10.4 A Complete System

[Gertje]

Bob

If everybody is selling the yen across the board.... it begs the question Who's buying it ?

Eamonn.

That would be the Japanese government?

[zentauro67]

Script of the day:

http://www.forexfactory.com/attachment. ... 1352477705

[SteveHopwood]

After closing out my positions earlier today, going out and doing stuff and returning home, I set another batch of pendings.

Said pendings filled and I closed them out a couple of hours later at about +290.

That makes just shy of +800 today, with an increase in balance of c. 15%.

I have gone whole years without such an increase.

I am flat now and intend staying so until next week.

Cheers Bob. I owe you a few.

[nanningbob]

Guys you aint gonna believe this but the JPY shot up again. Had two lots going on each one some 3. This is what my trade analyzer said when I got up this morning.

4583.4 total pips banked. It hit my TP all over the board and I still have 1 trade on each pair running. They are up 450 pips, so if I closed now I would have over 5000 pips for the week. I dont know what to say.

gbp/jpy 940 pips banked. I have no trades going on gbp/jpy because it hit my TP which was over 200 pips away. It went 110 pips more than my last SL. gbp/jpy moved over 600 pips yesterday. My account has increased over 50%. Is this for real??

[Ingot54]

Bob

If everybody is selling the yen across the board.... it begs the question Who's buying it ?

Eamonn.

That would be the Japanese government?

No. Not so.

We can not weaken a currency by purchasing it ... only through selling it.

It is a common enough misconception.

What the BOJ does to weaken the YEN, is to BUY the BASE currency.

Remember, if we purchase one currency, we automatically sell the other. This is something from FXTrading101, but of course most of us don't go into trading as deeply as that ... and we all should. Currency trading is a profession, and we need to train ourselves professionally where we can.

For example, in the currency pair GBPJPY:

GBP is the BASE currency
JPY is the QUOTE currency.

By purchasing the GBP, the BOJ weakens the YEN relative to the POUND.

Hope that tidies it up for you ... correct me if I am wrong.

If we BUY the QUOTE currency, we effectively SELL the BASE currency.

The other issue that is of minor importance here, is swap. Do we know whether we will be paying ... or earning swap ... when we buy/sell YEN? WE need to get into this stuff a little bit, but only if we intend to hold for a few weeks. That's something for another post ... another day ...

[Ingot54]

Script of the day:

http://www.forexfactory.com/attachment. ... 1352477705

I am very interested in that script, but I am illiterate regarding the use of such things.

Last night I wanted to close out 16 positions simultaneously, having reached my target.

But the "DragDropClose_All" EA would only close the 3 or 4 trades I had open on one chart - not the entire basket (ie trades on all charts). I ended up repeating the function 6 times - once for each of the 6 pairs I had open. By the time I had finished, I had made an extra 100 pips!

That could have gone the other way too, so I am wondering if this is explained here somewhere:

http://www.stevehopwoodforex.com/phpBB3 ... m.php?f=44

What I wanted to do was open either simultaneously or individually the 6 XXXJPY pairs (excluding CHFJPY) and then, if I sense the top is near for the session, close them ALL out with a click!

I might have to get off my duff and do a bit of reading in that thread.

Any pointers to save time here?

[SteveHopwood]

Guys you aint gonna believe this but the JPY shot up again. Had two lots going on each one some 3. This is what my trade analyzer said when I got up this morning.

4583.4 total pips banked. It hit my TP all over the board and I still have 1 trade on each pair running. They are up 450 pips, so if I closed now I would have over 5000 pips for the week. I dont know what to say.

gbp/jpy 940 pips banked. I have no trades going on gbp/jpy because it hit my TP which was over 200 pips away. It went 110 pips more than my last SL. gbp/jpy moved over 600 pips yesterday. My account has increased over 50%. Is this for real??

Well done feller.

Several years of unstinting dedication and devotion have earned you this success. I am totally, utterly thrilled for you. It could not happen to a more deserving person.

And you share it with the rest of us. Fantastic. Up an' at 'em, Tiger.

[nanningbob]

I am out of lines. Using past S/R lines to find entrances.

Anyone notice that gbp/nzd is a sell according to 10.4

5000 pips in 1 week. This is a once in a lifetime event I think. Since starting this thread I have doubled my money.

My Empty4 with Cowboy IBFX has a close all orders function which works.

I have sinned I closed all my orders. I just cant trade long term. I have sinned.

[SteveHopwood]

I have sinned I closed all my orders. I just cant trade long term. I have sinned.

Well, don't do it again. Next time, stay in those trades until they can go no further.

Hey, look on the bright side. One day, when infant traders are making 40,000 pips a minute and you are dribbling into your soup, you will still be able to say, "I was the first to make 5,000 pips in a week you know, young whippersnapper."

This will take some beating, my friend. I hope I am around to watch when you do.

[nanningbob]

I have sinned I closed all my orders. I just cant trade long term. I have sinned.

Well, don't do it again. Next time, stay in those trades until they can go no further.

Hey, look on the bright side. One day, when infant traders are making 40,000 pips a minute and you are dribbling into your soup, you will still be able to say, "I was the first to make 5,000 pips in a week you know, young whippersnapper."

This will take some beating, my friend. I hope I am around to watch when you do.

We still have JPY, Euro, and USD sessions today. Profit taking usually starts around the close of the EURO session on Fridays. I am not giving up on this thing yet. Even if there is a retrace the plan is not short term this is long term public policy until the Japanese throw these guys out.

My best guess strategy. The only pairs you may have to worry about is the Euro pairs and that is only if some bad news comes out. If you are trading JPY pairs forget indicators, pin bars, foxes or wolves running around. No one is buy the JPY except some delusional traders who dont know what the heck is going on. They just know their indi tells them to sell. IGNORE THE INDIS, PATTERNS, WITH JPY PAIRS. They dont mean anything and I mean that. They dont mean anything right now. You may get back to indis next week when we get a reset on the weekly. I may be bringing out the monthly ones for this one. Good luck. This is not over by any means. Since it is Friday you may see some profit taking after the mid JPY session and I suspect some big profit taking near the end of the euro session. I have no idea how NFP will play with this tonight. I only know this will continue at a slower pace next week. Time for school.