Geppy's Geppy Thread (GBP/JPY)

Today I learned not to trade sideways channels...they can be profitable but very risky. I was having a pretty good day until I decided to do that..I'm down 60 pips on this trade. I'm short @ 153.35. I do think the price is gonna continue down and possible make a new low.

Just to update... I was stopped out of my shorts and am long now

Gotta love PA!

Hey dudes

Gonna be holding my longs till next week and see where it takes us!

Hey man, I dig it. I think I may be in the same boat... buying more on the way up.

I looked back and remembered April 15th when we dropped hard. I made good money on that fall. Unfortunately, I got too excited and started shorting the pullback, not realizing that the pullback was the drop LOL.

Sadly, I did the same thing last night, but I'm thinking we may just crank higher now and this may be what we needed to be able to break through 157 now. A little shakeout so things can be equalized again.

Obviously, nothing is 100%, but I like our odds

I'm holding my short position. I think it just retraced last nights move down for the time being and is headed down again.

i can't say for sure at this point. all i can say now is that i think we're back on the bull train.

Hey dude

Just got back to London for a weekend of work ahead of me! I'm looking to take partial profits at 156.8 next week and then let the rest play out - PA depending. It will be bumpy to get back there but like you, I will be loading up on the pull backs too

Guys we are going up big time. but first expect aleast a 50% retracement on yesterday's daily candle, then boom - a great bounce to the sky.
believe me

To be considered bullish (at least back to the 156.6 area) it now has to break and hold above 154.9 ~155

Hey guys, sorry it's been a while since my last post. Actually, not that long but apparently some good PA during that time and unfortunately I missed out on most of it! '

I am trying to do a better job of posting on here as I believe it can be very helpful, but I need to work on getting into some better daily habits still, haha. As far as Mpt's post about the 'partial close', I can't seem to find the option you're talking about. I did actually find one way to do it, and this is currently the only way I know how so far, but it is to right-click on the order, hit 'Modify Order', then move up to 'Market Execution' type, at which point you can finally change the Volume size on the order... but this is not at all convenient. And to your point below, if you select 'Close Order' when you right-click, it closes the full amount/lot size of the order without presenting you an option for a partial close, which is why I can't seem to find the option you're referring to.

Nice job Geppy dude! You da man!

I agree with this. I will admit that I was not expecting such a big drop to about 151.75, but I still believe that new highs are in store in the coming weeks. I did not really participate in the market at all today which is very unfortunate because there were some awesome moves, but I am trying to work on my algo so maybe that could take care of that problem for me eventually haha.

It seems the market is pretty volatile right now so I may try to just scalp a little and see what I can do before the weekend but it looks like we are about to make another push lower here so the swing trade would probably be down imo.

... Final thought ... I just saw this post ... I am just wondering why do you say this, Mpt? Is 154.90 to 155 a Fibonacci level or somethin'? Just curious!

GOOD TRADING EVERYONE, LET'S CLOSE THIS WEEKEND OUT WELL!

I`m buying here..stop below yesterday candle which
bounced nicely off of old resistance turned support.

I say it because 154.8 or so may be considered to be a retest area for a TL/wedge (or whatever it is) breakout area yesterday. Same with UJ at 102.6. I'm not saying it is bullish or bearish without further data, but pointing out that a break above that area would be needed to confirm more bullish action.

No offense dude, but no matter what type of trader you are, I just don't see the risk/reward to this type of trade. You might be good for a few pips or a quick scalp, but I don't see anything substantial.


The problem with your analysis is the low of yesterday's candle is basically 151.75 and we are (currently) at 154.35 which means you are using a minimum of 260 pips as your stop loss and that is just wayyy too big in my opinion. Even if you were targeting a 1:2 risk/reward trade, GBP/JPY would have to get to 159.55 to meet those standards and I can tell you that is not going to happen anytime soon (and I do mean soon).

With such a big stop loss, you really are just saying that anything can happen and you will be okay with it. That may be the case for you, but I know that if I KNOW or at least am very confident that a certain move is going to happen, then why should you/we settle for anything less? For example, let's say that I know I want to place a buy order (I'm talking theortically, not given the current market conditions of course...) but I'm not sure at what price I want to do it at just yet. Well, I could place a buy order RIGHT NOW and just take care of that problem immediately... or, if I am confident enough in my market analysis, I could WAIT and try to get a better price. The second option is obviously more rewarding, but it is also the more difficult thing to do... And the fact of the matter is, you DO actually need to WAIT in order to get the better price, which means whether or not you know it, most traders are ultimately dealing with a conflict between their emotions and their logic. One side of their brain may be telling them to do one thing, while another side may be telling them to do a different thing, and well... we all know how this ends... one side is eventually going to win. But this is precisely why it is so important to have the discipline to follow your system and be in complete control of which side of the market you are on, and the emotions that come with it. I know I struggle with this issue a lot and believe we all could learn from it.

In the end, I believe this really hints at the question of what time frame do you trade off of, and if you are lucky enough to have a system that is profitable and making money, then why not take it one step further and try to sharpen those skills on a shorter time frame for eventually greater profits? That is, once you learn how to perfect the system of course... and that is ultimately what I am trying to do (and actually believe I have done, I just now need to find the code for it!). I do understand that some people have schedule's that can't or just won't fit the lifestyle of a daytrader, but it is my belief that if you have the time to learn the skill (and the ability and willingless to suffer A LOT of losses, just as I have, haha), then it is one of those things that you should not steer away from.

EDIT: Josh, if you decrease your stop loss, your risk/reward ratio increases substantially. This raises the question of: if you know enough information that will help you decrease the size of your stop loss, would that make you reconsider your time frame used for execution? And if so, why not just keep this approach going until you get to the smallest time frame possible (ie: daytrading)? Once you stop learning, you stop growing. Anyways these are my thoughts, peace y'all

I see. Thank you for the clarification. I agree with this, and would add that given the recent price action, 154.60 is looking like a more precise resistance level as well. If we break above this, I MAY be bullish going into the weekend, but if not, I will probably not hold a position.


154.60 resistance on 1H ... see below

I was just about to say the same. Probably looking now at 150.2~3 or maybe slightly lower to the 149 area before a rebound to MAYBE 156.6. Assuming it breaks below 151.8

3 days no postings in this thread and gj just moved more than a 100 pips.
That's worse than weird.

Haha! I was working out when it happened, darn it

Although, I was also too busy watching the Blackhawks pull off a WIN!!!
WOOO HOOO GO BLACKHAWKS!!!

No clue who blackhawks are or what they do

Oh man, you are missing out. The Chicago Blackhawks are just about the greatest NHL hockey team that exists!!!

I am surprised that you've never heard of them... but I guess I'll let it slide because I just noticed your hilarious profile. Haha, that's great man. I don't know what to make of it! 111 years old Jamaican photographer for Penthouse?! LOL!

No trading experience and your preferred strategy is crystal balls, hand palm readers, and tarot cards? Preferred broker MF Global? HAHAHAHAHAHA.... love it!