GBP/JPY Equity Building Profitable trading strategies

[rrram2]

Good thing I closed that short at a 30 pip loss INSTEAD of holding it as price headed to 206.50. Now look at her. She seems to be stalling and appears to want to fall down hard again. Here I would again be going short at 206.50
(DOH), this is where she continues up and blows through 207 and laughs at all you shorties with deeper pockets and shorter memories.

[HAUGHT007]

Any theories on how far it will retrace before heading back up?

[rrram2]

THis beast is going to just keep going up with little dip downs and back up.

GJ used to do this to me when I was short all the time LONG ago when it was 225 230 235 and going up I was short short short 240 245 unstoppable.
So I think for a while it is going to be LT up with MT and ST toggling to down for brief bursts then back to the business of up up up.

all the news is lining up for GBP. UJ has shot up there, IT dipped below critical support but held. I think we are in line for a long term recovery where UJ creeps slowly steadily up for a while like it always used to do.
And normally GBP kicks USD butt.

Originally Posted by HAUGHT007

Any theories on how far it will retrace before heading back up?

[4xStar]

Well I joined the party long at 205.94 and bailed at 206.48 .. so .. it's a start!
Need to build account up to where I can trade it the way rrram does .. that may take awhile but I like this "only go long" sentiment

[4xStar]

Hoping, praying for a significant pullback here because then from tonight through tomorrow we can maybe go stratospheric....

[rrram2]

I had to get in again long. I am already 20 pips down on one. Spacing down at least into 205's depending on how long it hangs.

Originally Posted by HAUGHT007

Any theories on how far it will retrace before heading back up?

[rrram2]

I am doing it over again with a low initial investment.
I am back using my wife's fxsol account and started with a $40 balance and added $300 and set the account to 400:1 margin and 1K lots(micro lots I think). THe risk per pip was and is 10 cents a pip. After trading a little I decided I needed at least $600 so I added another $300 so I had $640 to start.

You don't need to make excuses, but you do NEED to trade it in a DEMO account first! Just because it works for me doesn't mean it will work for you.
It depends on how open your mind is.

So stats on this account since 5-11 $640 deposits
balance today after getting flat about $960 or so, then I got silly and hit the hedge button and gave back 30 pips on a short, and got in long now with one at 206.43. SO in less than 2 weeks I increased my account by about 33% a week. SO now I have almost $1000 of margin to manage.
So I am NOT starting with 10 or 50K. And I don't expect to put any more money in this account I expect to earn it the hard way. I build my equity slowly, I am not trying to get rich in forex overnight. That would be far too boring, and the next night I wouldn't be playing forex?!

So you can do it even if you start your account with $300.
BUT FIRST I WOULD HIGHLY RECOMMEND THAT you trade it on a demo account first for at least a few run downs and completions where you return to the top and having sold off 100% of your orders for a priofit.

Then you have to decide where to get in again. THis time I am in high at 206.43, But I should have been in long MUCH lower and been holding onto it.
I missed a huge amount of pips. And I still made about 1500 pips THIS week.
True they are micro lots but I am going to show you dont even need to have a lot of money to do this. It only will take longer to build.

I cannot promise results and I CANNOT OVEREPHASIZE the IMPORTANCE
of SMART MARGIN MANAGEMENT. THis should obviously include the mindset of building your account safely slowly and steadily. Even at this rate, next week I have almost 66% more margin to manage and I will be able to get a few more orders and make a little bit more profit each week. And soon I will do 2K lot trades then 5k then 10K.

Originally Posted by 4xStar

Well I joined the party long at 205.94 and bailed at 206.48 .. so .. it's a start!
Need to build account up to where I can trade it the way rrram does .. that may take awhile but I like this "only go long" sentiment

[rrram2]

I know sma's aren't that great on a short TF but 233 is almost 8 hours.

So that may be about where I start buying more, perhaps one there,
then maybe 40-50 pips down then much thicker if it gets under 205.

IOf course 206 may even hold but price sure looks heavy in the longer TF's

[4xStar]

Originally Posted by rrram2

I am doing it over again with a low initial investment.
I am back using my wife's fxsol account and started with a $40 balance and added $300 and set the account to 400:1 margin and 1K lots(micro lots I think). THe risk per pip was and is 10 cents a pip. After trading a little I decided I needed at least $600 so I added another $300 so I had $640 to start.

So stats on this account since 5-11 $640 deposits
balance today after getting flat about $960 or so, then I got silly and hit the hedge button and gave back 30 pips on a short, and got in long now with one at 206.43. SO in less than 2 weeks I increased my account by about 33% a week. SO now I have almost $1000 of margin to manage.
So I am NOT starting with 10 or 50K.
<snip>
Even at this rate, next week I have almost 66% more margin to manage and I will be able to get a few more orders and make a little bit more profit each week. And soon I will do 2K lot trades then 5k then 10K.

This is so helpful to see actual numbers .. and it would be cool if we could start along with you with a similar size account. But probably many of us, certainly me, need to practice in demo for awhile. Maybe in July I will be ready to go live with a $600 micro account ... so whatever you have gained by then in your new account, I would only be 2 months behind .. if I don't get crazy and screw up. Good to know you are human too & occasionallly mess up like today going short

It is all about the money management & control, the trading part is the easiest to learn

[4xStar]

Originally Posted by rrram2

I know sma's aren't that great on a short TF but 233 is almost 8 hours.

So that may be about where I start buying more, perhaps one there,
then maybe 40-50 pips down then much thicker if it gets under 205.

IOf course 206 may even hold but price sure looks heavy in the longer TF's

Why tf are you looking at?? I tried a 233 sma on various ones and it is way down below 204 on most ... except the 1 min, it is just above 206 . is that the tf you mean?

I'm looking at the fib levels, from last sh to sl, the 61.8 retracement is 205.25 but if you go to a more recent sl, then it is about 205.75 which is also the base of support it formed while it was going sideways and it is the center line of parallel trendlines which my MT4 draws automatically .. that is where I would buy it if it can make it there again.