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Dragon Riders GBP/JPY

  • #16,161
  • Apr 9, 2016 3:51am Apr 9, 2016 3:51am
Quoting Geppy
{quote} That's the thing. Almost everyone in these forums is NOT profitable. But they're incredibly closed minded and set in their unprofitable ways. No changing that, that's for sure. But I suppose that's fine. It's a zero sum game, so someone has to be paying me.
That is the thing why FX-Ray opened this thread. And probably also the reason why he left.
Fix up, trade sharp ...
  • #16,162
  • Apr 9, 2016 3:53am Apr 9, 2016 3:53am
Quoting jajano
Hi everyone, I'm new to GBPJPY pair, is there any strategy i can follow for this particular pair?
Just use the same you have been using on other pairs since 2009 I would say.
Fix up, trade sharp ...
  • #16,163
  • Apr 9, 2016 4:27am Apr 9, 2016 4:27am
Quoting Hickson
{quote} Just use the same you have been using on other pairs since 2009 I would say.
I only scalp on EU since 2009... lol
in and out within minutes.

and now i'd like to learn a swing or long term trading on this HUGE gbpjpy pair.
  • #16,164
  • Apr 9, 2016 4:39am Apr 9, 2016 4:39am
Quoting jajano
{quote} I only scalp on EU since 2009... lol in and out within minutes. and now i'd like to learn a swing or long term trading on this HUGE gbpjpy pair.
There are a lot of strategies ... it all depends on your personality and your objectives.
Fix up, trade sharp ...
  • #16,165
  • Apr 9, 2016 5:02am Apr 9, 2016 5:02am
Quoting jajano
Hi everyone, I'm new to GBPJPY pair, is there any strategy i can follow for this particular pair?
I can't/won't recommend a "strategy" as they are as many as the souls on this Earth and just as unique as their individual personalities. For example my approach would most likely make no sense to you or anybody else who isn't me.

That said, my best advice would be to keep a close eye on both USD/JPY and GBP/USD as they are the ruling influences on this cross. The best (not necessarily the only) time to enter trades on this cross (The Dragon) is when both UJ and GU are moving in the same direction. If your goal is to Swing Trade this pair it's best to wait until the larger swings of both UJ and GU coincide with each other on whatever time frame swings you intend to trade.

If all you've done to date is scalp EU? All I can say is get ready for a wild ride. If you trade this pair, the days of 5 or 10 pip stop losses like scalping EU are about to end for you. The swings on this pair (even the smaller ones) can and will be huge and unpredictable.

Hey, we don't call it the BEAST or DRAGON for nothing. It's quite easy to get burned badly and quickly.

Other than that use whatever market knowledge you already have and of course, common sense and good money management are key.

Welcome to the cavern of the BEAST! Best wishes and trade safe!
Ghost Rider - WWTBMD?
  • #16,166
  • Apr 9, 2016 5:19am Apr 9, 2016 5:19am
Quoting albchr
{quote} I can't/won't recommend a "strategy" as they are as many as the souls on this Earth and just as unique as their individual personalities. For example my approach would most likely make no sense to you or anybody else who isn't me. That said, my best advice would be to keep a close eye on both USD/JPY and GBP/USD as they are the ruling influences on this cross. The best (not necessarily the only) time to enter trades on this cross (The Dragon) is when both UJ and GU are moving in the same direction. If your goal is to Swing Trade this...
Well said my friend! Hope you are doing fine!
Fix up, trade sharp ...
  • #16,167
  • Apr 9, 2016 5:26am Apr 9, 2016 5:26am
Quoting Hickson
{quote} Well said my friend! Hope you are doing fine!
Thanks buddy. Well, I'm still here and breathing so that's a plus eh?

