My GBPJPY trade journal

i think this session has the trending momentum required with the 100+pips from the CPP down to S1=143.26. The third red candle on the hour chart also just breaking through the lower BB, price should reach the floor of S1 which is coinciding with the 200 and 55 moving averages as well. I've set a take profit at 143.5, but already collected 100+pips down from the CPP. With the red flag GDP news to come as well from the US should help?..
hows my analysis greg?

stalled or stopped at around 144.5....i must of jinxed it..think i will close out...2 hours to GDP and i need to sleep...

Earlier chart with comment

Note: Red arrow on right side of chart should read "up" vs. down.

Nice going Greg - prices crosses CPP, great momentum. worth the wait!

Hi, Sree. I agree, it's worth waiting until a ripe setup comes along. How will you know? I set price alerts to my cell phone around floors and ceilings I'm interested in. When the alerts pop off (the fish bites the hook and rings the bell at the end of pole), I know traders are sniffing around that price area, and there's potential for compelling momentum. I return to the computer (sometimes running to computer) to see if there's a setup or trade.

I use alerts to my cell phone because it's much less stressful than sitting in front of the computer for hours on end, where I might decide to make a trade whether there is a high probability setup or not because I'm bored or impatient.

Alerts are a great teacher of discipline, patience. I can't even think about entering a trade unless I hear the cell phone alerts go off. I've already done my pre-trade analysis, so in my mind I know the significance of alerts and where they are appearing on the chart.

When a price is hit, the alert is set to go off five times. First alert, then a delay, then the other four alerts, depending on how many times price has been hit. This helps me distinguish between price alerts and the other e-mails and junk I get.

Sometimes I cluster several price alerts every 10 pips or so up or down the ladder off a floor or ceiling I'm interested in. If several clustered alerts are really popping, I know there's trader interest, momentum. At other times I set the alerts far apart, at pivot points, etc.

Bottom line: Price alerts to my cell phone are a big and important part of my game.

Cheers
Greg

Tuesday overnight chart. No trade this session.

Nice move with trending momentum from r1 = 145.71 all the way down to S3=143.73. Once price broke through the resistance at 145.55 she took off like a rocket with great momentum.. I made 100+pips with clear targets at s2 and then s3... Have to say thanks Greg, your system, analysis is working for me.
Cheers Travis

The strategy does work. The key is patience, waiting for the setups.

Cheers

Chart and trade summary

No trade Monday (overnight). Chart

Below is an earlier pre-trade analysis chart, as well as final result to the downside. Grade for the session: C Things eventually turned out as was discussed at the meeting this evening, i.e. price dropping to the downside, but not before retracing back above the CPP. I felt all along price would head down. Unfortunately I didn't listen to my own advice on the setup, which was to wait until price went through the CPP ceiling and then reversed back down with S1 as the target. (1) Tried to push, hope, wish the price down before it was ready to go down. (2) Made several dumb bunny trades, newbie stuff, with the result that I over-traded to get my losses back. Ended up in the black hours later, but this is not the way to play the game. (3) Allowed myself to get derailed, pure and simple.

Tuesday trades summary

Chart with comment

Did you manage to get on any of the S1 down to S2 helped on by the red flag UK news that came in worst than expected at 4am...9am gmt?..
I managed 100 pips.
It took four trades...i get nervous that it will retrace and i will loose money..maybe too quick to jump out
My dealer is very slow to process the trades when firstly there is momentum and i try to put a trade on, and secondly when i choose to close if the price is retracing it seems to take a long time for him to close...I reckon i loose between 10 to 40pips sometimes!
Crown forex i use, cause i like trading through the metatrader platform. Also they only allow SL within 41 pips of price and likewise take limit
Cheers

Hey Travpip,maybe you should try another broker I use forex.com they are pretty good no problem with execution but every once in a while if I leave a postion on over the weekend it will go past my stop 10-15 pips but that is the only time.also instant fills on the buy/sell for the pair greg trades gbp/jpy.cheers!!!!!!

I do feel selecting the right broker is important. I've tried four brokers over the years with varying results. I've been with my present broker for seven years. Trading is tough enough to master consistently, you don't need problems with the broker added to that. For myself, I want to feel reasonably assured that the broker will be around for the foreseeable future, also that they have enough in their reserve account ($20 million+, and are members of NFA, CFTC). I like to see a broker that is progressive in their platform design. I want a broker I can contact by phone and talk to when there is a problem.

I don't have an interest in recommending one broker over another. I recommend doing your own research. There are many sites on the net where people talk about their experience with brokers. I don't know how much of a feel that will give you for one broker vs. another -- unless all the comments regarding a particular broker are negative. Every broker out there has positive and negative comments from traders. These have to be weighed somehow, e.g. are the negative comments coming from people who are just lousy traders, or are the negative broker comments ligitimate, etc. How many positive comments vs. negative comments, etc.

As a yardstick, it seems to me that the bigger the broker is, i.e. number of clients (plus net worth of the broker), and the longer they have been in business, the higher the probability is that they have their clients (traders) interest in mind. If you have 100,000+ clients, for example, it is in your best interest to keep your clients happy. You can never satisfy everyone, of course, but it would be in your best interest to try and do so by eliminating as much as possible common trader complaints like slippage, poor entry/exit execution, freezeups, inability to talk to broker, etc., etc.

Greg

Thanks Greg and Monikrok for the information. For the time being i will stick it out with Crown, i will give it a chance anyway, and besides i seem to be doing well lately (best ever really) with some nice trending momentum trades betweem pivots! Just collected another 200+ pips up to R2=139.97....went back in for so more as she started to surge further, but only managed to enter at this top now at 140.7, thinking she was heading on up to R3....but was stopped out at 140.4 ...gave back 30pips...still happy walking away till tomorrow now.
Cheers
Travis

Started out on the left foot, too close to the trees and neglected the forest. Or was it vice versa? Chart and summary

Hi Greg ,

Thanks for the outlook.I know links about views and net worth of broker but what about clients??

Do you know any links which gives information about the No. of clients each broker has?

I also sent you a PM(look on top left of your screen ,you'll see Private Message").

Regards
Mike