I just lost 700 us trying to short this thing last night, I agree this thing is going DOWN!!!
The current price action in GBP/JPY has rejected my bearish scenario.
I feel it is relatively safe to say that we are out of the crossroads now, so i can assume trading again.
We will start taking trades from today onwards, feel free to check back later today for Trade #5.
On the Upside:
234.77 > 238.16 > 241.31
There is still an incredibly puny chance of having the bearish fall work out, but i doubt it given the facts and break of 232.02, which should have held if my fall was to be confirmed.
Best Regards,
E. Lang
PS: Attached Chart
Good morning elang
Your posting is interesting, but I cannot find a post where your strategy is
explained? Did I miss it in another thread? I would like to follow and test your system.
Thanks!
[B]TRADE #005[/B]
[B]~GBP/JPY~[/B]
26.03.2007
[B]Entry[/B] - 232.57 
[B]Lots Traded - [/B]2.0
[B]Target 1 / 10 PIPs[/B] - 232.76 (HIT)
[B]Target 2 / 20 PIPs[/B] - 232.96 (TERMINATED)
[B]Target 3 / 30 PIPs[/B] - 233.06 (TERMINATED)
[B]Target 4 / 40 PIPs[/B] - 233.16 (TERMINATED)
[B]Target 5 / 50 PIPs[/B] - 233.26 (TERMINATED)
[B]Stop Loss[/B] [B]/ 35 PIPs [/B]- 232.22
[B]Lash[/B] - 232.55
[B]TOTAL Profit Since T[/B][B]rade #001 /16.03.2007/:[/B] [B]423 PIPS[/B]
Good morning guys,
Yesterdays trade wasn’t too vibrant, we only managed to milk 10 pips out of it.
You’ll notice i’ve added my brokers’ 9 pip srpead to the Targets to make it more realistic.
Our entry for trade #5 was at 232.57 - the whiplash was minmal, at just several pips before moving in our direction to hit T1, but nothing too interesting.
It seems there still isn’t enough upward momentum to move this price and more than yesterday, we are leaning more towards the bearish scenario we had mentioned rather than the bullish.
Perhaps the top i mentioned is just taking an unormaly longer time to form.
Trade #5 so far has produced the lamest results we’ve had since we started this thread. It’s obvious and i know that my system is ridiculously uncapable of performing in predominantly ranging markets, that is why i try to stay away from tops/bottoms and major corrections, untill the fog has cleared.
I’ve attached a chart to this post, showing two possible scenarios, one bearish and one bullish with a favorable inclination to the downside.
All we can do for now is wait for the price to develop so we can start surfing the waves down again.
Regards,
E. Lang
Hi Elang
I know the first target was hit but how do you show a profit when the price then moved in the other direction and it hit the stop. 
When do you decide that the trade is no longer going to keep moving in your direction and you should get out. I was watching the trade and I could have gotten out with 20 pips but decided to let it go. Unfortunetly the price reversed and I ended up with a loss.
So should I have gotten out with the 20 pips win and just be happy. I know your other trades have hit your marks and gone on to do better and that is probably why I let the trade continue.
So I was wondering how you took a profit on this?
Thanks
Gary
Hi Gary,
Thanx for the letter buddy.
I honestly chickened out of that trade.
As i mentioned before, im testing this system and its purely mechanical, where as i am totaly technically oriented trader and its been a bit of a tackle resisting my habbited urge to exit and enter based on the readings of my TA over using a mechanical system, but i am getting there.
I was very reluctant in entering this trade, as you read in my previous posts my bias was mainly bearish and i had written a whole elliot wave play out showing why i think the price is forming a top. I didn’t even trade for nearly 4 days i think, just waiting for that top, it stalled for longer then i thought and when i saw a good break higher above critical R i assumed my scenario had failed, it seems thought that it was only taking longer to form that top, so we’re pretty much back to the bearish scenario i mentioned earlier with a target of 221.07
This is the first time i encountered a major market top with this system and i am unexperienced still in reacting efficiently to these situation with it.
Generally i’d be looking for trending markets and would tend to stay out or not trade during top / bottom formation, untill the reversal has formed.
