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Attachments: GBPJPY Daily Trend Method
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GBPJPY Daily Trend Method

MichaelLee_8

If I have your timming correct, we are waiting for two more bars to start looking for a signal. Can you confirm. If I'm right it doesn't look good for a trade today.

Mitch

Quoting mitchp

MichaelLee_8

If I have your timming correct, we are waiting for two more bars to start looking for a signal. Can you confirm. If I'm right it doesn't look good for a trade today.

Mitch

The current bar is not relevant. The close of the next bar is what we are concerned with.

If the risk rally continues we will have a trade.

Michael
Barring a huge sell off, we will have a trade in approx. 29 minutes.

Michael
GBPJPY found a bit of resistance @ the 38.2% ret. Looking for more of a rally. The sell off has been extreme.

Michael
Attached Image (click to enlarge)
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This would be a perfect entry for a push into the 50% ret. The dominant down trend has me a little paranoid but the recent higher low could be in our favor. Thoughts anyone??

Michael
Quoting MichaelLee_8
This would be a perfect entry for a push into the 50% ret. The dominant down trend has me a little paranoid but the recent higher low could be in our favor. Thoughts anyone??

Michael
Follow your system.
If you make it up as you go, it isn't a system.
Quoting billbss
Follow your system.
If you make it up as you go, it isn't a system.
Easy there bill. The system will be followed I assure you. It was just a question.
Quoting MichaelLee_8
Easy there bill. The system will be followed I assure you. It was just a question.

I probably didn't mean it the way it came across.

If you have backtested a set of rules and they are profitable, then go with them.
Don't try to second guess yourself.
Cool. A misunderstanding......I was talking about a good system entry. It's cool....I get what you are sayin.

Michael
I believe in sticking with your system but the 38.2 has been a strong resistance. Would it not be wise to wait to see if one of the 3 bars closes above the 38.2 before taking a Buy Trade
Quoting mitchp
I believe in sticking with your system but the 38.2 has been a strong resistance. Would it not be wise to wait to see if one of the 3 bars closes above the 38.2 before taking a Buy Trade
I hear ya. However, we are going to forward test the same way we back test. Entry in less than a minute baby!!

Michael
Went long and got filled @ 133.49
Attached Image (click to enlarge)
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Bought at 133.50
Quoting mitchp
I believe in sticking with your system but the 38.2 has been a strong resistance. Would it not be wise to wait to see if one of the 3 bars closes above the 38.2 before taking a Buy Trade

I think there is always a TA reason to not take a trade.
It may be a fib you don't like, some candle formation you don't like, it may be butting heads with some moving average...etc.

Something can always be found.
Long at 133.53
In at 133.53
Quoting billbss
I think there is always a TA reason to not take a trade.
It may be a fib you don't like, some candle formation you don't like, it may be butting heads with some moving average...etc.

Something can always be found.
Couldn't have said it better Bill! BTW, I hope everyone is trading this on a demo account.

For you crazy people who are willing to trade it live, I suggest 1% risk.

Michael
Rockin out to a little AC/DC baby!!!! Gotta love Pandora.com
Good luck to all.... Go Blackhawks!!!!!
Quoting mitchp
Good luck to all.... Go Blackhawks!!!!!
Like their chances man. They are on fire.
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