GBP/JPY Equity Building Profitable trading strategies

[pipsquito]

So...the more times it hits this bottom and doesn't break through the less likely it will breech it? This is the fifth time I think, and it bounces like a rubber ball.

Or is it the more often it tests the low the more likely it will break through it?

Hmmm...

[mytwopips]

Originally Posted by pipsquito

So...the more times it hits this bottom and doesn't break through the less likely it will breech it? This is the fifth time I think, and it bounces like a rubber ball.

Or is it the more often it tests the low the more likely it will break through it?

Hmmm...

Considering the bottoms are a part of a descending triangle, orthodox thinking says south. But there are many factors coming to play that says up. It's a crap shoot, but she is going to move.

I am in the middle of a new account. I closed my micro and opened a mini. I am waiting for my funds to complete. If I was in, I would stick to my pending straddled orders.

[pipsquito]

I suppose Elijah is asleep dreaming of all the pips he will have in the morning...I hope his dreams come true!! I would love to see this puppy work. I will be at his feet tomorrow if this sucker turns around.

What are the things in play that say it could move up?

Todd

[Sweet Pip]

Originally Posted by pipsquito

So...the more times it hits this bottom and doesn't break through the less likely it will breech it? This is the fifth time I think, and it bounces like a rubber ball.

Or is it the more often it tests the low the more likely it will break through it?

Hmmm...

Quoted from Babypips school it says "The more often price tests a level of resistance or support without breaking it the stronger the area of resistance or support is."

However, I don't like it when it tests too often as it seems it a little too focused on it ...2 bounces ok, 3 or more and I get nervous.

[cadarkitek]

Im Long with SL at 202.00, any break below this triangle(close bearish candle) I'm going short. Hope I dont get caught in a "bull trap". Also its possible for this consolidation to last until next weeks open.

[pipsquito]

Yes, it seems the more it tests the more it strengthens...thanks for that info.

In this case I can see the many tests as being typical for GJ...and also, this run has been long and powerful...it won't just stop on a dime. But I am getting very nervous...it IS hanging out down there too long...over and over again...

[pipsquito]

So here goes...my account is diminishing...with each pip down my positions are being called.

That's it for me.

[rrram2]

It should cost you NO additional margin to go short with as many lots as tyou want up to the numberof lots you have long.

Yes that 250 pips down overnight wiped me out. 80% of my accountis gone and this includes 6K in profits for the month of may.

I have about 10 more minilots down low into 201.50 and dwon to 200.98.
I am holding these open with NO TP's

I cant see it going down much more and am floored already by that 250 pips overnight. MY broker sucks in that they feel the need to close all my 43 DIFFERENT orders. THat is a bull**** policy to sell everything in someones account on a margin call instead of closing positions as needed.

Lucky for my dad he has a broker that doesn't do him like this.
Maybe there are no decent forex brokers. The reason they do this is clear,
they are playing the opposite side of the trade.

I made major mistakes. Many times in those 43 orders I had TMTH at 5 pip spacing at supports which eventually fell through.

BUt watch now, as we return up to 208 and about all the longs are cleared out of the pending orders I bet. And most if not all longs have been sold.
I would have stayed in if I could. I am again floored and shocked by 250 pips down overnight.

Even if I make 700 pips on my 10 minlots long, I still wont have all the money back I just lost last night.

Maybe it is time to become by OWN forex broker.

Originally Posted by pipsquito

Yes, MyTwoPips...I agree with you. I was saying in my edited post that your suggestion was good. I didn't want you to think I thought your suggestion cost me my $800....it was my impatience. You clearly said to place it below support.

And like I said, I may do this if it is what is necessary to save my account...but the broker may not let me place such a large trade...we'll see.

Anyway...I like to hear that there is more of a chance it will blow up than down. I feel the same way. It is testing that bottom over and over with no results...eventually it will give up and head north. I've seen this happen lots of times....But it sure doesn't have the momentum on that rebound.

Go, baby, go....

[rrram2]

aside from obvious YEn strength, there is nothing to support this continued move down.

I am already at over 50% margin again.

[rrram2]

Easy come easier go. If we get too much below 200.00, I will be wiped out again ARG.

It is beyond me what is causing the bottom to literally fall out.

This is very strange and I expect it will retrace up at some point SOON with a mad fury.