Greetings traders,
We will be posting our trade analysis and performance here starting this week. PIPTRAIN consists of two trading partners, more heads = more pips! Basic trade rules are:
1. Best trades are found typically from London open to close, but trades are not limited to this time.
2. GBPJPY is preferred and primary pair to trade. But during the daily candle analysis another pair may be added if conditions exist.
3. Trading with the trend is preferred. If a trade is taken against the intraday trend, it is noted as a scalp and quick profits are targeted and taken.
4. Charts followed: weekly, 4h, 1h. And use smaller time frames for entry.
5. Indicators followed: price action is paramount. Also fibonacci, cci, stochastics, and ma lines. Pivot points are also considered. We also look for chart patterns and trendlines, which can be most powerful.
a) MA's: 5ema, 21ema, 50ema, 100ema, 200ema
6. For trade entries, a pull back is preferred but not every trade set up provides a pull back. So entries are discretionary.
7. Trade targets for profit will depend on fibonacci levels and extensions, ma lines, pivot points. Once 30 pips of profit is achieved, the stop loss is moved up to break even to minimize losses.
8. Stop loss is not always used, but an 80 pip emergency stop loss is used. If a trade quickly goes against us, then a loss and re-evaluation is taken.
9. Money management: typically 2%-5% max per trade.
10. We prefer not to be holding a trade position during high volitility news releases.
More rules may be added and edited as time progresses.
Happy pippin, now, let's catch the next PIP TRAIN!
We will be posting our trade analysis and performance here starting this week. PIPTRAIN consists of two trading partners, more heads = more pips! Basic trade rules are:
1. Best trades are found typically from London open to close, but trades are not limited to this time.
2. GBPJPY is preferred and primary pair to trade. But during the daily candle analysis another pair may be added if conditions exist.
3. Trading with the trend is preferred. If a trade is taken against the intraday trend, it is noted as a scalp and quick profits are targeted and taken.
4. Charts followed: weekly, 4h, 1h. And use smaller time frames for entry.
5. Indicators followed: price action is paramount. Also fibonacci, cci, stochastics, and ma lines. Pivot points are also considered. We also look for chart patterns and trendlines, which can be most powerful.
a) MA's: 5ema, 21ema, 50ema, 100ema, 200ema
6. For trade entries, a pull back is preferred but not every trade set up provides a pull back. So entries are discretionary.
7. Trade targets for profit will depend on fibonacci levels and extensions, ma lines, pivot points. Once 30 pips of profit is achieved, the stop loss is moved up to break even to minimize losses.
8. Stop loss is not always used, but an 80 pip emergency stop loss is used. If a trade quickly goes against us, then a loss and re-evaluation is taken.
9. Money management: typically 2%-5% max per trade.
10. We prefer not to be holding a trade position during high volitility news releases.
More rules may be added and edited as time progresses.
Happy pippin, now, let's catch the next PIP TRAIN!