GBP/JPY London Open trades | Forex Factory

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Attachments: GBP/JPY London Open trades
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GBP/JPY London Open trades

  • #1
  • First Post: Edited Mar 29, 2009 11:32pm Oct 1, 2008 3:39am | Edited Mar 29, 2009 11:32pm
-Trades usually last 5 min to an hour depending on momentum.
-My goal is a mininum of 400 pips per month.
-Currently I've modified my trading hours to trade at all times except 11am CDT to 7pm CDT


My Trading DO's

Use price action, candle patterns and highs/lows to determine entries
Use price alerts 15 pips from entry
Avoid news releases (30 min. before or more if highly volatile release like NFP)
Avoid tight ranges/slow/indecisive price action
Avoid trading the session that has a bank holiday
Use logic and discipline to trade
S/L 100 pips regular trade
T/P 50 pips regular trade, 100 pips double tops/bottoms
Use the 1 hour chart
Avoid abnormal volatility
Trade outside of the highs/lows of the most recent price swing of 100 pips or more
Avoid taking the first trade on a range break or trend reversal (these are tricky)
Use a clean chart with lines indicating entries
Use s/r lines and trend lines only as needed


Above all, WHEN IN DOUBT, STAY OUT !!!

WHAT I'M DOING NOW.....

I am currently testing trades on the 4 hour chart using the same strategy. Also I am monitoring the average number of pips on the break out of double tops/bottoms, triangles and range breaks (after dips or rallies). Because these patterns take a long time to set up I am tracking the results in my private blog. I won't risk much on some of these tests until I have at least 10 set ups or more of the same pattern to compare.


Helpful free links and sites:

www.babypips.com (good basic education)
www.forexfactory.com/calendar.php (fast calendar)
http://www.alpari-us.com/en/metatrad...o-account.html (demo w/ alerts no expiration)
www.forex4noobs.com (great site, free chatroom, free ebook, free signals, free education)
Discipline will take you where luck can't.
  • #2
  • Oct 2, 2008 10:40am Oct 2, 2008 10:40am
+57 pips
Discipline will take you where luck can't.
  • #3
  • Oct 7, 2008 3:39am Oct 7, 2008 3:39am
+253
Discipline will take you where luck can't.
  • #4
  • Oct 16, 2008 8:16am Oct 16, 2008 8:16am
October 15th
Tokyo open 105+
(reversal)

October 16th
U.S. Open 51+
(range break)
Discipline will take you where luck can't.
  • #5
  • Oct 17, 2008 3:02am Oct 17, 2008 3:02am
London open 54+
(range break)
Discipline will take you where luck can't.
  • #6
  • Oct 20, 2008 10:45am Oct 20, 2008 10:45am
70+
Discipline will take you where luck can't.
  • #7
  • Oct 20, 2008 11:09am Oct 20, 2008 11:09am
Quoting ccolb77
70+
Hi,

Just came across your thread and wondered what you will do with the results. Are you planning on explaining your method or offering signals, training etc.
just curious as I too am learning to trade with res/sup levels.

Best regards

Rob
  • #8
  • Oct 21, 2008 3:00am Oct 21, 2008 3:00am
70+ London open
Discipline will take you where luck can't.
  • #9
  • Oct 21, 2008 3:11am Oct 21, 2008 3:11am
Quoting robgsxr
Hi,

Just came across your thread and wondered what you will do with the results. Are you planning on explaining your method or offering signals, training etc.
just curious as I too am learning to trade with res/sup levels.

Best regards

Rob
Hi Rob,

I want to take more risk and am not quite sure of what my win to loss ratio is at this time. My trading strategy has changed alot since last year and so have the results. I don't think I'll do anything like signals but will share what I've learned is useful in making consistent profits. It's great though that you trade using the res/sup levels. What pair do you trade ? What time frame(s) do you use ?

Good luck with your trading.

Ciara
Discipline will take you where luck can't.
  • #10
  • Oct 21, 2008 10:36pm Oct 21, 2008 10:36pm
Tokyo 50+
Discipline will take you where luck can't.
  • #11
  • Edited 12:45pm Oct 27, 2008 3:23am | Edited 12:45pm
London open 80+

U.S. 50+
Discipline will take you where luck can't.
  • #12
  • Oct 27, 2008 1:02pm Oct 27, 2008 1:02pm
Effective immediately I will use trend lines but only chart them on the 1hr to monthly time frames. I will use them not for entries and exits but to judge where the price might bounce or gain momentum. I'm finding that this works well on G/J only on time frames higher than 1 hour.
Discipline will take you where luck can't.
  • #13
  • Oct 28, 2008 3:27am Oct 28, 2008 3:27am
Quoting ccolb77
Hi Rob,

I want to take more risk and am not quite sure of what my win to loss ratio is at this time. My trading strategy has changed alot since last year and so have the results. I don't think I'll do anything like signals but will share what I've learned is useful in making consistent profits. It's great though that you trade using the res/sup levels. What pair do you trade ? What time frame(s) do you use ?

Good luck with your trading.

Ciara
Hi Ciara

I have never been able to make consistent profits. This is the only place I would like to be as I have a healthy enough funded account although I know it could draw down and wipe out all to easily with the wrong strategy.This means I have been frozen and back on demo trading for some weeks now. I trade only a couple of the 4 majors at any time but monitor them all. I seem to trade a similar strategy to you but from your results you are clearly in another league.
I really would like to know the basics of what to look for to trade an end of day strategy so I can run this along side my day trading strategy. If you could direct me with some healthy strategy guidelines I would so very much appreciate it.

I will watch your postings if you are ok with that.

I wish you great success.

