GBP/JPY Equity Building Profitable trading strategies

Looks like everybody took the same longs. I had mine from 137.67 and booked all profits for 100pips. Indicators are showing up, price action goes down, over all good time to wait for some action or just sit on the fence.
I have one short opened from 139.70 with S/L at 140.13, TP depends on the price action.

Oh boy, first lot closed for another 100pips, now second one is ridding her back down. There is a gap down in 5M chart so the price action has accelerated.

Keeping the other short open, 15M is ready to close below 50 SMA, so would that be the beging ? or just a jolt ?

closed at the market price 138.56 for another 100 pips. Iā€™m slowly getting my head over above the water. See what the day can offer, but wonā€™t be taking an unnecessary risk.:wink:

I have been taking the other side.
grabbing longs in the dips and not getting anywhere neart 100 pips, but I have been scalping her over and over for 30-50 each time lots of time.

It is a scslpers paradise. And if I end up with some longs past 5Pm I will make +swap :slight_smile:

Fundamonals look negative for this last month!

W chart: rt. angle triangle with base @ 137.50 ( break of this level could take her to 129.62 which is M pivot M1).

EMAā€™s 3,5,10 headed down.

Going to try to get Auslanco onto MT4 again:mad:

Should have read: this last month of the year.

I am looking @ 137.70 right now for my limits. When that breaks, Iā€™m doing 134.50.

However, as you said Triple R;" Itā€™s a scalperā€™s paradise."!

A bit tight range trading today, 138 to 140, only took a couple of trades, just scalped a few pips here n there.

Feels like she waiting to break, now just which way?? BoE rate cut on thursdayā€¦ may shoot up, hard to say at this moment, though Iā€™ll be buying any dip into the 137ā€¦ In the meantime Iā€™m just going to grap the pips and run!

135.00 and 136.00 I thought for sure we would get there.

We are going to reatrce down some NOW it looks like.

I am expecting 129ā€™s Sorry to be the BEARer of bad news for the longs
but I have reverted to long only at this point knowing she has to come back at some point, but who knows, I would hate to get caught sleeping down here with some shorts, you know she is going to rocket back 34% at some point here to aroung 166, and at that point I hate to NOT be on the bUS.
There arent many seats left and we may need to hit 129 before 166.
I am not convinced the bottom is in yet, despite what anyone says.
My chart says down still ST going into year end, perhaps next year will be the resurrection.

[B]ā€œIf you donā€™t like something, change it. If you canā€™t change it, change your attitude.ā€[/B]

Maya Angelou

I donā€™t like guppy sometimes! I have tried to change her, she resists and digs her heels in!!! I have changed my attitude and will take shorts but not at this level EVEN though NOW the down continuation is conformed for me, expect new lows, and NY will accelerate them as traders realize they dont have money for christmas and it is coming!

Did I mention I am Santa Claus? :smiley:
So I am going to be very busy this month!

Guppy will go back to 166 early next year :slight_smile:

I am content to collect +swap until then. I see 129 too as I have suggested several times before and not to be right but I guess I was right about 139 before 150, and was a fool for allowing others opinions to sway me. I wanted to see the 150 HEH, but knew better or should have. I know this guppy girl.

And it is true study her charts for years and know her ways and see her moves in the candles and you will see her moves in your mindā€™s eye before she moves.

expect to sink down further in NY here after a small retrace up.

I will be out today, expecting more new lows in NY, bottom may may be in before year end. TTFN

scalped a few pips long, nothing much doing with boring old consolidating guppy today I guess.

She did make new lows though, Not as low as I envisioned though.

More down is coming on the bad news later this week.

I am still buying down into 135.

Yep, second day of a terrible chop, chop. Indicators mixed, sitting on the support stubornly, bullish divergence but only minimal run.
I havenā€™t been following her today as the price action was just lame. They talking more and more about Cable being exchanged to Euro, they may do it despite public objection. Cable lost its shine, they will cut the rate at minimum by 100points (I wouldnā€™t be suprised if 150 will be put on thye table). Rate futures for cable are now being priced like 0.0% !!! in 2Q 2009. There is one but, banks are hoarding the cash, rates wonā€™t be passed fully to customers as they have to again enslave people in debts to get their lost profits back. Carry trade between UK government and banks, a double interest is being payed to the banks by taxpayers, smart isnā€™t it ?

What do you think?

Well, I did mine from that level :smiley:
Iā€™ve put the stops at 138.38 just in case, but the volume is thin between NY close and Asia open, so she may advance further.
If Iā€™m lucky I will add some pips to todayā€™s modest value. Letā€™s see if it pans out :confused:

Iā€™m buying each new low we hover at, I too dont want to miss the bus.
And Iā€™ll keep doing it till i finally catch the bottomā€¦ no matter how many times i get stopped out at b/e.

Now with the impending rate cut, Iā€™m hoping to get short around 138.5 if we can get there. Fours trade for me today, all longs off the bottom 136.50 - two for 50, two for 150 so +400 pips. Soon as we get 30-40 pips up, move stop to b/e n let her go.

Iā€™m hopeful asia will get us up a bit higher to get short, for the possible ride to 134/131/129, again i will be looking to go long off any decent resitance point - just use good MM with a decent stop

Good job Cdawg !

Iā€™ve closed my 2 shorts for 50pips each as is getting late here and I have to hit the hay. See what happens tomorrow/today :smiley:
Price has bounced of 15min 50 EMA at 137.37, looks like Asia likes the day in NY, so itā€™s good cause we can get our shorts tomorrow. Happy trading, bags of pips to everybody.:smiley:

before asia opens, she has been consolidating and I am not so sure when asia opens that she is going to continue down.

She looks as if she is getting ready to break north.

Careful here if you are short.

$714 profit today. D 3,5,10 emaā€™s still down in proper order.

News on one of the bank sites mentioned BoJ threat of intervention if us/y goes less than 90 (cdawg, your bottom might be closer than expected; keep an eye on that level guys).

Donā€™t think Asia will do much -usually respects prev dayā€™s hi/loā€™s.
Iā€™m still shorting as I do not think bottom has been reached;I respect your analyses cuz I still do not fully understand the forex and last week the retracement you all predicted was spot on.

Happy to see the increased exchange of ideas on this thread- seems to be to many peoples ā€™ benefit ( with exception of some malcontents).

Well back to that frigginā€™ auslanco/ metatrader b**ch*. Told you guys that I am incapable of simple things (anyone who takes my advice is nuts!):eek:

I didnt short but she sure is jumping up ATM :slight_smile:

I dont know why is it that the Asians always seem to try to reverse what NY does. too funny!