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Geppy's Geppy Thread (GBP/JPY)

  • #541
  • Feb 20, 2013 6:44pm Feb 20, 2013 6:44pm
I understand and I am willing to exit the position but just not when stochastics are in oversold territory.

I will wait until we are in overbought territory.

I don't need to hang on to a losing trade --- I am just not going to exit just yet.

I actually got into some short positions last night and they were winners.

I'll exit this long position eventually when we are in overbought conditions.
Trade at your own risk.
  • #542
  • Feb 20, 2013 6:51pm Feb 20, 2013 6:51pm
Quoting Fx3423454
I understand and I am willing to exit the position but just not when stochastics are in oversold territory.

I will wait until we are in overbought territory.

I don't need to hang on to a losing trade --- I am just not going to exit just yet.

I actually got into some short positions last night and they were winners.

I'll exit this long position eventually when we are in overbought conditions.
You should read up on stochastics. They are not currently in "oversold" territory. Trust me, they can go a lot further than where they currently are on the 4h chart (they always can).

Also, recognize that stochastics is an oscillator. This means that it holds no water in a trending market. I hate to tell you this, but the 4H chart is in a trend: a down-trend since we peaked just below 148.00

We've been making lower lows and lower highs (just looksie at a chart).

Stochastics are no good in trending conditions. See here for further reading: http://www.macroption.com/stochastics-trending-markets/
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  • #543
  • Feb 20, 2013 7:09pm Feb 20, 2013 7:09pm
Pullbacks happen in all trends up or down.

Also, there are successful traders that use stochastics in trending markets --- like Sean Hyman.

http://video.foxbusiness.com/v/21425...headed-for-15k

He has been the primary influence for me in FX.

I definitely respect all traders opinions, I am like a sponge always trying to soak up knowledge.

My opinion is that stochastics will eventually reach above 80 and there is a good chance that it will be at a higher price at that point than it is right now.

Of course there is no guarantee that this will happen but I believe there is a high enough probability to wait it out.

Fear is a trader's worst enemy.
Trade at your own risk.
  • #544
  • Feb 20, 2013 7:14pm Feb 20, 2013 7:14pm
Quoting Geppy
P.S. too early lol
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  • #545
  • Feb 20, 2013 7:33pm Feb 20, 2013 7:33pm
Quoting Fx3423454
Pullbacks happen in all trends up or down.

Also, there are successful traders that use stochastics in trending markets --- like Sean Hyman.

http://video.foxbusiness.com/v/21425...headed-for-15k

He has been the primary influence for me in FX.

I definitely respect all traders opinions, I am like a sponge always trying to soak up knowledge.

My opinion is that stochastics will eventually reach above 80 and there is a good chance that it will be at a higher price at that point than it is right now.

Of...

What happens when fundamentals change a trend? Stoch doesn't pick that up until its too late... We can stay "overbought" and "oversold" for months.
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  • #546
  • Feb 20, 2013 7:40pm Feb 20, 2013 7:40pm
Long at what 144? That's like two 15 minute bars for this thing.

That said think we have potential to hit 140.75.
Soar on my wings, you'll touch the hand of God, he'll make you King.
  • #547
  • Edited 8:11pm Feb 20, 2013 8:07pm | Edited 8:11pm
Hi Guys, I also took the short position at 144.715, my TP is at 141.80 and I'm locking in profit 111 pips at the moment, so now I'll let the market do what wants to do,I'm positive so far 210 pips, I shorted based on the 1 hr tf due the engulfing bearish candle highlighted in yellow.

Becareful with stochastics, if I had paid attention only to it, I wound't have shorted this position because it had already left the overbought zone, actually already near the oversold zone.

I consider also ABCD's and fibonacci numbers, counter trendlines to break and so on. It helps in my decision.

I gotta sleep now, been awake to long. Wish good trade to everyone.
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  • #548
  • Feb 20, 2013 8:07pm Feb 20, 2013 8:07pm
Quoting BobGnarly
On that note, Sell at 142.77

TP 142.25
SL 143.004


SL set to 142.85
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  • #549
  • Feb 20, 2013 8:09pm Feb 20, 2013 8:09pm
Quoting BobGnarly
SL set to 142.85
hehe, I just scooped a small long @ 142.48
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  • #550
  • Feb 20, 2013 8:10pm Feb 20, 2013 8:10pm
Quoting BobGnarly
SL set to 142.85
You day trade pretty good for someone who doesn't day trade.
Soar on my wings, you'll touch the hand of God, he'll make you King.
  • #551
  • Feb 20, 2013 8:10pm Feb 20, 2013 8:10pm
I don't think it's going to take months to get an overbought reading on the H4 charts.

Anyway, I know my system works --- I just did not buy at the right time so now I am stuck with a bad trade for now.

Like I said, I don't mind taking a loss but I will wait for a better time to exit this one.

Anyway, thanks for the input guys and have fun shorting the beast for the time being.
Trade at your own risk.
  • #552
  • Feb 20, 2013 8:30pm Feb 20, 2013 8:30pm
Quoting whatever007
You day trade pretty good for someone who doesn't day trade.


First week intra day trading... I am usually good picking up breakout prices on long term trades. Just shrunk that concept to fit short tf's

I will be doing this for a living in a few months, must be good at all styles..

Cut half at 60
SL to be, not liking the long wicks, sense buying power.

Thinking Geppy saw the same thing
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  • #553
  • Feb 20, 2013 8:45pm Feb 20, 2013 8:45pm
Quoting BobGnarly
First week intra day trading... I am usually good picking up breakout prices on long term trades. Just shrunk that concept to fit short tf's

I will be doing this for a living in a few months, must be good at all styles..

Cut half at 60
SL to be, not liking the long wicks, sense buying power.

Thinking Geppy saw the same thing
Bears must be terrified of this thing, took out last week's low and barely a reaction.
Soar on my wings, you'll touch the hand of God, he'll make you King.
  • #554
  • Feb 20, 2013 9:04pm Feb 20, 2013 9:04pm
Its in the stage of, the next 4hr move will be our new direction ....
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  • #555
  • Feb 20, 2013 9:06pm Feb 20, 2013 9:06pm
Quoting BobGnarly
Its in the stage of, the next 4hr move will be our new direction ....
Yeah, this is boring as hell.

You know it's bad when you're watching a 1min chart lol. Heck of a triangle we've got on that TF
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  • #556
  • Feb 20, 2013 9:39pm Feb 20, 2013 9:39pm
Wish I didnt cut half :/ oh well stop moved to + 10
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  • #557
  • Feb 20, 2013 9:48pm Feb 20, 2013 9:48pm
Quoting BobGnarly
Wish I didnt cut half :/ oh well stop moved to + 10
I wish I hadn't cut my shorts I put on last Friday when everyone thought I was crazy.
check out my blog: forexmademillionaire dot com
  • #558
  • Feb 21, 2013 12:32am Feb 21, 2013 12:32am
Ugh, crashed for a bit and missed the drop. Looking to get in here soon...

Makes me wonder what those guys holding on to those longs for dear life are feeling like...
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  • #559
  • Feb 21, 2013 2:00am Feb 21, 2013 2:00am
what's the general trend ? UP or down ?
  • #560
  • Feb 21, 2013 4:24am Feb 21, 2013 4:24am
Quoting Geppy
Yeah, this is boring as hell.

You know it's bad when you're watching a 1min chart lol. Heck of a triangle we've got on that TF
Yeah M1 is a,,,, bad is a good word.


1-2-3 Little supply and down. And no i dont sit here all day doing this, just a nostalgia scalp or 2, seems im pretty rusty.

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