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Dragon Riders GBP/JPY

  • #20,941
  • Sep 1, 2016 5:42am Sep 1, 2016 5:42am
this is a slower chart ,its a sell zone big time ,the monthly says to me it wont break this month ,but early days check the d1 s


Quoting Bones
there nice tl ,draw it d1 you could wait for it now make your mind up ,high prob this chart will go to the top of range {quote}
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  • #20,942
  • Sep 1, 2016 5:48am Sep 1, 2016 5:48am
Quoting artooks
{quote} Thank you very Halbot, I have hedged now, yes I am inexperienced I do not want to take this loss, I did hedge a few times before but hedging is also a big problem so how can I manage the hedge would you be able to give me some information as I usually traded eurusd, but now I find myself stuck in this pair, I would really appreciate the help.
Here is my take on your trades you should take off the hedge and look to close your trades in loss at a pullback to 136.000 area at most, hedging is not gonna be of any good to you right now. its obviously an up trend so get out and look to long trades ahead...cheers
  • #20,943
  • Sep 1, 2016 5:54am Sep 1, 2016 5:54am
we will not see 133 again for quite a while
  • #20,944
  • Sep 1, 2016 5:56am Sep 1, 2016 5:56am
Hey everyone, just wanted to get some opinions on how the US data is going to impact GBPJPY. My thought was that if it comes out positive, the surge in USDJPY would be overwhelming and send GBPJPY up with it, but in that same scenario GBPUSD would be negatively affected. Am I way off in thinking the JPY weakness will send us even higher should the data be positive, despite the negative reaction in GBPUSD?
niemals aufgeben
  • #20,945
  • Sep 1, 2016 6:00am Sep 1, 2016 6:00am
Quoting artooks
{quote} Thank you very Halbot, I have hedged now, yes I am inexperienced I do not want to take this loss, I did hedge a few times before but hedging is also a big problem so how can I manage the hedge would you be able to give me some information as I usually traded eurusd, but now I find myself stuck in this pair, I would really appreciate the help.

These are your options as I see it.

1) Take the loss before it spirals out of control.

2) Hedge the position. Problem with this is how do you know when the top is? Close 1 side of the hedge to early and losses will keep mounting.

3) Compound the hedge. Add position to your long hedge as price rises. Eventually the hedge will balance out the loss. This is advanced trading and hard to pull off.

4) Compound the loss by adding to the losing position. Again problem with this is how do you know when the top is?

5) Leave the loss as it is and wait for market to turn.


I know its hard but option 1 is probably the best option with GBP/JPY as this pair kills many a traders account. Take the loss and learn lessons but return to trade another day.
  • #20,946
  • Sep 1, 2016 6:00am Sep 1, 2016 6:00am
Quoting amoc
{quote} Here is my take on your trades you should take off the hedge and look to close your trades in loss at a pullback to 136.000 area at most, hedging is not gonna be of any good to you right now. its obviously an up trend so get out and look to long trades ahead...cheers
Thank you amoc so you think we will retrace till 136 do you think it would be better to put a hedge at that level ?
  • #20,947
  • Sep 1, 2016 6:22am Sep 1, 2016 6:22am
Quoting artooks
Hi, I need some help I am stuck in a short GBP/JPY trade @133 with 3.9 lots can anyone help me about how to manage this trade, I really need the help should I open a hedge or wait to retrace my Margin level is 1000 % Please help.
I've got a breakout reversion target at 133.30 but it could be a while before we get there as its still in its breakout mode.

So depending on your position sizing and risk tolerance levels its your choice...with a margin level of 1000%, I'd be wincing a little..

Although I'll be flamed for making this statement - trading without a stop loss is okay in my opinion (many successful prop traders trade without stops)..the key is position sizing and if the trade is running against you and the reason for taking the trade on in the first place has ceased to be the case - you need to either accept the loss or know how to 'rinse it out' if its causing distress.

