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Geppy's Geppy Thread (GBP/JPY)

  • #11,521
  • Mar 5, 2014 7:32am Mar 5, 2014 7:32am
Minor decision points G/J:

171.40/35
171.25/20
171.05/00
170.75/65 (within major)
  • #11,522
  • Mar 5, 2014 7:32am Mar 5, 2014 7:32am
@Ray,

What could be the improvement in my order placing method ? if u can suggest any better ?
  • #11,523
  • Mar 5, 2014 7:34am Mar 5, 2014 7:34am
Quoting Noob Trader
@Ray, What could be the improvement in my order placing method ? if u can suggest any better ?
Thats the blind side of trading, things you only learn by experience, like when its better to use a limit or just go in market or to hedge your position. Its a individual thing.
Add: Adapt execution to market condition. Everything you do should be aligned with actual market condition.
  • #11,524
  • Mar 5, 2014 7:42am Mar 5, 2014 7:42am
Quoting FX-Ray
{quote} Thats the blind side of trading, things you only learn by experience, like when its better to use a limit or just go in market or to hedge your position. Its a individual thing. Add: Adapt execution to market condition. Everything you do should be aligned with actual market condition.
So buy or sell in real time and not by placing advanced order ? I do first trade manually then place other orders after placing first trade
  • #11,525
  • Mar 5, 2014 7:44am Mar 5, 2014 7:44am
Quoting Noob Trader
{quote} So buy or sell in real time and not by placing advanced order ? I do first trade manually then place other orders after placing first trade
You canŽt nail it like this. Its static, market is dynamic. Think about it. Im off my desk. Laters.
  • #11,526
  • Mar 5, 2014 7:46am Mar 5, 2014 7:46am
Quoting FX-Ray
Sellers inbetween 171.20/10, gonna bail above 171.35/40/45
Guess who bailed below 20ish
  • #11,527
  • Mar 5, 2014 7:49am Mar 5, 2014 7:49am
Quoting FX-Ray
{quote} Guess who bailed below 20ish
all or partials?
Trading Levels with WRBs
  • #11,528
  • Mar 5, 2014 7:53am Mar 5, 2014 7:53am
Quoting Noob Trader
{quote} I never add new order, I placed all the orders at different ticks... last order pending @ 171.40, orders were for 170.60,170.80,171,171.20,171.40, TGT 169.40, SL 171.80 (last high was placed around this lvl)
Hello Noobtrader,

If I can offer my humble advice, from personal experience, SL kills your account. Rather than placing SL, hedge your positions.

I see you mentioned your average shorts is 170.80.

Here is the question for you; Do you want to hold on to your shorts, risking margin call? or would you rather close all your shorts for a loss, and start fresh based on what you have left.

You need to consider the direction this pair goes. Those levels which FXray posted are really helpful, for traders to decide if they should long, short, or stay on sidelines if unsure.


Based on my study, at current levels, long is not recommended. I would long only if there's a pullback to 170.80 level.

Good luck to all.

Trade based on market direction, not market speculation.
  • #11,529
  • Mar 5, 2014 7:56am Mar 5, 2014 7:56am
Quoting Islander
{quote} all or partials?
Partials, remaining are going to cover above 40/50/60ish, if price reaches there.
  • #11,530
  • Mar 5, 2014 7:58am Mar 5, 2014 7:58am
Quoting FX-Ray
{quote} Thats the blind side of trading, things you only learn by experience, like when its better to use a limit or just go in market or to hedge your position. Its a individual thing. Add: Adapt execution to market condition. Everything you do should be aligned with actual market condition.
This is the biggest (and costliest) lesson I have had to learn - it took ages to sink into my 'hollow head'. A profitable trader has a variety of methods that work well in certain conditions. They are not stuck on one system/method/MM strategy, they are flexible and nimble. They can see the conditions and adapt accordingly.

If you only have one system/method that works in say a trending market, you then have to find a pair that is trending (and Murphy's (or sod's) law says you will find it or enter just when it pulls back or reverses). But if you have a variety of methods you can employ, then you can focus on one or two pairs, really get to know them and spot that day's or week's condition and trade it accordingly).

Knowing when to cut, when to let it run and when to hedge not only preserves and grows capital, it builds confidence which keeps fear and greed in check. The confident don't need to fear, and they don't get greedy (because they know everything doesn't depend on this one trade).

