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GBP/JPY Scalpers

  • #41
  • Apr 7, 2012 6:00pm Apr 7, 2012 6:00pm
Nice thread rmrf!

Me too demoing MBT with great interest on their PFL program and getting a good feel of it.

Mind telling me how to change the default setting of TTO values (+20/-10 pips) to your liking? I know this isn't the place to ask but just a quick hint would be great.

Have recently moved from scalping to swing, for less stress and greater pippage per (my) session, which is primarily done after London open till NY open. Currently with Oanda and intend to add MBT to my trading platform to take advantage of the program.

Didn't trade on Friday due to NFP (used to, but not any more).

Keep up the great work!

Akira
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  • #42
  • Apr 7, 2012 6:39pm Apr 7, 2012 6:39pm
in mt4 I buy my orders individually and can sell them (individually) whenever I want in any order I want. I can also hedge at the same broker on a differnt mt4. I am also not hedging GJ. but whn GJ gos down sometimes I short AJ AUD/JPY

Quoting mrroboto
Man, I cant stop checking you're thread, I feel bad, because of the FIFO rule you cant close your newer trades without closing the old ones and theres no hedging so you also cant minimize your losses, someone has to change the rules back to where it used to be.
  • #43
  • Apr 7, 2012 7:34pm Apr 7, 2012 7:34pm
I got 3 days on my highest trades. I am not hoping for anything like you think. Let me rephrase that I am hoping GBP/JPY Goes down further, 128.80 127.60 126.55 125.40 and I will buy it all the way down. This is a live account, I am not blowing it. Did you not see my equity? I am not averaging down. I buy and sell all my lots individually. I dont hold them all and then square up all my lots in on place. each lot is enterd and exited at a differnt diliberate price point. You seem like a betting man. I am conservative. Wanna bet me that my account doubles before it blows up? You are looking at 2 weeks of trading. I have been trading guppy for 5 years and not casually, I place thousands of orders, rarely am I flat, and rarely does a day go by that I do not trade and make a profit.

Quoting Roofx
-4,000 pips....ouch. This is madness. At what point do you stop hoping the market will turn around? When your account has blown? Anyone on earth can keep averaging down until they either get back into profit or their account blows. It's called gambling.
  • #44
  • Apr 7, 2012 7:37pm Apr 7, 2012 7:37pm
There is more than one way to process a chicken

Quoting forextine
The way around that is changing up order size.

In Oanda I do that with my orders (not that I've been in a ton of trades at once on the same pair) but I'll do 50k units, then next will be a 50,013, or a 51020. I just use random numbers in order to close them out without that rule. But if you go in 50k, then avg down with 50k, you have to close the first order first.
  • #45
  • Apr 7, 2012 7:54pm Apr 7, 2012 7:54pm
I expect more down on guppy. The further it goes down the more $ I make . MY trade explorer linked above is from my live MB trading PFL mt4 acct. MB is awesome so far, fills can b a littl slow on the PFL bcause I har that you are trading agianst big institutional traders who are trading 500k and 1000k lots. gimme a hint, whats TTO? this IS an OK place to ask I dont mind, one thing I dont like is each time my mt4 opens it adds a scroll bar to the bottom and wont hold my column widths at what I set them at (so it isnt wide enough to need a scroll bar), it slows me down .5 seconds upon opening of my client. maybe I need to get one of those 100 inch monitors because I cant see all my open orders without scrolling. I have been watching guppies every move literally for 5 years, and despite the fact that history always finds someway of repeating itself. Fibonacci is a historical propigation outward, almost like throwing a rock in a pond, it is predictable. I am still setting up my account, I am adding longs yeppers, and will reanalize guppy after Sundays gap up open. AFter I bank some pips. Maybe I will hit a few home runs sunday night.


Quoting RisingSun
Nice thread rmrf!

Me too demoing MBT with great interest on their PFL program and getting a good feel of it.

Mind telling me how to change the default setting of TTO values (+20/-10 pips) to your liking? I know this isn't the place to ask but just a quick hint would be great.

Have recently moved from scalping to swing, for less stress and greater pippage per (my) session, which is primarily done after London open till NY open. Currently with Oanda and intend to add MBT to my trading platform to take advantage of the program.

Didn't...
  • #46
  • Apr 7, 2012 8:20pm Apr 7, 2012 8:20pm
this is what I have on MBT platform if I want to place a limit order + Take Profit and Stoploss values pre-set. thought you are using MBT platform but sounds like you are not and instead using their MT4.

