GBP/JPY Equity Building Profitable trading strategies

[rrram2]

Buy long now...load up we are at the low of the day.

Esignal pierced 207.23 on the bottom on 2, 2 minute bars but we are going to be going up Right now with a fury heading back for the 208.32 mark.

Lots of scaping over night for some pips.

[Bobkat]

Today is a strange trading day because of the May Day Holidays in Japan and England. I had planned on staying out of the market, but as it dropped about a hundred pips in 3 hours, I stacked seven trades. Being a bit apprehensive about today's movement, I chose to scalp 3 of the trades for 20 pips and then closed out the rest of my pending orders. My position is now flat, but if the market retraces, I will get back in and scalp some more.

Only 20 pips you say? There have been many a day I would have literally died to gain 20 pips. So I am a happy camper!

Elijah has opened my eyes to the best trading strategy extant. The only real profits I have made in Forex have been the result of straddling strategies.

In a word, this is better!

THANKS ELIJAH!

[pipsquito]

Well...I didn't expect to be breaking down this low...I am pretty heavily into it with long trades starting at 207.89 on down...and she is still going down.

Been scalping a bit here and there, but slept last night so didn't do much. Wonder where it is headed now...what is support after 206.70?

All the better for the ride up!

Todd

[hndymann]

Originally Posted by pipsquito

Well...I didn't expect to be breaking down this low...I am pretty heavily into it with long trades starting at 207.89 on down...and she is still going down.

Been scalping a bit here and there, but slept last night so didn't do much. Wonder where it is headed now...what is support after 206.70?

All the better for the ride up!

Todd

We have to expect the unexpected. Ive spaced the trades at about 30-40 pips and place them at areas of support along with a few scalps here and there ive managed to keep about even so far this time around.

[hndymann]

Originally Posted by rrram2

Buy long now...load up we are at the low of the day.

Esignal pierced 207.23 on the bottom on 2, 2 minute bars but we are going to be going up Right now with a fury heading back for the 208.32 mark.

Lots of scaping over night for some pips.

rrram, your no longer a newbie... workin your way up.. hehe

[pipsquito]

Originally Posted by hndymann

We have to expect the unexpected. Ive spaced the trades at about 30-40 pips and place them at areas of support along with a few scalps here and there ive managed to keep about even so far this time around.

Absolutely right. The unexpected is to be expected. I am still believing that part of this paradigm is to scalp small incremental trades along the way to increase equity. I often have wondered why it wouldn't be possible to place a buy limit every fifty pips with a TP of 65 or so...that way the draw down would be minimal. You could still scalp on the way up for the little 10 pip gains. I think rrram does something like this at a certain point in the strategy, but I am not sure exactly when or how (tightly packed on either end and spread out in the middle?)

I am once again being a cowboy and following my faith with this and just doing what I believe rrram is suggesting. I'm sure there are refinements that he makes along the way...he has mentioned several times "tweaking"...I believe I do this as well...putting in a few scalp trades with higher TPs when I see the pair running up etc. I have done very well with it on the last two cycles so I must be doing something right.

[pipsquito]

Looking at the 1 hour chart the trend line seems to be up from bottoms (203.30 or so as the start and lowest). Seems like we may see trendline support at 206.30...does this make sense?

[rrram2]

This is where it gets exciting, if you did what you should have, loaded up on some longs. I only have 12 and margin useage is at about 4%. So I am good
and getting ready to go away so my orders can hit thier tp targets and close.

[rrram2]

I am scalping lots of orders. And sitting with 12 still. Hoping to have a basket full on wednesday But if they foil me and hit my TP targets first, I guess I will have to buy more!

[rrram2]

If you let me sit and watch price hang, I will get you for ONE pip
95 cents if I have too, 2 times in a row. Last two I should have held on to.
I had one at 206.65 and 206.62 I think I got bored and sold them for 1 pip each.

I still have 12 others with a few gaps but mostly I am 10 pips down from
higher, around 1000 pips drawdown but for the month I think I am up almost that much. I am ok with price and I know it is more likely to head back up now than it is to head down and test 204.

That positive USD news is killing those dollar bears I bet. As soon as UJ pops over 105 and holds, then we should sail up some more.

Of course bernake is talking tonight at 830PM so who knows what he "could" say. It's the reaction to his casual meaningless comments that could cause some hellacious whipsawing. But as long as you are long and don't have those bloody Sl's you are OK.