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Geppy's Geppy Thread (GBP/JPY)

  • #2,461
  • Mar 15, 2013 4:47am Mar 15, 2013 4:47am
Quoting 100PipsADay
Geppy,

I hope you don't mind me posting this but I want people to think about this as I see a few people here needing to always be right.

First of all, none of us will always be right with our trade assessments, but we don't need to in order to be profitable in this business. Think about a professional baseball player, they get paid millions of dollars to strike out 7 out of 10 times!

What about if you're at a casino and you win 3 out of 4 games? That is only a 75% win rate but think about how quick your money will start to...
Wise words, my friend!!
  • #2,462
  • Mar 15, 2013 4:50am Mar 15, 2013 4:50am
Quoting lancedes
Wise words, my friend!!
Thanks Lancedes!

It really caught my attention when somebody explains how professional baseball players get paid millions of dollars a year to strike out 7 or even 8 times out of 10.

Point being we don't always need to be right.
  • #2,463
  • Mar 15, 2013 4:51am Mar 15, 2013 4:51am
Well done bulls. In the face of naysayers and celery insults you came through.
Gone to a better place
  • #2,464
  • Edited 4:58am Mar 15, 2013 4:53am | Edited 4:58am
Well, Geppy will be a happy camper when he sees this..
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Ghost Rider - WWTBMD?
  • #2,465
  • Mar 15, 2013 4:56am Mar 15, 2013 4:56am
Quoting albchr
Well, Geppy will be a happy camper when he sees this..
Indeed!
  • #2,466
  • Mar 15, 2013 5:01am Mar 15, 2013 5:01am
Quoting smikester
Well done bulls. In the face of naysayers and celery insults you came through.
And they could have been right just as well. But it's a good example of not allowing others to sway you from your plan.

Had I/we been wrong, it would simply have been another loss in a long string of losses that add up to the cost of doing business.
Ghost Rider - WWTBMD?
  • #2,467
  • Mar 15, 2013 6:10am Mar 15, 2013 6:10am
Quoting BobGnarly
Wow, very surprised. All the drama with Iwata possibly not getting in and then he does get in, and this is sitting unchanged basically. Guess everything was priced in. But have a good feeling that 146 isnt too far away
Ahhhhh 146
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  • #2,468
  • Mar 15, 2013 6:15am Mar 15, 2013 6:15am
Quoting BobGnarly
Ahhhhh 146
Yep! Do we hear 146.30 and end my trades today?
Ghost Rider - WWTBMD?
  • #2,469
  • Mar 15, 2013 7:04am Mar 15, 2013 7:04am
LOL... that last 4H closed right between the fibs as a nice spinning top. I'll wait a little more but it may be time to close these.
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Ghost Rider - WWTBMD?
  • #2,470
  • Mar 15, 2013 7:42am Mar 15, 2013 7:42am
good morning from houston. last nite i had mine from 145.03 to 145.46. I was cautious, not much greed after burning too much! LOL
Now I am short from 145.64 to tp 144.62 according to my chart plan! good luck. Lets see what US session brings us today.
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  • #2,471
  • Mar 15, 2013 8:13am Mar 15, 2013 8:13am
Quoting 100PipsADay
Geppy,

I hope you don't mind me posting this but I want people to think about this as I see a few people here needing to always be right.

First of all, none of us will always be right with our trade assessments, but we don't need to in order to be profitable in this business. Think about a professional baseball player, they get paid millions of dollars to strike out 7 out of 10 times!

What about if you're at a casino and you win 3 out of 4 games? That is only a 75% win rate but think about how quick your money will start...
Sound trading advice/wisdom is always welcome!
check out my blog: forexmademillionaire dot com
  • #2,472
  • Mar 15, 2013 8:15am Mar 15, 2013 8:15am
Quoting Geppy
Sound trading advice/wisdom is always welcome!
  • #2,473
  • Mar 15, 2013 8:20am Mar 15, 2013 8:20am
Quoting albchr
Well, Geppy will be a happy camper when he sees this..
Yep, pretty happy with last night's PA. There's nothing like hitting TP and getting paid to sleep

As stated earlier, I took a third of my total position off at 145.50 and I'm already adding it back on. I took some at 145.50, 145.40, and 145.27... I'll add more if we dip further, but I've already decided I'm holding through the weekend.

I don't have a TP set yet for the fresh longs, and I'm also considering moving half of the lower group to a higher TP... not sure yet.

This week has been a perfect example of patiently waiting, sticking to your trade plan, and getting paid off big time. Nice job everyone!

