cowpip

Hmm... ok. I like that reasoning.

One more try here... Long GJ @ 190.16

So the big question now is, is THIS the reversal we've all been waiting for on GJ? Yeah, I know it's unanswerable. But if it doesn't reverse here, it may be some time before we see the likes of 197 again.

Well Firewalker... I tip my hat to you. Looks like you may be right about this 190 area after all.

Beautiful Wasp... wish I would have been thinking straight. Grrr...

Crapola... gave back most of my earnings overnight. Misread the charts and should have stuck with the 4-hour. What was I thinking?!?!

Long GJ @ 192.96... see if this uptrend holds.

You should really be asking Wasp, as I'm just mimicking his strat the best I can. Wasp found (and I agree) that 60ish stop-losses generally keep your stop safe, unless you have the direction all wrong. It has nothing to do with atr, although I personally like to get my stop above swing highs/lows, if I can. And if I can get it above the swing highs/lows and above the next SR, even better. Yeah, I trade 24/5 now... just wake up for 5 or so mins every 4 hours. It pays dividends, if you have the luxury of sleeping a little more when you need it (and don't have to go to a j.o.b.).

Yep. But the 4-hour gave a good signal, which you appear to have rode higher. EDIT: Or was it the trend lines that prompted you to go long?

Closed for +109. Staying flat now until after the rate decision. No point in giving back unnecessarily. Signal would have been to go short though.

Closed for +19. Long GJ @ 192.13

Short GJ @ 191.95

And out for -64.

This could still turn higher here... but the momentum for the day is gone now, so it's likely to be a rough ride higher. I guess crossing a finger or two couldn't hurt, could it?

It's bloody hard, sometimes.

Wasp, do you see a support line at 191.88 or so? I've gone back and looked closer (back to about 2003) and 191.88 seems to fit better than right around 192. What do you think? If this is true, then we're still good to go long on this (depending on the next half-hour).

My total pip count this week is 257 (excluding what this current trade does), and that's much better than I'm used to. I guess it's just perspective. I'm not used to making this much in one week (granted, I'm not used to being in the market 99% of the time either), so my opinion is obviously biased. You're used to doing far better, so of course you'll be frustrated. When I'm at your present level of experience, I'll probably feel the same way as you do.

You're greedy?:shocked:No way! Lol... Hey, none of us would be in this game if we weren't greedy. We all want more. If you can pull in 500+ pips a week and you're not making it, then sure - I can understand your frustration. I'm on the other side of the campground right now... I'm very happy with how this has turned out so far this week. It's no 500+ pipper week for me, but it's a crap-load better than I usually do.

Huh? Why the sudden change? Because we've broken (or rather, tested) the March lows, which is rather strongly bearish? I think the longer term is indeed probably bearish for GBP/JPY, but I can't live in the long-term off these 4-hour charts. I still think that huge gap up there will be filled before this thing drops much lower. I'm still looking for a bounce. Things are so oversold as-is. It's time. Perhaps after the rate decision tomorrow...?

Long GJ @ 192.30... ... on the very long-shot off-chance that they're stop-hunting at the base of this 4-hour candle.

Crap. Stopped out at b/e. I'll have to wait now.

That would be cool, Dinos.

Good point. You'll probably get that before tomorrow's rate decision. The bears are still in control here - for the mean-time anyway.

That would sure be nice, if it would hurry up and just bust back through that resistance zone above 193. Thus far, it's having problems. Overnight... here are my trades. Was too tired to post live... All times are MST (GMT-6). 00:00 - Stopped long and reversed for -16. Short GJ @192.94 02:33 - Closed for +52. Long GJ @ 192.422. I'm hopeful this will bounce higher now that it's taken out the March stops, but it looks lethargic so far. I'll close this at break-even if it snaps back.

I don't know if this is wise - but it's bounced off this level enough times to suggest it may be worth a try - but the trend still appears to be down. Closed short for +100. Long GJ @ 193.10 EDIT: I'd still like to see this bounce harder and higher from here - and I still think it might, but the UK rate decision on Thursday will probably keep GBP heavy.