GBP/JPY Equity Building Profitable trading strategies

[mytwopips]

Ok. Lets start a new conspiracy theory.

T. Boone Pickens will surprisingly replace John McCain right before November. McCain will unexpectedly drop out due to health and Pickens will jump in as a fresh alternative to attract as many votes as possible with out all the mud in the history to stop the momentum of fresh supporters.

Anyone with me on this one?

[rrram2]

I am more farmiliar with trailing stop
from forex.com, I should test out the trailing stops in the demo acct,
as a few longs from down low with trailing stops would have gotten pretty high before selling if you had a good retrace spread.
But if your set to 50. Wow I hate to give back 50 pips. BUt as Andrew said you never know when she is ging to stop.

I learned this the hard way when she was on her way to 251 and I was shorting from 225 and up. I went broke LONG before 251 came.
So I imagine you can undestand my hesitance or natural anti-short GJ sentiment.

Originally Posted by 4xStar

You can do trailing stops in FX Sol .. just open the little dialog box where you can input limit and stop loss .. check the box for stop loss, then at the right there is a place to check the box for Trailing Stop and below that a dropdown with choices of how much .. 10, 20, 30 pips etc.

[rrram2]

And missed that run up. And got clobbered on some kiwi.
The freaks cut rates a 1/4 so I had to consolidate my accounts as my NJ acct was just over 15%. I bought a few more going down into 80.00.
but wish I had bought them more closely spaced at that point.

After acct consolidaton my margin useage is back around 4.3% which is much safer. It is just a matter of time before NJ swings back. IT fell a good 100 pips though. SO I do have around 2000 pips of NJ drawdown now.
But if I hold this account for 12 months I will earn more than that in interest.
So I am digging my heels in.

And am a little disturbed I have all my profits tied up. It was either that or operating at 15%, which is nuts. This way with 4%. I can sutain a real big run down. Interest is going to go down slightly. But the spread is still 6.75 I think.

So for now I am sidelined on GJ until I can refund my other acct.
And considering that 138.1% is 216.01 I think thats where significant resistance lies at least for now.

But I also thought 214 would be no problem and it wasnt. But I thought for sure 214.50/60 was going to be a tough point to jump over. But was I wrong.
She blew past 214.50, like she didnt even see there was a BUS stop there.

I think she is getting ready to come down to 76.4% at 212.42. Look at the 60 MIN She looks poised to fall hard right NOW.

Wow should I short GC? (evil grin)

[jerryd_99]

As this is my first rodeo with the princess, and I am also flat, is it time to stand back and wait for her mood to show itself or is there an opportunity here that I don't see? Does anyone jump in here for a little scalping?

[trav72]

Originally Posted by rrram2

Wow should I short GC? (evil grin)

you what!!.....I thought we buy on the way down!
How about placing the buy limits in but have one little sell order at the top...oh if we only new where the top was...Andrew....where is it?...anyone?

[trav72]

Originally Posted by Andrewunknown

Fortunately for those who aren't really conducting any analysis of the pair, this time the move favored long positions.

what you talking about....

[Andrewunknown]

Range between 215.45-215.88: again, significant congestion points on the way down around the New Year. The next points to the upside worthy of interest are @ 216.23 and 217.27.

There isn't much to add regarding intraday direction. the 1900 ET candle looks like it will close as either an inverted hammer or bullish doji, both of which are bullish (could potentially be good for a daytrade back to the top of the range), but are subject to confirmation on the 2000 ET candle.

btw: in response to a PM about earlier charts posted, I thought it'd be helpful to clarify: the red and purple colored lines on these charts are fib fan studies, and future price does often find support or resistance at them.

[Andrewunknown]

Originally Posted by trav72

you what!!.....I thought we buy on the way down!
How about placing the buy limits in but have one little sell order at the top...oh if we only new where the top was...Andrew....where is it?...anyone?

The top...on GBP/CHF?

[4xStar]

Originally Posted by jerryd_99

As this is my first rodeo with the princess, and I am also flat, is it time to stand back and wait for her mood to show itself or is there an opportunity here that I don't see? Does anyone jump in here for a little scalping?

If you are a guppy Virgin, it is more likely that it will be she who will do the scalping ... best to sit back & observe for now, I am not sure that anyone here really knows what to do at this point in time.

[Andrewunknown]

Originally Posted by 4xStar

If you are a guppy Virgin, it is more likely that it will be she who will do the scalping ... best to sit back & observe for now, I am not sure that anyone here really knows what to do at this point in time.

Well said. And this is definitely a good time for anyone who is flat to practice the "no position IS a position" position on positions for which the relative position of the pair isn't currently positioned well. Seriously: something will come of this range - either a break held above 215.88 or below 215.45 will be helpful to determine where we go from here.