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Surfing with the Guppy: An intuitive approach to trading

  • Post #1
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  • First Post: Edited 10:48am May 18, 2014 10:33am | Edited 10:48am
Like the title says, only GBP/JPY trades here.

Some notes:

1. Trading primarily on Wed-Fri: Frankfurt Open/LO and NY Open/NYSE Open.
2. Mostly intraday, high risk-reward (1:6.5 and above) trades.
3. I don't know how I draw my levels; I just feel them within the first 2 minutes of looking at a chart - hence intuitive approach.
4. I've about 10,000 hours of trading experience (a large majority of which are on live accounts).
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Levels: 172.52; 171.51; 168.35; 162.52

These are the areas I would consider for extending my intra-day trades into swing trades.
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Entry:

I enter my trades on the 1min chart, with a 7.5pip stop inclusive of spread. Prior to this week, I use a simple TDI indicator cross-over to enter my trades, but on more than 6 instances I've got stopped out by < 2 pips only to see the trade move 60-150 pips in my favour. Clearly my mechanical entry is not doing justice to my information/intuitive edge...

This week I am experimenting with a new entry/exit method I've developed. It combines basic candlestick with the use of tick volume analysis on the 1 min chart. Currently doing some target practice, taking advantage of the low asian volatility, which provides a safe environment.
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Second entry of the night; this is just practice for my entry edge, no levels were drawn for this trade.

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SL at breakeven + spread

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Another entry, this time going long, after closing my shorts.

Objective here is to practice my entry; I am aiming just to cover the transaction costs, any profit is a bonus... There is no information edge here, I am not utilising any levels/SR

Trade closed at BE.

Calling it a night. Good training session for me; might decide to take it up a notch and attempt the London/US session later or on Tuesday before using it with my method from Wed onwards.
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Intraday Trading in 5 Questions

1. Should I trade? (Yes/No)
2. At what price should I trade? (Exact price)
3. Answer question 2, in a more precise fashion. (Exact entry method)
4. How do I manage my trade? (Exact exit methods; exact trade management rules)
5. When should I stop trading? (Exact loss limit; exact time of the day)

Profitability will be a function of your expertise and psychology; forget about trying to find a system, just go out there and trade, and learn from your trades - the system will find you eventually.
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Here's a blog I strongly recommend:

http://traderfeed.blogspot.co.uk/

The writer is an author of several trading books and he has worked with numerous successful and failing traders. You'd be surprised how his views diverge from some of these mainstream crap you hear around on FF and other forums..
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Good morning.

Here are the level(s) I am looking out for in this morning's session:

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Trader tip of the day: Practice visualisation techniques pre-market for exiting and entering trades upon seeing your preferred set-ups.
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  • Post #9
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  • Edited 2:51am May 21, 2014 2:38am | Edited 2:51am
Quoting shellsnail
Good morning. Here are the level(s) I am looking out for in this morning's session: {image} Trader tip of the day: Practice visualisation techniques pre-market for exiting and entering trades upon seeing your preferred set-ups.
Well price respected the level a bit too well... I was expecting a slight peek above to get me my entry but nope it just crashed.. Done for the morning I think.

Will be back for US session later...
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On a separate note, here's a reason why you should master your process and trade good RR.

From my daily chart trading account, a string of 16 losers over 2-3 months, but two wins and I am back in the green.
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  • Post #11
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  • Edited 8:23am May 21, 2014 4:39am | Edited 8:23am
Quoting shellsnail
Good morning. Here are the level(s) I am looking out for in this morning's session: {image} Trader tip of the day: Practice visualisation techniques pre-market for exiting and entering trades upon seeing your preferred set-ups.
What a surprise! didn't think my level will be hit after this morning's drop. But it did!

Em' bankers just had to get the best prices for themselves.

Got in on the rally.

TP: 51 pips (1:6.5 RR)

Took a 0.75R loss.
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A familiar pattern on the 4H chart for GJ. The reaction so far is a knee jerk reaction to a declining triple bottom formation... The chance of up and down here is really about 50-50.

I have a strong gut feeling that GBP is at a all time high and about to form its first lower high in a multiyear downtrend...

Question then is, how do I position myself to profit from this trade idea?
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Quoting shellsnail
A familiar pattern on the 4H chart for GJ. The reaction so far is a knee jerk reaction to a declining triple bottom formation... The chance of up and down here is really about 50-50. I have a strong gut feeling that GBP is at a all time high and about to form its first lower high in a multiyear downtrend... Question then is, how do I position myself to profit from this trade idea?
the rally for GJ went to the target zone for shorts I set out earlier in the week... seems tradable to me... a synchronised lower high on all gbp pairs?
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  • Post #14
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  • Last Post: May 21, 2014 11:20am May 21, 2014 11:20am
Anyhow...

tgt 169.5
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