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Dragon Riders GBP/JPY

Quoting cat
{quote} Because trading from my DMA account is not spread betting, which is tax exempt here in the UK. It is for this reason that I trade mostly from an ordinary spread betting account. The trade off is the slightly larger spread size, which to me is neither here nor there
So the tax benefit outweighs the increased trading cost? Interesting. Sure wish we could trade with regulated brokers here in the US. I mean other than the two scams that remain.
Quoting pipmaster77
{quote} So the tax benefit outweighs the increased trading cost? Interesting. Sure wish we could trade with regulated brokers here in the US. I mean other than the two scams that remain.
Yes of course, vastly. Also, on any poor entry, I am as likely to get stopped out on a 0.8 spread as I am on a 2.5 spread, so the difference, to me at least, is irrelevant.
I'm with IC Markets $5.5 a lot commission 0.0 to 1 pip spread they call it true ECN been doing very well... until I took a pocket trade of 3 lots lost $200 bucks. I was about to blame the broker... until I realized it was me lol
I'll pick up the crumbs don't need the whole pie
  • Post #24,164
  • Quote
  • Edited Jun 1, 2017 12:11pm May 31, 2017 9:11pm | Edited Jun 1, 2017 12:11pm
Quoting xingloon
I have a risky long position looking to retest 143.7 resistant area SL 141.6. Monitoring from time to time. GL and cheers
Recovered my losses from longs @ 141.6x ish. A very nice daily pin bar has formed, rejected the fib 50%. My opinion there's long call if today's PA close above the pin bar.
Listen to the market
Gj looking good with an upswing with a base support currenly formed at 141.75. Looking to hit 143.5 then range form a range between 142 - 144.
We don't trade against the market ,we trade against discipline.
Quoting xingloon
{quote} Recovered my losses from longs @ 141.6x ish. A very nice daily pin bar has formed, rejected the fib 50%. My opinion there's long call if today's PA close above the pin bar.
It reaches 143.7 resistance at the moment.. but i had an early close for my longs again
Listen to the market
I'm long GJ right now.

Expecting to TP at around 148.00 ish.

Check it out my Trade Explorer, my open trades are public at the moment.
Quoting raphaelfx
I'm long GJ right now. Expecting to TP at around 148.00 ish. Check it out my Trade Explorer, my open trades are public at the moment.
Watch out your acc. Manage your risk and set some SL. This dragon beast could easily blow your acc in a single swing. I don usually hold a position for too long especially when the PA go against my open trade position. GL n cheers.
Listen to the market
Quoting xingloon
{quote} Watch out your acc. Manage your risk and set some SL. This dragon beast could easily blow your acc in a single swing. I don usually hold a position for too long especially when the PA go against my open trade position. GL n cheers.
Thanks for the advice.

I trade full-time and I'm always connected, so I'm constantly watching the price. Usually when I know I'll be several hours away from the computer, then I set some SL.

But I got you, I know what you mean. I've seen some crazy stuff happening to this pair.

I'm just a little cautious with SL placement because a bad misplaced SL can completely ruin a perfectly good trade. I need some flexibility regarding that.
Quoting RondaRousey
{quote} went long GJ so I will blow my account too?
I am talking about managing risk with setting up SL for every trade. Not about direction of your position will blow your acc. Hope i've made myself clear. Cheers
Listen to the market
.
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FF journal: Peaks and Troffs
Quoting NurWijaya
Trading idea GBP JPY TF daily At the daily time frame, GBPJPY looks consolidated after the upside Consolidated targets are seen in the EMA50 area of the daily TF. After zooming out to TF monthly and weekly to find dynamic support Got price: EMA 8 @ TF weekly: 142.600 EMA 8 @ TF Monthly: 142.600 When viewed in the daily TF the price accumulates in the EMA 50 area It will be a confluent zone as a strong support. (White line) Buy limit @ 142.70 SL 1000 pips under EMA50 TF daily Technical analysis based on "KamarMutilasi" Trading system at mt4 AGEA....

#Update GBPJPY
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UK PMI posted 56 but GY stays unchanged!
Quoting vnkingfx
UK PMI posted 56 but GY stays unchanged!
Can be a sign that bulls are not joining the party. Let' see...
today trade , M15 .
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enough pips.
Exits == most important part of your strategy
Quoting edmun1388
today trade , M15 . {image} enough pips.
congrats....
everyone going long this week? double top expected? ..whats your thoughts?...
Quoting ForexForex17
everyone going long this week? double top expected? ..whats your thoughts?...
I am.

I tried to go long on friday and it failed. But I'm going for a second try this week. I still think the main trend is bullish and that we're gonna see 148.00 again.

Price would have to drop past 141.5 for me to change my mind and switch bias.
Quoting raphaelfx
{quote} I am. I tried to go long on friday and it failed. But I'm going for a second try this week. I still think the main trend is bullish and that we're gonna see 148.00 again. Price would have to drop past 141.5 for me to change my mind and switch bias.
I'm going to just mention this as nicely as i can im not being mean or aggressive but what reasoning do you think its going to hit 148 again? What if it keeps going down? I see your original entry was nearly the very top at 147.46 which was originally just a minor pull back at the very end of a very long daily uptrend. Since then you have doubled down on every low til over 400 pips later now your scaling out 2x your original trade amounts this just seems very dangerous. What strategy or risk management plan are you using to hold these negative trades?

Edit: And just to say your stats in terms of w/l and max runup max drawdown all that is solid numbers so i really am just curious thanks in advance.
Quoting ForexForex17
everyone going long this week? double top expected? ..whats your thoughts?...
I will be cautious this week because so many things can happen
it`s going to be a busy week for the dragon

CHF and EUR bank hollidays on Monday, Parliamentary Elections on Thursday, Unemployment Claims (USD) on Thursday, Employment/Unemployment Claims on Friday (CAD).................
we are steel in a range between 141.8 and 143.9
I`m steel on the short side from 143.9 targeting 140.0 then maybe after that looking for a long trade
but HEY it`s FOREX so anything can happen and when it`s happening then bee ready my friends
have a nice trading week to all
Alex
Stay GREEN my friends........
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