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in my book, the part i cant agree with is "uncertain" but im no cowboy but rather an indian, so what do we know ?
but i do know that even i wont trade the GJ cause ive been bucked off a few too many times --- easier bulls out there, like the EU or the UC (especially in combo) that actually have some class !
enjoy and trade well
mp
Quote:
Originally Posted by Kenny Rogers
^ That's the definition of gambling, so which part of trading is not gambling.
__________________ KNOWLEDGE and EXPERIENCE are the handmaidens of the riches of forex, and i buy them roses every day, with many a thank you !
in my book, the part i cant agree with is "uncertain" but im no cowboy but rather an indian, so what do we know ?
but i do know that even i wont trade the GJ cause ive been bucked off a few too many times --- easier bulls out there, like the EU or the UC (especially in combo) that actually have some class !
I will trade any pair that have a tendancy to trend.
GJ is a trending monster, so it is very intriguing pair for my style...and nothing is certain, it can reverse in a blink of an eye, so it's definitely not to be taken lightly. It is such a polarizing economy pair.
On the other hand, EURGBP is probably not something I would look at too much since their economies are locked too close together. Although EG did have a monster trend last year, it is just a fundamentally rare occurance that it is safer to find another pair more likely to trend.
__________________
Life is a Gamble. You win some. You lose some. And life goes on.
Since I've been back and surfing the forums, I noticed that MT4Stats is a popular new tool for traders to publish their results.
Looks interesting. I might start a demo account and link it to MT4Stats to test out my breakout and pullback strategy. I have to set up my phone to allow me to mobile trade though as I'm not at my tradestation anymore. Give me some time, and I'll figure it out. This will give me some down time to refine my strategy and perform more analysis on various pairs.
__________________
Life is a Gamble. You win some. You lose some. And life goes on.
im in hope of youre not being stopped out as youve got a good 100 pips profit looking at you on the H4 chart
your sl is 10 pips to the good on this present retrace and at this present time -- thats danged close -- any doubling down at the reversal point will have kenny singing a great tune by wed nite i would reckon but as i said before, meaning nothing more than some "dutch uncle" advice --- i know a woman who is nothing but "addicted" to GJ, which ive played along with her -- its BROKEN her a number of times, but she keeps coming back to it like a biker chick to her drunken, abusive husband ---- sooner or later you might find those great spikes (and the account killing reverse) can be simply plotted on another currency that runs SMOOTHER, although i get the idea you may have the same "addiction" she does !
Would take a lot to get me to trade that one again for any steady amount of time.
enjoy and trade well
mp
Quote:
Originally Posted by Kenny Rogers
Yesterday, I put in a trade on the GBPJPY.
It is still open. You can get in on it if you want, since the current price is below my buy entry.
GBPJPY
Buy @ 158.70
SL @ 157.53
TP @ 160.00
Current Price @ 158.46
Current P/L @ -24 pip (not including spread)
I will adjust the SL and TP accordingly in about 2 hours after the NY exchange close.
Wish me luck, first trade since coming back. This is an iffy trade because GBPJPY can spike violently, but I wanted to get my feet wet again.
__________________ KNOWLEDGE and EXPERIENCE are the handmaidens of the riches of forex, and i buy them roses every day, with many a thank you !
Not sure what chart you are looking at, but the lowest GJ has been in the last 4 hrs is around 158.20. My SL is at 157.53. It is not close to getting stopped out. If you mean that the SL will only be about 10 pips above your predicted reversal, then that's probably a good reason I put the SL there perhaps.
I will only add onto my position if there is a pullback within a trend, so it is more like a different system altogether, and it will share the same SL exit point as the original order. So if I do see an opportunity to add position with high reward and low risk, then this only increases my overall RR ratio.
Most likely at this moment, I will try to exit both of my open positions as close to B/E as possible because the action has gone sideways, and a breakout of either direction is possible.
__________________
Life is a Gamble. You win some. You lose some. And life goes on.
Last edited by Kenny Rogers; 07-01-2009 at 12:52 AM.
OOOOOOOOPS ---- AFTER ALL THAT DISCUSSION ON GJ, IM CHARTING EU
MIA CULPA (but its good info if you want to play EU, btw)
lemme glance at GJ
sorry kenny, im not saying where the price has been, but where it WILL GO much later tonight (morning actually) and im also speaking about the H4 present TP point on the chart
oh, it WILL GO UP 100 PIPS, that i can pretty much guarantee, and it very much should reverse 10 pips above your present stop loss, and the daily shows 4134 presently.
sorry for the misunderstanding
enjoy and trade well
mp
Quote:
Originally Posted by Kenny Rogers
^
Not sure what chart you are looking at, but the lowest GJ has been in the last 4 hrs is around 158.20. My SL is at 157.53. It is not close to getting stopped out. If you mean that the SL will only be about 10 pips above your predicted reversal, then that's probably a good reason I put the SL there perhaps.
I will only add onto my position if there is a pullback within a trend, so it is more like a different system altogether, and it will share the same SL exit point as the original order. So if I do see an opportunity to add position with high reward and low risk, then this only increases my overall RR ratio.
Most likely at this moment, I will try to exit both of my open positions as close to B/E as possible because the action has gone sideways, and a breakout of either direction is possible.
riding contra to that is downside of 158.23 with 157.67 showing strongly on the H4 that you must hit first, before you get the bounce back up to the land of milk and honey
i would go short, but im just an indian ! (your choice to hold or dump the long)
btw --- youre obviously very good at your s+r but what got you into a long when the trend was very much short ?
enjoy and trade well
mp
__________________ KNOWLEDGE and EXPERIENCE are the handmaidens of the riches of forex, and i buy them roses every day, with many a thank you !
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