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Dragon Riders GBP/JPY

  • #18,261
  • Jun 11, 2016 6:02pm Jun 11, 2016 6:02pm
Quoting GJscalper
{quote} I sad reality is that GBP/JPY can move 1-2% in a heartbeat, which leaves people trading with even 50:1 leverage and no leverage at the hands of the market. It is clear to see most of us swing trade or have some sort of bias towards one direction, but it would seem much easier to trade this pair day by day and not carry any trades over night. What do you guys think?
Agreed! Yea there's always a bias but for me I try to simply trade with the trend through elliot waves, which
I think is the most reliable indicator next to moving averages and fibonacci levels. I keep all my trades open overnight because as a swing trader I know what the market will normally do if its trending. Also, if you have enough capital in your account to cover negative retracements, it doesnt matter if your trades are negative, as long as they come back around to the trend......that's more of a position trader idea.
  • #18,262
  • Jun 11, 2016 6:05pm Jun 11, 2016 6:05pm
Quoting raiders
{quote} I never carry a dragon trade to the next day. I cant stomach watching a 100 pip turn against me.
Hahahahaha! That used to bother me too, now I don't care because I know that 100 pip negative turn can turn into a 500 or 1000 pip positive trade quick!
  • #18,263
  • Jun 11, 2016 6:30pm Jun 11, 2016 6:30pm
Quoting raiders
{quote} I never carry a dragon trade to the next day. I cant stomach watching a 100 pip turn against me.
I'm glad to see we think the same way.
@GJscalper I've turned a new leaf. No more trolling.
  • #18,264
  • Jun 11, 2016 7:17pm Jun 11, 2016 7:17pm
http://www.babypips.com/school/gradu...t-for-you.html
Just took the test came out swing trader but in reality scalp, swing same time.
  • #18,265
  • Jun 11, 2016 11:44pm Jun 11, 2016 11:44pm
Quoting guesser
{quote} Here Mpt {image} {image}
Thank you for that. Probably the fixed price currency settings before the mid 80's can be discounted, but the 1989 ish peak and prices since then certainly appears to be a fairly perfect descending triangle.
  • #18,266
  • Jun 12, 2016 12:19am Jun 12, 2016 12:19am
Ya know, I've been tryin to figure the significance of that 80's and 90's stuff....triangle....gotta go looky...thanks, man
Quoting Pip-Miner
http://www.babypips.com/school/gradu...t-for-you.html Just took the test came out swing trader but in reality scalp, swing same time.
  • #18,267
  • Jun 12, 2016 12:30am Jun 12, 2016 12:30am
every three hours....remove most of the profit....if ya wanna keep in the action, lower the margin coz when you get really going and are accountable to some onlooker....less losses after the session directional move is satisfying enough....

that probably means looking at a 15M compared to the dealer chart for Asia....at least that short , one minute is my favorite one time a day.....

Quoting GJscalper
{quote} I sad reality is that GBP/JPY can move 1-2% in a heartbeat, which leaves people trading with even 50:1 leverage and no leverage at the hands of the market. It is clear to see most of us swing trade or have some sort of bias towards one direction, but it would seem much easier to trade this pair day by day and not carry any trades over night. What do you guys think?
  • #18,268
  • Jun 12, 2016 1:36am Jun 12, 2016 1:36am
Surely a huge gap down on market open, thanks to: http://www.politico.eu/article/massi...m-independent/ 55% are for Brexit now....
  • #18,269
  • Jun 12, 2016 6:09am Jun 12, 2016 6:09am
My thoughts on just a scenario I dreamt of last night.....

Sunday a opening gap down, with some follow up in tokyo session, making it to low 151 (.618 fib extension of last major move down). Hang around for some time to have it sparkled by a Goldman and Sachs sponsored negative poll to bring their short position more in the profit. Using FED / BOE meetings for the last push down to 147. (1.0 fib extension of last major move). Goldman & Sachs reverse their position (will show largely in the COT), already started last week at some large commercials frontloading. When the last retail shorter has been found, and realizes, that for now theres not much room for downside and he's the last buyer in the ponzi scheme..... Fueled by another Goldman Sachs sponsored poll, in favor of Bremain this time..... they run for hell to save their positions and create a nice shortsqueeze/triggering a stop cascade at the end of next week/ beginning week after....

