GBP/JPY Equity Building Profitable trading strategies

[rrram2]

It is almost impossible to pick a bottom in my opinion, and as of now we are reaching into lows that have not been seen for a decade or two, uncharted territory so to speak. Each time a significant new low is reached, there has been a big retrace, the question is how can you tell if its a retrace or a reversal?

In my opinion, it doesnt matter in the market like it is today, but you should give yourself the opportunity to catch the bottom. The geppy has been ranging in a 1000 pip swing for the last while, so when you get into the bottom of the swing, start thinking of going long, read the charts. I had several trades stopped out at b/e off 139, but all with the way i trade, i wait for the right entry point and try again. Sooner or later the market will decide to go up, and if there is no risk involved, just let her go.

though i must admit, i do get itchy fingers when im over the 500 pip mark… lol

as to weather its a retrace or reversal isnt really significant to me, its still the same net result she is running the way you dont want her to go. But now that I am playing both sides often it doesnt matter where she goes as long as she sees and hits all my TPs. I never close at b/e I would rather hold it and wait until it is in profit or sqr it later for a big loss.

guppy is like an elevator for me she goes up and down and I wait for her normally instead of buying at market, unless I just sqrd one for a profit, then I may get one at market. I onyl get off the elevator whyen she is on the floor I want or if I am getting sick of her riding me up and down all day,
especiaLLY AFTER LUNCH! that guppy elevator can make anyone sick
especially as of late the way she is wearing out the cables!

haha I get itchy fingers when I am up 25 pips and she starts faking that she is going to move Against me. I am a very ST trader.

[Cdawg]

we have a bearish HD on the 4h chart that may play out, signaling a significant pullback.

[rrram2]

or get some

I am down rto only a few shorts trying to grab another short at 147.80 I hope she can get there but from the looks of my charts she is going to fall hard here going into the close.

The charts are the #1 factor that influences my trades and 80% of everything else I factor out.

The charts the charts the charts!

[rrram2]

Ah thats the beauty of trading, everyone is different and has a different approach. I know you will make alot of trades with small trade sizes, are you still using no s/l? in the spirit of your original trade technique?

Its my opinion we are consolidating here before another push up through 147, i added another long at 145.5 - half off at 146 and set to b/e

I choose not to get off the elevator for a loss!

Well she appears to be going to fall here hard heading into the close but I see you posted the sdame thing as me 3 minutes before me

You’d think with all the posting I do when do I have time to trade.

Some people used to wonder if and when I slept, and if i was a bot.
No I am HUMAN! A natural man. Sleep is overrated there is so much to do here. I accomplish more in 3 hours of sleep than most people accomplish in 3 weeks or being awake. So I dont need much sleep.
It is the thoughts and actions you take in this lower world which control and influence the upper world, which then manifests down here into the so called “concrete reality”. The true reality exiswts in the mind and is not
in a diifferentiated form. 99% of the universe exists in an undefferentiated form, undefferentiated forms are not visible to the human eye.

[rrram2]

I can pretty much confirm 99% that guppy will break below the cloud which puts her in the 142 range, wait and see, But I think we could have a 500 pip drop heading into the close. Maybe I need to open up my TP’s a few hundred pips and walk away!

[Cdawg]

Over the next week or so, i still do believe that we will be bullish, i’m hoping for a drop, so i can add up some more longs. 151/154 is on the table, even 165 is not out of the question.

Buy the dips!

[Cdawg]

oh that was a fake out?? added another long at 146.00, 1/2 position size

[Cdawg]

50 pips bank, rest to b/e… 150 here we come

[rrram2]

The 3 bar RSI has crossed down over the 13 bar RSI indicating a move south.
Williams %r 14Bar is heqading down from 0 currenly over -10 heading to -20, a move south of -20 could send us back to -70 -80 range.
8,3,3 stoch is pegged up high looking to have turned south, all indications are south for now. Still holding only 2 shorts, and will try to hold them as long as possible. If she continues to hang the harder she will fall gong into Asia

[Cdawg]

I believe we will continue rising till the asian session, then perhaps a small pull back to the 144.7 / 145 level (38.2 fib), then up and onwards.

