GBP/JPY Equity Building Profitable trading strategies

[HAUGHT007]

One of my buy limits just got hit. Which obviously means that I'm down on pips....but for some reason for the first time, I just smiled and actually almost it went down to hit another buy limit (more lost unrealized pips)!!! hahahaha.

[rrram2]

Looks like we are heading back up on the 6min. If we can hold 206 for a time I will be ok with buying another around there and then down into 205.79.

I have 2 now @ 206.43 and 206.29

[rrram2]

Originally Posted by HAUGHT007

One of my buy limits just got hit. Which obviously means that I'm down on pips....but for some reason for the first time, I just smiled and actually almost it went down to hit another buy limit (more lost unrealized pips)!!! hahahaha.

A famous man named Robert K. once said something like,
the habits of the rich and the poor are the same the ONLY difference is their attitude about money or what they think about money.

Make sure you have them spaced at least 20 or 30 pips apart initially
until you (we) are sure what range we are going to set into.

Always try to avoid Getting Too Many Too High (TMTH). Patience is key. You dont want your orders spaced 10 pips apart UNLESS you are at the bottom or already way down in a continued run down. When she runs down NEVER underestimate the force of her downward fury. You must be able to sustain a 1000 pip run down. If you have order spread across 1000 pips
you dont want the orders concentrated NEAR the TOP. the more concentrated NEAR the bottom they are the much better off your position will be in the long run.

With practice you will get a real feel for when it is going to dip down. That's all it ever does is dip down and rebound up. The idea is too have the most orders closer together near the bottom. Practice comes with trading a DEMO account.

[rrram2]

When Asia Comes in I bet we get some nice upward movement for the first
144 minutes or so.

[rrram2]

I am expecting some down overnight particularly between 2-5AM EDT.
I expect 205 to hold as hard support and am buying down to there conservatively. Below there my order spacing will decrease.
If 205 doesn't hold 204.10 should at which time I would have over 10 orders probably. Below that is 203.35 then 202.60, the same level that held before if you recall. I seriously doubt we will go anywhere near that low overnight but those are the levels. we are holding 206 nicely. My upward target is 209.

[rrram2]

Thursdays are generally one of the largest range days and 350 is nothing sometimes you can see 500-700 on a trhursday! All I can say is they come and go, and if you look back in posts, Haven't I been saying over and over several times I was expecting a big leg up, If I said it was going to happen on thursday it would not happen until friday or something but I prefer to be vague so there can be a more general interpretation and no one person or group or persons can read it and play against it

We are too small. So none of you go out there and start killing them for 2mil a week eh?

Originally Posted by HAUGHT007

WOW! today was one of those big jump days. we're up over 350 pips and climbing. RRRAM, have you ever come across a good strategy for the GJ that suggests these big days or movements so that we could set bigger TP's or let it ride some?

[rrram2]

Focus on what you are wanting. Yes never under estimate the downward fury of GJ. Stick with consistant unit sizes for all trades, I overdid it with my margin and maybe even got greedy as my account was about 6000 pips or something at $1 a pip on a 10K account. I was doing all sorts of clowning around and maybe even getting arrogant. After you have 600 RT trades and basically yield 100% trading ratio, you can tend to get even ****y
regardless of what you are trading with. The confidence factor is crazy with this and as you know as your confidence hits 100% after 600 trades you get a little sloopy and lazy. I know I did. I knew I was actually in trouble margin wise and way beyond what was acceptable but I kept buying and scalping and even worse. I went to bed with my margin in trouble knowing we were going to have at least some sort of slight run down.
It turned out to be a crazy run down and I woke up to getting sold out.
It has happened to me 3 times this year where I lost significant money. The first time I was still pretty new with this system and had broker troubles and left while I was in trouble to do a service call. The other time it was only $2000 on forex.com acct, it was ****y grudge trading, using an old method of mine similar to this of averageing down and then selling them all at once when you get up. Trouble is you normally cut your profits short and let your losses averaging down run. SO overall this year I am still several thousand down (7K at least). But I have only been trading this system since FF scalpers thread, all my posts are there. SO each time I have learned valuable lessons to make me better smarter faster next time.

Your account doesn't disappear if you are a bit more disciplined, and NEVER allow your broker to sell you out. Of all the planning and figuring you always have to be aware of how far can can go down before getting sold out.
A wise one stops buying way in advance of exceeding the amount of margin that is safest. The higher the margin you use the riskier this becomes.
Because obviously at 100% you are out. I never intend on getting sold out again. I don't think about getting sold out. I do act now more in a way which limits my risk. And each time I lose something I get smarter or perfect the system more. NO system is perfect but this is the closest I have come.
My uncle is claiming 98% now and is now thinking he has implemented the keys to assure him 100%.

