Journey Forex GBP/JPY - mostly same day trades

Now you are talking..Thanks for your efforts...

-FX_California

Anytime FX_California

This week has been boring to say the least. It just hasn't been safe enough to enter any trades on this currency. The only good break worth trading was the 212.00 long on Sunday but I don't trade Sundays so I am looking at two other currencies for back up on the GBP/JPY. Right now I am placing S/R lines on the charts and analyzing what times the trade volume is the highest. I will still only trade the London session and probably won't trade the GBP/JPY until it decides to break 214.00 or reverse.

I like my current system of how I trade the GBP/JPY but during times like these I'm not getting many trades because certain criteria aren't met. So now I see two options, trade other currencies in the meantime or come up with a 2nd system to use during low volume. I decided to do both. The two currencies that I'm looking at for backup are the GBP/CHF and EUR/GBP. Today I did 70 pips on the GBP/CHF and 10 pips on the EUR/GBP using my current trading method. Of course I will continue to test this before posting my entries and exits. The 2nd system that I will come up with may take a while to test but will use the 1min, 5min and 15min charts and a much smaller S/L and T/P. The 2nd system will only be used on the GBP/JPY when the trade volume is ranging.

Have a good weekend everyone

short @ 211.45 (GBP/JPY)

test trade closed @ 211.25 w/20+

hai momstrade nice to see ur journal...hope u get nice pips for this week, i still waiting gbpjpy daily price close above 212.20 to buy for upside..for now i believe market is very slow until FOMC ......that only my opinion....

hi rafuzii,

thanks. yeah it's too indecisive right now to tell what it's going to do so I'm not taking any big trades on it. i think if it goes above 214.00 then it might start regaining it's normal momentum (fingers and toes crossed)

Not much to tell. I'm won't trade my normal system until the momentum resumes and picks a definite direction. I just did another test trade.

short @ 212.34 T/P 212.23 w/ 11+

On these the profit range will be 10 to 20 pips (occasionally 30). I'm using mainly the 15 min chart but glance at the 1 min and 5 min charts for close up. The main thing is being 99.9% sure of the direction of the price for that moment. We all know that GBP/JPY has been in an uptrend for months now but because my profit targets are small I have plenty of volume to work with in both directions.

monthly goal 400 pips
currently at 300 for the month

WILL WORK FOR PIPS

short @ 212.15 T/P @ 212.04 w/ 11+

short @ 212.09 T/P @ 211.98 w/ 11+

212.00 is one of my main S/R. If this falls to 211.90 I'll go short and T/P 211.40

I'm closing this with -30 @ 212.20

long 212.90 T/P hit 213.80 w/ 90+

short GBP/JPY test trade 210.90 T/P 210.77 +13

short GBP/CHF test trade 2.0266 T/P 2.0256 +10

413 pips for the month
June goal met

Nothing fancy just my thoughts on GBP/JPY.....GBP/JPY came close to the critical 214.00 level then reversed over 300 pips. I look for this to continue to fall to the 209.00 level. From 209.00 we may see a bounce or some ranging/indecision. If it breaks through and continues to fall, I have some entries and T/P's noted. If this reverses and climbs above 214.00 we may see some ranging there as well. The price has not been above this level since January 08. 216.58 is the closest resistance level that I've found from 214.00 but that is too far of a T/P to set IMO. If it climbs fast above 214.00 then I will enter with T/P at the psych levels (00's/50's) since I'm not sure of where it will find resistance.

Here are the entries/exits that I will be using:

LONG ENTRIES T/P
214.04 214.50
212.97 213.86
212.12 212.76

SHORT ENTRIES T/P
210.42 209.03
208.59 207.97
206.41 206.06
204.49 204.15
203.99 203.55
202.60 201.75
201.52 201.03
199.78 198.18

If this goes into ranging periods I will use my 2nd method which is still in it's test phase. GBP/CHF is still in play as a back up only.

long @ 212.26.....

I closed this trade earlier at nearly B/E with 4+ pips. It wasn't
acting right plus I was feeling too out of it to trade. Now looking
at it, I'm glad that I did ! What on earth is GBP/JPY doing ? Does
anyone have some clues ? I haven't traded it since June 29th
since it has been so unpredictable.

Also, ignore the entries/exits log if you are trading with me. That
is more for my knowing what areas to watch for price action and so
forth. Price action is always king before any signal.

The Metatrader charts are growing on me. Here is what my chart looks like as of now:

http://i32.tinypic.com/24mdekp.jpg