Monique's Journal..ITS RAINING PIPS!!

Well I have been trading off and on for about two years now.
I have on occasion, read some of the posts by members here who have started their own journal.

I have decided to start my own for a couple of reasons.

1. Most of the journals I have read only had mediocre success or some success followed by large down periods. So I felt that I could share some of the things I have been learning to apply in my trading.

2. I came across a thread started by someone who is a member of the person I have been individually mentored by. This member seems to trading another method at the same time which is great but I will only be posting the trades I take which as of the last two months, are my mentors trading method.

I know that some may say that this is a promotion for my mentors trading system so I will not mention his name or company. I will answer questions about my trading method the best I can.
I wont be posting every detail about the trading method. I will answer questions as I mentioned but I am mainly doing this to keep my self disciplined and to be able and look back and the change I have made in my trading career.

So far today during the London session:
GBP/USD long for +34 pips
EUR/USD long for +25 pips

During New York session:
USD/CHF long for + 20 pips
USD/CAD short for +28 pips
GBP/JPY long for 43 pips

Today has been very busy.
Many trades during the London market

GBP/USD short for +25 pips
USD/JPY long for +20 pips
EUR/USD short for + 25 pips
GBP/JPY long for + 45 pips
EUR/JPY long for +35 pips
GBP/JPY long for + 70 pips

I am really amazed at how well this method works on the cross pairs.
In the past I struggled with other trading methods that seemed to work better on some pairs and not as well on others.

My mentors trading method, well mine now, requires to scale out at different profit levels there by maximizing the number of pips possible in a trending market or a rally.

Today he mentioned it could be slow so at his urging, I closed all the trades listed above at the first targets.

Hi Monique,
You started a great thread---keep up the good work---can you please explain your system in detail---you can also PM me if you don't want to discuss in this thread---TIA,

Have a great weekend,

Hi mysticgenie,

The system basically consists of three trade set-ups.

I use fibonacci, cci and macd and a few other things but not sure how familiar most are with them.

The stop loss levels are based on support and resistance. Using that method has really changed my trading.. Before using support and resistance and stop loss levels, I was always getting stopped out.

Another thing my mentor stresses is to stop staring at the computer screen while price is active. In other words, what ever time frame you trade off of, only look at the closed candles when making your analysis.

This change has also kept me out of jumping in the market when I see price moving around.

The greatest thing I have learned is patience and confidence.
We don’t take any other trades than the three I mentioned above.


Thank you for allowing me to share.
Monique

GBP/JPY short scaled out on this trade
1st half take profit for + 60 pips and then closed the trade at the final profit target for additional +75 pips.
Total from open to close + 135 pips

GBP/USD long trade right at the news. I got so tired of trying to trade the news with some of the other guys.
This was a trade pattern that sometimes sets up right when the news was released. I entered the trade and used the news as confirmation. + 26 pips

EUR/USD was the same trade at pretty much the same time (a few moments later) as GBP/USD
Closed with + 14 pips

Final trade for the day was USD/JPY long for + 30 pips


Total pips for the week I started posting (3 days) + 575 pips

nice ........

would you mind sharing your method
I've been trading for about 7 month now....

still making a lot of mistake though

maybe i can learn something from you
off course if you don't mind sharing the way you trade Monique

really love to hear more from you

Thanks for sharing your method---can you please post a screenshot of your indicators---keep on pipping & enjoy your weekend---

Hello Andhie,

I’m not really sure if there is anything in particular you want to know.

Basically, it is as I explained in the post above.

I am looking for three setups or patterns to appear. I wont do anything else until that time.

I also wait for a candle to close before I start making any decisions and entering a trade or not.
That is one of the keys to this system that my mentor has taught me and is has helped to instill a great deal of discipline in me.

I am always watching 4 main time frames. The 30 min, the 1 hour , the 4 hour and the daily. I use the larger time frames for confirmation of the trend direction.

The key points of the system are to take profits at realistic profit targets (as my mentor calls them) and to use support and resistance to identify the stop loss area.

All too often we hear different ideas about stop loss levels… but the reality is… the market doesn’t care where our stop loss pain tolerance level are, it reacts to support and resistance and if we place our stop loss levels at obvious levels where everyone else does, our stop loss will become a target and be hit. And then there is the all too familiar emotional anguish of watching the price go to the profit target we were hoping for in the beginning.

Using support and resistance along with fibonacci levels is a much better way to identify stop loss levels.

I hope that answered some questions.

Before I go any further,
from what I have seen on this site, many people who simply start out posting some ideas are all too quickly attacked by some know it all. I am not here to debate my trading system.

I am willing to share some the ideas behind the system I use but I am not a mentor and I don’t know all the nuances to this system yet.

And, after all, this is a journal and I posted it in this forum for a reason and not in the trading systems section of this site.

Thanks for the questions and I will continue to answer the questions that I can.

