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Dragon Riders GBP/JPY

  • #22,381
  • Nov 1, 2016 5:19am Nov 1, 2016 5:19am
This guy is my trading hero, I recommend his journal for reading.

http://www.forexfactory.com/showthread.php?t=237739
Dragon Rider
  • #22,382
  • Nov 1, 2016 6:57am Nov 1, 2016 6:57am
I went long in this bearish trend, with all this daylight savings time crap I missed the start of London..lol and trades went in 2 hours after open... Hopefully a push to resistance at 129.60 as reported by a number of websites. if I had followed rules I wouldn't have closed my trades from yesterday early... and I shouldn't have taken trades so late. tp's at 128.80 would of had it already..lol
I'll pick up the crumbs don't need the whole pie
  • #22,383
  • Nov 1, 2016 9:36am Nov 1, 2016 9:36am
Quoting Quickiepip
I went long in this bearish trend, with all this daylight savings time crap I missed the start of London..lol and trades went in 2 hours after open... Hopefully a push to resistance at 129.60 as reported by a number of websites. if I had followed rules I wouldn't have closed my trades from yesterday early... and I shouldn't have taken trades so late. tp's at 128.80 would of had it already..lol
Today I decided to Short at the information of Carney's confirmation to maintain his tenure to end June 2019. Then entried Long at 128.15 to T/P 128.23 at the beginning of US session. But now I am out to wait for 127.58 to entry long for bound back.
  • #22,384
  • Nov 1, 2016 6:53pm Nov 1, 2016 6:53pm
selling .42 ,,127.42 with a 6 pip stop and targets 11 pips
,24 pips
.49 pips and it's related to the 39 pip I hate so much....naw...it's not really hate....
  • #22,385
  • Nov 1, 2016 7:07pm Nov 1, 2016 7:07pm
I had a dog and his name was Bingo....
  • #22,386
  • Nov 1, 2016 7:08pm Nov 1, 2016 7:08pm
just went long for the long run.
  • #22,387
  • Edited 8:51pm Nov 1, 2016 7:51pm | Edited 8:51pm
Alert....last time this reversed and went for extra points at 9:15 pm in N Y..UTC-4.....went for more like big time....30 minutes away....smiley, smiley
it went 22 down...24 up....65 down....now we need a 95 up....128 target or just short of it....
  • #22,388
  • Nov 1, 2016 8:56pm Nov 1, 2016 8:56pm
Does anyone think there is a downward bias on GBPJPY tomorrow? GBPJPY seems to move broadly in line with USDJPY and that seems on a downward trajectory because: a) US elections being too close to call b) market having priced in rate increase optimism which will evaporate once rates remaim unchanged.
  • #22,389
  • Edited Nov 2, 2016 2:32am Nov 1, 2016 9:21pm | Edited Nov 2, 2016 2:32am
Quoting barloc
This guy is my trading hero, I recommend his journal for reading. http://www.forexfactory.com/showthread.php?t=237739
FTI's "rescuing troops" doesn't work in the long term. It's called averaging a loss which is an account killer.

Before Dongsky abruptly disappeared and asked Twee to erase his account, he was averaging his drawn down short positions as EU went from 1.1800 to 1.5000. The math didn't add up that he was able to rescue all those positions that were deeply underwater.

The market will return to equilibrium 85% of the time. It's the other 15% it doesn't that does the most damage. I went through a period of trying this in 2010, and while I was able to pull it off quite a few times, there was one time the loss was bad enough on my live account that I never tried it again.

Here's a screen grab of a perfect margin call based on averaging leveraged losses. I was watching another trader's TE last week in the trade section of the site when he hit the wall. It's like that Earnest Hemingway Quote, How did you go bankrupt? Two ways. Gradually, and then suddenly.
Attached Image (click to enlarge)
Click to Enlarge Name: margin call.png Size: 52 KB
  • #22,390
  • Edited 10:34pm Nov 1, 2016 9:54pm | Edited 10:34pm
Quoting Jfx
{quote} FTI's "rescuing troops" doesn't work in the long term. It's called averaging a loss which is an account killer. Before Dongsky abruptly disappeared and asked Twee to erase his account, he was averaging his drawn down short positions as EU went from 1.1800 to 1.5000. The math didn't add up that he was able to rescue all those positions that were deeply underwater. The market will return to equilibrium 85% of the time. It's the other 15% it doesn't that does the most damage. I went through a period of trying this in 2010, and while I was able...

