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torero

Anyone trading GBPJPY?

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Seems to be my favorite at the moment... fast up and fast down, long gyrations. Hate the spread though (just awful averaging 4 pips)... but gotta accept the necessary evil. I've pretty much narrowed down to trading mainly JPY-based pairs (USDJPY, GBPJPY and EURJPY) and occasionally GBPUSD.

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Hi torero,

 

I'm not trading the pair just doing my research but I am looking a lot into cross pairs these days.

Unfortunately not the best spread on them but the moves sure are fantastic.

JPY crosses I'm looking at: AUD,CAD,CHF,EUR,GBP

GBP crosses: CHF

EUR crosses: AUD,CAD

AUD crosses: CAD

 

NZDJPY might be tradeable too.

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Hi Torero,

 

What is your timeframe when trading USD/JPY. Its something I have been watching for the past 8 months now but have yet to jump into it. A very technical market in my opinion but still afraid of currencies due to my lack of knowledge in that market.

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My favorite at the moment is eur/jpy, although $/yen is a pretty cool pair as well. The recent doubt that the ECB has introduced into the mix for the euro certainly has provided a nice bit of downside potential for eur/jpy which has been quite profitable.

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JPY-based pair have been very trendy, mostly strength of the YEN, hence my affinity to them lately. I use 240-min, then 200 ticks to trade off them. Of course I mark all the S/R areas from weekly and monthly charts.

 

Due to the spread, problem with the GBPJPY is that you're not allowed to be sloppy, that means you have to be precise in your entry when the trend starts. The percentage of wins have to be at least 40-50% or else a few losers with high spreads add up quickly. I tend to sit tight until it hits S/R of importance and then wait for the test to fail and get in. I never join in when the trend is already in progress (I'm talking in 200 tick charts here). Because once it's started, it's very hard to know where to get out when it moves against you. I'm learning to when to let it run. Although my percentage has been better than I expected.

 

One thing I do watch is the other same cross pair to find similar movement, say, USDJPY and EURJPY. All have to move together in a breakout, I put a bigger lot in the trade, if just pickpocketing from range, I play a smaller lot. Hope that helps.

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I haven't watch much CADJPY but I'll keep an eye on it. If these move together chances are the move is real, especially when they all break out. Once it starts, it's a pretty good ride.

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I'm considering, right now I don't have the time to be trading as actively in the markets as I like. I'm leaving it up to one particular automated EA system that is working really well for me.

 

The system's geared towards GBP-USD but I'm opening a demo account to live test it on a more volatile pair like the GBPJPY.

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I pare down the size when trading GBPJPY due to high spread, not sure how system will handle that. EURJPY is a bit slower but spread is good 1-2 pips max, I can go full size on that one. Good luck.

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I pare down the size when trading GBPJPY due to high spread, not sure how system will handle that. EURJPY is a bit slower but spread is good 1-2 pips max, I can go full size on that one. Good luck.

 

 

Yeah, that's wise advice. Unless you're at a significant S/R level and have a good price confirmer, some reduction from full size is probably wise - and especially if you're not used to the pair's characteristics.

 

I too think eur/jpy is an excellent pair for slightly lower volatility, yet good spreads.

 

I certainly wouldn't be trading full size on an automated plan with gbp/jpy - but then, I don't trust the automated plans any further than I can throw a twelve-ton boulder. I only trust price action, and price action alone. To each their own...

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I too think eur/jpy is an excellent pair for slightly lower volatility, yet good spreads.

 

Apologies if I've asked before, but Anna-Maria has left for the day & week so can't refer to her...but are you the fella who frequented the H5 trading group gig which one of Anna's sisters (Tess) hosted back a ways?? Kammi, Celeste, Bonnie ring any bells?? It might not be you, if so - no probs...just your nick seems familiar.

 

Yeah, that pair respects the tech lines better than most. It's avg daily range prints can be relied upon too, particularly if you're attempting to balance (pare off & adjust stops etc) out an extended intra-range move.

 

One of the better intraday movers imo.

 

You got a particular favorite strat play on this baby Cowpip?

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Hi Milliard. Yip, I'm one of those chaps that frequented the H5 group (Mark introduced me). Were it not for Mark, Anna, and the rest of you kind souls, I wouldn't be having so much fun now! I love this business.

 

I don't really have a "favorite" strat I like to play on eur/jpy. There are several in my tool-belt I like to throw on the fire from time to time, depending on conditions. Today for example, I took the nice pull-back on the fast time frames (the stop-hunt on the pull-back) and went long, then took a good portion of it off the table (enough to be quite happy) at the top of the hourly given the obvious resistance above. I was really looking for price to reverse on the longer frames up there, but I wasn't able to get a short on the table thanks to an internet outage (yep, I work from home and love it except when my ISP chops the connection during critical times - grrrr). Ah well, there's plenty more fish in the ocean.

