My Unconventional Trades

Let's start this off by going against all current wisdom and trade against a monster trend...

Long GBP/JPY
Entry 227.00
TP - 227.75
SL - 226.25

Tis a monster indeed! Good luck to you sir; I hope you know something I don't

By the way this will be a trade for 1 unit.

This will be important as I get into more detail about the unconventional ways I use money management and stop losses as well.

For purposes of this journal, I will be trading the GBP/JPY and GBP/USD pairs and will be tracking them seperately by total pips in each pair.

What I post is what I trade live, so when I take a beating it's a REAL bad day

Well, score 1 for the little guys.

Trade #1 -
GBP/JPY
closed at t/p 227.75
total pips in streak GBP/JPY 75
GBP/JPY total pips since start 75


Account total pips 75

Stop hunters are having some fun before the weekend close

Trade #2
Long GBP/JPY
1.5 units
Entry 226.65
TP - 227.40
SL - 225.90

I will close this at end of day if tp or sl not hit

Ok, didn't get it all on this one, but still a nice trade


Trade #2 -
GBP/JPY
closed at 227.15 for 75 pips
total pips in streak GBP/JPY 150
GBP/JPY total pips since start 150

Account total pips 150

Trade #3
Short GBP/JPY
1.75 units
Entry 223.00
TP - 222.00
SL - 224.00

Price is stalling and I've got somewhere to go

Trade #3
GBP/JPY
closed at 222.09 for 158 pips
total pips in streak GBP/JPY 308
GBP/JPY total pips since start 308
Account total pips 308

Trade #4
Long GBP/JPY
3 units
Entry 224.00
TP - 224.75
SL - 223.25

Trade #5
Long GBP/USD
1 unit
Entry 1.9240
TP - 1.9280
SL - 1.9200

calm before the storm

Closed both positions

Trade #4
GBP/JPY
closed at 224.50 for 150 pips
total pips in streak GBP/JPY 458
GBP/JPY total pips since start 458


Trade#5
GBP/USD
closed at 1.9270 for 30 pips
total pips in streak GBP/USD 30
GBP/USD total pips since start 30

Account total pips 488

hi str8deals,

Well done, on the pips so far !!! You're doing great !! How do you know when to enter a trade ?

Anthony

Trade #6
Short GBP/JPY
5 units
Entry 224.55
TP - 224.05
SL - 225.05

Anthony, I will write you back later. It's late on the East Coast

Man, this has been a tight range.

5 hours later and we're still only a few pips from where we started.

I'll reassess this position right before ADP

Trade #6
GBP/JPY
closed at 224.30 for 125 pips
total pips in streak GBP/JPY 583
GBP/JPY total pips since start 583


Account total pips 613

This was supposed to be a short term trade, and it lasted almost 7 hours. Leaving this open with short stops against the ADP number (which is always a coin toss) would be gambling.

Anthony,

My trading style (well at least my charts) would bore most people on this site. I only trade on the 4 hour time frames and the only thing I'm concerned about is the position of the support and resistance lines. I look at where price is currently, compare it to those lines and make a judgement as to whether it is going to continue or retrace.

You can't always be right about the movement, but you can put yourself in a position where your chances are at least improved. Ask yourself questions before you make a trade. Why should it go up, or why should it go down. If you don't have an answer, don't take the trade. Take a look at trade #2. I went long GBP/JPY after the London close last friday. Here you had a full week where the shorts were in control. Friday's range was past the avg daily range for the pair. Traders were carrying a nice profit. It was getting close to the weekend break. Weekend breaks bring indecision (will the market gap up or down before the Sunday open?), and they also bring excess interest for those who were short. When you look at all of this, can you say that there was better than average chance of a long trade being profitable right before the market close. I thought so, so I took the trade. I also closed the trade before the market close for the same indecision I just outlined.

I read through your journal, and my opinion would be that it is going to be tough to keep trading looking for 5-10 pips at a time. Give yourself room on both the tp and sl side of your trades, trades need room to grow. Find a method that suits you and STICK TO IT. Pick one and drive it into the ground, only stop using it if it doesn't suit your needs. Trade it over and over and over again in a demo until you are confident enough in it that you are willing to risk the trade going against you.

And last but not least, stay away from the news.

Str8

GBP/USD has been bouncing on a S/R line at 1.9270 for 3 days

Smart money is going long right now, so I'll go short

Trade#7
Short GBP/USD
1 unit
Entry 1.9280
TP - 1.9200
SL - 1.9360

Trade#7
GBP/USD
closed at SL 1.9360 for -80pips
total pips in streak GBP/USD 0
GBP/USD total pips since start -50

Account total pips 533

I had hoped that the NFP would help us on this trade, but price had moved too far away before the news, bringing us only to even in the minutes after. Oh well, can't win them all and it was a small trade.

Trade #8
a buy stop for the GBP/JPY
5 lots at 229.60
TP 230.35
SL 228.85

Trade # 8
GBP/JPY
closed at 230.35 for 375 pips
total pips in streak GBP/JPY 958
GBP/JPY total pips since start 958

Account total pips 908

Well, this one was open for over a week since I was too busy to revisit it. I got really lucky on this as it was within a few pips of being opened before the latest down cycle.

I'm gonna make a safe play here

Trade #9

Sell Stop GBP/JPY at 229.31
4 Units
S/L 230.31
T/P 228.31

Trade#10
Short GBP/USD
2 units
Entry 1.9600
TP - 1.9500
SL - 1.9700

Trade#10
GBP/USD
closed at SL 1.9700 for -200pips
total pips in streak GBP/USD 0
GBP/USD total pips since start -250

Account total pips 708

Trade #9 was never opened , so I just moved it to a market sell at 231.20
4 units
S/L - 232.10
T/P - 230.30