Steviet's Live Trades!

OK, as my daily bar comes to a close I've opened the following trade...

GBPUSD long from 1.9977 (s/l initially 1.9944) Stop loss is a tricky one to place & I may give it up to 50 pips to 'breathe'

Reason for trade - risk is low at just 33-50 pips and it is approaching it's rising trendline on the daily charts going back to mid October 2006.

Let's see how this one plays out - market is a little unpredictable to say the least at the moment.

Kind Regards
Steve

Reason for trade - risk is low at just 33-50 pips and it is approaching it's rising trendline on the daily charts going back to mid October 2006.


Kind Regards
Steve [/quote]


Steve:

Drawing Trendlines can be tricky, I am just wondering how you
drew yours.

If the forecasts for the Pound and US dollar hold, you may well
have a great trade. Fundamentals forecasts are on your side.
Hope the results are the same. Good pipping to you.

Just on a new PC here and having difficulty with getting a decent chart to show. I'll try again tomorrow as nearly midnight here.

Since opening the position, it's dropped further to 1.9952 and is bang on my trendline - I've moved my s/l a little further to 1.9927, risking the full 50 pips for now. If it breaks that we could be in for freefall tomorrow.

One thing I have learned is the market will do as it likes no matter what we think lol.

Kind Regards
Steve

Well, overnight GU stopped out for minus 50 pips as the carry unwind and dollar support continues.

Still been a very good week & month so no worries & congrats to the brave souls who've made a killing on the yen these past few days

August pips: +434

Kind Regards
Steve

Wow, yen pairs are fun this morning lol!

Watched GJ bounce from 231.72 and took a cautious long at 232.12 on the bounce with very tight stop loss. Just closed at 232.32 for 20 pips. Looks like I could've held a little longer but its a warzone out there this morning.

Trades like these are the reason for my disclaimer below rofl

Aug pips +454

Kind Regards
Steve

OK, I'm actually a little, no very embarrassed to post this but it's my journal and all cock ups must be noted.

Now for the strange bit - I've just made 131 pips on GBPJPY but I still don't feel good because I didn't stick to my rules...

First position was taken at 232.36, short with no initial s/l. Price moved up so I took another at 232.72, price went up again and took another at 232.93 and yet another at 233.06.

Remember I use a small % on trades so 100 pip loss on each would still only equate to about 4% loss.

The only thing I could see that would save me was a descending trendline on the 5m charts around the 233.10 area. As it turned out I set profit targets at +40 and before GBP news 2 positions had already hit target.

The GBP news helped and it tanked further so position 3 hit t/p. The last position (the first opened) I manually closed for another 8 pips although that would have just hit target a minute ago too.

Was I lucky? To a certain extent yes I was but was trading with the overall trend. Yesterday I took a short just below 236 & got stopped out for minus 22 pips so maybe this is my payback.

The important thing was I didn't panic - if I'd lost 100 pips on each then I would only have myself to blame. Back to work next week so should be back on the dailys for the majority of my trades - much less stressful hahaha.

August pips: +585

Kind Regards
Steve

Looks like your giving these day traders a run for their money!

LOL Mark,

Don't know about that but it's been a good week so far

Hows things btw?

Kind Regards
Steve

OK, so I've been out for the afternoon playing badminton & then bowling with the kids. However, before I went out I set an order to buy GBPJPY at 232.44 (s/l 231.62).

Just got back in to find I'm up 150 pips so I've locked in 100 for now

It's been another cracking day on the markets hehe

Kind Regards
Steve

Well, stop loss hit for plus 100 - shame but I'll take that

Let's see if the 233.40 area holds as temporary support....

Aug totals: +685 pips

Kind Regards
Steve

Steviet,

great job trading..half the fun watching your trades is watching you use your method which you have explained in the past. I look at your trades and compare it to the chart to see what you are seeing!!! You got me on the G/J trade, S/R, bounce, what made you decide on this one???

tx
generalz

This last one was just where I saw that if the price pierced the 232.40 level, it would also have pierced the falling trendline from this massive move down.

We also saw a low at 231.72 which has proved good support in the past if you look on the dailys. It was just a 'gut reaction' sort of trade this one - it had to retrace at some point. I was prepare to sacrifice 80 or so pips because to me the probability was fairly high that this would be a profitable trade and it has turned out that way.

In hindsight (a wonderful thing lol) moving my stop loss to 233.44 at plus 100 could have been a little greedy as it's bounced right off there and now at 233.65 again. However, another day at over 200 pips is nothing to be sneezed at so I'm just being picky now haha

Kind Regards
Steve

are you referring 231.72 suppoet from March???

tx
generalz

Yup, I just tend to look back over daily/weekly/monthly for likely 'areas' of support once a level has broken.

Of course, one can't be exact especially with GJ but it does give you likely scenarios. Today, after bouncing from 231.72 it spent very little time below 232 and once it had tried two or three times I just got one of my feelings that the only way was up from there.

You never know how far it will go - its attempted to break 234.30 now twice so would look for a break of that level before another buy. Apart from that I just lock in pips as I go and try not to get stopped out too early in a move.

Kind Regards
Steve

A cautious long on GBPJPY from 232.95 (s/l 232.56). Was out on the down move from 234.50 area.

Let's see if we get the bounce or I stop out for minus 39 pips.....

Kind Regards
Steve

Hmmm, Dow Jones posts new lows and GJ hits my s/l for minus 39

Aug pips + 646

Kind Regards
Steve

New trade GBPJPY long from 232.63 (s/l 232.06) - break of falling trendline on 5m from high of 234.50.

Stupid stupid trade - how can I be so disciplined when I trade off dailys and can't keep out of the market when I am at the pc?

Minus 57 pips on that trade - still a pretty good day but could have been better if I wasn't such a jerk sometimes lol

Aug pips : + 589

Kind Regards
Steve

WOW, look at those yen pairs tank lol

I'm now out of the market until the start of next week - I've had a great month and markets are very volatile.

See you after the weekend peeps

Kind Regards
Steve

lost some good pips on that tanking.
what a drop.