In any instance I wish you the best - FWIW every trader has been where you are right now.
  • #20,948
  • Sep 1, 2016 6:26am Sep 1, 2016 6:26am
you should never trade without a stop loss
  • #20,949
  • Sep 1, 2016 6:27am Sep 1, 2016 6:27am
Number of reasons to today's move
1, today is beginning of month
2, PMI news was good than last 10 month
3, Brexit rumour is over
4, tomarrow is weekend
  • #20,950
  • Sep 1, 2016 6:27am Sep 1, 2016 6:27am
I accepted the loss and now moving forward it hurts but I think I get a lesson out of it.
  • #20,951
  • Sep 1, 2016 6:30am Sep 1, 2016 6:30am
Quoting MXT
you should never trade without a stop loss
Depends on whether you choose to use a technical (price based) stop loss (hard) or a % stop loss - both have their place in trading
  • #20,952
  • Sep 1, 2016 6:35am Sep 1, 2016 6:35am
Quoting artooks
{quote} Thank you amoc so you think we will retrace till 136 do you think it would be better to put a hedge at that level ?
good to know you've accepted your loss, what matters most is if you have learnt any lesson from your loss, if you have, consider the money lost as lesson fee and DONT MAKE THE MISTAKE AGAIN.....wish you all the best
  • #20,953
  • Sep 1, 2016 6:36am Sep 1, 2016 6:36am
Quoting FXClarity
{quote} Depends on whether you choose to use a technical (price based) stop loss (hard) or a % stop loss - both have their place in trading
sure you can choose % or technical, but you must always use a stop loss
  • #20,954
  • Sep 1, 2016 6:36am Sep 1, 2016 6:36am
Quoting artooks
Hi, I need some help I am stuck in a short GBP/JPY trade @133 with 3.9 lots can anyone help me about how to manage this trade, I really need the help should I open a hedge or wait to retrace my Margin level is 1000 % Please help.
There are 3 main economical events this month. tomorrow is NFP release so you should wait till tomorrow at least.Remember nothing goes up or down in a straight line if its up so its down.As holiday season ends and volatility comes back into markets and there will be extreme volatility in current month because of FOMC and Bank of Japans decision.I hope Yen pairs may test bottom before these two events because if we see longer term charts, Yen is strong and trends never change suddenly.On the other side Sterling is under pressure because of article 50 so expect massive sell off.IMHO your chances are still alive dont get panic close your eyes take long breaths if possible take a week off and set your TP and SL at the level where you are happy.Dont take Hedge position because it will ruin your trading psychology.Cheers
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  • #20,955
  • Sep 1, 2016 6:39am Sep 1, 2016 6:39am
Quoting artooks
I accepted the loss and now moving forward it hurts but I think I get a lesson out of it.
I think you made the right decision. I feel the pain as we have all been there.

I would also advise do not trade any more today as emotions will be running high. Revenge trading will often cause you to lose even more. Im sure many people can vouch for this mindset.
  • #20,956
  • Sep 1, 2016 6:42am Sep 1, 2016 6:42am
Quoting artooks
I accepted the loss and now moving forward it hurts but I think I get a lesson out of it.
another bad decisionyou should learn patience and self controlI was underwater since june but i manged to got out in profit last month.Patience is the key to trade forex.goodluck.
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  • #20,957
  • Sep 1, 2016 6:44am Sep 1, 2016 6:44am
Quoting MXT
{quote} sure you can choose % or technical, but you must always use a stop loss
Agreed, if you're wrong - you are wrong...Take the medicine
  • #20,958
  • Sep 1, 2016 6:51am Sep 1, 2016 6:51am
GBPUSD

if you draw a trend line from june 29th high, we are now sitting on trend line and there is not much momentum in context of daily chart.

Took short position with 30 pips SL

Target 1.30
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  • #20,959
  • Sep 1, 2016 6:53am Sep 1, 2016 6:53am
Quoting artooks
I accepted the loss and now moving forward it hurts but I think I get a lesson out of it.
Every trading learning their craft has had to do the same at some point - its doesn't mean you are a fool or incompetent...Its merely part of the learning process that has to occur and does occur for every trader at some stage - and no one escapes it (not in my experience).
  • #20,960
  • Sep 1, 2016 6:55am Sep 1, 2016 6:55am
Thank you very much everyone, I really liked this forum, everyone is so friendly and helpful, now I need to recover losses in time, so can you I am trying to create a system using bollinger bands, RSI and Stocastic do you think these three indicators will be enough also will use support resistances , can you please tell me if these will be enough ? and how to combine and decide how to enter and exit, I would be happy just to hear a few comments, thanks in advance.
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