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Dragon Riders GBP/JPY

  • #1,661
  • Dec 30, 2014 9:24am Dec 30, 2014 9:24am
Blah, stopped out of my longs last night... that'll teach me to jump into a trade before the market decides on a direction.

I woke up at 3am though and managed to get some shorts on at 185.85 -- Looking good so far, I think we'll see lower yet.
check out my blog: forexmademillionaire dot com
  • #1,662
  • Dec 30, 2014 9:36am Dec 30, 2014 9:36am
Quoting Geppy
Blah, stopped out of my longs last night... that'll teach me to jump into a trade before the market decides on a direction. I woke up at 3am though and managed to get some shorts on at 185.85 -- Looking good so far, I think we'll see lower yet.
Hi Geppy, I was also surprised to see the drop this morning although I did not have a position while sleeping. Good you caught some shorts, current area 185.20 - 185.00 will be important. If it breaks I can see 183.20 easily.
Fix up, trade sharp ...
  • #1,663
  • Dec 30, 2014 10:12am Dec 30, 2014 10:12am
Quoting PayTheLimit
not so much on the 54 shorts, still holding 83's just barely against those old 7 even highs, yen near R also...good r:r to be short up here, but that don't mean shit...anyway looking at EY and UJ for new shorts if we move higher, those pairs have charts that are more negative that GY...

Quoting sisse
{quote} GY couldn't break 187.2x which is key for momentum. Looks ready for a retrace (loading retrace for the swing!!!) to the 184.5 / 185 area (Ally i hope you still have the line plotted in your charts).... GL sisse
Just in time final loading leg of the year. Retrace 184.9x tested and rejecting intraday (to be confirmed in daily/weekly/monthly/quarterly and yearly in the next few hours)... 187.2x key momentum as ever and a break is the last hurdle momentum wise to 190.xx and above...

sisse
Pending conversations? PM for a chat...I am mainly in OTM now
  • #1,664
  • Dec 30, 2014 10:29am Dec 30, 2014 10:29am
Quoting Hickson
{quote} Hi Geppy, I was also surprised to see the drop this morning although I did not have a position while sleeping. Good you caught some shorts, current area 185.20 - 185.00 will be important. If it breaks I can see 183.20 easily.
Agreed... a solid break of 185 puts a test of the lows from 12/16 into focus. We'll see how the rest of the day plays out, but the fireworks may be over for now.
check out my blog: forexmademillionaire dot com
  • #1,665
  • Dec 30, 2014 2:02pm Dec 30, 2014 2:02pm
136 pips from my GJ short in NY yesterday from 187.08. 55 pips on AUD long.
Be humble or be humbled.
  • #1,666
  • Dec 30, 2014 2:15pm Dec 30, 2014 2:15pm
Gidday GBP/JPY

Well screwed that one up chasing shorts

an holding longs 187 to 188

Short came out 185
  • #1,667
  • Dec 30, 2014 2:35pm Dec 30, 2014 2:35pm
Quoting Geppy
Blah, stopped out of my longs last night... that'll teach me to jump into a trade before the market decides on a direction. I woke up at 3am though and managed to get some shorts on at 185.85 -- Looking good so far, I think we'll see lower yet.
Gidday Geppy

Yeah I tend to chase the moves

long 187+ short 186 to 185 again

Not the end off the world as we know it

Will try an sort out next week
  • #1,668
  • Dec 30, 2014 2:36pm Dec 30, 2014 2:36pm
This pair has screwed me up many times I've taken another short at position at 185.96. Tokyo will fall.
Be humble or be humbled.
  • #1,669
  • Dec 30, 2014 2:57pm Dec 30, 2014 2:57pm
Quoting Temujin
Tokyo will fall.
How can you know for sure?
Fix up, trade sharp ...
  • #1,670
  • Dec 30, 2014 3:18pm Dec 30, 2014 3:18pm
Quoting eliteincome
{quote} Gidday Geppy Yeah I tend to chase the moves long 187+ short 186 to 185 again Not the end off the world as we know it Will try an sort out next week
Happens sometimes. Interesting you're able to hold positions in both directions. I remember when they allowed us to do that here in the US... no more though.

I'm still short and think we could test the lows in the 182 zone. We'll see what Asia brings.
check out my blog: forexmademillionaire dot com
  • #1,671
  • Dec 30, 2014 3:18pm Dec 30, 2014 3:18pm
Quoting Hickson
{quote} How can you know for sure?
He can't. It's not possible to ever know what the market will do at any time.
check out my blog: forexmademillionaire dot com
  • #1,672
  • Dec 30, 2014 3:23pm Dec 30, 2014 3:23pm
Quoting Geppy
{quote} He can't. It's not possible to ever know what the market will do at any time.
That is why I asked ... also looking for shorts, but stops are always in place to not get killed by this monster. Currently testing 186 again and a scalp short was s/o ...
Fix up, trade sharp ...
  • #1,673
  • Dec 30, 2014 3:38pm Dec 30, 2014 3:38pm
Quoting Hickson
{quote} That is why I asked ... also looking for shorts, but stops are always in place to not get killed by this monster. Currently testing 186 again and a scalp short was s/o ...
Definitely agree with you there about stops, Hickson.

