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Auslanco - GBP/JPY and GBP/USD (newstrade)

  • #74,921
  • Apr 23, 2008 1:00pm Apr 23, 2008 1:00pm
Quoting bigcoupe
I use 7 /7. However i just cannot figure out why i cannot make any money
  • #74,922
  • Apr 23, 2008 1:05pm Apr 23, 2008 1:05pm
Quoting Clouds
That's good advice. I'm a rookie, so I'll take it. If you want to hear advice from a rookie, this is what I have to say. It takes loosing your job, almost going broke, until you hit rock bottom, and you can only go up!

Clouds, "almost" going broke is still preferable to actually going broke. This is a lousy pair to trade if one has any, can I call it "desperation factor" going on in their life for whatever reasons. Job loss would certainly qualify there.

Have a care there fellow trader, some seasoned old heads here have already said this is a dangerous day to trade. I pinched a few pips earlier, out of all proportion to the effort tho, and now I'm going to get some ice cream with my hard earned profits for the day.
FUBAR...
  • #74,923
  • Apr 23, 2008 1:09pm Apr 23, 2008 1:09pm
Quoting ak4x
Clouds, "almost" going broke is still preferable to actually going broke. This is a lousy pair to trade if one has any, can I call it "desperation factor" going on in their life for whatever reasons. Job loss would certainly qualify there.

Have a care there fellow trader, some seasoned old heads here have already said this is a dangerous day to trade. I pinched a few pips earlier, out of all proportion to the effort tho, and now I'm going to get some ice cream with my hard earned profits for the day.
Thanks for the heads up. Im long on this pair, and will watch it carefully, I may start trying the CHF/JPy
  • #74,924
  • Apr 23, 2008 1:11pm Apr 23, 2008 1:11pm
Attached Image (click to enlarge)
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  • #74,925
  • Apr 23, 2008 1:13pm Apr 23, 2008 1:13pm
Quoting lilmoe
Attachment

now it's 206's serve
Patience + Humility + Study = Success
  • #74,926
  • Apr 23, 2008 1:22pm Apr 23, 2008 1:22pm
Quoting Clouds
You're right, my ratio should be 10 S/L vs. 50 target.

The stop loss really depends on time frame you are trading. No newbie should be trading GJ to begin with , and definately should not be trading a lower time frame than 60 min for swing trade.

99% of day traders get killed. I do day trade and have ok success with it , but understand the market and will not just trade for the sake of trading.

For example this morning was long eurcad , got my 40 pips target and left another 120 pips on the table when the pair popped on the news . I was happy with my 40 pips. , 1% of your account @ 50 pips per day , starting with 10 k account = 3.5 mill in 5 years

If you set a stop loss of 10 pips on gj you will get stopped out 99 % of the time before the trade works for you.

I target 40 - 100 pips per trade and my stop loss is 50 pips on every trade.

Sometime I do not even have a 1:1 risk reward ratio .... but i ensure that i enter the trade for the right reasons , with a stratergy that works time and time again ( about 85% accurate.).

Today those pesky pivots kept me out of trades ... the daily and weekly. So they have been banned from all my charts lol ....I will let the price tell me what it wants to do .
Blogging daily now at www.volume.zone
  • #74,927
  • Apr 23, 2008 1:30pm Apr 23, 2008 1:30pm
Quoting malcolmb14
The stop loss really depends on time frame you are trading. No newbie should be trading GJ to begin with , and definately should not be trading a lower time frame than 60 min for swing trade.

99% of day traders get killed. I do day trade and have ok success with it , but understand the market and will not just trade for the sake of trading.

For example this morning was long eurcad , got my 40 pips target and left another 120 pips on the table when the pair popped on the news . I was happy with my 40 pips. , 1% of your account @ 50 pips per day , starting with 10 k account = 3.5 mill in 5 years

If you set a stop loss of 10 pips on gj you will get stopped out 99 % of the time before the trade works for you.

I target 40 - 100 pips per trade and my stop loss is 50 pips on every trade.

Sometime I do not even have a 1:1 risk reward ratio .... but i ensure that i enter the trade for the right reasons , with a stratergy that works time and time again ( about 85% accurate.).

Today those pesky pivots kept me out of trades ... the daily and weekly. So they have been banned from all my charts lol ....I will let the price tell me what it wants to do .

same thing 1% of account 50 pips per day = 1.2 trillion in 10 years....lol.

