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

  • #61
  • Dec 1, 2008 2:42am Dec 1, 2008 2:42am
Today the price broke out of the tight range with very fast momentum. Clues that this was going to breakout were: 1) price never was strong enough to break 148.00 2) price came close to down trend line 3) price began to obey s/r levels again 4) price went below most recent low of the day and of the most previous week. Not trading between orange and turquoise lines. Price just moving one way so will wait to see some retracement before re-entering.

daily chart

http://i38.tinypic.com/2i2bgnd.jpg

3 hour chart

http://i37.tinypic.com/24v2xx5.jpg

1 hour chart

http://i34.tinypic.com/25z2s1s.jpg
Discipline will take you where luck can't.
  • #62
  • Edited 4:56am Dec 2, 2008 12:55am | Edited 4:56am
100- (Tokyo)

what I did wrong: took a long off of the high 139.66
after a strong dip, was very tired and not paying much attention to G/J when taking the trade
(was outside watching jupiter, venus & moon conjunction) so the loss was very much worth it !
type of trade attempted: range break on a reversal

I just cleaned up my s/r lines and find that I had a misplaced s/r line 139.00 that should have been
139.66. I would have went long on the break of high 140.08 therefore wouldn't have entered this trade
to begin with.

entry is next to white line

http://i34.tinypic.com/n6qll.jpg
Discipline will take you where luck can't.
  • #63
  • Dec 2, 2008 4:28am Dec 2, 2008 4:28am
52+ (London)
Discipline will take you where luck can't.
  • #64
  • Edited 11:15am Dec 2, 2008 6:05am | Edited 11:15am
54+ (U.S. open)

trade #2 50+ (U.S.)
Discipline will take you where luck can't.
  • #65
  • Dec 2, 2008 6:42am Dec 2, 2008 6:42am
I was looking at my 1 hr chart this morning and figured you would probably have opened a long position at around 140.00. If so, would have had a 91 pip profit at one point. By the way, how do you decide when to close a trade? Do you use stop loss and limit orders or not at all and just close them based on price action?

I'm trying to figure out your method to see how I can take some of it and maybe use it with my method.

On another subject, I had noticed in the past few nights how curious those two shiny stars looked next to the moon; now I know why.
On a journey to consistency.
  • #66
  • Edited 10:35am Dec 2, 2008 10:00am | Edited 10:35am
Quoting Tataocb
I was looking at my 1 hr chart this morning and figured you would probably have opened a long position at around 140.00. If so, would have had a 91 pip profit at one point. By the way, how do you decide when to close a trade? Do you use stop loss and limit orders or not at all and just close them based on price action?

I'm trying to figure out your method to see how I can take some of it and maybe use it with my method.

On another subject, I had noticed in the past few nights how curious those two shiny stars looked next to the moon; now I know...
Yes I know exactly the trade that you are talking about. In the back of my head I wanted to hold it til 141.00 but my conservative side took over and said get out with 50 pips. I'm glad that I did since it only went to 140.94 on my chart. This would have missed my TP by a few pips leaving me with another loss. Sometimes I close a trade based on price action but usually I close it after I get the number of pips that I want. If it starts going slow or ranging too long or just plain acting crazy I'll close it. If it's not going anywhere and a major news release is coming out soon I'll close it then too. Stop loss is used only if I'm away from my laptop or am sleeping. Limit orders, very occasionally and I only set them if I feel they will be hit soon and not too close to news releases. My way of trading is probably complicated to some (sorry). It would be much easier if I could say do this/do that like mechanical systems but then again I have never made any consistent profits with those systems. However some people completely swear by them. How long have you been trading ? How often do you trade ?

From what I researched on Venus & Jupiter view was a one night show. I hope not but we will see. Venus was the very bright one.
Discipline will take you where luck can't.
  • #67
  • Dec 2, 2008 11:23am Dec 2, 2008 11:23am
I've been trading using a demo account for about 1 year or so. I used to trade the EUR/USD, but now I'm trying to figure out the GBP/JPY pair to trade it instead.

This is the "strategy" I'm trying out right now...

http://www.forexfactory.com/showthread.php?t=130347

It's not as mechanical as I describe it, because I dont always follow the rules precisely. I use price action to determine when to open a position. I'm figuring out a way to apply the s/r lines to aid me in my decisions of when to enter a trade. I only exit with the 50 pip limit order.

One more question...when do you sleep? Apparently you're awake during all the 3 session openings.
On a journey to consistency.
  • #68
  • Dec 2, 2008 11:41am Dec 2, 2008 11:41am
Quoting Tataocb
I've been trading using a demo account for about 1 year or so. I used to trade the EUR/USD, but now I'm trying to figure out the GBP/JPY pair to trade it instead.

This is the "strategy" I'm trying out right now...

http://www.forexfactory.com/showthread.php?t=130347

It's not as mechanical as I describe it, because I dont always follow the rules precisely. I use price action to determine when to open a position. I'm figuring out a way to apply the s/r lines to aid me in my decisions of when to enter a trade. I only exit with the...
Haha, I know I appear to be the sleepless trader right ? I set price alarms usually about 15 to 20 pips from entry. It's hard for me to sleep more than 3 hours at a time so it works well for me.