 

Eur/jpy is quite reliable for retracing most of the initial knee-jerk reaction, then stop-hunting the poor saps who move their stops too quick. It's almost like shootin' fish in a barrel now.

 

More generally, I watch major daily fibs, major daily swings and historic (daily/weekly) S/R points - and most importantly, confluence between these features. I like the hourly+ time frames, but will often zoom in to the 5-min charts to fine-tune my entries or take a few nice daily scalps, looking for reversal or continuation price patterns as confirmation. I have a few favorite key moving averages I like to keep an eye on, but otherwise don't pay very much attention at all to fancy indicators. They all lag what price action tells me anyway.

 

I paid extremely close attention to Mark and Anna's trading styles when I was fortunate enough to spend time reading their trades and analyses. Their extreme patience and discipline encouraged me. I wouldn't be anywhere near where I am today without their guidance. It's been a lot of hard work learning patience and discipline. But it sure has been worth it.

 

You guys/gals (everyone who was in that H5 group) are an incredible bunch. It was a pleasure and a privilege to participate. It's a real treat to see you guys/gals flow through the forums that I frequent now and then, cause I've otherwise sort of lost contact with you (except with Mark, who I still "pester" now and then). I hope everyone is doing fine. Sounds like you're all still having fun throwing popcorn at each other. :haha:That's cool!

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You guys/gals (everyone who was in that H5 group) are an incredible bunch. It was a pleasure and a privilege to participate.

 

It's a real treat to see you guys/gals flow through the forums that I frequent now and then, cause I've otherwise sort of lost contact with you (except with Mark, who I still "pester" now and then). I hope everyone is doing fine.

 

I was right then. Sorry for not recognizing you off the bat. A lot of names/faces filter through the net along the route! :)

 

Yeah, everyone is still pretty much in the groove. Tess is over here till the summer & the others are still at their various firms/shops.

 

Mark is buying up property on the Island of Cyprus like it’s going out of fashion, LOL. He’s got a trading pod set up over there – Krantzy’s shipping out next month to help steady the ship.

 

Quite what they’ll make of him over there is anyone’s guess. A 240lb rack of intimidating Texan muscle, resplendent in Stetson & havana will cause a ripple or two….especially when he can’t obtain a good sized fill on the hoof :o

 

Good to see you’re staying ahead of the curve. Appears some of that simple old stuff rubbed off huh?

 

We still mainly interact via the private forum to be honest Cowpip. The others won’t frequent public domains, but we merry bandits don't mind this little corner. It's not as wacky as most of the public garbage out there.

 

Ok, it’s a wrap for me tonite. Don’t you just hate the twilight gig. Mind the gaps & dodge the bullets! ;)

 

Andre.

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So what´s this H5 group? And what does it take to join it? I'm green with envy you guys throwing names left and right like a circle of trust has been closed.

 

Unfortunately, I wasn't able to move in during the slaughter-fest, my quotes were erratic and didn't want to risk it (cowpip we share the same ISP?!! :angry:). I'm sure tomorrow they'll be hangovers to be had.

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Thanks for the update, Andre. It's good to hear the troops are doing well.

 

I knew Mark had a "thing" for Cyprus, but I didn't know it ran THAT deep!

 

Now I wonder why Mark didn't ask for one of his sisters to come and steady the ship? Lol...

 

Take'r easy

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So what´s this H5 group? And what does it take to join it? I'm green with envy you guys throwing names left and right like a circle of trust has been closed.

 

Sorry Torero... that was a while back. Mark organized a group on the Hi5 website that he and the group used to share their views of the market. It was a precious resource to me and reinforced the absolute importance of patience and discipline. But the H5 meeting locale was abandoned after a while when (if I recall) his work got in the way and he just wasn't able to keep it going as he wanted to.

 

These guys have my utmost respect. And they're a hoot to hang around!

 

PS: Yeah, my ISP finally came back long after the reversal had taken place. But I'll hitch a ride on the next available bus!

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I use 240-min, then 200 ticks to trade off them. Of course I mark all the S/R areas from weekly and monthly charts.

 

Due to the spread, problem with the GBPJPY is that you're not allowed to be sloppy, that means you have to be precise in your entry when the trend starts.

 

I agree with your comments bout mugging the Yen pairs with rigid entry boundaries. Not such a tricky proposition if feeding in via the larger timeframes.