You say TPT and thought you meant TTO.

am off to helping out the disabled on the strawberry pick outing as a volunteer, so will be in touch much later...
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  • #47
  • Apr 7, 2012 9:23pm Apr 7, 2012 9:23pm
it lets you set the spread on the stop loss side by a box with an arrow up or down to set it as +10 or -20 or whatever and it also allows you to set a spread on the TPT (take profit target) side which is a commissionable limit order on the PFL type acct, or whatever you want again with a box where there are a few defaults or you can + or - it it click to the field and type in whatever you wanted into the field. its obvious on mt4 how to set this, but it seems to always only save their default settings like 5 10 20 25 etc if you want something odd numbered or larger you have to type it in and click and the client sets the order as you set it +10 or -20 or whatever.
  • #48
  • Apr 8, 2012 5:59am Apr 8, 2012 5:59am
according to FF I am down 7% for the year and 8.5% for last week because of where we closed Friday.

7% is nothing think about it, if I had exactly 100 K in my account 7% is 7K, considering leverage @ 50:1, remianing buying power and pips required to go down before account blows up is huge, but th for being concerned.

Also be well aware and prepared, I can make up that 8.5% in one sunday night of trading

in life I am as a rule pretty generous, but when it comes to guppy, I will give up some drawdown, but no pips, none is my rule.

I am not even near 4000 yet, not even for the week -8.5%, total trading period (2 weeks) - its 7% and 2000 something pips not 4000

Quoting Roofx
-4,000 pips....ouch. This is madness. At what point do you stop hoping the market will turn around? When your account has blown? Anyone on earth can keep averaging down until they either get back into profit or their account blows. It's called gambling.
  • #49
  • Apr 8, 2012 6:30am Apr 8, 2012 6:30am
Quoting rmrf
according to FF I am down 7% for the year and 8.5% for last week because of where we closed Friday.

7% is nothing think about it, if I had exactly 100 K in my account 7% is 7K, considering leverage @ 50:1, remianing buying power and pips required to go down before account blows up is huge, but th for being concerned.

Also be well aware and prepared, I can make up that 8.5% in one sunday night of trading

in life I am as a rule pretty generous, but when it comes to guppy, I will give up some drawdown, but no pips, none is my rule....
Hi rmrf

Can I possibly ask your trading system or strategy? If you are a scalper why on earth are you still in trades going back to 3rd or 4th April?? Please - I don't want to criticise you but to see such a huge losing situation (looking at your trade explorer) hurts me to see - I've been there myself! The trend on GBPJPY at the moment is strongly downwards (see attachment) so you really want to get out of any buy trades (in my own humble opinion of course)

rgds

Jerry
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  • #50
  • Apr 8, 2012 6:41am Apr 8, 2012 6:41am
Just looking at the chart above, from mid March we had a price-swing situation, up and down 6 times as PA tested resistance around 133.20, however it's settled into a down-trend and significantly shot down through daily rising support last Friday. Looking at the daily chart (attached) looks very much like we're heading down towards weekly support level at 126.00/50. That's still about 400 pips away - a big draw-down if your in a buy trade!

Hope this helps a bit.

Jerry
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  • #51
  • Apr 8, 2012 5:35pm Apr 8, 2012 5:35pm
Sure does look like a great place to get short on the daily, but looking at the weekly we still closed way above the Gann Hi/LO and clearly the long term trend (wekly chart) is up. we are just below that 23.6 line on the fib retrace down. Get short, but its a bear trap, May I suggest a tight stop to the top. I am adding more buy trades. I also added a AUD/JPY long as it opened gap down and guppy opened gap up.

I am a contratrend, reveresal, bottom picking trader. But this time I remain with the long term trend, and those longs @ 133 I am holding for the ride up to 135.00 I am not in a rush.

I admit and think 126.55 is likely before 135.00, but aftr 126.55 we will see 135.00 before 125.20

Quoting jmtini
Hi rmrf

Can I possibly ask your trading system or strategy? If you are a scalper why on earth are you still in trades going back to 3rd or 4th April?? Please - I don't want to criticise you but to see such a huge losing situation (looking at your trade explorer) hurts me to see - I've been there myself! The trend on GBPJPY at the moment is strongly downwards (see attachment) so you really want to get out of any buy trades (in my own humble opinion of course)

rgds

Jerry
  • #52
  • Apr 8, 2012 7:15pm Apr 8, 2012 7:15pm
WHere is the LT trend change? I dont think it occured yet. I am a LT and ST trader, and usually dont value MT too much, I got the LT trend here and I am going to ride it, and scalp it as we ride up and down but iltimately back up, at last until thre is a clear LT trend change.
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  • #53
  • Edited 2:53am Apr 9, 2012 1:55am | Edited 2:53am
My apologies for having to post on this thread. I am a Junior Member and was unable to post a new thread.