I always get a bit nervous for others when they start looking at this pair. I remember when I started with it. Not pretty! Not pretty at all! ... lol
Ghost Rider - WWTBMD?
  • #16,168
  • Apr 9, 2016 5:41am Apr 9, 2016 5:41am
Quoting albchr
{quote} Thanks buddy. Well, I'm still here and breathing so that's a plus eh? I always get a bit nervous for others when they start looking at this pair. I remember when I started with it. Not pretty! Not pretty at all! ... lol
We are hustlers! This is why we are still here ...
Fix up, trade sharp ...
  • #16,169
  • Apr 9, 2016 5:57am Apr 9, 2016 5:57am
Quoting Hickson
{quote} We are hustlers! This is why we are still here ...
LOL ... I've found the need to eat is also a powerful and persistent motivator to keep going and be careful about it. Not being one of the many "gurus" here it's a constant working battle!
Ghost Rider - WWTBMD?
  • #16,170
  • Apr 9, 2016 6:10am Apr 9, 2016 6:10am
Quoting albchr
{quote} Hey, we don't call it the BEAST or DRAGON for nothing.
Someone mentioned GBP/AUD daily movement is higher and thus more volatile?
  • #16,171
  • Apr 9, 2016 6:21am Apr 9, 2016 6:21am
Quoting duderoo1
{quote} Someone mentioned GBP/AUD daily movement is higher and thus more volatile?
At times it is, other times it's not. I basically focus on trading 6 pairs. EA, GA, EJ, GJ, EN, GN. Of the 6 my favorite 3 in this order are GN, GJ, EN. I don't trade the majors but as all my pairs are crosses, I do have to keep an eye on them.

As a day trader I like the highly volatile pairs as they normally produce many more opportunities per day. GA on average has a higher ADR than GJ but it can be a bit tougher to read as well. At least for me anyway.
Ghost Rider - WWTBMD?
  • #16,172
  • Apr 9, 2016 6:28am Apr 9, 2016 6:28am
Quoting albchr
{quote} At times it is, other times it's not. I basically focus on trading 6 pairs. EA, GA, EJ, GJ, EN, GN. Of the 6 my favorite 3 in this order are GN, GJ, EN. I don't trade the majors but as all my pairs are crosses, I do have to keep an eye on them. As a day trader I like the highly volatile pairs as they normally produce many more opportunities per day. GA on average has a higher ADR than GJ but it can be a bit tougher to read as well. At least for me anyway.
Whats your view on GA - i feel i missed a perfect long opp at 1.8509x for at least 320/400 pips :/ although i don't usually trade this pair
  • #16,173
  • Apr 9, 2016 7:17am Apr 9, 2016 7:17am
Quoting Don96
{quote} Whats your view on GA - i feel i missed a perfect long opp at 1.8509x for at least 320/400 pips :/ although i don't usually trade this pair
Hello Don, That depends entirely on what time frame you're looking at for direction. If you're looking at that kind of move I'd have to assume daily at least? As hindsight is always 20/20 I think you can get past the "feeling" you missed that intraday long. In short brother, you did! As did I.

While we did have the first higher low on a 4H chart in a very long time, I can't get past what the daily chart is currently showing us which is both sideways and trading right between a larger weekly/monthly 61.8 fib at 1.91877 and 78.6 at 1.83198. As such I'm personally inclined to stand aside on it for a while until it shows it's hand better. On the bigger charts I was looking at that 78.6 as a target and then see reaction. I have found on most time frames it often seems to like that fib and that level is where it last launched from.

Currently what I'm seeing is the AUD "hinting" at rolling over from it's recent climb and I still see the GBP loosing ground. If this holds true it goes a long way to explaining the sideways daily chart on GA. Now, that's a rather large range and I'm sure it will provide many opportunities in both directions on say the 4H and smaller TF's. However personally, it's not may favorite chart at this point.

I am a day trader but, I use the weekly to see where price is in the overall space. I see clean space left below. Looking at the weekly (as of now) I'm inclined to see it hit that 78.6.

