GBP/JPY Equity Building Profitable trading strategies

[rrram2]

she is getting ready to take off, I suspect she will reach her highs for the day before the 430 Bell.

So don't worry about those .80's. I am NOT on the BUS! ARG

[rrram2]

Of course she dipped slightly lower. Looks to be on the way back up.
It doesnt look like she is going to go down and get my other orders.

[jerryd_99]

I still have 3 orders above 213.30 and am wondering if I should take small profit as it becomes available or wait out 214+? It is a demo acct and I have no problems with margin as I am only 2 micros per order. --Trying to keep a more realistic perspective on my future live account potential.--Jerry

[rrram2]

go guppy go!

[rrram2]

Youa re in the demo acct not to make an error but it would be the best place to make an error. I like to take 11-31 pips per lot. I have been thinking let some run. BUt as much as she retraces, I normally scalp all sorts of orders.
So holding it to that high may not work in a rangy range. But you have to try it each way and see how it works for you. I prefer to bank pips as those are realized gains and they are basically banked. So If I can get 30 pips I take it.

The idea is to trade the demo account like you would your live account.

Originally Posted by jerryd_99

I still have 3 orders above 213.30 and am wondering if I should take small profit as it becomes available or wait out 214+? It is a demo acct and I have no problems with margin as I am only 2 micros per order. --Trying to keep a more realistic perspective on my future live account potential.--Jerry

[jerryd_99]

Do you still try to keep your LL so as to stay in the action or is it fair game as well?

[rrram2]

But as expected it rallied into the close so I sold!

Trying to buy again at 213.35 we will see what happens but gj is looking strong.

Originally Posted by jerryd_99

Do you still try to keep your LL so as to stay in the action or is it fair game as well?

[rrram2]

I scalped another one from 213.66 and am flat again.

I need her to come down to 213.35 and get me on one.
SHe is going to break here soon. I don't think anyone can keep holding her down and when she breaks loose, you better have a trailing stop for the TP.
FXSOL doesnt have that or I havent figured out how to use it. But a trailing stop to the topside is a good idea.

Like if you have two from one price. Sell one at 21-31 pips and hold the other, with like 20 pip trailing stop.

[rrram2]

"When the student is ready, the teacher will appear."

Buddhist Proverb

[Andrewunknown]

Originally Posted by 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.

I scaled out the last leg of the short in profit @ 213.17 earlier this morning before leaving this house, leaving a couple of limit orders on tap, neither executing in the range maintained today.

Price dallied out of the symmetrical framing and with the small ascending channel over the last few hours evolved into an ascending triangle where the horizontal resistance lines lies @ ~213.86. I'm long and still looking/hoping for a momentum breakout.

The short did pan out. How many times has she done what before? Yielded pips on a down move? Sometimes there are bear traps, but more often than not (if personal historic win ratio statistics on GBP/JPY shorts are any clue), I follow the Guppy tracks to honey while El Toreador is lopping the head off the fallen bull - at least in terms of the trade at hand. But there are plenty of bear traps, and sometimes I'm please to see the market step in them.

Beware El Toreador!