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Attachments: I lose 40 pips and win 6 to 10 pips...
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I lose 40 pips and win 6 to 10 pips...

  • #1
  • First Post: Nov 9, 2007 12:45am Nov 9, 2007 12:45am
I'm trading (trying scalping) on GBP/JPY pare.

When I lose, I lose around 40 pips, and when I win, I get only 6 to 10 pips. Since I'm new to forex, I can't expect how the important news/annoucements will affect the trend.

How do you know or find out, if the trend will be bullish or bearish based on those important announcements (in this case GBP/JPY)? I'm reading the calender and posts, but still I can't understand what they are saying properly.

Do you know any links (resources) that might help me?
  • #2
  • Nov 9, 2007 12:45am Nov 9, 2007 12:45am
Quoting gotrade83
I'm trading (trying scalping) on GBP/JPY pare.

When I lose, I lose around 40 pips, and when I win, I get only 6 to 10 pips. Since I'm new to forex, I can't expect how the important news/annoucements will affect the trend.

How do you know or find out, if the trend will be bullish or bearish based on those important announcements (in this case GBP/JPY)? I'm reading the calender and posts, but still I can't understand what they are saying properly.

Do you know any links (resources) that might help me?
Just reverse buy and sell and you'll do fine...
  • #3
  • Nov 9, 2007 12:53am Nov 9, 2007 12:53am
Quoting gotrade83
When I lose, I lose around 40 pips, and when I win, I get only 6 to 10 pips. Since I'm new to forex, I can't expect how the important news/annoucements will affect the trend.
in the first case, you should work on your risk:reward ratio. in your case, decrease stop lose or increase take profit (just an exemple). I don't scalp but for a scalper, a 40 pips lost/trade it's huge. hope you are on demo

You should start reading some thread in the Trading Systems, there are some specialized in scalping yen crosses (high yelders/yen).

About fundies, read ff's article and in time you'll have a clear picture. Usually, equities go up yen goes down.
"Abandon all hope, you who enter here" La Divina Commedia, Dante Alighieri
  • #4
  • Nov 9, 2007 3:07am Nov 9, 2007 3:07am
Hmm... maybe you will flame me for this, but my risk/reward ratio is horrible. I cut my winners and let losers run. :surprised

I trade small and use some kind of grid trading. It's a pip eater machine.

I have to say that I became profitable the day I did not use any stops...

Regards - Xaron
  • #5
  • Nov 9, 2007 3:10am Nov 9, 2007 3:10am
Strongly advise that you take a forex course or two.
  • #6
  • Nov 9, 2007 3:27am Nov 9, 2007 3:27am
Quoting gotrade83
I'm trading (trying scalping) on GBP/JPY pare.
Don't trade less that 4hrs
GBP/JPY is a very volatile cross, and very dangerous IMO

When I lose, I lose around 40 pips, and when I win, I get only 6 to 10 pips. Since I'm new to forex, I can't expect how the important news/annoucements will affect the trend.
That till this day is a difficult one, and why I only trade 4hr trends

How do you know or find out, if the trend will be bullish or bearish based on those important announcements (in this case GBP/JPY)? I'm reading the calender and posts, but still I can't understand what they are saying properly.

Do you know any links (resources) that might help me?
First of all, I'll say that you need to find the trend, that can be easily done by plotting a fast and slow Ma on your charts {5 EMA close & 6 EMA open for instance}, if you want to scalp, take trades only in the direction of the trend and if the 4hr Chart correspond with the 1hr. Place your entry then on the 30min chart and scalp your 5-10pips.

Also don't try this on a news release.
  • #7
  • Nov 9, 2007 3:35am Nov 9, 2007 3:35am
Holy...it's now 236.22...
  • #8
  • Nov 9, 2007 3:42am Nov 9, 2007 3:42am
Exactly!

