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

  • #81
  • Edited 9:45am Dec 9, 2008 9:42am | Edited 9:45am
Someone asked when do I close a trade. Because my trading style works only for the very short term, I look at closing my position if it goes beyond an hour. If it breaks my line then kind of hangs around it ranging back and forth for more than an hour not really going anywhere, I close it even if I lose a few pips. I close them near news releases also if it is a major one. It is very, very seldom that I close my trades.
Discipline will take you where luck can't.
  • #82
  • Dec 10, 2008 2:03am Dec 10, 2008 2:03am
Dec. 9th (U.S.) 16- short entry 135. 57 exit 135.73 trade fell into a range

Dec. 9th (Tokyo) 34+ long entry 136.30 exit 136.64
(range break) trade was slow

Dec. 10th (late Tokyo) 30+ long entry 137.25 exit 137.55
trade began bouncing back and forth
Discipline will take you where luck can't.
  • #83
  • Dec 12, 2008 9:09am Dec 12, 2008 9:09am
50+ (U.S. open)

long entry 135.35 exit 135.86
Discipline will take you where luck can't.
  • #84
  • Dec 12, 2008 9:19am Dec 12, 2008 9:19am
I have been doing some research using the 15 min chart and feel that it will be useful but only in fast market conditions. When the price is moving faster than normal it is harder to see some of the patterns that I look for like reversals. I will mark potential entries using the 1 hour chart but if it's fast will zoom in on the 15 min to better spot reversals.
Discipline will take you where luck can't.
  • #85
  • Dec 15, 2008 11:28am Dec 15, 2008 11:28am
50+ U.S.
Discipline will take you where luck can't.
  • #86
  • Dec 17, 2008 10:38am Dec 17, 2008 10:38am
50+ London (double top trade worth 150 pips)
Discipline will take you where luck can't.
  • #87
  • Dec 17, 2008 10:45am Dec 17, 2008 10:45am
I'm noticing more and more as I trade the GBP/JPY that certain chart patterns give more of a breakout than others explicitly triangles, double tops and double bottoms. I've noticed this for a while but have not paid much attention to what the average pip movement is on these breakouts. That's my mini project for now is to track the number of pips on these breakouts. If all goes well then I will up my profit target to 100 pips on these breakout trades. Also, the tighter the triangle, the bigger the breakout usually. Entries will still be the high or low of the most recent price swing.
Discipline will take you where luck can't.
  • #88
  • Dec 17, 2008 11:03am Dec 17, 2008 11:03am
I see the double top you're talking about.

I read about "Master Candles" in the forex4noobs website and they seem to have worked in the past two days. Im gonna check previous master candles and do a little study on them. Last night, I had set up an entry order to go short at 137.74, after watching the price bounce at least 3 times off the high price of the master candle (around 139.07). But then I decided to remove it. Had I kept it, it would have reached my 50 pip TP and price still went down an additional 200 pips.

I'll keep an eye on your journal to see the results of your mini project, if you decide to post them.
On a journey to consistency.
  • #89
  • Dec 18, 2008 2:20am Dec 18, 2008 2:20am
50+ Tokyo
Discipline will take you where luck can't.
  • #90
  • Dec 18, 2008 2:44am Dec 18, 2008 2:44am
Quoting Tataocb
I see the double top you're talking about.

I read about "Master Candles" in the forex4noobs website and they seem to have worked in the past two days. Im gonna check previous master candles and do a little study on them. Last night, I had set up an entry order to go short at 137.74, after watching the price bounce at least 3 times off the high price of the master candle (around 139.07). But then I decided to remove it. Had I kept it, it would have reached my 50 pip TP and price still went down an additional 200 pips.