I will check out your thread this evening. It's good that you are getting your system down on G/J before trading her live. She can be your best friend or your worst enemy. When I first began trading I traded the EUR/USD also. It just wasn't the right pair for my trading style.
Discipline will take you where luck can't.
  • #69
  • Dec 3, 2008 1:21am Dec 3, 2008 1:21am
50+ (London open)
Discipline will take you where luck can't.
  • #70
  • Edited 2:45pm Dec 4, 2008 12:40am | Edited 2:45pm
50+ (London open) range break

Did anyone get in on that one ? short order @ 136.29
Discipline will take you where luck can't.
  • #71
  • Dec 4, 2008 2:53am Dec 4, 2008 2:53am
I was actually expecting it to break up. I had an alert set on my PC, but my PC lost internet connection so I never got the alert. Would you trade the break of the current low (134.10) if it breaks?
  • #72
  • Dec 4, 2008 6:27am Dec 4, 2008 6:27am
I thought it might bounce off, that's why I didn't go short at 137.65 according to the strategy I'm trying out. Besides, the price wasn't moving more than 50 pips when my strategy "gave" me the sell signal; so i figured I better go to sleep and wait till today. So when it did gain momentum I was asleep.
On a journey to consistency.
  • #73
  • Dec 4, 2008 2:35pm Dec 4, 2008 2:35pm
Quoting chartstrader
I was actually expecting it to break up. I had an alert set on my PC, but my PC lost internet connection so I never got the alert. Would you trade the break of the current low (134.10) if it breaks?
Yes. I had that as a short entry this morning.
Discipline will take you where luck can't.
  • #74
  • Dec 4, 2008 2:37pm Dec 4, 2008 2:37pm
Quoting Tataocb
I thought it might bounce off, that's why I didn't go short at 137.65 according to the strategy I'm trying out. Besides, the price wasn't moving more than 50 pips when my strategy "gave" me the sell signal; so i figured I better go to sleep and wait till today. So when it did gain momentum I was asleep.

Do you set alerts ? What sessions do you normally trade ?
Discipline will take you where luck can't.
  • #75
  • Dec 4, 2008 2:42pm Dec 4, 2008 2:42pm
I've missed a few trades between today and yesterday.....stretched thin with family stuff. Hopefully I can pull off two more trades before London closes tomorrow. Is any of the information that I've shared so far helping anyone with your trades ?
Discipline will take you where luck can't.
  • #76
  • Dec 4, 2008 2:49pm Dec 4, 2008 2:49pm
The trading platform I'm using now does not have alerts (which totally sucks), so what I do sometimes is open another platform that does have alerts and when they go off I check the one that doesn't. Right now I only trade the US session, actually I trade during the hours people are normally awake in the western hemisphere. But I've noticed the largest movements happen during the early hours of the London session. Maybe when I quit my job I'll be able to wake up at 3 am and trade knowing I wont have to be at work at 8 am.
On a journey to consistency.
  • #77
  • Dec 5, 2008 7:15am Dec 5, 2008 7:15am
Did you go short at 134.10 this morning?

I took a look at my chart about at 7 EST, before the breakout. The price was ranging and there had not been much movement during the london session so I thought it would continue that way. At around 9 EST, when I took another look I noticed the breakout had happened during the previous hour.

What I've come to learn is that this pair can build a lot of momentum in a matter of 15 minutes, so using alerts is definitely a must.

What would you consider the previous high to be? 135.97 or 136.40?
On a journey to consistency.
  • #78
  • Dec 5, 2008 9:19am Dec 5, 2008 9:19am
Quoting Tataocb
Did you go short at 134.10 this morning?

I took a look at my chart about at 7 EST, before the breakout. The price was ranging and there had not been much movement during the london session so I thought it would continue that way. At around 9 EST, when I took another look I noticed the breakout had happened during the previous hour.

What I've come to learn is that this pair can build a lot of momentum in a matter of 15 minutes, so using alerts is definitely a must.

What would you consider the previous high to be? 135.97 or 136.40?
No I don't trade news momentum.....lost too much money in the past doing that. I'm done til Monday. 133.29 might make a good short entry just depending on where it closes today. I won't take any longs right now til I see signs of a reversal.
Discipline will take you where luck can't.
  • #79
  • Dec 7, 2008 1:08am Dec 7, 2008 1:08am
Quoting ccolb77
I've missed a few trades between today and yesterday.....stretched thin with family stuff. Hopefully I can pull off two more trades before London closes tomorrow. Is any of the information that I've shared so far helping anyone with your trades ?
It is thanks, if you could add in the price that you entered and exited that would be great also.
  • #80
  • Edited 7:38am Dec 9, 2008 7:32am | Edited 7:38am
I missed some nice moves yesterday.....gosh. I probably won't be trading as much for a little while. I'll do good to get 100 pips a week which is far below my average. I do love the Forex but family comes first always. I'll continue to post my profits/losses as usual but may be slow responding to all of the PM's and questions. Right now I have 135.59 (low) marked as a short entry for 50 pips and for longs I won't be taking any unless I see some momentum move past 137.53.

50+ London open (short entry 137.13 exit 136.63)

10+ U.S. open and closed a position around open....trade wasn't going anywhere
Discipline will take you where luck can't.
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