So honestly, i chickened out of it, mainly just to save the 10 pips and not have to register a looser.
I felt it wasn’t going well, there was no momentum in the upmove so i terminated.
I’m sorry i can’t give you more technical data to explain why i made my decision. Sometimes you just exit or enter based on your overall situational interpretation. You don’t write things down, you don’t calculate anything, you are just used to the way the market reacts and moves, so you execute instinctively.
I will try and keep clearer record next time so i can answer questions like these logically.
After today i feel we may be able to start catching a trending market downwards for some good results again, similar to trade 1 to 4.
Regards,
E. Lang
[B]TRADE #006[/B]
[B]~GBP/JPY~[/B]
28.03.2007
[B]Entry[/B] - 231.54 
[B]Lots Traded - [/B]2.0
[B]Target 1 / 10 PIPs[/B] - 231.35 (BOOYAH!)
[B]Target 2 / 20 PIPs[/B] - 231.25 (BOOYAH!)
[B]Target 3 / 30 PIPs[/B] - 231.15 (BOOYAH!)
[B]Target 4 / 40 PIPs[/B] - 231.05 (BOOYAH!)
[B]Target 5 / 50 PIPs[/B] - 230.95 (BOOYAH!)
[B]Stop Loss[/B] [B]/ 35 PIPs [/B]- 231.89 (INTRA-DAY)
[B]Stop Loss[/B] [B]/ XX PIPs [/B]- 232.97 (SWING)
[B]Lash[/B] - X
[B]TOTAL Profit Since T[/B][B]rade #001 /16.03.2007/:[/B] [B]423 PIPS[/B]
[B]RECOMMENDATIONS:[/B]
Close your first lot when you hit 50 Pips Profit (Or a Target of your choice T1-T5) and set a SL for the remaining lot 5 Pips ahead of your Entry Position so even if the trade goes against you, you will close with a minimum of 50 + 5 Pips profit and no incurred expense.
[B]NOTES:[/B]
PS: I’m testing a new dynamic stop loss system, which does not use a static 35 pips, i’ll let you know the difference in trades using both stop loss methods, once we’ve closed the trade. It incorporates techniques specified in my first thread, utilizing EMAs extensively.
Hello guys,
Please find attached my modest system with an even more modest tutorial to using it.
MT4 Indicators and Templates included.
Regards,
E. Lang
System.zip (709 KB)
[B]/SUMMARY/[/B]
[B]TRADE #006[/B]
[B]~GBP/JPY~[/B]
[B]28.03.2007[/B]
[B]Entry - 231.54 [/B]
[B]Lots Traded - 2.0[/B]
[B]Target 1 / 10 PIPs - 231.35 ([/B]HIT[B])[/B]
[B]Target 2 / 20 PIPs[/B][B] - 231.25 ([/B]IMPRESSIVE[B])[/B]
[B]Target 3 / 30 PIPs[/B][B] - 231.15 ([/B]YEEE HAWW!![B])[/B]
[B]Target 4 / 40 PIPs - 231.05 ([/B]BOOYAH![B])[/B]
[B]Target 5 / 50 PIPs - 230.95 ([/B]GOD LIKEEE!!![B])[/B]
[B]Stop Loss / 35 PIPs - 231.89 (INTRA-DAY)[/B]
[B]Stop Loss / XX PIPs - 232.97 (SWING)[/B]
[B]Lash - 35 Pips[/B]
[B]- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -[/B]
[B]TOTAL Profit Since Trade #001 /16.03.2007/: 473 PIPS[/B]
[B]- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -[/B]
[B]RECOMMENDATIONS: [/B]
Close your first lot when you hit 50 Pips Profit (Or a Target of your choice T1-T5) and set a SL for the remaining lot 5 Pips ahead of your Entry Position so even if the trade goes against you, you will close with a minimum of 50 + 5 Pips profit and no incurred expense.
[B]NOTE 1: [/B]
PS: I’m testing a new dynamic stop loss system, which does not use a static 35 pips, i’ll let you know the difference in trades using both stop loss methods, once we’ve closed the trade. It incorporates techniques specified in my first thread, utilizing EMAs extensively.
