GBP/JPY Equity Building Profitable trading strategies

[trav72]

She is about to take off north again...the third leg of the corrective wave is complete or near complete at around 212.80...213...she is going to go up and burst through 214 on this first leg up..
You watch!.....i know you will be...

[trav72]

inside bar or the 30min and 15min....she is off.......isnt she..

[trav72]

next stop toronto...toot toot

[Andrewunknown]

Setting up for a break out of the triangle at the open here in a couple minutes - getting an upside read, but south isn't out of the realm of possibility. We'll see if it comes together.

[grader]

Originally Posted by rrram2

"All things are difficult before they are easy."

Thomas Fuller

As I can imagine this trading strategy is now easy for grader, and probably was hard at first. It goes against what your mind thinks is the only acceptable way to trade. But often we are set in our mind about a certain belief we have, and it ends up just NOT being true.

Those that trade this way really go against the trend. The trend is not my friend. My friend is a wild girl that runs down hard, and all the while most folks are selling, I am buying and boom she makes a sudden U turn,then I start banking pips. Drawdown is your friend, Not the trend. I guess on the way up, you are with the trend. But many buy on the way up.

As price hits 213.00 they buy long. Then price hits 213.20 and they go long
price hits 213.40 and they go long. I do not do this nor do I advise it.
When do you stop? Are you going to keep going long higher and higher?
That doesnt make as much sense to me as going long lower and lower.

Oh well much pips to everyone this week. I earned 6 cents in interest!

Matbe I didn't explain myself properly. I only buy behind her on the way down within the range of my loss leader ( that is my marker). I never buy above my loss leader as I think this would be dangerous ground and yes when would you stop. Has anyone been trying the method, I would like some feed back please.

[rrram2]

bit I would be more like .5

Originally Posted by pipsquito

I have a very basic question. I am planning on opening a live account with FXSol to trade this method. I am funding it with $10,000.00. I am planning on a 400:1 leverage. What should my trading lot size be? 2 mini lots? 5? Should I go for a lower leverage and less lots or higher (400:1) and more lots?

Basically I just need to know:

Leverage for a 10k account
Trading size for these buy limit orders we place.

Please tell me in mini lot or standard lot sizes, no in actual $$ sizes... I am too feeble to figure that out.

Todd

[rrram2]

She couldnt get the bears to take her down anywhere ;last night eh?

I didnt figure she was going to be going south down dark alleys with bad boys!

Originally Posted by trav72

She is about to take off north again...the third leg of the corrective wave is complete or near complete at around 212.80...213...she is going to go up and burst through 214 on this first leg up..
You watch!.....i know you will be...

[Andrewunknown]

Originally Posted by Andrewunknown

Setting up for a break out of the triangle at the open here in a couple minutes - getting an upside read, but south isn't out of the realm of possibility. We'll see if it comes together.

Well, no break during a London session resembling Tokyo. A touch off the bottom ascending trendline, but then back into range, so price still lies within the triangle, apex @ 2200 ET.

[4xStar]

Originally Posted by pipsquito

So you are talking about a 50¢ pip? So for each TP on a buy limit trade (10 pips) I'll make $5? And I could only buy down 200 pips? With 20 orders? So the max I would make on a 200 pip run down/run up would be $100? Jeesh. Hardly seems worth it. Maybe I am missing something here, but I'd rather grow corn in Iowa than make that sort of effort for 50¢. Now you see why I blew an account!

Bingo!

That is the trick .. grabbing lots & lots of little pips while keeping the risk under control. Check out the other thread in this section, something about Hedging, and check out what NZPenny has to say ..

Actually, I just realized I am running my demo at $100k with.5 standard lot, which is equivalent to what you have outlined here.

Exactly! And me too .. my demo account has that same ratio and in 7 weeks I have taken it from $500k to $916k doing nothing but grabbing those little pips, sometimes only 5 pips per trade (with 5 standard lots). You can grow your corn, I'd rather make $200+k per month

My new spreadsheet calculates that with $10k (sigh!) you can double your account every 9 weeks, or about 2 months. That turns $10k into $600k+ in one year ... still want to invest in that hoe??

Slow & steady wins the race

[rrram2]

I did advise I would not want to be short right now. And I Just plucked 15 pips from 212.99 running up a few minutes ago.

The short is not going to pan out. It is a bear trap. Look at the weekly.
She is going to trick everyone again. I am hoping for some run down into 211.50's to load up on some longs.

The daily sure looks pathetically down, and many things look down.
But obviously study her past, rub your forhead and remember, How many times has she done this to me before? Where it looks like a 100% sure thing she is going down and not only doesnt she go down but she goes up with mad haste.

Good luck on those shorts Ihope someone can succedd in running her down so I can get some longs cheaper.

Originally Posted by Andrewunknown

What "bearish signal" jumped out at you @ 2030 ET?

I'm still short from an initial 213.60, scaling in to double up earlier today @ 213.40. With the LH (lower high) established earlier today on the 1H a symmetrical triangle is forming, with support from the bottom ascending trendline sitting at ~212.75. The HL established near London's open on 07/21 is closed 57 pips higher than the previous low, while the LH from around the NY open was a mere 16 pips lower than the previous high, hinting momentum remains to the upside. The ascending trendline may derive further support as the triangle coils from 213. Fib fan support (@213.35, just below top descending trendline) was held early this morning and again this afternoon but then violated as NY closed and the early evening doldrums set in.

Price is finding support @ 34 EMA (213.07); if there is a close around within a few pips of there a hammer forms. This may not evolve into anything significant with the lackluster volume, but worthy of taking note nevertheless.