HE sees patterns like I do. And sent me some chart showing 3 days or more of CAD/JPY basically showing that normally certain markets trade certain ways and often at certain times. It is no secret that momentum has a lot to do with it. And momentum is generally higher in the first 144 minutes of every session. Why do You think I say GJ likes to run down every night in the 2-5AM EDT, it just so happens I think that this time coincides with the first 144 minutes of London open when momentum will be the greatest
and hence price will generally move more and much faster, and for whatever reason I notice that GJ tends to run dwon during that time because it is the first 144 minutes of london and when london starts trading often GBP runs down, Why? I do not know, but I see it often and sometimes can bank on it.

The bottom can never really fall out, it can only go down so much,
it is the big boys running it down eating everyones SL orders.
Then after it runs down it shoots up. I forgot at what price I got wiped out at last time. But I know it is WAY down from where we are now,
and had I held on and more conservatively and smartly managed my margin I would have made it through and would have bagged a crapload of pips on the way up. Maybe we need to use even less margin and space orders even further. Or wait longer to get in and get in lower. Today I missed a boatload of pips after 205.20. I got some but not anywhere near what I would like to have bagged.

You sure hadless experience than I did. But I tried to share it the most exact as I used it. I am going to forget about the losses and focus on building my old account back up that was at about 7K until it got sold out on 3/16. And so far so good. I am going to take a little more time I guess
and trade with less total lots thus keeping the used margin lower.
I am going to count on running down 350-500 and not going over 25% that way if it runs down another 500 I shouldnt be dead. I tried the hedge thing
today and it didnt work out. I don't know if I am going to mess with those shorts anymore the interest cost is huge. And when GJ explodes like today 350 pips and youa re short with no SL watch out! I am ok holding pound long for months or longer if I have too. I would rather do this than lose it and having money in your forex account is money in the bank in GBP rather than USD which is a much safer in the long run, so even if you have to invest
more money in your forex account that is better than getting sold out.
I may be very good at this but am not by any means near perfect.

And if anyone should know about breaking the rules causing you to have to pay heavily, I Should!

Originally Posted by pipsquito

Hey guys...took a little vacation from this after getting butchered. I do have a demo running with the GJ in position, and I still have 4 or so trades in the demo that started at 208 or so. With LOTS of interest!!

I am still concerned about the real possibility of crashing with this system. It feels real good when it is going well. I believe in the concept of the GJ going up eventually no matter what, the concept of bagging pips to strengthen the balance, and of interest. But we have all seen it when the bottom falls out and there is nothing to do but watch your account disappear.

I think there should be some strategy to deal with that eventuality, albeit an infrequent one (although we have seen it happen twice since March.)

Anyway...once I get out of some of the intense personal junk I am dealing with I am going to set up a demo account to just play this system. I do believe it in, and want to be on board with all you enthusiastic pippers. And by the way, congratulations to all with the run up last night...I bagged hundreds of pips as well with old trades and a few longs I put in here and there. It is nice to finally see a run up rather than that choppy crap we have been having...although I know very well the choppy stuff is where you make the money with this system!!

It is very interesting to me how this system is based on faith...you always are trading against the movement...buying longs on the way down (buying longs too on the way up isn't as scary.) But boy can you make a fortune with it if it doesn't burn you.

You have to understand. I lost big money with this, and as a result I am not going to be partying with the rest of you...not for a while at least. And although I was trading live "too soon" I do not think my choices or skill level is what hurt me (Elijah himself got burned.) However, Elijah, did we both make a mistake of breaking your own rule about margin??

See you in the trenches.

Todd

[rrram2]

Thats funny because weather or not it is proved or not, I know it is the truth.
I have the benefit of many wise men in my life.

In fact I have to call one right now, he is 87 or something,
I gain in leaps and bounds gazing into the minds of very old people
and babies.

Originally Posted by 4xStar

You can see from my sig line I already am in your camp with the 'as you think so shall it be' . These days I think they call it "creating your own reality" and physicists now tell us this may soon be a scientifically proven fact
So, start creating folks ... ==================================

[Andrewunknown]

Price bounced off of the 1.618% Fib extension @ 206.52 (201.94-204.78) - pretty textbook rejection at that level, holding at least for the moment. I flipped my short around this morning based off a few technical criteria to take in quite a bit of the run, but I'm out at that level. Not trying to throw water on upward momentum (not that my post could do that, in any case), but figured knowing that level and why it's important could only help.

[Andrewunknown]

Originally Posted by rrram2

It is no secret that momentum has a lot to do with it. And momentum is generally higher in the first 144 minutes of every session. Why do You think I say GJ likes to run down every night in the 2-5AM EDT, it just so happens I think that this time coincides with the first 144 minutes of London open when momentum will be the greatest and hence price will generally move more and much faster, and for whatever reason I notice that GJ tends to run dwon during that time because it is the first 144 minutes of london and when london starts trading often GBP runs down, Why? I do not know, but I see it often and sometimes can bank on it.

Why 144 minutes (as opposed to, say, 145)? Because it's Fib series? That broaches a much larger topic if so.