I'll keep an eye on your...
I don't go on Forex4noobs website much anymore but I do get the blog notifications still sent to my email. I read part of the article on the master candles. I can understand how trading outside the highs and lows of the candle can get you pips. From what I've seen it looks like you get the master candle set up when the price falls temporarily into a range. Right now because of the current market conditions I'm being very careful when taking any range break trades. It seems that whenever I lose it, it's due to this. I can see clearly how on Dec. 15th the master candle trade would have been profitable but on Dec. 16th according to my chart it would have resulted in a loss. Around 1900 GMT there is a high of 139.12 in which a long trade would have been executed around 0 GMT at the break of that high but the price only reached the 139.20 then ranged and eventually broke to the down side. I know that there are losses in all trading strategies but I would definitely add some modifications to trading "master candles". I wouldn't have entered this losing trade anyway just because of the double top reversal pattern that was forming. I haven't read all of the article but those are just my thoughts. I'm always looking for something profitable to add to my trading so it's something that I'll look into when I have time. Maybe I'll throw $10 or $20 into a micro account to test only trading master candles and see what the overall success rate is.
Discipline will take you where luck can't.
  • #91
  • Dec 18, 2008 9:18am Dec 18, 2008 9:18am
Quoting ccolb77
... but on Dec. 16th according to my chart it would have resulted in a loss. Around 1900 GMT there is a high of 139.12 in which a long trade would have been executed around 0 GMT at the break of that high but the price only reached the 139.20 then ranged and eventually broke to the down side. I know that there are losses in all trading strategies but I would definitely add some modifications to trading "master candles". I wouldn't have entered this losing trade anyway just because of the double top reversal pattern that was forming...
I totally agree with you (that "totally" word reminds me of the movie clueless)...I wouldn't have gone long on the master candle formed on Dec 16th (except on my chart there was no break); because there seemed to be a resistance line at around the high of the master candle. I watched as the price bounced several times off the line. Like I said, I had an entry order on the low price. What I hadn't noticed was the double top you were talking about, I guess I need to start paying attention to formations, which up to now I hadn't been paying attention to.

I also agree with the modifications. I guess if I decide to use them in my trading, I would use a lot of discretion to decide when to trade them and when not to.

It's good to hear from you and see you're making some beautiful pips with your strategy.
On a journey to consistency.
  • #92
  • Dec 18, 2008 10:04am Dec 18, 2008 10:04am
50+ U.S.
Discipline will take you where luck can't.
  • #93
  • Dec 18, 2008 10:22am Dec 18, 2008 10:22am
Quoting Tataocb
I totally agree with you (that "totally" word reminds me of the movie clueless)...I wouldn't have gone long on the master candle formed on Dec 16th (except on my chart there was no break); because there seemed to be a resistance line at around the high of the master candle. I watched as the price bounced several times off the line. Like I said, I had an entry order on the low price. What I hadn't noticed was the double top you were talking about, I guess I need to start paying attention to formations, which up to now I hadn't been paying attention...
Thank you. Clueless.....haven't seen it yet love movies though whenever I get the time. Yes, the low of that candle (137.76) would have made a great trade. I could have gotten 100 pips easy with that entry. If Nick is using it for his trades then my guess is that it's at least as profitable as his own trading strategy. I still always have to carefully test and try things out for myself.

You will get better at spotting chart patterns as they form the more that you trade G/J. It takes a while but once you learn them, it gives you even more confidence.
Discipline will take you where luck can't.
  • #94
  • Dec 19, 2008 5:07am Dec 19, 2008 5:07am
50+ London
Discipline will take you where luck can't.
  • #95
  • Dec 22, 2008 5:34am Dec 22, 2008 5:34am
50+ London
Discipline will take you where luck can't.
  • #96
  • Edited 9:35am Dec 22, 2008 8:08am | Edited 9:35am
So you're already halfway to reaching your weekly objective....and it's only monday....that's cool. What was your entry and exit price? what gave you the "entry signal"?

The London session seems like a good time to get some easy pips. I wish I could be awake and alert at that time (cause being awake, sleepy and not alert could lead to bad trades). Maybe during my holiday vacations I'll try to wake up some day at 3:00 am and check out the market then.

Another question...do you only post your winning trades or is it that you only get very few losing trades with your system, like the one you posted a couple of posts ago?
On a journey to consistency.
  • #97
  • Dec 22, 2008 2:52pm Dec 22, 2008 2:52pm
Quoting Tataocb
So you're already halfway to reaching your weekly objective....and it's only monday....that's cool. What was your entry and exit price? what gave you the "entry signal"?