I was foolish the other week and didn't put a SL in. Combine that with my shortsightedness of having too strong a conviction for the market's direction and you could say I screwed the pooch on that one big time.

I've been out of the game for a bit though and re-learning some lessons. To be expected, I suppose.
check out my blog: forexmademillionaire dot com
  • #1,674
  • Dec 30, 2014 3:48pm Dec 30, 2014 3:48pm
Quoting Geppy
{quote} Definitely agree with you there about stops, Hickson. I was foolish the other week and didn't put a SL in. Combine that with my shortsightedness of having too strong a conviction for the market's direction and you could say I screwed the pooch on that one big time. I've been out of the game for a bit though and re-learning some lessons. To be expected, I suppose.
Yeah, Geppy without SL is like gambling. Sometimes I wish I did not put one though ... I get s/o still a lot very, very closely before it moves my way. Just here, price reached 185.997 ... my stop was at 186 .. enough to trigger this obviously hmpf.
Fix up, trade sharp ...
  • #1,675
  • Dec 30, 2014 4:22pm Dec 30, 2014 4:22pm
Quoting Hickson
{quote} Yeah, Geppy without SL is like gambling. Sometimes I wish I did not put one though ... I get s/o still a lot very, very closely before it moves my way. Just here, price reached 185.997 ... my stop was at 186 .. enough to trigger this obviously hmpf.
You should always put it just on the other side of a round number because of things like that imo
  • #1,676
  • Dec 30, 2014 4:27pm Dec 30, 2014 4:27pm
Quoting teddybomber
{quote} You should always put it just on the other side of a round number because of things like that imo
Yes, stops on round numbers are not the best idea, agree. But spread widening seems to be crazy right now. 185.817 just got filled and s/o immediately at 185.92 though price never reached that level!
Fix up, trade sharp ...
  • #1,677
  • Dec 30, 2014 4:37pm Dec 30, 2014 4:37pm
Quoting Hickson
{quote} Yes, stops on round numbers are not the best idea, agree. But spread widening seems to be crazy right now. 185.817 just got filled and s/o immediately at 185.92 though price never reached that level!
Hickson, spreads tend to be much wider after NY close and generally until Asia comes in.

For shorts right now, I wouldn't have a stop any lower than just above 186.10 -- if you have to trade and that seems too far, I'd consider cutting your position size until it makes sense to have it that wide.
check out my blog: forexmademillionaire dot com
  • #1,678
  • Dec 30, 2014 4:43pm Dec 30, 2014 4:43pm
Quoting Geppy
{quote} Hickson, spreads tend to be much wider after NY close and generally until Asia comes in. For shorts right now, I wouldn't have a stop any lower than just above 186.10 -- if you have to trade and that seems too far, I'd consider cutting your position size until it makes sense to have it that wide.
I just realized the mistake I made. I am not scalping a lot and just learning it. The day was running pretty well until this ... I usually do not trade the asian session which does not make it easier ... the mistake was not checking the change of spread after Rollover so I guess my order was filled and stopped out just because the spread was so costly it had my stop instantly LOL

Pretty ridiculous, to be honest, but ok, now I know ... it was not due to some price never reached, but by a fast spread widening I did not notice quick enough. Will avoid this in future! The setups was good though ...
Fix up, trade sharp ...
  • #1,679
  • Dec 30, 2014 4:47pm Dec 30, 2014 4:47pm
Quoting Hickson
{quote} I just realized the mistake I made. I am not scalping a lot and just learning it. The day was running pretty well until this ... I usually do not trade the asian session which does not make it easier ... the mistake was not checking the change of spread after Rollover so I guess my order was filled and stopped out just because the spread was so costly it had my stop instantly LOL Pretty ridiculous, to be honest, but ok, now I know ... it was not due to some price never reached, but by a fast spread widening I did not notice quick enough....
Makes sense, Hickson. Once NY closes it's a good time to each a sandwich, take a nap... whatever you want to do to kill time until those spreads return to normal.
check out my blog: forexmademillionaire dot com
  • #1,680
  • Dec 30, 2014 5:00pm Dec 30, 2014 5:00pm
Quoting Geppy
{quote} Makes sense, Hickson. Once NY closes it's a good time to each a sandwich, take a nap... whatever you want to do to kill time until those spreads return to normal.
You are right, I was just overly eager and happy with today's results so I blew them in one thoughtless moment. At least I did not fall into the trap of blaming "the evil broker", which is the first emotion that can get to you. I was responsible for this little crash landing on that scalping trade, because I totally forgot about this fact (since I normally sleep at this time of the day!) and I will do it better next time.
Fix up, trade sharp ...
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