The 4hr is down, however only in the last bar, so I'll be careful
The 1 hr is down, 2 bars already
& the 30 mins is down, 5 bars

Taking a Long position now would have been suicide, as WHTenn pointed out you need to take a course or two.
  • #9
  • Nov 9, 2007 3:47am Nov 9, 2007 3:47am
Yeah, I agree having the long position before the announcement is suicide. I don't have any position at moment, and I'm just now looking at charts with different time frames.
  • #10
  • Nov 9, 2007 3:51am Nov 9, 2007 3:51am
btw, here's how my chart looks.
Attached Image (click to enlarge)
Click to Enlarge Name: mycharts.gif Size: 85 KB
  • #11
  • Nov 9, 2007 3:57am Nov 9, 2007 3:57am
Quoting gotrade83
Yeah, I agree having the long position before the announcement is suicide. I don't have any position at moment, and I'm just now looking at charts with different time frames.
My success ratio changed dramatically and actually I only turned profitable when i started using MTF, good luck, may the pips be with you
  • #12
  • May 13, 2014 8:59am May 13, 2014 8:59am
Hi,

I see your chars are in japaneses. I live in japan for sometimes and have trders friends there.

Regard
Flappy Pips - How to keep your hard earn PIPS
  • #13
  • May 13, 2014 9:06am May 13, 2014 9:06am
Cut losses short and let your winners run.

That way, your winners will make up for all the little losses
  • #14
  • May 13, 2014 9:30am May 13, 2014 9:30am
Quoting gotrade83
I'm trading (trying scalping) on GBP/JPY pare. When I lose, I lose around 40 pips, and when I win, I get only 6 to 10 pips. Since I'm new to forex, I can't expect how the important news/annoucements will affect the trend. How do you know or find out, if the trend will be bullish or bearish based on those important announcements (in this case GBP/JPY)? I'm reading the calender and posts, but still I can't understand what they are saying properly. Do you know any links (resources) that might help me?
http://forexy.freetzi.com/article-30.html
  • #15
  • May 13, 2014 11:41am May 13, 2014 11:41am
Quoting gotrade83
I'm trading (trying scalping) on GBP/JPY pare. When I lose, I lose around 40 pips, and when I win, I get only 6 to 10 pips. Since I'm new to forex, I can't expect how the important news/annoucements will affect the trend. How do you know or find out, if the trend will be bullish or bearish based on those important announcements (in this case GBP/JPY)? I'm reading the calender and posts, but still I can't understand what they are saying properly. Do you know any links (resources) that might help me?
Don't even think touching G/J until after 3years.Not for rookies.
Don't scalp.Worse method for beginners.

STOP live Trading!!

Educate yourself.Read at least 5 books on Trading and demo for a year.Or blow account after account and pay dearly for lessons.
In trading, you have to be defensive and aggressive at the same time
  • #16
  • Edited 1:27pm May 13, 2014 12:55pm | Edited 1:27pm
Quoting gotrade83
I'm trading (trying scalping) on GBP/JPY pare. When I lose, I lose around 40 pips, and when I win, I get only 6 to 10 pips. Since I'm new to forex, I can't expect how the important news/annoucements will affect the trend. How do you know or find out, if the trend will be bullish or bearish based on those important announcements (in this case GBP/JPY)? I'm reading the calender and posts, but still I can't understand what they are saying properly. Do you know any links (resources) that might help me?
You are voicing the most common trading experience. That is what ALL traders do. (They won't admit it because they are all in perpetual pie-in-the-sky mode playing with their demo account)
  • #17
  • May 13, 2014 1:51pm May 13, 2014 1:51pm
I'm having the same trouble being a new trader. If I just did the opposite of all my decisions lately, I'd be doing very well!

Still much to learn I guess...
  • #18
  • Last Post: May 13, 2014 7:11pm May 13, 2014 7:11pm
I traded GBP/JPY recently.

Most of the trade keep for 8 hours. Check out my journey saving little pips here Flappy Pips - How to keep your hard earn PIPS
Flappy Pips - How to keep your hard earn PIPS
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