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The Experts Zone: GBPJPY

  • #401
  • Jun 8, 2009 2:46am Jun 8, 2009 2:46am
Quoting forexlion
uptrend ?? we just fell 144 pips flat.

and anyways the lion's tail tells me how many buyers are interested in GJ on the current bar.

The daily/weekly is up all the way. Even on the shorter time-frames, this is where the momentum is headed. To me is makes little sense fighting this.
  • #402
  • Jun 8, 2009 2:51am Jun 8, 2009 2:51am
Quoting fxterrapin
The daily/weekly is up all the way. Even on the shorter time-frames, this is where the momentum is headed. To me is makes little sense fighting this.
there is no buying interest on daily though
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  • #403
  • Jun 8, 2009 2:58am Jun 8, 2009 2:58am
closed all trades on decision level 155.91. I am off to a shower now, will come back and plan the next entry later, entirely based on what 30 min chart has to offer.
  • #404
  • Jun 8, 2009 3:04am Jun 8, 2009 3:04am
Quoting forexlion
there is no buying interest on daily though
It is just my experience that in a bull market, indicators such as the one just posted have a tendency to miscalculate oversold conditions.

Btw, how does the Lion's Tail work?
  • #405
  • Jun 8, 2009 3:14am Jun 8, 2009 3:14am
Quoting fxterrapin
It is just my experience that in a bull market, indicators such as the one just posted have a tendency to miscalculate oversold conditions.

Btw, how does the Lion's Tail work?
bid price - ema 13
  • #406
  • Jun 8, 2009 3:18am Jun 8, 2009 3:18am
Quoting forexlion
bid price - ema 13
come again?
  • #407
  • Jun 8, 2009 3:21am Jun 8, 2009 3:21am
You said in a post earlier you take as much as you can on a move:

In other words when you get momentum you then add to your current position?
  • #408
  • Jun 8, 2009 3:28am Jun 8, 2009 3:28am
Quoting I like steak
You said in a post earlier you take as much as you can on a move:

In other words when you get momentum you then add to your current position?
normally what i do is, that if i know a trade has the potential to move 100 pips, i take 10 mini trades instead of 1 trade and close every 10 pip move.

so every 10 pips one mini trade or 10% closes, so in a way even if the trade reverses after 60 or 70 pips, i have already locked in some profits,
  • #409
  • Jun 8, 2009 3:32am Jun 8, 2009 3:32am
from here

even if i do feel gj has the potential to go down to the next fib level, i will still not bother to take the trade.

because here the trend is somewhat weaker and the risk / reward ratio is too high for a trade.
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  • #410
  • Jun 8, 2009 3:40am Jun 8, 2009 3:40am
Quoting forexlion
normally what i do is, that if i know a trade has the potential to move 100 pips, i take 10 mini trades instead of 1 trade and close every 10 pip move.

so every 10 pips one mini trade or 10% closes, so in a way even if the trade reverses after 60 or 70 pips, i have already locked in some profits,

okay, I would like to improve the momentum plays.

Interesting to see you start with a "full" position and then decrease it, it is lower risk. Some traders add to their position as it moves in their direction...but the retrace can then wipe out all profits.

Thank you
  • #411
  • Jun 8, 2009 3:48am Jun 8, 2009 3:48am
Lets see this on a bigger scale

 

  1. If last month high and last month close [monthly] breaks ..... bulls start saying your prayers.

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  • #412
  • Jun 8, 2009 3:52am Jun 8, 2009 3:52am
Quoting forexlion
Lets see this on a bigger scale

 

  1. If last month high and last month close [monthly] breaks ..... bulls start saying your prayers.


Last month's high is also 38.2 fib line from July 08 top to Jan 09 bottom.
  • #413
  • Jun 8, 2009 3:57am Jun 8, 2009 3:57am
Quoting fxterrapin
Last month's high is also 38.2 fib line from July 08 top to Jan 09 bottom.
yes, and theoretically it should be a very strong support.

a break of this kind of support will spell disaster.
  • #414
  • Jun 8, 2009 4:01am Jun 8, 2009 4:01am
Quoting forexlion
yes, and theoretically it should be a very strong support.

a break of this kind of support will spell disaster.

but not for the bears
  • #415
  • Jun 8, 2009 4:04am Jun 8, 2009 4:04am
Quoting fxterrapin
but not for the bears
look i converted you from bullish to bearish

but this break may not come before tokyo session on tuesday.

so i would prefer to scalp on 1 min or 5 min instead till then, or just switch off the computer and enjoy life outside
  • #416
  • Jun 8, 2009 4:15am Jun 8, 2009 4:15am
Quoting forexlion
from here

even if i do feel gj has the potential to go down to the next fib level, i will still not bother to take the trade.

because here the trend is somewhat weaker and the risk / reward ratio is too high for a trade.
this is crazy, the R/R is just too high here
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  • #417
  • Jun 8, 2009 4:38am Jun 8, 2009 4:38am
Quoting forexlion
look i converted you from bullish to bearish

but this break may not come before tokyo session on tuesday.

so i would prefer to scalp on 1 min or 5 min instead till then, or just switch off the computer and enjoy life outside
hehe no way
This just means I'll be getting ready to load up on some GBP longs.
  • #418
  • Jun 8, 2009 6:58am Jun 8, 2009 6:58am
Quoting forexlion
this is crazy, the R/R is just too high here
there is nothing here for me to buy, or sell,

so despite the pa, i will prefer to sit on the fence and wait for tokyo
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  • #419
  • Jun 8, 2009 1:40pm Jun 8, 2009 1:40pm
Quoting forexlion
there is nothing here for me to buy, or sell,

so despite the pa, i will prefer to sit on the fence and wait for tokyo
Despite the lion's readings the indicator failed and buyers came in... now that's a trend. I don't know why traders are still dealing with E/U these days... that chart looks horrible (and a bit scary too).

It's simple. When SPY is trending trade it, if it isn't use a JPY cross as a proxy.
  • #420
  • Jun 8, 2009 2:15pm Jun 8, 2009 2:15pm
E/U is just fine, It's doing what its done for years.

I agree with Forexlion on GBP/JPY; tuesday's session should be interesting. My bias is to the downside.

MM
Quoting fxterrapin
Despite the lion's readings the indicator failed and buyers came in... now that's a trend. I don't know why traders are still dealing with E/U these days... that chart looks horrible (and a bit scary too).

It's simple. When SPY is trending trade it, if it isn't use a JPY cross as a proxy.
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