The London session seems like a good time to get some easy pips. I wish I could be awake and alert at that time (cause being awake, sleepy and not alert could lead to bad trades). Maybe during my holiday vacations I'll try to wake up some day at 3:00 am and check out the market then.

Another question...do you only post your winning trades or is it that you only get very few...
entry 133.78 exit 133.28 trade taken close to open

The London session is my favorite session out of all of them, Tokyo least favorite.

No, I post all of my profits/losses I just have had very few losses (thank God haven't always been able to say that !). Because I plan all of my trades it leaves no room for impulse or emotions to take over. I am also not afraid of missing trades and staying out of the market because I know that eventually an opportunity will come which helps to cut down on my losses. I thought all of the way back a few months and remember that most of my losses always occured during the Tokyo session before London open so I take very few trades during that session. It took me a while to learn some of these small things to help my win/loss ratio and am still working on it daily. My goal now is to continue going for precision using the same trading strategy but take more profits when certain patterns form.
Discipline will take you where luck can't.
  • #98
  • Dec 22, 2008 3:07pm Dec 22, 2008 3:07pm
[quote=Tataocb;2434158]So you're already halfway to reaching your weekly objective....and it's only monday....that's cool. What was your entry and exit price? what gave you the "entry signal"?

quote]

I forgot to answer what gave me the entry signal question.

I constantly monitor the price when it appears to be setting up for a potential trade. The price was stuck in a temporary range (7 candles) which indicates indecision and a possible change in direction. Another clue that I might have a short trade opportunity was because the range came after a short term rally but failed to surpass the most previous high (high of the price swing). Once the low of 133.91 formed I charted a red dashed line for possible short entry. There were no economic releases and the price action picked up in the bears direction and also in the direction with the trend so I entered short. I should have held this trade for at least 100 pips because usually when it falls after a range you can get that much profit on the G/J and then too the price often times will fall at least lower than the low of the most recent price swing.
Discipline will take you where luck can't.
  • #99
  • Jan 7, 2009 6:53pm Jan 7, 2009 6:53pm
I have been sitting back watching the market for a few weeks waiting to see
how the G/J is going to act and what the overall market sentiment is. I imagine that many traders open/close positions around the end and beginning of the year.

I did take a couple of trades both were successful on yesterday one 53+ U.S. and 63+ U.S. My goals this year are continuing in the same vein but going for precision adjusting profit targets as I see chart patterns that may turn more profits. This year I will sit out during the Tokyo session and use this time to revitalize and focus on more important things. As I analyze my strengths and weaknesses I see that I need to be more careful with range break trading. It seems that when I do lose it's usually because of this reason. I am not going to say that I won't take any range break trades but because I am going for precision I will use extreme caution. The reason that I began my journal was to find what my profit/loss ratio was in order to start taking more risks. It's been 3 months and I want a little more data to work with so I will keep logging my profits/losses for now. Other goals this year are to trade with less leverage and less percentage of my account. My ultimate goal in this aspect is to use 0 leverage and 1% risk per trade but that will take some time to accomplish. The year so far has started off great with 5 trade opportunities since Jan 2. I hope that the rest of the year offers many generous opportunities.

Good luck to everyone reading this and God bless !

Ciara
Discipline will take you where luck can't.
  • #100
  • Jan 7, 2009 7:10pm Jan 7, 2009 7:10pm
Since I keep my charts up 24 hours I'm constantly glancing and monitoring forming patterns. I usually check my charts once per session and set alarms appropriately. G/J is very unpredictable and erratic at times but looking at the image below we can see a nice uptrend where the price made swing highs/lows until around 140.50. It ranged for several hours then began to act as if it was going to change directions once it broke 138.86 then went back to break the previous swing high highs now it's back into a range. This is definitely a good time to sit on the sidelines. Any time you see a disruption in a up or down trend, it's time to sit out until it makes up it's mind. Lots of money can be lost when the market is ranging.



http://i41.tinypic.com/2dhtop5.jpg
Discipline will take you where luck can't.
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