So around the time of poll, we will be in the middle around 155, from where we let the english people decide further prices.... major up or major down (with a daily huge volatility... either ruining or bringing great fortune)

(Currently I tend to go long with minor position when prices drop a bit more and scale in, till 147)
  • #18,270
  • Jun 12, 2016 6:29am Jun 12, 2016 6:29am
Quoting geektrader
Surely a huge gap down on market open, thanks to: http://www.politico.eu/article/massi...m-independent/ 55% are for Brexit now....
People already frontloaded it on Friday. That huge drop and now a new poll. Might very gap to a price past everyones SL.
@GJscalper I've turned a new leaf. No more trolling.
  • #18,271
  • Jun 12, 2016 6:35am Jun 12, 2016 6:35am
Quoting TaoTrader
{quote} Hahahahaha! That used to bother me too, now I don't care because I know that 100 pip negative turn can turn into a 500 or 1000 pip positive trade quick!
Fix up, trade sharp ...
  • #18,272
  • Jun 12, 2016 6:39am Jun 12, 2016 6:39am
This is what my ALGO showed right before market close... Of course wide spread... Yet clear sell on 1m with no 50% recovery of the drop.


Attached Image
@GJscalper I've turned a new leaf. No more trolling.
  • #18,273
  • Jun 12, 2016 12:53pm Jun 12, 2016 12:53pm
Seems to be no gap at all according to http://www.xe.com/currencyconverter/...rom=gbp&To=jpy They are pricing already and itīs 3 pips lower than Friday close right now.
  • #18,274
  • Jun 12, 2016 12:57pm Jun 12, 2016 12:57pm
Quoting geektrader
Seems to be no gap at all according to http://www.xe.com/currencyconverter/...rom=gbp&To=jpy They are pricing already and its 3 pips lower than Friday close right now.
We are 5 hours from the open. I think it is a little to early to be checking the gap price. IMHO
@GJscalper I've turned a new leaf. No more trolling.
  • #18,275
  • Jun 12, 2016 1:32pm Jun 12, 2016 1:32pm
Not sure when you broker opens, but mine does in 2,5 hours Not 5. And XE.com prices about 3 hours before market open. Their pricing right now though is some kind of pre-pre-pricing. Their real pricing starts in 27 minutes from now, and this is reflective for the market open in 2,5 hours.
  • #18,276
  • Jun 12, 2016 1:43pm Jun 12, 2016 1:43pm
Ah, now, gapping down already....152.19
  • #18,277
  • Jun 12, 2016 1:55pm Jun 12, 2016 1:55pm
Quoting geektrader
Ah, now, gapping down already....152.19
geektrader which broker are you using?
  • #18,278
  • Jun 12, 2016 2:01pm Jun 12, 2016 2:01pm
Quoting geektrader
Not sure when you broker opens, but mine does in 2,5 hours Not 5. And XE.com prices about 3 hours before market open. Their pricing right now though is some kind of pre-pre-pricing. Their real pricing starts in 27 minutes from now, and this is reflective for the market open in 2,5 hours.
It would be clear to see that your broker opens before many of the main steam brokers. Congrats. All of my brokers open at 4pm CST. My trade explorer reveals the LIVE account which I have. My market watch is still at 23.59:07 and won't send another quote until the price reaches that price once again today.
@GJscalper I've turned a new leaf. No more trolling.
  • #18,279
  • Jun 12, 2016 2:12pm Jun 12, 2016 2:12pm
I am wondering, any broker I use opens in 1:50 hour from now, Global Prime, Pepperstone, Tickmill, JFD Brokers, all do... Thats the time I can begin to trade. I dont know any broker at all which opens in 5 or 4 hours from now only. Must be some kind of crazy market maker. All ECN brokers clearly open in 1:50 hours from now.

The pricing I am referring to right now is pre-market pricing provided by xe.com at http://www.xe.com/currencyconverter/...rom=gbp&To=jpy which price 2 hours before market open (so since about 11 minutes). Price now is at 151.984.
  • #18,280
  • Jun 12, 2016 2:23pm Jun 12, 2016 2:23pm
pre-market
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