GBP/JPY Equity Building Profitable trading strategies

[rrram2]

I recommend doing all sorts of crazy things to see if they work to see if you can consistantly make a profit, some "way" other than following the crowd.
That's what this started out as, some crazy idea. I have tried all sorts of things over the years deom and live and the trouble I ALWAYS had was with stop losses.

For the longest time I would swear that anyone could tell which way the market was going by seeing if I was long or short. Whichever way I was,
it was going to go the other way.

You have to learn forex through trial and error regardless of what other training you have had. My uncle thinks he is at 100% now. But until he puts his money up again he will never know.

Until I get some more money in my account I am set with 1K lots for now.
But for me, its pointl;ess trading demo unless I am tyring out something completely new that I am unsure of and want to test. Back testing is dandy,
But I would rather test on a live market even if just demo first to see if the methods could consistantly yield a profit. I guess in a way forex is entertainment for me, It is an exciting market, especially the GJ.

I was talking to my dad and he said he was trying to buy gold and missed it,
which explains why GJ is down (gold is up ST). I beleive GJ and gold go opposite directions generally.

I don't know about those longer TF's. I am not making a killing in interest on 1k lots but I also am not losing any money by using any SL's

SO until I find something better, I am going to stick with it.

Originally Posted by HAUGHT007

Hi,

Still pretty new to forex. I've been demo-ing for about 6 months now trying out different systems after I busted two live accounts. Live and learn right? Anyway, it's looking like the GJ is consolidating on the month TF fixing to head up. On the weekly, it looks like it's about to head down for a while. Have you ever thought about maybe using any indicators to hold off buying until it is trending up on the weekly, daily, and 4 hr, then starting to buy every 25 pips or so if it goes down? Then instead of settin your TP at 30 pips, let it ride till the end of the 4 hr trend. Just an idea. Wanted to get your 2 cents on it. I might try this strategy in my demo for a while. I'll keep you updated. What do you think?

[rrram2]

Friday closed at 430 on fxsol at 203.22 on the bid. Price went up almost another 100 pips before 6pm. Today price action started out at 203.71.
If it holds that will be some nice profits on those open longs down around 203.30.

I think we are going to be heading up from here. Tonight means nothing.
Look for the predictable run down overnight before sunrise EDT.
Tomorrow we shopuld be off to the races higher. With 2 weeks to go before month end we could see some significant up before Month End.

[rrram2]

As expected there was a run down before sunrise. I made quite a few pips over night.

Today I expect GU to rebound up, expecting dollar to slide today.
UJ could hold 104 but I think we will slide into 103.50's.

So GJ should slide slightly this morning then rise.

I've got some service calls today.

Last week stats: I Increased my account balance 33% for the WEEK!

[rrram2]

Looks like we are finally going to see that upward push now!

I rarely look at the 30 min, but when I do and see the RSI going like that
and steady price movements up as I continue to sell all the way up,
I know it will continue. I will be flat at 205.20 and expect we could test 206
real quick.

[Bobkat]

Elijah,

What? You said, "I continue to sell all the way up" I thought we were only going long? Please clarify...I am royally confused, now!

[HAUGHT007]

RRAM you seem to love GBP/JPY. you were saying that it goes down at night before rebounding? Could you elaborate like general times, how much?

[rrram2]

I made a few pips today, but it looked like a boring trading day.

GU is looking exceptionally weak and is likely to fall down hard and hold 194.00
UJ is looking Jolly! and 104ish has been holding for a bit now, I expect UJ to continue up, its testing 104.40 now, expect 105ish by about london open.

GJ is stagnating. The GBP weakness coupled with dollar strength against the yen should make for some good scalping going into Asia and London, but I expect until GBP recovers, unless UJ can scream up we are very rangebound in GJ (203-204.50ish).

[rrram2]

you geek! I am selling my longs at a profit!
As price goes up I bag pips.

Originally Posted by Bobkat

Elijah,

What? You said, "I continue to sell all the way up" I thought we were only going long? Please clarify...I am royally confused, now!

[rrram2]

Originally Posted by HAUGHT007

RRAM you seem to love GBP/JPY. you were saying that it goes down at night before rebounding? Could you elaborate like general times, how much?

GJ likes to go down 100-200 pips at 3-5am EDT. I trade this thing from Sunday at 4PM when fxsol opens until it closes friday at 430PM. I trade on NY time. I always have orders working.

There are some other interesting things recently brought to my attention about CAD/JPY along the same lines however the range on the CJ sucks.

I have always said certain markets normally seem to trade a certain way
most of the time. It all gets down to what the consiousness is of the majority of traders trading.

There is nothing 100% for sure in forex. See there are all sorts of powerful forces out there that can change anything at any time for sustained short periods of time.

When the hurricane is coming you stop trading and seek higher ground further inland!

[rrram2]

I guess this all (GJ romance) started long ago after she continuously ate my stop loss orders. And continued up despite all logic and fundementals.
Most say GJ is LT trend down always, I dont know if I really believe this.
Her tendency is to want to go up. And it is traders wacking her down hard.

Anyways, GJ represents for me a great challenge in life. Not that making money is not fun. But conquering a beast that has just beat you in 79 games of chess in a row is rather rewarding regardless of the money involved.

It is silly how I sell my self short often and take less pips profit than I "should"