RJ's GBPJPY Analysis

Time: 8GMT
Platform: MT4/IBFX
Indicators: 1hr Japanese candlesticks, Ichimoku Cloud, Fibs for retracement, QQE, MT4-LevelStop-Reverse, Gann_Hilo, 5SMA (will expand as I go along and I don't use all FYI).

IBFX Spreads
GJ - 7/9/11
GU - 4
UJ - 3
EU - 2

Market Timings:
5am - Sydney
8am - Tokyo
3pm - Frankfurt
4pm - London
9pm - New York
10.30pm - Dow Jones

Hour/s I try to avoid: 1pm, 6pm


This will be my trading journal. I intended for this journal to be based on the Geppy as I thought of trading this pair solely but I think what's more important besides your familiarity with a pair is a proper setup.


The reason why I'm starting this journal is because I never seem to learn from bad trades and I have blown half my account a few times because of this.

Special thanks to:
Karmo for answering all my questions and his unwavering patience
Aus as my inspiration
Crezo for his indicator


Disclaimer:
This is solely for my reference as to where I went wrong or did right. Please do not trade with me and if you do, it will be at your own risk. I am a noob and I will be so until my profit margins tells me otherwise.

This post will be updated as I go along.

Made some scalps today shorting GJ

240.09 TP: 239.97 +12
239.88 TP: 239.83 +05

The market was consolidating so I was too anxious and got out fast. Re-entered on confirmation for a longer TP.

S 239.59
TP:239/238.60
SL:239.90

Daily Pivot: 239.06 (asian session)

If market falls below 239 will watch carefully move my SL accordingly to my intended TP.

S1 and 23.6 Fib retracement is at 237.89. Market may move to that level but let's see what happens.





Here's the chart for my re-entry.

Updated: Changed text from long to short.

shouldnt those trades be shorts?

Oops, sorry, yes I meant short. Thks for pointing that out to me

Stupid lessons I never learn:
1. NEVER MOVE YOUR STOP LOSS!
2. NEVER INITIATE A TRADE BEFORE A NEW MARKET OPENS!
3 NEVER ENTER BEFORE A CANDLE CLOSES, WAIT FOR IT TO CLOSE.
4. USE H4 AS A SECOND CONFIRMATION.

I moved my SL to 240.25 as that was the major resistance. Well, it broke and instead of being -31 pip poorer, I am now - 66. I'm so friggin stupid!

Well, since it has broken the resistance, let's see it this pair will take us higher. Currently at 240.13.

Here is what went wrong when the candle finally closed.

Attached is the chart when Ff opened.

3.30pm
L 240.25 +13 (240.38)

Another lot still in, missed TP at 240.43 as it was placed at 241.43 if not I would have gone for a re-entry and scalp a bit more. Oh well.

L 240.19 TP +26 (240.45)

May stay out of the market today, still think it's rather choppy or I may move on to other pairs if I see a good setup.

GBP PMI out at 5.30pm.

S 240.34 +05 (240.29)

Yes I know it's pathetic but as I said it's still choppy. This is not the long term strategy I should adopt because it will kill my account.

Next week will be better as this week is full of fundies.

Ok, I wasn't -10 overall, made some pips but am too lazy to put them up here.

Anyway, I have a short position for cable open. I know I'm in minus now but I expect it to fall.

GU: S 2.0780

S GU 2.0884 (2.0872) +12

L GJ 239.37 (239.41) + 03 (ranging market)


Open Trade:
S GU 2.0875 SL: 2.0900 TP: Will adjust as we go along, may close early.
(was -20+ at one point but unless it can break the 2.09 barrier, it will be rangey for now)

Exited at +07.
Re-entered S/GU at 2.0873

IBFX +4 spread, targets excludes pip spread.

Keeps bouncing off the 23.6 Fib at 2.0863 which is also where the Gann line is.

Need a close below that value for a further fall.

Targets:
2.0858
2.0845 (38.2 Fib)
2.0829 (50.0 Fib)
2.0815/13 (ichi + 61 Fib)
2.0804 (parabolic)

Exited at 2.0845 +28
Went in for a quickie short at +10

Total: 28+10+ 23(morning shorts) = +61

Still have another short open at 2.0780
Will keep this for long term if it doesn't go my way today.

Not opening any new positions for now.

Another short quickie +7 in 10 mins (0836 - 0846)

S - 2.0873/2.0836

Closed my Friday's short at -23

So from +68, I'm now +45.

Quickie GU long +15

L GU +3

Ok, the market is crazy today, that's all for today. G'nite

Mon, 5 Nov +63


I'd like to add that this is really absurd, people/the market do not believe in US fundies anymore. Non-farm was FANTASTIC NEWS for the $ and what happened? It shot up 100+ pips = weaker dollar and I was -100 poorer but I held on to my shorts and was -23 as I let 'em go today.

Today is another scenario. I give up. Its a good time to shop, holiday and party in the US now. Just short the $ and Las Vegas will be your paradise LOL!

L/GU
2.0813

1. Candle is above Gann.
2. QQE is at 45.02
3. Resistance is at 2.0794 (average, look at chart)

Daily Pivot: 2.0827 (also where 50.0 Fib is)
R1: 2.0872

Closed for +1.

I'm tired, unsure of market direction and I'll re-enter during London session.