[B]SUMMARY:[/B]
We are back in a trending market so the system is trading in full gear once again. As per my recommendation, I’ve closed out my first lot after hitting T5 and i’ve moved my second lot 5 Pips forward from the entry, to secure a minimum of 55 Pips total profit even if the trade goes against me with my remaining lot… The remaining lot is left run free; “we” will decide when to close it. BTW this current downmove should hold for another 800 pips so don’t hurry to run now.
Trade 6 was a monster winner. Thanks for the PIPS Elang. Great signal.
Best news today mcphrant!
Happy to hear that 
Feel free to check out my short system tutorial to find out when to exit if you are still in the trade: http://www.babypips.com/forums/6106-post49.html
Regards,
E. Lang
HI Elang
Couldn’t pull the trigger last night (gun shy):mad:
I haven’t had much success with forex and my account is almost out, and GBP/JPY is a little to volitile for me, and the margin is also high, and the pip spread is also very high.
I was wondering if your methods could be used with other pairs? And if so which ones they would be?
Thanks
Gary
Sorry to hear that Gary,
It’s quite normal though when you don’t have full confidence in the system you are using.
Try trading with my system on a demo to gain confidence of it’s results.
The pairs that you use don’t really matter, but they should have either a medium volatility or high volatility, you want to be able to make some pips.
If you’ve read the system i posted today and the rules disclosed within it, i think you should be able to identify a Short Entry on AUD/USD H4 - this pair yields 10 Dollars per pip and requires low margin to trade, although its volatility is low, its not a bad pair to train on.
I recommend: USD/JPY, GBP/USD, EUR/USD, NZD/USD, AUD/USD, GBP/JPY, USD/CHF
Keep moving forward!
Best Regards and stick around
Effiong Lang
I’ve been drawn down 52% since I stared trading forex (2 months), I’ve gained most of it back in the last two days. You’ve helped me look at the markets form a different (SMARTER) perspective, thanks elang!!!
Keep up the good work
Do you trade full-time?
Elang,
Thanks for sharing your system set up with us. I do have a question though. Just by looking at the MT4 screen, what are you using ZigZag indicator for?
Also, you might find the attached indicator useful for drawing High/Low lines.
Thanks,
Max
!!! Sounds great!
Keep to modesty and don’t forget there are no super trades, its a matter of consistency, day after day.
Even 10 pips a day can turn you into a millionaire.
Consistency and tight Stop Losses!
I don’t trade fulltime, but i hope to in the next couple of years.
Kick my feet up and start swimming in money 
Glad to be of help.
Your support is appreciated!
Regards,
E. Lang
Hello Fiber Angel,
I use the Zig Zag indicator pretty much for the reason it was created; filtering our uneccessary market distractions and picking and accenting the impulse waves and main movements of the market.
It helps when drawing Fibonaccis, so you know where to place your 0 and 100%, i use Fibonaccis a lot, so its just at the back there as a visual guide.
I will check out that indicator u sent, thanx!
Regards,
E. Lang
PS: Currently +350 Pips up on trade 6 and still rolling. A few days ago i said we may have a 1000 pip drop, if the decline holds steady we should reach that target in the next couple of days.
Elang, thank you for sharing your knowledge in both this and the previous system. I have been following your posts for quite sometime and you seem as a very down to earth and smart person. Keep up the great work and maybe we can all benefit from each other.
I have on e question with the EMA EMA cross indicator. It doesn’t seem to show all the crosses. Can you let me know if this is intentional? Example: in 30min chart gbp/jpy candle of 21:00 gmt. There is a clear cross but no arrow.
Also, the timeframe I see you are using is 30min. Can you confirm?
Thanks and good luck with all your trades.
Thanx a lot Poulis!
I’m a pretty down to earth person, tis true.
I hate stuck up folk, they make me tremble in disgust.
I think no matter how rich i may get, i’ll always be down to earth.
Helping people all the time sort of suspends you in a state of humility lol
Now… i am using 30mins yes, but i crissed crossed the charts several times and couldn’t find that cross that wasn’t signaled.
This is what i see… (attached chart; Trade #6 / Still in Progress)
Regards,
E. Lang
