A Journey by Price

Hello everyone. My name is Michael. I'm a currency trader who has been at it for a while, but always a lot more to learn. I trade PoundYen.

I'm starting this journal for myself and for some local friends that I have met here in my town - Portland, Oregon. West Coast USA, the worst timezone on the planet for trading forex!!

The strategy is pretty basic. Find the trend du jour, and look for a 100 pip opportunity. That could be from a daily pivot point to a noticeable support or resistance level, or it could be to a strong moving average on say a 15 min, or 1 hour chart. I'll try to add bits and pieces of my plan along the way, but this particular thread is mostly for my own reference, so I'll try to anticipate the common questions. I ran another thread a while back>>>> http://www.forexfactory.com/showthread.php?t=61209 Feel free to check it out if you're interested.
I'm mostly trying to expand on that plan. Those charts haven't changed. But I have added some MT4 charts to my thinking and stochastics have become important to me now. When I'm right, I can often times get great entries, but my early exits usually suck. My trades are all live (mini's). I trade with Oanda, the MT4 charts I just run a demo for.

That's all for now, I'll try to add more in the days / weeks ahead, forgive me for not being very helpful to you all just yet. I'm working on it.

Here's a look at some MT4 charts that I use. Today I grabbed a short entry and picked up about 33 quick pips.
I wasn't convinced that it was ready to make a big move lower just now, and I needed some +pips to start the week!
Just before 3am EST I shorted at 207.35 / .38 / .41
Exits were 15 minutes later at just above 207.00. So I scalped it.
The entries were just fine. It's the exits I need to work on!
It went 20 pips farther, but nothing dramatic. It's all in a days work.

This is still the view I prefer. And when it comes down to it (entering), after all the careful analysis has been done, this is where the button clicks the mouse!