Glad to see you here hndymann. Glad to see you trading the system. It is very interesting, and I have had two very successful runs with it. I am wondering how it would work to start the cascade of buy limit orders 100 pips south of the most recent high…I would wonder what rrram would say to that. It seems it then has a better chance of getting back up to that point on the rebound. Less profit potential unless you doubled up lots or TP goals…if we are counting for it to move up all the way back to our start point, why not put all our trades concentrated in one spot somewhere in the middle?..of course all I have seen so far are these huge drops. Maybe rrram has experienced much smaller drops…and if you started 100 pips down you would miss them entirely. Curious to hear what he has to say.
I missed racking up for this next push down…seems we have already dropped 100 pips from our recent high. Maybe I’ll get back in right now. Is anyone playing this one? Elijah?
Bring your friends hndymann…would be great to have more lurkers.
I just realized that you live in Burbank CA, I grew up near there in Glendora but moved up to Sacramento 2 years ago. I don’t miss it much but have to travel down there to visit the parents every once in a while.
Im demo trading this too, I just don’t post much since im kinda new to forex so i just keep my mouth shut and learn…LOL I just have a few hooks out for tomorrow since I’m not going to be near the computer. Don’t want to come back to a blown acct.
Im from california too, about an hour south of u hndymann
I assume you mean 205.29. I am a little nervous to jump back in, I’ve got this horrible short trade in on the cable that went south on me big time…over 250 pips. I do believe it will recover but I don’t want to overextend my account. I’ve also got a short of the euro…jeesh…where did I hear to never go against the trend?? I could get killed on both of those and they may hit my 300 plus pip loss…which would do serious damage to my account…yuck.
I am also a bit nervous about NFP. I may wait to see if the guppy starts a run back up after it falls and just put in buys then. I know that isn’t the way to do this, but in this case I may…or better yet, wait until it gets close to support and start buying down there…with large pip TPs…
This system does work…and it works because of the GJ and its idiosyncrasies. It moves fast, it has a tendency to retrace where it started, etc. I am just not certain yet from my own experience if it will ALWAYS return to that start point.
I think we are heading up to 207.70, 208.65 and should test 209.
This should happen in ANY event.
Depending on NFP report should take the lead here. If it comes out positive (which it may!) See the ADP similar report from Wednesday that was a big surprise. So if its positive we should obviously head right up right away.
If it is negative we could run down 100 pips or so and shoild find supportat 205.50, which should hold, then we will resume up.
I entered more orders all the way down into and even past 205.50.
Many of mine sold yesterday and today.
Hold on to that GU short, I suspect the NFP is going to be a shocker and positve USD, which will cause an immediate run down in GU.
I am expecting UJ to rise as well, which obviously when UJ goes up and GU goes down GJ will go up as every point up in UJ converts to 2 pips up in GJ.
The dollar is coming back. The banks are going to be negative dollar,
and as always this will lead them holding the bag.
I am naturally a USD bear based on history. But I think its going to come back as the USGOV isn’t going to let the USD free fall …YET.
Much of what I have learned, I learned the HARD way, the EXPENSIVE way.
I can’t tell you how many thousands I spent (lost) on all those "lessons"
over the years.
I just suggest demo as I am not aware of the level or forex experience folks have. And for someone that is new to fores this sure isn’t the way to learn.
I was listening to barbara rockefeller yesterday trying to sell trading signals thru Weiss. I din’t learn anything during that hour. I sure am not paying someone $5000 a year for signals. And her yearly stats werent that impressive, she had some good years and some not soo good but still profitable. I don’t subscribe to Weiss, my dad does. Weiss is a doom and gloom guy to me. She pointed out that the banks have been making more and more each year on forex. She was quick to point out that we ARE trading CASH! I don’t think in and out is in order with my system.
You have to bank your pips and be patient and wait for cycles to complete,
and Tp targets hit.
MY greatest downfall is selling those longs for less than my preset pip profit points. I am still learning and refining the system.
Don’t worry I will never be charging $5000 a year, even though with my fores skills and teaching ability you should be able to make 5000 pips a month quite easily.
In life, trading is a self fullfilling prophecy, you get what you EXPECT.
I remind you to monitor your thoughts, AND INSPECT what you EXPECT.
The mind is a goal setting device and works in forward (positive)
and reverse (negative).
You can’t always do that 100 pips down thing, or you will miss getting in with more, If you already have higher losing longs, you have upward targets.
Huge drops? we haven’t had that many. A huge drop ended on 3/16/08 down at 192.XX. I live for and thrive on the huge drops. That is my assurance of profits is movemnet. There is no question that what goes down must come up.