I disagree -- If something didnt work for you does not = "doesnt work" for everyone else.

The bold part is the key

Quoted from FTI on No Stop loss trading
Dance the dance.
If you cannot take the heat, stay out of the kitchen,
If there's a problem. Chances is either over leverage or over trading, or under-capitalise.
These mkts you are trading in, are killing fields,

The pictures you posted of Oct 9 mean nothing, the ADR of the EUR/USD is a joke (comparing it to a dragon) -- that was a 50 pip move at most while he was trading .50 lots. Go back and you will see him trading multiple full lots.


Let me counter your graph. I am trading .01 lots per 500$ I need like 4000 negative pips to get wiped.
Attached Image (click to enlarge)
Click to Enlarge Name: Captur22323e.JPG Size: 42 KB
Dragon Rider
  • #22,391
  • Nov 1, 2016 10:48pm Nov 1, 2016 10:48pm
yep, lookin for the usd to collapse or have a drop....a bump up november 16...
then down more
Quoting hussains
Does anyone think there is a downward bias on GBPJPY tomorrow? GBPJPY seems to move broadly in line with USDJPY and that seems on a downward trajectory because: a) US elections being too close to call b) market having priced in rate increase optimism which will evaporate once rates remaim unchanged.
  • #22,392
  • Nov 1, 2016 10:56pm Nov 1, 2016 10:56pm
Quoting barloc
{quote} I disagree -- If something didnt work for you does not = "doesnt work" for everyone else. The bold part is the key Quoted from FTI on No Stop loss trading Dance the dance. If you cannot take the heat, stay out of the kitchen, If there's a problem. Chances is either over leverage or over trading, or under-capitalise. These mkts you are trading in, are killing fields, Its not for anyone....balls of steel are also required Let me counter your graph. {image}
I was pointing out the risk involved trading a leveraged account without a stop loss and averaging down on losses for normal size positions.

If you're trading microlots, then of course you can attempt this because you don't have consequential sums of money at play in the market. People trading that way who can hold draw downs for months that go hundreds or thousands of pips against them, so maybe FTI's dance technique works for them. People trading tighter parameters with higher risk thresholds, who are trying to optimize profitability can't do this. Horses for courses.

Anyway, good luck.
  • #22,393
  • Nov 1, 2016 11:02pm Nov 1, 2016 11:02pm
yup, I wasn't going to turn the corner till I one day found a way to use a real small stop, like a floor trader....6 pips
  • #22,394
  • Nov 2, 2016 12:19am Nov 2, 2016 12:19am
Back to topic. Where do you guys see the pair going for now ?
  • #22,395
  • Nov 2, 2016 3:10am Nov 2, 2016 3:10am
I still wait for some more shorters to take profits out and gbp to get pushed up at least to middle Bollinger if not upper Bollinger band (weekly)... however it could be a waiting game through next weeks.
  • #22,396
  • Nov 2, 2016 6:04am Nov 2, 2016 6:04am
waiting waiting waiting 127.77
  • #22,397
  • Nov 2, 2016 6:03pm Nov 2, 2016 6:03pm
Pivots call for today --> Super breakout day
Dragon Rider
  • #22,398
  • Nov 2, 2016 6:08pm Nov 2, 2016 6:08pm
up, down, down up
  • #22,399
  • Nov 2, 2016 6:58pm Nov 2, 2016 6:58pm
BoE inflation report and rate determination tomorrow. The dominant view seems that it will have a negative impact on GPB whether we stick or reduce rates further. Any views to the contrary?
  • #22,400
  • Nov 2, 2016 6:58pm Nov 2, 2016 6:58pm
Thanks. we could use some follow-through, huh!!

Quoting barloc
Pivots call for today --> Super breakout day
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