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

  • #92,681
  • Jun 12, 2008 5:16am Jun 12, 2008 5:16am
thanks GOD for AJ and AUDNZD
  • #92,682
  • Jun 12, 2008 5:23am Jun 12, 2008 5:23am
Quoting forex888
Do you favour shorts g/y now?
i'm not sure now. but a breakout of the IB would be a good sign.
  • #92,683
  • Jun 12, 2008 5:30am Jun 12, 2008 5:30am
Quoting lilmoe
i'm not sure now. but a breakout of the IB would be a good sign.
the problem with playing Ib's is that many times you will get 2 or more false breaks on opposite sides of the candle before direction is chosen....this can be very costly

my question is that if we stand down for a few days for direction to reveal, how much are we really missing and is it worth losing pips to be wrong in a case like this?
"Keep your eyes on the helpers" - Mr. Rogers
  • #92,684
  • Jun 12, 2008 5:32am Jun 12, 2008 5:32am
Quoting lilmoe
i'm not sure now. but a breakout of the IB would be a good sign.

My apology, what is short form of IB please..?

I am folowing your method and it seems good and profit.
  • #92,685
  • Jun 12, 2008 5:34am Jun 12, 2008 5:34am
Quoting forex888
My apology, what is short form of IB please..?

I am folowing your method and it seems good and profit.
IB=inside bar
"Keep your eyes on the helpers" - Mr. Rogers
  • #92,686
  • Jun 12, 2008 5:35am Jun 12, 2008 5:35am
Quoting damonl
the problem with playing Ib's is that many times you will get 2 or more false breaks on opposite sides of the candle before direction is chosen....this can be very costly

my question is that if we stand down for a few days for direction to reveal, how much are we really missing and is it worth losing pips to be wrong in a case like this?

i have all bad trades into account. and they can't be THAT many, the average of my system is 2 wrong trades out of 10, when i say wrong, i mean that my 1st 50 pip TP would not be hit. usually when the first TP is hit, depending on the situation, i set the other SLs to B/E, and sometimes i dont; which in this case SLs are usualy not hit and i get out with very minimum loss.

i'm not sure if i'm jumping in right now, but i went ahead and entered short at 209.70. i think there's a 60% of losing this trade. but again, as i said, i have all these bad trades into account. losing this one won't give me a margin call.

trade at your own risk fella's. it's a bad idea to enter now.
  • #92,687
  • Jun 12, 2008 5:36am Jun 12, 2008 5:36am
Quoting forex888
My apology, what is short form of IB please..?

I am folowing your method and it seems good and profit.

inside bar. you can google it and get lots of info.

plz don't follow my trades or my system blindly. trade what you see on your charts and be careful.

good luck
  • #92,688
  • Jun 12, 2008 5:38am Jun 12, 2008 5:38am
Here are my thoughts....

Market direction is uncertain and at best we would only be able to jump on a moving train after it has already moving fater than we can run.

Maybe some good rest is in order and then wait for a daily bar to close outside the range of the first IB. this would mean that the market is being decisive again and even in a reversal, which we would catch, we can at least expect it to go to the other side of the IB which would give us plenty of pips.


Just my 2 IQD worth
"Keep your eyes on the helpers" - Mr. Rogers
  • #92,689
  • Jun 12, 2008 5:40am Jun 12, 2008 5:40am
Quoting damonl
Here are my thoughts....

Market direction is uncertain and at best we would only be able to jump on a moving train after it has already moving fater than we can run.

Maybe some good rest is in order and then wait for a daily bar to close outside the range of the first IB. this would mean that the market is being decisive again and even in a reversal, which we would catch, we can at least expect it to go to the other side of the IB which would give us plenty of pips.


Just my 2 IQD worth

  • #92,690
  • Jun 12, 2008 5:43am Jun 12, 2008 5:43am
Quoting damonl
Here are my thoughts....

Market direction is uncertain and at best we would only be able to jump on a moving train after it has already moving fater than we can run.

Maybe some good rest is in order and then wait for a daily bar to close outside the range of the first IB. this would mean that the market is being decisive again and even in a reversal, which we would catch, we can at least expect it to go to the other side of the IB which would give us plenty of pips.