Rob
  • #14
  • Edited 5:04pm Oct 29, 2008 4:52pm | Edited 5:04pm
Quoting robgsxr
Hi Ciara

I have never been able to make consistent profits. This is the only place I would like to be as I have a healthy enough funded account although I know it could draw down and wipe out all to easily with the wrong strategy.This means I have been frozen and back on demo trading for some weeks now. I trade only a couple of the 4 majors at any time but monitor them all. I seem to trade a similar strategy to you but from your results you are clearly in another league.
I really would like to know the basics of what to look for to trade an end of day strategy so I can run this along side my day trading strategy. If you could direct me with some healthy strategy guidelines I would so very much appreciate it.

I will watch your postings if you are ok with that.

I wish you great success.

Rob
Hi Rob,

I don't know the majors as well as I know the GBP/JPY. GBP/JPY is the only pair that I trade so I know it well. You mentioned that you trade 2 pairs and watch all of the majors. I would suggest that you focus on only one pair for at least 6 months. Watch how it moves during each session. Watch how it acts around the s/r lines. See what the average daily range is or how many pips on average it moves each day. That way you can get a good clue as to what your profit target should be. Get a feel for what fast, slow, medium momentum is. Every pair acts different. Once you get more familiar with the one pair that you choose, you will begin to see repeated patterns and moves. This will help you develop more intuition in your trading where you know when to get in and out. I would also suggest that you pick one time frame to watch. Multiple time frames causes confusion and conflict. One pair, one time frame and next I would suggest that you use no indicators. Just plot your support and resistance lines on the higher time frames 4 hour to monthly for best accuracy. Once your lines are plotted, sit back and just observe. Watch the price action during each session. Look for the most recent highs and lows in the previous trading session. If the price breaks above or below those highs/lows then it might make a good trade. It's not just that simple as trading outside of highs and lows though it's a start. You want to avoid areas where the price usually gets congested or ranges. Also avoid trading too close and during economic releases. If the price action is slow, stay out. If it's moving too fast like moving just one way without retracing or stopping at s/r lines I would stay out as well. It could begin to retrace without notice and that could result in a quick loss. It's always important to know when not to trade as well as when to trade. Also on your profit targets, again each pair is different. The GBP/JPY gives alot of movement so I feel comfortable with taking 50 to 100 pips each time I trade however if your pair moves alot less, then it's simple just adjust your target. I don't trade with stops usually but I always close out less than 100 pips loss because I know that with G/J it means that I've lost and the price is now going against me. Get to know your pair well enough to know when it's a loss and not a retracement. Very important in building your account. Above all else stick to your trading plan and be patient even if it means that you dont' trade all month. At least you are keeping what you've worked for this far. I've lost so much money in the past behind impatience and taking impulsive trades. There's so much more in trading that I can't think of right now but I hope this helps.


-I forgot to mention that I usually just take the first trade from the opening of each session. The exceptions are if the momentum is really strong and fast and how the price reacted in previous history.
Discipline will take you where luck can't.
  • #15
  • Nov 3, 2008 9:45pm Nov 3, 2008 9:45pm
68+ Tokyo open (range break)
Discipline will take you where luck can't.
  • #16
  • Nov 4, 2008 3:18am Nov 4, 2008 3:18am
Quoting ccolb77
Hi Rob,

I don't know the majors as well as I know the GBP/JPY. GBP/JPY is the only pair that I trade so I know it well. You mentioned that you trade 2 pairs and watch all of the majors. I would suggest that you focus on only one pair for at least 6 months. Watch how it moves during each session. Watch how it acts around the s/r lines. See what the average daily range is or how many pips on average it moves each day. That way you can get a good clue as to what your profit target should be. Get a feel for what fast, slow, medium momentum is. Every pair acts different. Once you get more familiar with the one pair that you choose, you will begin to see repeated patterns and moves. This will help...



Hi Ciara,

Thanks for taking the time to give me this insight, i have started a couple of thngs in keeping with your suggestions. Lets see what happens. I am inspired by seeing your continued posting of profits...

all the best

Rob
  • #17
  • Nov 4, 2008 5:02am Nov 4, 2008 5:02am
London 50+ (reversal)
Discipline will take you where luck can't.
  • #18
  • Nov 4, 2008 5:04am Nov 4, 2008 5:04am
Quoting robgsxr
Hi Ciara,

Thanks for taking the time to give me this insight, i have started a couple of thngs in keeping with your suggestions. Lets see what happens. I am inspired by seeing your continued posting of profits...

all the best

Rob
You are most certainly welcome. Good luck with your trading. It will get better and better if you keep at it.
Discipline will take you where luck can't.
  • #19
  • Nov 5, 2008 3:18am Nov 5, 2008 3:18am
Quoting ccolb77
You are most certainly welcome. Good luck with your trading. It will get better and better if you keep at it.
Thanks
I will keep at it. This has been almost 3 years of entensive work and I won't quit now.
New week on a new demo and my last month on demo I hope before moving back to real account!!!!!!
No indicators and focusing only on eur usd
67 pips up to start this week.
Thanks again and good luck to you also.

Rob
  • #20
  • Nov 6, 2008 2:07am Nov 6, 2008 2:07am
Quoting robgsxr
Thanks
I will keep at it. This has been almost 3 years of entensive work and I won't quit now.
New week on a new demo and my last month on demo I hope before moving back to real account!!!!!!
No indicators and focusing only on eur usd
67 pips up to start this week.
Thanks again and good luck to you also.

Rob
Almost 3 yrs of consistent trading ? That's awesome. Most people quit during the first year. There is a momentum that develops the more that we trade and learn. I am supposed to be on vacation this month but am finding it hard to stay away from my charts. However, I think that's a problem that I can live with
Discipline will take you where luck can't.
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