My GBPJPY trade journal

All -

Wish you all a Nice start into the new year '09!

Sree

Hi Greg,

Would be very much grateful if u could repost the latest 1 hour chart (31st Dec 2008) as I couldn"t see clearly the setups in the chart that made you enter the trade.

Thanks


Jutah

Hi Greg,

Please help me confirm the followings setup you used in your chart.

5 ema - close (white )
8 sma - open (red)
21 ema - close (magenta)
55 ema - close (green)- or high ?
200 ema - close (yellow) - or low ?

Bollinger band - turquoise green ?


Appreciate your kind help.

Thank you.

happy new year

I have switched over to fxcm, and am happy with the one click execution which open and close my positions instaneously, far and away much better than i have ever been used to at fxsol and crown forex. Also the relatively tight spreads on the gbp/jpy is quite good.
My patients with crown fx ran out as i still havent received the $600 withdrawal i requested in early december. Further investigation into Crown Fx through google, reveal that i am not alone and a possible scam broker is in the making and that the Forex Peace Army is on there case and i believe that the Swiss regulators have moved in as they didnt have a license or something..so i have closed my account but no money...this forex is damn hard!
Sorry for the aside, but i had to let that out somewhere...

A question i have is to do with money management. i notice on some trades you place $5million or more. If for instance you are using leverage of 10:1 (which i have read in places is max leverage you should use) your account equity would be $500,000.
Now i was wondering if that figure (10:1) is something that should be stringently stuck to - regardless of the trader. Or is this something that could be played with - depending on the set up and your analysis of the trade being close to 100% that price will be moving in the direction you have traded?
i find i am probably using 20:1 to about 40:1....but i do blow out (primarily due to doubling down and not willing to realise losses - which is my New Years Resolution to eradicate - a loss is to be expected and is part of the business)....
I am guessing the answer is you should stick to 10:1, but would you say it is ok to increase this depending on the setup - momentum , trend etc.
Would appreciate your opinion on this matter and if it is something that you think about or place importance on when you trade
Regard
travpip

Hi travpip,

I use 100:1 leverage. For me personally, I wouldn't use less than than that, or more than that, e.g. 400:1. But I think this is up to the trader.

Cheers,
Greg

Hi Jutah,

The colors for moving averages you describe are about right. I really don't want to tell traders every little thing they need to do. Much has to be your own discovery. Whatever colors look right to you are the colors to use. I've played around with many different color arrangements. The colors I presently use are what have the best impact on my eye and thinking when I'm doing chart analysis.

Cheers,
Greg

Hi Greg
thanks for your answer, but i was referring to true leverage in relation to position size & account size, as opposed to broker leverage.
thanks
travis

Dear Greg,

Thanks a lot for your response.

Understand that I must have my own discovery , the reason I asked for confirmation because when I apply the MAs to my chart the results vary from yours, especially 55 ema and 200 ema. Even after I tested few times.

By confirming the colour I will know that I'm applying the right MAs or not.

Anyway, thanks for your kind help so far. I will do my chart analysis again and again until I get the definite answer.

Happy trading.

Regards,

hi jutah
I have found that sometime you can apply the simple average as opposed to the EMA to get the same as greg...It just require one click, i often change between to see which one price is closer too at that particular time or if it is fitting the floor or ceiling..have a play with it i think it is more often than not the sma. just need to play with it
cheers
travis

Hi travis,

Thanks a lot for the info. I really appreciate your willingness to share the knowledge.

All the best to you.

Chart and trades summary. Trades summary shows an additional trade (based on continuing upward Trending Momentum) after chart and comments were written.

Chart and trades summary

Chart and trades summary

Chart and trade summary

could you post in this forum qhen you open a position?

than we can follow you and take profit, otherwise which is the utility to post after closed position?

is it possible?

thank you so much

Greg. I watch everyday with anticipation. Please keep up the good work. When ever you decide to mentor, Ill be there.

Sorry, I won't post my trades when I open them. Read my other posts regarding my position on this.

Chart and trades summary

Hello Greg. Im curious where you got your previous days low. I use IBFX and if I go to the 1 day chart, I show previous day low of 131.72. On your chart it shows the day low of 131.96. What am I missing?

HI iflyhigh

Where Greg has marked previous day low on his chart he is indicating the area only. The M2 line which = 131.96 line is mid between CPP and the S1 which is automatic plotted with the pivot point indicator he has on the chart. If you look to the top left of all the charts in his last post you wil see previous day low = 131.73, which is same as you.