I’ll be closing all my longs above 143 shortly… 147.5 area.

Interesting note, the asain session tends to usually do the opposite of the US session, just a little tip to be aware of.

[rrram2]

But you have me worried cdawg
So I scalped her for a meager 3 pips on that bottom short.

I think down from here and am holding 2 shorts still and scalping her for whatever I can get.

[rrram2]

Trend HAS changed to LONG on the 1H

I have no longs
And I too find that most of the time Asia goes opposite of the US session, I hope this holds today so I can dump the shorts and get some longs lower.

Only 2 shorts left and no longs pip profit total for the week is 818 pips

I believe we will continue rising till the asian session, then perhaps a small pull back to the 144.7 / 145 level (38.2 fib), then up and onwards.

I’ll be closing all my longs above 143 shortly… 147.5 area.

Interesting note, the asain session tends to usually do the opposite of the US session, just a little tip to be aware of.

[Cdawg]

I hopeful we can make it to the high 147s to load up a short, i’d like to see 147.80 sell limit order set. I’ll be watching to follow the price action.

Tip# 2 - Partial profit is best, allows you to catch the breakouts should there be one. In addition it allows youto lock in profit for sure. try it!

[Cdawg]

Ah longs closed at TP of 147.5, looks like my LO may get set a tad to early, we may touch into the low 148 here soon

[pakiestra]

I wonder if she has enough steam to go to 150 during Asia. There will be plenty of room to put the shorts down. Today’s jump in stocks wasn’t impressive in volume.

[Cdawg]

wonder if she has enough steam to go to 150 during Asia. There will be plenty of room to put the shorts down. Today’s jump in stocks wasn’t impressive in volume.

I think we will get a small pull back during asia. London will push this over 150i believe

[Cdawg]

147.80 sell limit order set

1/2 off at +50 rest to b/e.

[rrram2]

I am going to go watch some TV guppy is frankly boring from 6pm-8pm EDT heading into Asia. Scalped another short added a long.

Holding 2 shorts and a long LT, I am looking to bail on the shorts with about 50 pips or so each and load up on longs somewhere in asia.

[rrram2]

I am sure going to get it in Asia as Asia is very good for scalping.
And my shorts should be good for 50 pips each then I only need another 75 pips which I can get scalping during Asian trading with my eyes closed.

[Cdawg]

I though i would list my partial profit taking strategy for you to see the benifit of it.

My goal on every trade is 50 pips, and i trade off the 5 minute TF for entry but refer tothe 1 hr and 4 hr chart to get an idea of what range to enter in. I use fib levels combined with RSI to find my entry and profit taking points. I use a stop loss of 50 pips as well. But this is more about profit taking as opposed to my method of trading.

Trade goal = 50pips

Should the trade reach 50 pips, I close out 1/2 of my position, move my SL to break even. So now no matter what i have made 50 pips. the balance of the trade i leave to run its course with profit levels set either around the 100,161.8 fib extentions.

Based on the bullish divergence that is present in the long term charts, i believe that the trend will go up, of course not straight up, but not down to the 139 or below in fact i dont think we will see 142 again this week or at least not untill we see 150+ first.

so as an profit taking example, i had only 4 trades above 143.00, and as i am expecting a pull back during the asian session into the 144s or perhap slighly lower i decided to close off those trades at a profit level of 147.50

buy : 1/2 off : close : balance pips
#1 143.21 : 50 : 147.50 : 429
#2 144.87 : 50 : 147.50 : 263
#3 145.50 : 50 : 147.50 : 200
#4 146.00 : 50 : 147.50 : 150
Profit taken 200pips 1042pips

No losers today, luckily;) but today had the trades turned against me, at the very least i would have banked 200 pips. I trade in lots in multiples of 2 but really as long as your not trading the smallest trade possible, you can apply this technique. So trade # 1 was 4 lots, closed 2 off at + 50 and let the remaining 2 run, trade #2, 3 was for two lots and the last one was only for 1 lot.

Profit taking is just as important as your entry, and your method of trading. #1 rule is to protect your trading capital.

Cheers, hope you might get some ideas from this.