to a max of 5%. I got 5000 pips this month.

From 4/3/08 to today I have 424 RT GJ trades 422 of them yielded a profit.
2 were small losers which were bloody shorts. I am done with shorts!

You called me on what I claim once long ago and I posted over 200 RT trades directly from my account.

Granted I am not any where near as good of a trader as you.
And I often wish I was more like you and hope to continue to learn from you.

I make 5000 pips on 500 trades average about $10 a trade 10 pips on a minilot. You make 5000 pips on 50 trades. You sure have a much less streesful life and I long to be like you. Trade a few hours a day make a few G and then go enjoy life.

I have been watching/trading this beast for almost 3 years.

Yes the drawn down sucks and last week I was down unrealized all week,
but today all my longs but like 6 or 7 got sold for a profit.

422 profitable trades out of 424 is NOT luck. I am not saying GJ will get back to 245 levels anytime soon but I still think at its current price it is a steal.
The Yen cannot sit at 13 years highs for too much longer.

And comparing the yen to the pound, based on the yens crappy interest rate of .5% or whatever it is to the pounds 5% or whatever it is tells me
that yen is and will always lose in the long run to the pound.

I can tell you that the reason the US had so much money last year was because the demand for the dollar was high due to the obnoxious interest rates. Now the rates have crashed. AND I am looking for a 25 bip rate cut on 4/30/08 which will allow me to refinance more loans at lower interest rates for my clients. IT also is BAD for the US economy. When US interest rates are low foreigners pull out thier money from the US. The next rate cut may send us into a short tailspin down but long term I am going to maintain a bullish bias on the GJ.

Time to get to work gotta close some loans.

I am buying long at 202 and think 202 will hold as st support.
But you know me I am always looking for a good run down so I can get long lower. There is a method to my madness and while I am not half the trader you are what I do works and I only offer it as something to help folks keep thier minds open.

Everyone is always wanting to short GJ. All I can say is good luck with those shorts. the GJ is so resiliant and so hard to knock down and hold down. I literally have my charts up 24/6 and only take off one day saturday from trading.

No I dont recommend what I do to any trader who has not been doing forex for years. But it has taken me several years to get to this point where I can consistant scalp and make a profit 99% of the time.

And BTW there is no such thing as luck. Luck is at term used by those that fail to understand that everything in this world is cause and effect, action and reaction. Nothing happens by CHANCE as the word luck would lead you to believe. There is no effect without a cause and there is no action without a equal and opposite reaction.

news foiled me here in the S/T I'm out for the day!

That was some very small down. Looks like back to the up plan.
I scalped a 2 or 3 lots on that little thing now I am really leaving holding 7 old longs I expect to hit thier TP target while I am away today.

Good luck everyone. Forget that short idea though I am thinking she is heading back north.

Wow who kicked her in the rear?

I only have 2 longs left 5 of them hit the tp target while I was away.
After those 2 longs sell for 204.88 then I will be flat and fat for the week.

Otherwise who cares, I am up like 5300 pips for last week and this week now and am down on two longs $35.10 unrealized. I suspect they too will close out automatically when price hits 204.88.

Then I will be opn for some new ideas as I see 205 will cause some significant resistance. There may even be some small reisistance at 204.50.

But I am going to hold these longs to term. Wanna get short at 205?
RSI is at almost 80 on the 180 min chart. But all indications are not there to signal a break down and it may blow through 205 on its first try. There is some indaction I may want to get short at 205 but I doubt that will happen for me.

I would rather let it run down from 205 and buy in at support, which it isnt even clear to me at this point where support even is.

where is everyone?

I started a new thread:

GBP/JPY Equity Building Profitable trading strategies
So as to not interfere with malcolmb

I hope no one here is holding shorts!

I am done posting here like a mad man and am taking my warped long attitude to my own thread, everyone is welcome there.

Thanks for all the help especially Malcolmb and scotty...
may you never lose your shorts!

THEGBPJPY will be up 1000 pips at 208.52, and these measured moves will are evident everywhere. It sure looks like this level will be the barrier.

If you take a look over many charts, especially Feb 26, 2008 to March 3, 2008, you would also see another run of 1000 pips before exhaustion and a pause.

Al

Guys-
I am new in this long thread. Can anybody kindly let me know the post#s where the system is described and the indicators and/EAs are posted.

Thanks in advance

- Sukhen

Look for my next post soon

You got the direction right for sure, but what was your max drawdown from point of Buy Buy? Solid trade set up NewstraderFX

can somebody help me..

i cant run the setup for the room!

pls advise..

http://pic50.picturetrail.com/VOL400.../314236050.jpg

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