Here is my trade idea on EUR/JPY:

PENDING ORDER
SHORT AT 106.17, TP AT 105.70, MOVE STOP TO BREAK-EVEN AT 105.99.

THIS IS UTILIZING TREND, DIVERGENCE, AND RANGE BREAK. THE QUICK STOP LOSS IS DUE TO SOME RSI (7) DIVERGENCE SEEN ON THE 4 HOUR CHART.
I SET THE TP AT 105.70 BECAUSE OF THE 38.2 RETRACEMENT FROM THE JANUARY LOW TO THE RECENT HIGHS OF 111.
  • #54
  • Apr 9, 2012 4:06pm Apr 9, 2012 4:06pm
I also don't mind discussing EJ. I used to trade it a lot, and I watch it and it very closely movs like GJ. If you are getting short EJ, you better post a chart to support that

aqnd short at 106.17?!? Why not short @ 107.519? WHy wait? show us the setup on the chart, LT trnd appears to be down on EJ, but at first glance it looks like it could go either way, LT I remain bullish on EJ

& @ 47 pips of gain with no SL on the top UNTIL price goes to 105.99 and if you get to 105.99 why not move your stop to 106.10 locking in 10 pips?!?

Quoting RighteousCue
My apologies for having to post on this thread. I am a Junior Member and was unable to post a new thread.

Here is my trade idea on EUR/JPY:

PENDING ORDER
SHORT AT 106.17, TP AT 105.70, MOVE STOP TO BREAK-EVEN AT 105.99.

THIS IS UTILIZING TREND, DIVERGENCE, AND RANGE BREAK. THE QUICK STOP LOSS IS DUE TO SOME RSI (7) DIVERGENCE SEEN ON THE 4 HOUR CHART.
I SET THE TP AT 105.70 BECAUSE OF THE 38.2 RETRACEMENT FROM THE JANUARY LOW TO THE RECENT HIGHS OF 111.
  • #55
  • Apr 9, 2012 4:25pm Apr 9, 2012 4:25pm
RighteousCue, I dont think I would want to b getting short here, but thats just me.
  • #56
  • Apr 10, 2012 4:34pm Apr 10, 2012 4:34pm
Quoting rmrf
RighteousCue, I dont think I would want to b getting short here, but thats just me.
yes BUT if you change your tune and sclap short, wouldn't you make some money?

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MAY THE TREND BE WITH YOU
  • #57
  • Apr 10, 2012 4:40pm Apr 10, 2012 4:40pm
After that run up into 130 I didnt expect 129.00 again so quick. And it used to be I would scalp short while holding LT longs but now you have to have another account to do that as MB doesnt let you hedge so I lost a lot of pips on this 200 pip run down.
Quoting Erebus
yes BUT if you change your tune and sclap short, wouldn't you make some money?

  • #58
  • Apr 11, 2012 6:49am Apr 11, 2012 6:49am
Quoting rmrf
After that run up into 130 I didnt expect 129.00 again so quick. And it used to be I would scalp short while holding LT longs but now you have to have another account to do that as MB doesnt let you hedge so I lost a lot of pips on this 200 pip run down.
Hi rmrf

Yep - that's why I did try to warn you. Having a look at the daily chart with RSI (14) a temporary reversal before we start going down again (IMHO of course).

Once I had lost my 7th thousand dollar, I realised that trading expected tops and bottoms is not a good idea. It really is far better to "go with the flow"! What I do now is trade 4hr chart bars. Go down to 5 or 15min chart and enter off one of their respective dynamic support/resistance areas. Take each 4 hr bar separately. If it's bullish I'm buying and if it's bearish I'm selling. If the next one looks like a continuation then keep the trade open and so on! Really does work a lot better. The strategy works only with nice clean moving pairs like EJ or GJ even USDJPY - not with zig-zaggy trading pairs like GBPCHF, etc.

Hopes this helps

Rgds
Jerry
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  • #59
  • Apr 11, 2012 7:12am Apr 11, 2012 7:12am
OK here's an example of my strategy in action on EURJPY this morning. My 4hr chart bars open and close on GMT.

I opened the trades off the 15 min rising support once I saw the strong bullish 4 hr bar. Pretty simple little strategy but works OK

Of course if I see the price action going down again with the prevailing trend will close out if it keeps going up I'll leave the trade open as long as possible!
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  • #60
  • Apr 13, 2012 5:07pm Apr 13, 2012 5:07pm
Look at this chart in conjunction with my previous posted chart, you can plainly see the PULLBACK (giving your long trades some HOPE) then a simple break of a trendline to continue the DOWN trend, do you concur?

Is this thread dead?

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MAY THE TREND BE WITH YOU
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