Keep in mind you are playing against the major banks in the world and all sorts
of brokers. This is the big leagues. Forex trading must total something like 10times the volumne of all other markets combined.
I am not concerned with the trend as much as I “should” be. But I don’t see the trend as that significant. I make money on retracements and movement.
I only have 11 minilots going into NFP. And I am in it for the long haul.
So even if it takes a week from tomorrow to get back into 209, I am ok with that and will collect interest in the mean time and continue to scalp up and down in range.
I have said before that I often space orders wider when I am expecting runs down. And place them closer at the bottom or in dips and at support.
If you learn to play this GJ like I do, you will be way ahead pips, and making pips day in and day out will pile up and even if you carry a 3000 unrealized loss for months and it doesn’t CHANGE. In two months you should make at least 6000 pips and if you are tired of the marathon, close all your trades and you will still be up 3000 pips.
You should have long term goals and ST goals clearly detailed and defined and indicate % that you want to grow your account. 5% a month is not unreasonable and should yield 60% or more a year.
You can get rich quick in forex but you are much more likely to lose everything first.
My way is safe, and slowly and certainly builds equity and almost fool proof,
I don’t care who the bank is on the other side. I doubt any bank or any
group of banks could collaborate and severly manipulate price on GJ.
The world is too big and the banks are too small in comparison.
The dust of the ground is where your body came from,
ITS origin, I can assure you once you are finished with your body,
it SHALL return to dust. This is an ALWAYS thing 100%.
Nice 100 pips run down I am long on 24 minlots at this point.
I biught them all the way down into 205, I thought 205.50 would hold but it looks like 205 is support now.
I’m back in the game. The euro and pound were good to me last night. I had sell stops in all the way down to my original entry point and I got back all that I “lost.” Am still holding a 100 pip draw down on the pound but have boosted up my account quite a bit. I did not catch the latest run down on the GJ. It is sitting at 205.60 or so. I am traveling all day so I don’t know if I will be able to watch it. I have three longs still in position that close around 207.80 or so. I could set up a bunch of buy orders down to 204…is that wise at this point? I will not be here to trade after NFP and besides, this week’s game is over soon after that.
I am intrigued by your comments rrram…I understand them and certainly see the wisdom in them. But may I ask you this question? Not out of “mistrust” but just out of naive curiosity…there ARE points that the GJ has not retraced back to…obviously 251 and thereabouts. What if you had trades up there? And the GJ went down to 180? Maybe it isn’t possible with your system to be that totally out of touch with the upper end. Considering we are now in a MT uptrend (weekly, maybe monthly, I’m not sure.) But what if the trend shifts? And we all have a dozen orders at 210 on down and the GJ doesn’t hit 210 again for 10 years? Is my scenario totally bogus? It may be…like I said, I don’t know if my comments are patently naive. Maybe this doomsday scenario is impossible. Could be. Just wondering what your reasoning is for not fearing that sort of thing…i.e. to have 10 or so trades at a high that never comes back…eventually that sort of draw down, if it continues to get worse, will paralyze you at best, and wipe you out at worst.
I do love this system…and will continue to work it with enthusiasm and trust.
I have a constant battle with “convention” and “renegade”…I have found, from my 2 years experience in the forex world, that following the “conventional” number one rule of always having a stop loss has done nothing for me but lose money. My stop loss is my account. That may sound very stupid but that is what works for me (I do occasionally put stops on certain trades at certain times…and I will put a 300 or 400 pip stop on most trades just in case I die or something and I just know the pair doesn’t need that breathing room.) For the most part stops do nothing but make losses. I understand a certain type of very conservative trading where tight stops, and many small losses, may work. But it hasn’t for me.
But like I said, it is a battle for me. I still worry that the bottom may fall out. But I don’t worry much. I believe in positive thinking, and I know if I go into these trades believing they will profit for me the decisions I make will create that reality. I know that may sound woo woo…but it does work. So I continue…and continue to be thankful there are people like Elijah who are further on that road than I and can lead the way by example.
Again there are F15’s flying past my windows at mach 2.
Points like 251 will be hit again and not in 10 years. 251 serves as a point of origin for the latest move down before retracing back up to 206 where we are now. IF I was long at 251 that would be some VALUEABLE pound.
If I held it earning 4% annual interest and earned it on 400 times my money.
It comes out to about 30% interest a month. That’s 360% interest a year.
Never in our lifetimes will be see the interest on the JPY GO above the interest on the GBP. MY point is thats a great return on your capital and if you had to leave it in there for 3 months you’d have roughly 90% of your money. AND as it moves down and is in a down trend, it is still going to retrace and I will pip them to no end 24/7. If I have ALL my money invested in pound over yen, I will eventually win, NO matter how far it goes down
I will earn interest. SInce I am buying CASH and effectively HOLDING CASH
and it rolls over every night, I can theoretically hold it until I give up the ghost.