I somehow think that will not work as margin comes down as trade amount goes higher...

Do you think they will hunt your stops if you have 12,000 standard lots on the trade ??? lol
Blogging daily now at www.volume.zone
  • #74,928
  • Apr 23, 2008 1:31pm Apr 23, 2008 1:31pm
I'm still short on g/j, short seems much better than long... my 1st target for short is around 202
  • #74,929
  • Apr 23, 2008 1:35pm Apr 23, 2008 1:35pm
Quoting Srikanth
I'm still short on g/j, short seems much better than long... my 1st target for short is around 202

with the 15 min lower highs on each wave up I think you are on the right side of the trade.

Targets to downside....

204.44
204.21
203.50
and if 203.5 is broken 202.3 , that ties in with your target.
Blogging daily now at www.volume.zone
  • #74,930
  • Apr 23, 2008 1:36pm Apr 23, 2008 1:36pm
Quoting malcolmb14
same thing 1% of account 50 pips per day = 1.2 trillion in 10 years....lol.

I somehow think that will not work as margin comes down as trade amount goes higher...

Do you think they will hunt your stops if you have 12,000 standard lots on the trade ??? lol

hahaaa not enough brokers around to even spread them out so ones not tooo suspicious, sure be nice to be able to do such a thing though
"Millionaires don't use astrology, billionaires do"
  • #74,931
  • Apr 23, 2008 1:42pm Apr 23, 2008 1:42pm
Right now we are still in the bull flag on the 60 min = downward trend.

Chances of getting a retracement to 61.8% fib of last move up are fairly high. = 202.20

Very clearly there is a bearish divergence in both the macd and rsi. In addition the rapid rsi generated sell trigger a few hours ago and no buy trigger in sight yet.

now if we break 206 to the upside then the buy swing trade comes into play , other than that would be selling the rallies for now till the bull flag is broken. (unless you love 300 pip draw downs that is lol)

Attached Image (click to enlarge)
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Blogging daily now at www.volume.zone
  • #74,932
  • Apr 23, 2008 1:45pm Apr 23, 2008 1:45pm
Quoting warta
our L 3 sound strong R today bro

Yup bro .. so sweet
  • #74,933
  • Apr 23, 2008 1:47pm Apr 23, 2008 1:47pm
There is no confirmation for the price to go up.. confirmation candle would be around 206.50..until unless price breaks this 206.50 range i say bye bye to longs..
  • #74,934
  • Apr 23, 2008 1:58pm Apr 23, 2008 1:58pm
look how nice candlestick patterns work even on lower TFs, now we're in a symmetrical triangle awaiting to break out. it could go either way...

Attached Image (click to enlarge)
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  • #74,935
  • Apr 23, 2008 3:02pm Apr 23, 2008 3:02pm
Count down the pips if u are short
  • #74,936
  • Edited 5:00pm Apr 23, 2008 3:52pm | Edited 5:00pm
=1,28
*125=160
/100=1,6
+204,89=206,49
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a quess only, not confirmed!!!


--------------
The wonders do happen said hedgehog while getting of a cactus.
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Attached Image
  • #74,937
  • Apr 23, 2008 3:56pm Apr 23, 2008 3:56pm
How do you read that info in relation to the geppy?

Thanks
Money & Pain Respect the market, protect your capital, be patient
  • #74,938
  • Edited 5:35pm Apr 23, 2008 4:16pm | Edited 5:35pm
Quoting toyboy tramp
How do you read that info in relation to the geppy?

Thanks
----------
OK
http://www.forexfactory.com/attachme...6&d=1207138667
http://www.forexfactory.com/showpost...postcount=1923
Attached Image
  • #74,939
  • Apr 23, 2008 5:11pm Apr 23, 2008 5:11pm
Quoting lilmoe
as soon as this damn pair breaks one supports it finds another darn support 10 pips below it, and guess what. wow yes! u guessed it! it bounces...
This pairs current love affair with the daily & weekly pivot can't last much longer. Back & forth and more back & forth action, someone please get this pair some much needed KY lotion...LOL!
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy 4-23-2008 rainbow 1a.gif Size: 46 KB
  • #74,940
  • Apr 23, 2008 5:14pm Apr 23, 2008 5:14pm
Quoting Aad
This pairs current love affair with the daily & weekly pivot can't last much longer. Back & forth and more back & forth action, someone please get this pair some much needed KY lotion...LOL!
Could it be consolidation after it's last bullish move?
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