 

Your spread on that pair (avg 3 & change) isn't too shabby to be honest. I'm pretty sure the normal retail deal on Geppy strings out to c6-8? That definitely is criminal.

 

I got 3 zones of interest on this one.

 

Large (tiered) profit & scale stops are resting up a ways @ 221.10 through 223.60. Those are the secondary profit wedges from the p/b shorts off 239.0 laddered to 236.0

 

Above 213.50 to 216.90 lies 2 way stop interest (strong bullish to 216.0) from the latecomers. Good fade interest inside this channel.

 

205.40 is a strong weekly line. Aggressive Pound defensive zone here & at the moment, harbouring weak compound sales stops...could change drastically if 213.0 isn't breached & consolidated.

 

Those are the zones which are being "traded"...Anything in between is purely down to (& being traded by) the 'flavor of the day' spec brigade.

 

Good hunting ;)

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Excellent, thanks for the heads-up, I'll make sure to have these areas mark-down for future reference.

 

This week was range play for EURJPY, requires alot of patience from me, which isn't really my style. I like 'em dropping fast and stay the trend course a good while before turning.

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Worth noting though torero that the past couple sessions have been tickboxed by asset chiefs & fund managers.

 

They've been very visible in the forex market due to month end adjustments. Month, & particularly quarter end will result in increased exposure from these characters as they shuffle their packs.

 

Order books get balanced up into the fixing, so moves are prone to over-extension & irregular behaviour. You just need to take that into consideration when planning your entries, pare-offs & exits around these specific times in the trading calendar.

 

The volatility & risk on/risk off switch has also been amplified due to the near term global market turbulance. Lots of folks are getting bullied & hustled out there as positions become spooked via the micro timeframe psychology.

 

We currently live (& trade) in very interesting times. Expect more of the same this year!

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I knew Mark had a "thing" for Cyprus, but I didn't know it ran THAT deep!

 

Now I wonder why Mark didn't ask for one of his sisters to come and steady the ship? Lol...

 

Probably coz any one of those sassy broads would run him, those twitchy European screen-desk jockeys (& the order books) ragged within a week without decent back-up.

 

One high energy fillie cranking up the decibel levels in the offices is pushing it….2 or more of them let loose on those laid back Islanders & he’d be sectioned under the mental health act by the months end :o

 

Plus, I’m pretty certain that neck of the woods runs light on Jimmy Choo footware/designer store frontage. Hell, they’d kick up one bad assed storm if they had to go more than a week without exposure to a fashion emporium or two.

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Yes, it has been challenging last few days to say the least, nothing was sticking on my end. I was doing well and still ahead and I expected today would be the day hell breaks loose somewhat from the Fed news hangover, but afraid everyone knew it was going to happen or something. The range was unbelievably small. I'll have to keep that in mind at the end of the month weirdness. Thanks, Art.

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I was quite surprised how stellar most of the daily range averages held up today to be honest. The popular pairs were ticking at circa 78-82% for the most part into the London fix.

 

Last couple book balancing sessions they've been contained in the low 60's, which merely confirms Krantzy's earlier comment re; the flip flop risk calls out there.

 

Yen pairs especially, have honored their intraday range averages so far into the new year, with Cable & Swiss slight underperformers. But then the climate has dictated those prints to a certain extent.

 

I guess as (if ?) range contraction ensues, it becomes ever more important for you intraday players to quickly compute your (adequate) risk to position exposure parameters on the hoof as the day unfolds. Particularly as some of these big levels from the higher timeframes come into view.

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Yep, Torero... this week was a washout for me too. The two best ops I had to enter this week were washed out by internet outages (thank you, Murphy). So I ended up being essentially flat for the whole week. I never would have thought... Oh well... it's all part of being patient, I guess.

 

I don't suppose you folks at the big desks have any technical issues like unexpected outages, do you? ... given the cash you guys are pushing through the system, you probably have multiple layers of backup. I'll tell ya... being left in limbo on executed trades with no easily accessible control due to an ISP blackout is an "interesting" psychological test (which emphasizes the importance of NOT running stopless).

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Looking, I was think it was wise to stay away from trading this week, so cowpip, you should thank your lucky stars, unless you didn't trade using my strategy. But next week is a new month and new week, let the games begin again!

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Looking, I was think it was wise to stay away from trading this week, so cowpip, you should thank your lucky stars, unless you didn't trade using my strategy. But next week is a new month and new week, let the games begin again!

 

 

Torero... I'm not sure what your strat is... but last week wasn't bad for me. Made a tidy little profit, but nothing really to "write home about." Yep, this is a new week and a new month. I've made more storage space available in the coffers for the greenback... just have to wait for the delivery trucks. ;)

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