This is risky stuff. If you think making 250 trades a week and maintaining a 100% profit ratio is easy, it is not. It takes time and dedication.
Thing is this no matter what my drawndown goes too IT WILL never be realized unless I run out of margin or close it. SO no matter what this drawn down is, carry it out weeks months years. If I am pipping you for 12,000
pips a month, month in and month out, month after month, DO you really think it matters how much I have unrealized?
Its like the mortgages. I am not going to tell you how much I am “down” in mortgages. But as I continue to collect rent every month (pips every month)
and make the mortgage payment, IT does NOT matter HOW much I owe the mortgage company (drawdown). Eventually the pips (rent) will pay the mortgage (drawndown) OFF, and then there will be an avalanche of pips.
Worrying is negative goal setting. What you worry about most is what happens in your life gauranteed, the mind is a goal setting device and if it is set in worry worry worry mode that is like setting undesirable goals.
Like why would you set a goal to break your leg by the end of the week or something. That is exactly what you are doing if you are contstantly worrying about breaking your leg.
I’ve got 1300 pips for the week so far and down 1820 pips unrealized.
I’d say I am building equity quickly this week.
Elijah…you are ABSOLUTELY right. I thank you and commend you for that post. Not only does it make objective sense it also makes spiritual sense. One of the reasons I love this market so much is that it allows people like me to put their money where their mouth is. I preach this stuff (not forex stuff, but positive thinking stuff) to my clients every day. When I go to trade the forex I realize how much I am not following my own beliefs. But this is subtle…I do not err too far and have been rewarded for my belief and faith…and hard work! I believe all that you have said and love this market because it is a naked place for me to practice what I preach and be quickly rewarded. The market reflects a traders intentions without emotion or personal empathy. The objective scientific types may say this is due to our emotional choices…I say it is due to our intentions and beliefs. When we believe we can have what we desire, then we make the choices that bring to us what we believe we can have…and of course we must give back and not be greedy or selfish…this system of intention has always worked.
I do not worry, worry, worry…I am in there with you, playing this out too with trust and faith…obviously not for as long as you have, but I am still committed to it. I agree when you say what you think about will manifest for you. I believe in my skill in trading this market, and I believe that the universe will bring me the mechanism required to put into physical form what I intend. This method of trading has been brought to me just for that reason…to make real what I already know is real in my mind.
Thank you for reminding me of this Truth so clearly.
Good show…!!
I am not in the game this week…I am busy with my beautiful girlfriend!! Going up to Santa Barbara for the weekend. I have banked almost 20% of my REAL account this week…so I am pleased. I am bringing the computer to trade a bit (my girl is going to graduate school and will be in classes) so maybe I’ll get into it a bit more than I think.
I am looking forward to continuing this journey…and enjoying your guidance and wisdom. This last post you left was brilliant and hit me square in the face…in a good way!!
Thanks…and best to everyone following this thread!! Stay with it…I believe it is a gem.
We have retraced about 3/4 of the way back from that big move down this morning. I expect to fully recover and blow past 207.
MY banked pips are already MORE than the pips down, unrealized.
I got 'em for a few today. The important thing, ALL my trades yielded a profit.
I wasn’t around much today either. I planted some grapes and some vegtables. Looking into tomrrow I think we are in for an upset on the NFP and its going to be positive and GJ will skyrocket.
Even in the event it is bad, I expect to drop hard and buy long all the way down for the retracemnet up.
SO in any event, NFP tomorrow really isn’t changing the plan for me this time.
This chart is looking pretty nice for the longs higher,
I only have 9 orders left. I sold quite a few short of thier targets. It’s been a slow climb up.
As usual I expect some crazy action before sunrise here 3-5am EDT.
I am holding my longs and getting as many long as cheap as I can
(as usual) I am buying down into 205’s and lower but at this point the 60 min has been on such an uptrend for the last bunch of hours that I don’t even
know if I am going to get too many more for less.
But in any event I have longs up to 209.63 with a small TP target for my “loss leader”
I am flat except for the OLD long I have up at 209.63.
I am up 1650 pips or so for the week and am down unrealized 161 pips on my loss leader.
At this point I can get flat before NFP and sell my last long for a loss
and subtract the 161 from my 1650 winnings and I am up pretty good for the week.
However I am waiting for NFP, and I can hold this 209.63 for a while if need be or carry it into another cycle.
Ive got a few service calls today so I’ll be running around today.
I’ve got a hospital on the list and a large lawyer firm to service.
Watch closely, I think NFP is going to be a shocker and will be USD positive.
Hold on to your hats for the ride up into and above 209, & 210.
