The Legend of The Gambler - page 35
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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.
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.
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.
Opened a buy trade on AUDUSD right now.
AUDUSD
Buy @ 0.8064
SL @ 0.8010
TP @ Open (will adjust later)
Current Price @ 0.8064
Current P/L @ 0 (not including spread)
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
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.^
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.
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
^
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.SORRY FOR THE SENIOR MOMENT KENNY
159.68 SHOWS on the H4 with 159.96 on the DAILY
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
No problem. I was confused for a moment, but it happens. I already closed both trades because I can tell by the price action that I need to step aside. Perhaps it will go to my TP, but that is not in my strategy.
GBPJPY
Buy @ 158.70
Out @ 159.02 (Manual Exit)
Final P/L with Spread @ $33.03
AUDUSD
Buy @ 0.8064
Out @ 0.8047 (Manual Exit)
Final P/L Spread @ -$19.00
Currently, no open trades.
...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?...I'll go ahead and explain my rationale here since you had asked.
That's the funny thing about trading, 2 people can look at the same price action, and come to 2 completely different conclusion. I see a bottom formed on June 23, and the formation of a uptrend. Perhaps your view is shorter term than mine, so you are just zoomed into the past 24 hrs only.
The reason I had entered the trade is because after the bottom was form, the bulls and bears started to battle over the direction of the next move. The consolidation phase is fought in near the yellow lines. Once we had the breakout on June 29 to the upside, the bulls had won and took the price higher. This is when I should have entered the trade, but I was just getting back and was hesitant. Ideally, I would have entered on the intial breakout and already banked 200 pips on the up spike. The bulls took the action up naturally after the breakout, and tested 160.25, couldn't find any more takers, and the price came back down for a pullback. The bulls were not willing to let the action go back into the previous consolidation zone that they had just fought so hard to win...so I thought the next logical step is for the bulls to push the price back up...this is the pullback that I entered on.
I had entered a bit late on the pullback at 158.70, but that's OK. It was going sideways a bit there, so I decided to just bank the profit at 159.02. As you can see, it was a bit premature as I had left a good 50 pips on the table. I'm fine with that because I didn't feel the move was strong enough to sustain a trend, and I exited to wait for another opportunity.
OK, that's about it, going to hit the sack. I would not be surprise to wake up in the morning to see GJ hundreds of pip in either direction, but that won't concern me now.