Confidence breeds patience. Have you noticed 9/10 it is the athlete who looks least confident that false starts and goes before the gun (Usain Bolt in the World Championships being the obligatory exception). When we lack confidence (say because our system isn't working in the present conditions) we enter early and take an unnecessary loss, or have a smaller R:R.

Anyway, I'm rambling now...
  • #11,531
  • Mar 5, 2014 8:10am Mar 5, 2014 8:10am
Quoting hollowhead
{quote} This is the biggest (and costliest) lesson I have had to learn - it took ages to sink into my 'hollow head'. A profitable trader has a variety of methods that work well in certain conditions. They are not stuck on one system/method/MM strategy, they are flexible and nimble. They can see the conditions and adapt accordingly. If you only have one system/method that works in say a trending market, you then have to find a pair that is trending (and Murphy's (or sod's) law says you will find it or enter just when it pulls back or reverses). But...
Well said! You summed it all up.
  • #11,532
  • Mar 5, 2014 8:15am Mar 5, 2014 8:15am
Geppy on my mind
  • #11,533
  • Mar 5, 2014 8:16am Mar 5, 2014 8:16am
Quoting FX-Ray
{quote} Partials, remaining are going to cover above 40/50/60ish, if price reaches there.
Thanks, I'm with you and waiting for the NYSE effect to kick in......
Trading Levels with WRBs
  • #11,534
  • Mar 5, 2014 9:09am Mar 5, 2014 9:09am
Quoting eNjoyPips
{quote} Hello Noobtrader, If I can offer my humble advice, from personal experience, SL kills your account. Rather than placing SL, hedge your positions. I see you mentioned your average shorts is 170.80. Here is the question for you; Do you want to hold on to your shorts, risking margin call? or would you rather close all your shorts for a loss, and start fresh based on what you have left. You need to consider the direction this pair goes. Those levels which FXray posted are really helpful, for traders to decide if they should long, short, or stay...
I never put SL while my trade is on. Bias for this pair remains negative for me but holding above 170.80 would be first sign that daily observation may be wrong. Lets see how it closes today. I will open some counter hedge if close above 170.80
  • #11,535
  • Mar 5, 2014 9:31am Mar 5, 2014 9:31am
Quoting FX-Ray
Minor decision points G/J: 171.40/35 171.25/20 171.05/00 170.75/65 (within major)
171.25/20 offered a nice entry opportunity with a tight risk margin.
  • #11,536
  • Edited 9:46am Mar 5, 2014 9:33am | Edited 9:46am
Quoting hollowhead
{quote} This is the biggest (and costliest) lesson I have had to learn - it took ages to sink into my 'hollow head'. A profitable trader has a variety of methods that work well in certain conditions. They are not stuck on one system/method/MM strategy, they are flexible and nimble. They can see the conditions and adapt accordingly. If you only have one system/method that works in say a trending market, you then have to find a pair that is trending (and Murphy's (or sod's) law says you will find it or enter just when it pulls back or reverses). But...
Yap, those levels are also used in context to the actual market sentiment, the levels alone without use of context are worthless.
Add: Like any other system/methodology etc etc
  • #11,537
  • Edited 10:00am Mar 5, 2014 9:44am | Edited 10:00am
Quoting FX-Ray
Minor decision points G/J: 171.40/35 171.25/20 171.05/00 170.75/65 (within major)
still valid
Add: 170.05/00 (!)
  • #11,538
  • Mar 5, 2014 10:07am Mar 5, 2014 10:07am
Quoting FX-Ray
{quote} 171.25/20 offered a nice entry opportunity with a tight risk margin.
Does that for a Short position ?
  • #11,539
  • Mar 5, 2014 10:12am Mar 5, 2014 10:12am
Quoting workingforex
{quote} Does that for a Short position ?
Still trading above.. look what happend to shorts inbetween 171.20/00
Liquidity is decreasing, IŽd be careful to take a position now. Guess im done for today and leave it as it is. Hope you all had a good day
  • #11,540
  • Mar 5, 2014 10:24am Mar 5, 2014 10:24am
Quoting Islander
{quote} Thanks, I'm with you and waiting for the NYSE effect to kick in......
Didnt get triggered today, what doesnt mean they disappeared, 2morrow another day. WeŽll see then.
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