Let us start this off by moving against all current wisdom and commerce against a monster trend...
Long GBP/JPY
Entry 227.00
TP - 227.75
SL - 226.25
Let us start this off by moving against all current wisdom and commerce against a monster trend...
Long GBP/JPY
Entry 227.00
TP - 227.75
SL - 226.25
Anthony,Originally Posted by ;
My trading style (well at least my charts) would bore most folks on this site. I just trade on the 4 hour time frames and the only thing I am worried about is that the place of the support and resistance lines. I consider where price is currently, compare it to those traces and make a judgement as to whether it is going to continue or retrace.
You can't always be correct about the movement, but you can put yourself in a position where your chances are at least improved. Ask yourself questions prior to making a transaction. Should it move up, or should it move down. If you do not have an answer, do not take the transaction. Take a look at commerce #2. I moved GBP/JPY following the London close last friday. This you had a full week where the shorts were in control. Friday's range was beyond the avg daily range to its pair. Traders were carrying out a great profit. It was getting close to the weekend break. Weekend breaks bring indecision (will the market difference up or down before the Sunday open?) , and they also bring surplus interest for those who were brief. When you look at all of this, can you say that there was better than average chance of a long trade being profitable right before the market close. I thought , so I chose the transaction. I also shut the transaction before the market close for the identical indecision I just outlined.
I read through your journal, and my view is that it is going to be challenging to keep trading searching to get 5-10 pips at a time. Give yourself room on both tp and sl side of your transactions, transactions require room to develop. Find a method which suits you and stay with it. Pick one and drive it into the ground, just quit using it if it does not suit your requirements. Trade it over and over again in a demo until you're confident enough inside that you're ready to risk the transaction moving against you.
And last but not least, steer clear of the news.
Str8
This will be a transaction for 1 unit.
This is important as I get into more detail concerning the unconventional methods I use money management and stop losses too.
For purposes of the diary, I'll be trading the GBP/JPY and GBP/USD pairs and will be tracking them seperately by total pips in each pair.
What I post is that which I exchange live, so if I take a beating it is a REAL bad day
Well, score 1 to the small guys.
Trade #1 -
GBP/JPY
closed in t/p 227.75
total pips in series GBP/JPY 75
GBP/JPY total pips because launch 75
Account total pips 75
Stop hunters Have some fun before the weekend near
Trade #2
Long GBP/JPY
1.5 units
Entrance 226.65
TP - 227.40
SL - 225.90
I'll close this at end of day if tp or sl not Strike
Ok, didn't get it all on this one, but still a nice trade
Trade #2 -
GBP/JPY
closed at 227.15 for 75 pips
total pips in streak GBP/JPY 150
GBP/JPY total pips since start 150
Account total pips 150
Price is stalling and I've got Someplace to go
Trade #3
GBP/JPY
closed at 222.09 for 158 pips
total pips in Series GBP/JPY 308
GBP/JPY total pips Because start 308
Account total pips 308
Trade #4
Long GBP/JPY
3 units
Entrance 224.00
TP - 224.75
SL - 223.25
Trade #5
Long GBP/USD
1 device
Entrance 1.9240
TP - 1.9280
SL - 1.9200
Calm before the storm
Closed both positions
Trade #4
GBP/JPY
closed at 224.50 to get 150 pips
total pips in series GBP/JPY 458
GBP/JPY total pips since start 458
Trade#5
GBP/USD
closed in 1.9270 to get 30 pips
total pips at series GBP/USD 30
GBP/USD total pips since start 30
Account total pips 488