GBP/JPY Equity Building Profitable trading strategies

[rrram2]

We really do appreciate your analysis on GJ.

I have went back and cancelled several pending orders since I won't be here today. And don't want to get in deep while I am gone.

NY opens in less than 1 Hour then we will see what GJ will do.
London sure ran us down. I banked a few hundreds pips today but am holding steady ATM. I will hold these longs as long as I need too. And if we get another 300 pip run down I may need to add some insurance to my account, to be extra careful; in the event of another run down.

It sure looked good for the bears last night. I am up to 14 with that foolish 5 lot buy at 206.09, so from here I won't be buying any while I am away as I don't even want to test GJ's ability to run someone down and OUT.
She has done it too me before and I will not allow it to happen again.

Originally Posted by Andrewunknown

Sure thing, Elijah. I understand your method, where margin is used appropriately, doesn't really need to pick out a probable low, especially if one intends to scalp during a down move.

I agree with you on support here, at least temporarily: H1 saw a bounce just below the 144 EMA, and now some lingering just below a fib fan @ 206.05 with the occasional probe. We just closed (0700 EDT) the second consecutive hourly candle below the fan line, so it'll be interesting to see how this plays out. Still short, but took some off the table and got a somewhat conservative stop in play here - wouldn't want to miss a trip up north with you.

[rrram2]

hopefully we are heading back up now I need to get out of here and provide some service.

[HAUGHT007]

WAAAAY too many too high. I'm down bout 2k on a 5k account. She's at 204.75 and slowing down (at least it seems like and i hope she does.) Does anybody on this thread trade during the US market?

[rrram2]

I had a service call today. And to top it off I got a speeding ticket on the way home! ARG!

Originally Posted by HAUGHT007

WAAAAY too many too high. I'm down bout 2k on a 5k account. She's at 204.75 and slowing down (at least it seems like and i hope she does.) Does anybody on this thread trade during the US market?

[HAUGHT007]

HAHAHA, that sucks. gotta watch out for those tricky cops.........or be able to lose em So I have 4 orders in at 208ish.... We're a little bit down from there now..... I have 3 orders in at 205ish that are in the green. I'm sitting at about 40% margin. What would you suggest? Should I let the 205 orders ride back up to 208 or close and scalp on the way up?

[rrram2]

its like tmnt (teenage mutant ninja turtles)

I am in sort deep at 9.99 used margin I have 16 but one of them is a 5K lot the rest are 1K. The 5K lot is @ 206.09. So not counting that swing trade.
I have 4 lots in the 208's 5 in the 207's and 5 in the 206's (not counting my foolish swing trade) and one in the 205's. I have only been able to scalp 2 on that last run up into 205.75 before the next bottom drop.

I feel good but am conserving my margin and am not buying any more atm at any price at least until I can get rid of m swing trade. So I will get more money to put in instead of knowingly going above 10 margin useage (so I can still scalp) while holding my longs open until they hit their tp's.

You will learn to crave these exciting run downs because in time you will learn that a run down, runs down from your loss leader that acts as a "marker" and eventually price will run back up and zoom past your loss leader going higher.

The us market is what I most actively trade. I get up early and catch LOndon and stay up late and catch asia. The best times are obviously when there are two markets overlapping or within the first 144 minutes or so of trading in any market. During other times price movement can be very slow and extremely boring just sitting waiting for lines to move on a chart.

Originally Posted by HAUGHT007

WAAAAY too many too high. I'm down bout 2k on a 5k account. She's at 204.75 and slowing down (at least it seems like and i hope she does.) Does anybody on this thread trade during the US market?

[rrram2]

thus lowering your margin and try to play with one scalping.
After you sell those 3 try to buy one to replace those 3, BUY at the lowest or average of those 3 you just sold. Then scalp all day with that one. Selling it and buying back lower or at the same price.

I normally dont scalp on the way up, though I have. It just seems weird.
Not as weird as buying into a crash though, with no stop losses eh?

40 isnt so bad if you dont buy more and it doesnt run down any more you will be ok. I have drawn some lines and looked at some fibs. 204.60 should hold, I am surporised it was able to get that low. But it sure HAS to come up, it IS what SHE DOES, it is her MO. 205.00 may even hold for retracement down.
I think we are done downwise and shouldnt go any lower.

Now is the time to scalp them over and over in range. 50 pip ranges are ideal for this. Trade on the 2 min with some fast stoch or stoch rsi.
You trade her enough and you will naturally start instinctively KNOWING what to do.

Originally Posted by HAUGHT007

HAHAHA, that sucks. gotta watch out for those tricky cops.........or be able to lose em So I have 4 orders in at 208ish.... We're a little bit down from there now..... I have 3 orders in at 205ish that are in the green. I'm sitting at about 40% margin. What would you suggest? Should I let the 205 orders ride back up to 208 or close and scalp on the way up?

[HAUGHT007]

sweet! I'm loving this thread. I've always tried to learn about all pairs in general. I've come to the conclusion that they each have different personalities. (haha, just took me longer than most to realize this) thanks a lot for your commentaries. I've learned more in the last 2 weeks than I have in 6 months studying every book I could find. Time to scalp up!

[rrram2]

I do it in such a way so that I am selling my longs at the same price I bought my old longs that are still open.

For example if I have a long at 205.79 (I DO)
as price moves up from 207.50 I will buy one somewhere in here at say 207.50
and set it to TP at 205.79 so when it sells my other long is just turning green.
But I don't like to buy scalping up if I already have an old long from 205.79 because I dont want two at the same price. I would have to agree with that personality thing. It is as if each has its own mind and conciousness.
I love GJ for obvious reasons I have previously stated. To me GJ is a SHE
and like several other "SHES" in my life she has ogtten me in the past and cost me money and squeezed the trigger on my emotions.
I have learned MANY valuable life lessons from her. And I will beat her if it is the last thing I do. She had me sweating earlier. As really I do not like to exceed 10% margin useage as things get real hairy from there. Those days or riding at 50-100 are gone for me....that will make you bald!
She WILL teach you patience for a small price or for a very large price if you like. Pateince in life is very important!

P.S. I have exceeded my lifes limits of beating cops in road races.

Originally Posted by HAUGHT007

sweet! I'm loving this thread. I've always tried to learn about all pairs in general. I've come to the conclusion that they each have different personalities. (haha, just took me longer than most to realize this) thanks a lot for your commentaries. I've learned more in the last 2 weeks than I have in 6 months studying every book I could find. Time to scalp up!

[rrram2]

so AT rollover I will be getting 5 cents X 20 so $1.00 USD.
So If I have to hold these lots for the next 40 years,
At the end of 40 years I will have collected 14,600.00 USD in interest
on MY USED MARGIN OF $98.30. I only have 2 minilots.
The pound is something that WILL ALWAYS be worth WAY more than some YEN. Hang in there if you live through this one you will have learned a boatload of valuable lessons. Underestimate her and she will swallow you.
Give her a Stop loss as a target and SHE will hit it!