Do whatever works for you Quickiepip, just don't take unnecessary risk, that's all I am suggesting. For example don't risk a total of 10 units just to earn 1 unit (or just to break even).

Dragon Riders GBP/JPY

Hahahahaha, you are a funny guy video

Dragon Riders GBP/JPY

Wrong. If your stop loss is 30 pips and your TP is 90 pips then mathematically your 30 pip stop will get hit 75% of the time, on average, assuming the prices are normally distributed.

Dragon Riders GBP/JPY

Not necessarily. Do you cross the street when the lights are green not only in front of you, but also three blocks around you? Of course not.

Dragon Riders GBP/JPY

No. Absolutely not. Setting the risk reward at 3 to 1 or even 10 to 1 will NEVER give the trader some kind of special advantage. When you play the Lotto for example, you "only" risk 1 dollar (or euro) to make millions, but it does not mean that you ...

Dragon Riders GBP/JPY

You are right on the money on this one, it all depends on the time frame we use. For example an uptrend on the 30-min chart could be perceived as a downtrend on the 4h chart.

Dragon Riders GBP/JPY

Well that could be true Quickiepip, but according to your FF Explorer trading history you added more and more GBP/JPY short positions as the trend continued to go up.

Dragon Riders GBP/JPY

Easy Erebus, easy, the Canadians are some of the nicest people I've ever met. They are charming, polite and well educated.

Dragon Riders GBP/JPY

Oh absolutely, and that's part of the business. But it still does not mean that we have to let our losses grow and/or add to our already losing positions.

Dragon Riders GBP/JPY

I've heard this a million times. Then one day these kamikaze traders ("Oh the market will come back, I will keep adding to my losing position until I win something, anything") realize that they are now down 2000 pips or more and that it will then ...

Dragon Riders GBP/JPY

But of course my friend, the Dragon is going to fly again, he is just taking a nap now...

Dragon Riders GBP/JPY

The only way to get out of a bad trade is to close the position, end of story, not to keep betting against the trend. In fact and most of the time, a simple 35 to 50 pip stop will keep the trader out of trouble. Plus he can always re-enter the ...

Dragon Riders GBP/JPY

Hi Raphael, I just took a look at your FF Explorer results. Your problem is that you keep adding to a losing position. In other words you keep betting against the trend. That's a big no-no right there, this strategy never works, in the long run the ...

Dragon Riders GBP/JPY

I think the real force currently behind GBP/JPY is the Yen. On the 4h chart the USD/JPY completed a Head and Shoulders formation (test of the neckline included) and is now trending up. If we apply the measured move principle, target is almost 300 ...

Dragon Riders GBP/JPY

That move went nowhere apparently. In fact it seems more like an exhaustion move (and a possible bull trap). GBP/JPY is probably going to pullback, at least to the 38% Fib or so. On the other hand EUR/USD seems to be unstoppable.

Dragon Riders GBP/JPY

Not sure why the GBP/USD jumped 50 pips

Dragon Riders GBP/JPY

And this is exactly what happened.

Dragon Riders GBP/JPY

Out at breakeven on both positions, oh well. Keep an eye on this potential breakout from an ascending channel (30 min). Off to bed now.

Dragon Riders GBP/JPY

Moving stop to breakeven.

Dragon Riders GBP/JPY

Long again at 142.00, same 25 pip stop.

Dragon Riders GBP/JPY