My current chart with positions:
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check out my blog: forexmademillionaire dot com
  • #2,474
  • Mar 15, 2013 8:36am Mar 15, 2013 8:36am
Just added another at 145.10

Some here may think I'm crazy for adding as we drop and not waiting. This is how I see it:

- I don't like trying to be perfect. I prefer to know the aggregate position size I want to put on and splice it up into several buys/sells and get in within a range rather than one price point. For example, if I'm going to buy a standard lot, I may do it in 4 purchases of 2.5 mini lots each.

- Recall I took one-third of my position off at 145.50 last night. Any price I get below that is awesome! If I had simply been holding my entire position, I'd be giving up paper profits right now. Rather than look at it as "oh, I shouldn't have bought at 145.40... I should have waited." I look at it as "NICE! I banked 10 pips that I wouldn't have banked had I held my position."
check out my blog: forexmademillionaire dot com
  • #2,475
  • Mar 15, 2013 8:42am Mar 15, 2013 8:42am
Quoting Geppy
Just added another at 145.10

Some here may think I'm crazy for adding as we drop and not waiting. This is how I see it:

- I don't like trying to be perfect. I prefer to know the aggregate position size I want to put on and splice it up into several buys/sells and get in within a range rather than one price point. For example, if I'm going to buy a standard lot, I may do it in 4 purchases of 2.5 mini lots each.

- Recall I took one-third of my position off at 145.50 last night. Any price I get below that is awesome! If I had simply been...
May I ask your rational or overall target? Technical? I just started following the thread. I like the way it moves and want to make it a staple
When the facts change I change my mind, what do you do sir
  • #2,476
  • Mar 15, 2013 8:49am Mar 15, 2013 8:49am
Quoting Pip Anon
May I ask your rational or overall target? Technical? I just started following the thread.
Yes, generally technical. I'm not sure how else folks set TPs.
check out my blog: forexmademillionaire dot com
  • #2,477
  • Mar 15, 2013 8:51am Mar 15, 2013 8:51am
Quoting Geppy
Just added another at 145.10

Some here may think I'm crazy for adding as we drop and not waiting. This is how I see it:

- I don't like trying to be perfect. I prefer to know the aggregate position size I want to put on and splice it up into several buys/sells and get in within a range rather than one price point. For example, if I'm going to buy a standard lot, I may do it in 4 purchases of 2.5 mini lots each.

- Recall I took one-third of my position off at 145.50 last night. Any price I get below that is awesome! If I had simply been holding...
That's exactly the way I hope to do it one day when I have the right sized account. NICE!

As it is, I'm flat now. Closed one position manually 143.289 @ 145.578 and one hit my stop loss I had pretty tight 143.494 @ 145.182

Don't have much time now so I don't know if I'll open any more today. I have a feeling we'll pull back some more to perhaps the 144.30ish area? And then being Friday, if trading dies off a bit, the market may open around there Sunday night. In either case, I see the yen continuing to drop off so there will be oppertunity ahead.
Ghost Rider - WWTBMD?
  • #2,478
  • Mar 15, 2013 8:53am Mar 15, 2013 8:53am
Quoting albchr
That's exactly the way I hope to do it one day when I have the right sized account. NICE!

As it is, I'm flat now. Closed one position manually 143.289 @ 145.578 and one hit my stop loss I had pretty tight 143.494 @ 145.182

Don't have much time now so I don't know if I'll open any more today. I have a feeling we'll pull back some more to perhaps the 144.30ish area? And then being Friday, if trading dies off a bit, the market may open around there Sunday night.
Nice job, man. You did well this week!

I think we've seen the low for this pullback, but hey... I'm biased now
check out my blog: forexmademillionaire dot com
  • #2,479
  • Mar 15, 2013 8:55am Mar 15, 2013 8:55am
Quoting Geppy
Yes, generally technical. I'm not sure how else folks set TPs.
I was just curious since you held onto the bulk of your position to which you added. I was not sure of your style or target. I have seen a lot of "stuff" on FF
When the facts change I change my mind, what do you do sir
  • #2,480
  • Mar 15, 2013 8:58am Mar 15, 2013 8:58am
Quoting Geppy
Nice job, man. You did well this week!

I think we've seen the low for this pullback, but hey... I'm biased now
Haha...for all I know this puppy may shoot to 147 before the days' end...LOL

Thanks Bro I'm very happy with the "almost" 10% this week.
Ghost Rider - WWTBMD?
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