Sorry no charts as I'm on a different system right now.
Ghost Rider - WWTBMD?
  • #16,174
  • Apr 9, 2016 7:25am Apr 9, 2016 7:25am
Quoting albchr
{quote} Hello Don, That depends entirely on what time frame you're looking at for direction. If you're looking at that kind of move I'd have to assume daily at least? As hindsight is always 20/20 I think you can get past the "feeling" you missed that intraday long. In short brother, you did! As did I. While we did have the first higher low on a 4H chart in a very long time, I can't get past what the daily chart is currently showing us which is both sideways and trading right between a larger weekly/monthly 61.8 fib at 1.91877 and 78.6 at 1.83198....
here is what I have... the long I missed could only be short term for 300, I would look for a lot lower for a much higher target
Red fib is long weekly fib last swing, I look deeper on this one at 1.78xxx and 1.75xxx but I'm sceptical on this level unless GBP collapses more..., yellow fib is hourly from the low on this swing down to its swing high...
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  • #16,175
  • Apr 9, 2016 7:41am Apr 9, 2016 7:41am
Quoting Don96
{quote} here is what I have... the long I missed could only be short term for 300, I would look for a lot lower for a much higher target Red fib is long weekly fib last swing, I look deeper on this one at 1.78xxx and 1.75xxx but I'm sceptical on this level unless GBP collapses more..., yellow fib is hourly from the low on this swing down to its swing high... {image}
​id enter here but i don't do 200 pip sl
  • #16,176
  • Apr 9, 2016 7:50am Apr 9, 2016 7:50am
Quoting Don96
{quote} here is what I have... the long I missed could only be short term for 300, I would look for a lot lower for a much higher target Red fib is long weekly fib last swing, I look deeper on this one at 1.78xxx and 1.75xxx but I'm sceptical on this level unless GBP collapses more..., yellow fib is hourly from the low on this swing down to its swing high... {image}
I see you have the mofu there. Good addition when used properly.

I'll be doing my weekend chart checking when I get back to my trading system. Even then my broker closes an hour before NY on Fridays so I'm always missing a bit of data until open. Normally not a big deal but on the crosses it can add up a touch. Yeah, I don't do 200 pip SL's either. Not if I want to make anything that is.... LOL So entries gotta be pretty tight.

Best wishes next week.
Ghost Rider - WWTBMD?
  • #16,177
  • Apr 9, 2016 7:52am Apr 9, 2016 7:52am
Quoting albchr
{quote} I see you have the mofu there. Good addition when used properly. I'll be doing my weekend chart checking when I get back to my trading system. Even then my broker closes an hour before NY on Fridays so I'm always missing a bit of data until open. Normally not a big deal but on the crosses it can add up a touch. Yeah, I don't do 200 pip SL's either. Not if I want to make anything that is.... LOL So entries gotta be pretty tight. Best wishes next week.
Cheers buddy, and yeah I'm still learning it, got 300+ from it since 17th, some entries may be invalid to those who know it inside out but the way ive used it is working so
  • #16,178
  • Apr 9, 2016 8:09am Apr 9, 2016 8:09am
Quoting Don96
{quote} Cheers buddy, and yeah I'm still learning it, got 300+ from it since 17th, some entries may be invalid to those who know it inside out but the way ive used it is working so
At the end of the day/week/month that's all that matters.

The markets are fluid and ever changing. We must be as well.
Ghost Rider - WWTBMD?
  • #16,179
  • Apr 9, 2016 8:56am Apr 9, 2016 8:56am
Quoting albchr
{quote} I see you have the mofu there. Good addition when used properly. I'll be doing my weekend chart checking when I get back to my trading system. Even then my broker closes an hour before NY on Fridays so I'm always missing a bit of data until open. Normally not a big deal but on the crosses it can add up a touch. Yeah, I don't do 200 pip SL's either. Not if I want to make anything that is.... LOL So entries gotta be pretty tight. Best wishes next week.
what is the mofu indicator please? can you summarize. i can't see it as standard on MT4. if it's complex perhaps you could direct me somewhere online to find it.

cheers
JD
  • #16,180
  • Apr 9, 2016 8:58am Apr 9, 2016 8:58am
Quoting albchr
{quote} LOL ... I've found the need to eat is also a powerful and persistent motivator to keep going and be careful about it. Not being one of the many "gurus" here it's a constant working battle!
Exactly! But that only makes the ultimate goal better!
Fix up, trade sharp ...
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