Just my 2 IQD worth
or maybe better yet would be to have a 1HR or 4 Hr bar close outside this range
"Keep your eyes on the helpers" - Mr. Rogers
  • #92,691
  • Jun 12, 2008 5:50am Jun 12, 2008 5:50am
what a boring lacklustre day, its been till now.

another day i am at home and no action at all.
  • #92,692
  • Jun 12, 2008 6:02am Jun 12, 2008 6:02am
Quoting iksh
what a boring lacklustre day, its been till now.

another day i am at home and no action at all.
LOL - just follow GJs majors - short cable - its down 165 today and long UJ, its up 90 today....http://www.forexfactory.com/images/icons/icon12.gif

The nett result is that GJ is a right pain in the ar*e with a 15 min chart that looks like a porcupine!
Trading Levels with WRBs
  • #92,693
  • Jun 12, 2008 6:11am Jun 12, 2008 6:11am
Quoting lilmoe
i have all bad trades into account. and they can't be THAT many, the average of my system is 2 wrong trades out of 10, when i say wrong, i mean that my 1st 50 pip TP would not be hit. usually when the first TP is hit, depending on the situation, i set the other SLs to B/E, and sometimes i dont; which in this case SLs are usualy not hit and i get out with very minimum loss.

i'm not sure if i'm jumping in right now, but i went ahead and entered short at 209.70. i think there's a 60% of losing this trade. but again, as i said, i have all these bad trades into account. losing this one won't give me a margin call.

trade at your own risk fella's. it's a bad idea to enter now.
Lilmoe, I think your system did excellently on gbp/usd / eur/usd. Unfortunately I didn't trust it, well, to be exact I didn't trust the time. I've almost always got into problems trading gbp/yen at early Asian, so I was hesitant. Besides, its always good to observe a new system before jumping in, invariably there is some subtlety that you forgot to look for. Anyway, it seems that Asian session is not a problem for these "trending" currencies. Gbp/yen rarely seems to have the volatility necessary for a good trade in Asian session.

Below is a constant range bar chart, I will be considering shorts if a 30 min or hr bar close under support1, by then the 4hr gann should have flipped as well.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy.gif Size: 31 KB
  • #92,694
  • Jun 12, 2008 6:13am Jun 12, 2008 6:13am
Quoting lilmoe
UJ looks like it wants to revisit 107.70
closed my stupid long on this one... 60 pips aint that bad...
  • #92,695
  • Jun 12, 2008 6:20am Jun 12, 2008 6:20am
good morning... just woke up to a crappy range . i thought i'd never see that, but here it is again. the horror!!! high 210.30, low 209.53; a total range of 77 pips for today.
Nihil Sine Deo.
  • #92,696
  • Jun 12, 2008 6:20am Jun 12, 2008 6:20am
Quoting GodfreyH
Lilmoe, I think your system did excellently on gbp/usd / eur/usd. Unfortunately I didn't trust it, well, to be exact I didn't trust the time. I've almost always got into problems trading gbp/yen at early Asian, so I was hesitant. Besides, its always good to observe a new system before jumping in, invariably there is some subtlety that you forgot to look for. Anyway, it seems that Asian session is not a problem for these "trending" currencies. Gbp/yen rarely seems to have the volatility necessary for a good trade in Asian session.

Below is a constant range bar chart, I will be considering shorts if a 30 min or hr bar close under support1, by then the 4hr gann should have flipped as well.

the best sentence in your post

there are lots of ways to refine the system. i looked at many. but a major mistake would be to "Further" refine it. if i get 5 wrong trades in a row, the system guarantees the next winner to cover ALL the losses with a bit of profit, and the one after that should work on growing my account. that's how it works for me.

i have considered all and most situations. i have finally refined my original m30 system to "suite my needs". a good trader would refine it again to fulfill his/her needs, BUT, further refining is a bad idea and one should "stick" to the system even with bad trades. at least that's the rule.

this system works great if you apply it to a daily chart. it works as a good indicator for the major trend.
  • #92,697
  • Jun 12, 2008 6:21am Jun 12, 2008 6:21am
Quoting Scrat
good morning... just woke up to a crappy range . i thought i'd never see that, but here it is again. the horror!!! high 210.30, low 209.53; a total range of 77 pips for today.

i predicted a 50 pip range, but that's close enough
sorry ass range...


whats up bud?
  • #92,698
  • Jun 12, 2008 6:24am Jun 12, 2008 6:24am
Patience
Trade what you see, not what you think.
  • #92,699
  • Jun 12, 2008 6:30am Jun 12, 2008 6:30am
afternoon pip makers

...at 1329 possibly.
  • #92,700
  • Jun 12, 2008 6:31am Jun 12, 2008 6:31am
eh, not much. just looking at the charts, getting ready to go to work... i have a very annoying headache since last night, i couldn't get a decent sleep because of that. i got a crazy neighbor upstairs who likes to sing stupid areas at 5 a.m. in the morning. i had a nasty dream... should i go on?
other than that, things are perfect, thanks for asking. how about yourself?

Quoting lilmoe
i predicted a 50 pip range, but that's close enough
sorry ass range...


whats up bud?
Nihil Sine Deo.
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