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wasp

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LOL...

 

Kinky or not, they definitely bring home the bacon more than those "westerners" do!

 

In you experience what is the fundmental reason for better moves on JPY than say on GBP/$ or GBPEURO.

perhaps WASP can also chime in.

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In you experience what is the fundmental reason for better moves on JPY than say on GBP/$ or GBPEURO.

perhaps WASP can also chime in.

 

I have absolutely no idea. Can't say I really care either! Makes no odds to me 'why'. (don't mean to be blunt but can't really see why it matters?)

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I have absolutely no idea. Can't say I really care either! Makes no odds to me 'why'. (don't mean to be blunt but can't really see why it matters?)

No problems, just curious to learn more about the market that I want to get into. Presume you also don't pay attention to any forthcoming news releases which in index futures could be lethal.;)

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Like your style of trading Wasp, simple (not to say it is easy;) ) but highly effective. I have been making attempts to steer newcomers to simple way of illustrating price action for a while now, Wyckoff kept it simple enough (Dbphoenix also made a concerted effort) , but the mere mention of Wyckoff make a few in here breakout into rashes, mostly those who love to engage in bar by bar analysis and bamboozle with lots of jargon:)

 

Thanks! KISS is the best and whilst I don't recoil from Wyckoff, I have never read any of his work so have no opinion. I like to trade through my own experiences as copying someone else never seems to have the same effects and more importantly, teaches little. I can't emphasis my feelings on this matter enough. NOTHING teaches like EXPERIENCE imho.

 

Anyway you have aroused my interest in GBPJPY, have no particular expertise in this field, have ony dabbled some in GBP/$ but for most part the Index futures have kept me busy enough.

 

o.k so your strategy revolves around noting support/resistance levels on 4hr charts and then zooming into lower time frames for entry/exit with the aid of trendlines.

 

Pretty much although I do look at 60m S/R too. IMO, the most important thing to consider when trading is what bank traders are viewing (S/R, fibs and trends) and thus to get as close to them as possible. (spoken to a few bank traders about this). Anything more is just overkill as its my opinion, those that move GJ, look at just these factors alone (and not below 60m).

 

What is the minimum TF you go to, 15min/30min

 

60 minute is the lowest I look at now as I can get tight enough entries so no need to go lower. Also, I stick to 60minute minimum so I spend less time at the screen and make less trades.

 

Also have you experimented with say, moving averages, oscillators etc for fine tuning entry/exit.

 

I have done it all! Stoochastics, MA's, Hull MA's, tape reading, patterns, funnymentals, everything! I started my trading life using patterns and S/R and TL's and gone full swing to S/R and TL's again. Once you realise what an indicator is telling you, and that is more transparent via price, you see little point in an indicator.

 

Do you look at Volume at all, realise the real vol is not there on forex, however folks do take into account tick vol.

 

I pay no mind to tick volume as all it shows (on metatrader) is how many of their clients traded at any time and on the whole, is as useful as a chocolate teapot. I have volume on my chart ONLY for somewhere to jot down notes, phone call messages, to do lists and reminders!

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Thanks, myrtleturtle, but I'm no Wasp (yet). ;)

 

I took a few silly losses trying to figure out how to stop and reverse. So unfortunately, I didn't get a 4-digit return like Wasp did, but I am close enough! :)

 

 

Been there, done that, got the t-shirt. That's what it takes and I have just been there before is all. You have to go through all these issues, iron out the creases and keep on trucking until they have all gone. It takes time but once you have done it, you'll be glad you did!

 

Patience is a virtue.

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No problems, just curious to learn more about the market that I want to get into. Presume you also don't pay attention to any forthcoming news releases which in index futures could be lethal.;)

 

Fair enough but I really have no idea why, say, GBPJPY, or USDNOK move more than USDNZD, but it really isn't that important either IMO.

 

''all you need is a chart''. News makes no odds to me at all. On another forum, there were many 'amateurs' not trading because of the 700bn deal and NFP Friday, whom, after the event, posted how they kicked themselves for not trading.

 

Regardless of all that happened, it was just another day, and look at my EOW anaylsis in my blog and you will see, that S and R and TL's did the saem thing and gave the same results as any other day of the week.

 

News has no baring on my trading as S/R and TL's will always prevail.

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Appreciate your response Wasp,

You are right, nothing beats experience, have been around the block myself with all the indicators, patterns, fib clusters,pitchfork etc.

Wyckoff placed the same emphasis, support/resistance, demand/supply, trendlines, price/vol. There is nothing esoteric or labyrinthine about the methodology.

 

Look forward to your trades on GBPJPY, am sure they will be highly educational.

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