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GBP/JPY Trading 2008
- Thread starter ForexPro
- Start date
Quote from Cambist:
Although I haven't watched AUD/JPY enough lately to speak in regards to that comment, I agree with everything else you stated.
To me, the GBP/USD rally was much overdone, otherwise I would have covered my GBP/JPY shorts. I was just waiting for it to fizzle out. This could be a decent buying spot for GBP/USD, but I'm still waiting for lower on the cross.
I have a 50MM unit short strangle on GBPUSD struck at 1.95/1.99 ~250 pips that expires on the 21st. I woke before the BOE to find price at 1.9660, so I placed a limit sale at 1.9680 to hedge the test of the lows and went back to bed. Of course it missed my limit by a few pips and dropped 100. For the want of an eighth the Kingdom was lost.
It was my understanding (and we seemed to be in agreement) that this thread was to be about the fundamental and technical analysis of GY with the goal toward improving everyone's trading with posting PnL being an adjunct. It's now the "Live Calls on GBP/JPY" thread? I fail to see the benifit of just making calls other seeing who's better - and what's the point of that - just ego really.
The only reason I posted my trades from my Auto trade sys (albeit late but which I proved my integrity on) was as a point of reference - as in "OK we all seem to be long" or "Everyone else is short, why am I long?". If I remain in this thread, which is unlikely if things keep going in this direction (bickering and such) I'm simply stated "short", "long" or "flat".
The only reason I posted my trades from my Auto trade sys (albeit late but which I proved my integrity on) was as a point of reference - as in "OK we all seem to be long" or "Everyone else is short, why am I long?". If I remain in this thread, which is unlikely if things keep going in this direction (bickering and such) I'm simply stated "short", "long" or "flat".
Quote from atticus:
http://www.amazon.com/Options-Structured-Products-Wiley-Finance/dp/0470011459
I've not read it, but he's well-regarded.
I bought it and 2 others. Seems an interesting addition to my current bag of tricks.
BTW, nice win on that option.
Mrbigfrank,
I understand the nature of your strategy. But what is the point of a thread if everyone posts retrospectively?
If you look at the posts recently, you will see a lot of tops sold, and bottoms bought. Albeit 15mins afterwards.
All methods & discussions are welcome, hopefully we can all learn from everyone elses views and give the thread some credibility.
I understand the nature of your strategy. But what is the point of a thread if everyone posts retrospectively?
If you look at the posts recently, you will see a lot of tops sold, and bottoms bought. Albeit 15mins afterwards.
All methods & discussions are welcome, hopefully we can all learn from everyone elses views and give the thread some credibility.
Quote from ForexPro:
Mrbigfrank,
I understand the nature of your strategy. But what is the point of a thread if everyone posts retrospectively?
If you look at the posts recently, you will see a lot of tops sold, and bottoms bought. Albeit 15mins afterwards.
All methods & discussions are welcome, hopefully we can all learn from everyone elses views and give the thread some credibility.
I agree for the most part but at the same time how do the actual calls benifit. If I post "I just went short at xxx.xx" who learned from that and what could they possibly have learned? Hopefully people aren't buying and selling any call made here. However some might be and I wouldn't want the responsibility on me.
I understand the integrity issue. For you, you're laying it out there win or lose and it sucks that there are those who don't but its really is of little consiquence. You differ in the fact that you back up the trades with your thinking behind tham and most if not all recognise that. I play golf with a guy who only records his low scores for his handicap. Now on paper he's a 10. He has whats called a vanity handicap. Makes him feel real good and boosts his ego but he is really more like a 16. Guess what, the guy is the clubhouse ATM machine. Due to his pride he loses to everyone. Good thing he's also wealthy.
Speaking only for myself - I'm here for the analysis, which as it turns out, on the fundamental side, appears to be as equally complex as me interpriting the meaning behind my 15+ indicators, patterns and filters. The calls, or should I say position direction, is but another filter for me.
BTW, I'm short.
I agree. You made some interesting points Mrbigfrank. For the evolution of this thread it may be helpful if people gave a reason for their trading position.
Some technical folk could be some indicator crossing etc. For fundamental folk it could be this news was released the market did this etc.
I think it would rich everyones trading experience on this thread to see what others can see.
Its up to others obviously if they want to do this, as it may impact on their strategy, if someone wanted to reverse engineer it etc.
I will post my thoughts, and my trades. As, as a trader it can be easy to become trigger-happy. So posting my trades, and reasoning on ET actually helps in qualifying a trade which i make.
Some technical folk could be some indicator crossing etc. For fundamental folk it could be this news was released the market did this etc.
I think it would rich everyones trading experience on this thread to see what others can see.
Its up to others obviously if they want to do this, as it may impact on their strategy, if someone wanted to reverse engineer it etc.
I will post my thoughts, and my trades. As, as a trader it can be easy to become trigger-happy. So posting my trades, and reasoning on ET actually helps in qualifying a trade which i make.