GBP/JPY Equity Building Profitable trading strategies

[rrram2]

Whatever happens happens for the best. Whatever you really need right now is what you are going to get. It really is true for ALL of us so we may as well start believing it becuase it is as you say. The illusion is the situation looks crappy but after things play out you are actully better off. SOmetimes we are too ignorant to even be able to see why what happened was for the best BUT it WAS.

Mindless prattle HEH
is that what bobcat said?
I guess he is focused on trading with a keen focus and he said something he didnt really mean. I do it all the time. WHen I am into doing something and am focused on it, and am with others that are focused on it (who should BE focused on it as we are doing it together), I am so focused on the single matter at hand that sometimes if someone says something irrelevant to the matter at hand, I will snap back with hush with the BS or something.

The thread is growing and lots of people are reading it and many more are commenting than previously. At times in the beggining it seemed like it was only me.

Originally Posted by HAUGHT007

I've signed on here on sundays a few times and there never seems to be many messages till the market opens. I sign on today and I'm rolling!!! I have a confession, before friday closed, I opened a short to cover all my longs thinking there'd be a gap. I figured worst case scenario was there wasn't going to be and I'd just have to pay the spread. Guess I lucked out this time. I'm loving the discussion on creating your own reality based on your outlook. I used to be a very pessimistic person and it always seemed to snowball. Now, it seems that even when crappy things happen, if you're looking there's always an opportunity for something WAY better to come out of it. As for the "mindless prattle", PLEASE PLEASE keep it coming cause really, that's all this whole game is!

[Andrewunknown]

I should've kept my own counsel back @ 205.80 and gone long - even with the spread I'd be up 50 pips. Ah well, I never trade with those spreads, as a rule.

144 EMA posing resistance @ 206.60; Senkou Span B (Ichimoku Cloud) @ 206.73 - it's flat, so it acts as a point of equilibrium attracting price back to it; but can price break? If we go through there, 207 is next, then it's open to 208.

[mytwopips]

Originally Posted by Andrewunknown

I should've kept my own counsel back @ 205.80 and gone long - even with the spread I'd be up 50 pips. Ah well, I never trade with those spreads, as a rule.

144 EMA posing resistance @ 206.60; Senkou Span B (Ichimoku Cloud) @ 206.73 - it's flat, so it acts as a point of equilibrium attracting price back to it; but can price break? If we go through there, 207 is next, then it's open to 208.

Andrew,
Do you have a link to more information on that 144 ema thing? That is a weird number and it has got me curious to why it would be relevant.

[rrram2]

I sold everything I had up through 206's. I had to get another one at 206.66
to try to prop her up some. I will buy three more in the 206's at the bottom and hold the rest for now.

The daily chart has quite a few days of up coming, it looks like to me before it gets anywhere near overbought.

Originally Posted by Andrewunknown

I should've kept my own counsel back @ 205.80 and gone long - even with the spread I'd be up 50 pips. Ah well, I never trade with those spreads, as a rule.

144 EMA posing resistance @ 206.60; Senkou Span B (Ichimoku Cloud) @ 206.73 - it's flat, so it acts as a point of equilibrium attracting price back to it; but can price break? If we go through there, 207 is next, then it's open to 208.

[Andrewunknown]

It's a fibonacci series number (55+89=144). I sometimes take trades off of a - albeit heavily modified - form of the Vegas H1 system, in which the 144 and 169 EMAs form a tunnel that acts as a fulcrum point for going long or short. I've found price, especially on H1 but also other TFs, respects 144 as an S/R level. Other fib numbers (esp. 89 and 55) are significant as well on the medium TFs I typically take trades from.

Let me know if you have any questions or want more info.....

[mytwopips]

Originally Posted by Andrewunknown

It's a fibonacci series number (55+89=144). I sometimes take trades off of a - albeit heavily modified - form of the Vegas H1 system, in which the 144 and 169 EMAs form a tunnel that acts as a fulcrum point for going long or short. I've found price, especially on H1 but also other TFs, respects 144 as an S/R level. Other fib numbers (esp. 89 and 55) are significant as well on the medium TFs I typically take trades from.

Let me know if you have any questions or want more info.....

Interesting... thanks. That is enough to get me started. I will check out more.

[rrram2]

And andrew will say EMA and I will insist SMA but the number is the same.
my SMA's form S/R in the very similar way that the fib numbers do espewcially when I am using those fib numbers as the numbers of the SMA

The original thought for me for running fib numbers as SMA's is because Raghee uses 34 for her "waves" basically SMA's, folks at forex.com use 55 instead of 50 a fib number. SO I use fib numbers for SMA's, sometimes I set them es EMA's but find the SMA's work better and are a more accurate m,easure of what I am trying to get.

Originally Posted by mytwopips

Andrew,
Do you have a link to more information on that 144 ema thing? That is a weird number and it has got me curious to why it would be relevant.

[rrram2]

I expect slight resitance at 207.00 then 207.68 is next,
which should get hit by Frankfurt open or within 144 minutes of its open.

[mytwopips]

I read the whole thread before jumping on. I feel that should be required. It must have slipped my mind. That is some interesting stuff I will have to look more into.

On the other hand, Guppy has saved the day and my second trade I closed at 30 pips. It put me up for the day and let me close out my euro trades that I don't feel comfortable having open anymore after Trichet stroked the euro bulls with his rhetoric.

Right now I have a clear board and a positive day. I am looking for one more trip a little south to buy one I may finally hold on to. As long as I keep getting so many positive pips on the first open order, I guess I will keep on selling them off.

[Andrewunknown]

Originally Posted by rrram2

And andrew will say EMA and I will insist SMA but the number is the same.
my SMA's form S/R in the very similar way that the fib numbers do espewcially when I am using those fib numbers as the numbers of the SMA

The original thought for me for running fib numbers as SMA's is because Raghee uses 34 for her "waves" basically SMA's, folks at forex.com use 55 instead of 50 a fib number. SO I use fib numbers for SMA's, sometimes I set them es EMA's but find the SMA's work better and are a more accurate m,easure of what I am trying to get.

EMA or SMA - I prefer EMA because of the function EMA plays in weighting price. But, I do use SMAs (and WMAs) as well - there is a difference, but whether it is significant is relative to the timeframe and market context. I don't swear by any of them, but I do use EMAs by default. Mileage may vary from one person to another, which is fine - liberty to each man as he plots his moving averages.

On the matter of fibonacci number v. round number, I am a more staunch proponent of using fibonacci numbers - or at least I stand by my own practice of it; but that's because I use a lot of fibonacci studies, and want coherence across the chart through complementarity between data points. Some people like to argue the point (not suggesting that of anyone here), which is a worthless exercise. I try to stay away from pedantic discussions over worthless jots and tittles of "theory", preferring instead to trade with what has worked and continues to work.

But I'm glad you asked M2P - an insatiable desire to learn is one of your chief assets as a trader.