Here is a screen shot of one of my charts

I use a 34ema on the chart and for the indicators, I use macd histogram and cci



http://i216.photobucket.com/albums/c...30minchart.jpg

Trades for today

GBP/JPY short for +50 pips on the first half of my trade (scaling out at different profit levels) stopped out at break even on remaining lots. Total +50 pips

USD/CAD long for +15 pips on the first half of my trade and +20 more to the final profit target for a total of +20 pips from the entry to the exit.

GBP/USD long for +42 and closed entire position.

USD/CAD long again for +25 pips

135 pips total for the day

Sorry for the short post… many things to do today… if you have sent me a question or comment and you cant find an answer to the question in the thread, please ask me again and I will answer it.

Thanks for reading.

Monique

I am posting my entry for my journal late.

I had hoped to trade during the Fed’s rate decision but I had other responsibilities that kept me from doing so.

This might be a good place to explain a little more of my trading system.

This system allow one to trade during economic news without have the added pressure of jumping in after the release of the numbers.

As I mentioned before, there are three basic trade set ups I look for. Many times one of these trades will take place just before the economic announcement . I then use the news to confirm that the trade if valid and the direction and then place my order. There is always enough time to enter the trade correctly.

I have trying in the past to work with others who claim to teach how to trade the news, but that never really worked. It didn’t work for anyone in the chat room either.

Since finding this new trading method, I have become more confident in trading around news times and I can see that in almost all cases, when I have entered a trade around the news release, the news is the momentum I need to have the price go to its intended target.

Today’s trades:

GBP/JPY long , out first half of my trade for +55 and out the second target for + 50 more pips
Total from entry to exit +110 pips

EUR/JPY long, out entire trade for +22 pips

GBP/USD long, out first half of trade for +23 pips, and out the second target for +30 more
Total from entry to exit +53 pips

EUR/USD long, out all of trade for +15 pips

GBP/USD long, out all of trade for +51 pips

GBP/JPY long, out first half for +82 pips and out the second target for + 50 ,more
Total from entry to exit +132 pips


Total for the day 383 pips

Nice to read your Journal Monique. You seem to have found a good system and mentor.
May I ask how long you spend looking at the screen each day?
I have been following a system that uses all those time frames but I am too new at this to even try it on a play account.

Good luck with it all and thanks for the thread,

Phreddy

It seems you using Raghee system, which it does work only for very patience people. Good work, good system.

Dorel

Hi Monique,

Thanks for a great thread.
2 important things you have touched on, that I think are very important.
Stop loss. Let the chart dictate your SL. Early on I would set my SL @
the maximum I was willing to lose on a trade. I would get stopped out a lot because the Sl was not based on the chart. If the chart tells you the SL should be @ point X, and it is more than you are prepared to lose, then don't take the trade. Now I place my SL above or below a strong MA, trend line, or recent support and resistance. = fewer losers.

TP.
I often hear people state where they have placed their TPs.
I don't know if they are motivated by hope or greed or what.
I have reduced my TPs by about 30% of where I think price might go.
I hit a lot more often. Are there times when I could have made more pips?
Sure. I am happy with the pips I am making. As far as the pips I could have had? You can't lose what you never had.

Hello everyone,
Haven’t been posting lately, family responsibility calls.

Haven traded for two days and going thru withdrawals (lol)

But today I finally have the time to respond to a few posts and pm’s.

Phreddy,

My new trading strategy does require me to trade for most of the London and New York sessions.
At least those are the hours my mentor trades and since I trade with him, those are the hours I now keep, but I have been applying the strategy during the Asian markets and it works just as well, I just trade a different set of currency pairs.

The important thing is that in order to really expect price to move around, there really needs to be momentum = trader activity.

Thanks for the questions.

Mysticdiver,

You are right about the stop loss idea. As I was told, the market doesn’t really care about how many points we are willing to risk on a trade. It will react to support and resistance. Using that as a basis for identifying stops helps to keep me in the trade.

One thing I have learned, (and was a very difficult concept to accept at first was), not to look at an open candle, regardless of what time frame I am using to find my trades. If price hasn’t reached my profit target and I have no reason to suspect that the trade wont work out, then I will only look at closed candles to make my analysis.

Thanks Mysticdiver.

Yes, ditto the not yet closed candle.

BTW I have a mentor as well.

This weeks total trades.

I had a good week despite the two days I missed and missed trading the FOMC rate decision.

Fridays trade are:

GBP/CHF long, first profit target net was + 66 pips,
Second profit target net was an additional + 50 more pips
Total pips from entry to exit, + 116 pips
USD/JPY long, first profit target net was + 21 pips,
Second profit target net was an additional + 60 more pips
Total pips from entry to exit, + 81 pips


Total pips for today + 197 pips

Net total for this week + 715 pips

I hope everyone reading this post has a great weekend!
Monique

Amazing, you really are a wonderfull trader, so many trades, so many pips and no losses!
I wish I could trade like you, but my pet Elephant wont let me sit at the Laptop for long, he slaps my face with his trunk, and that realy hurts!

congratulations