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

  • #101
  • Jan 7, 2009 7:38pm Jan 7, 2009 7:38pm
Here is one chart pattern that usually gives a good profit of at least 100 pips using my trading strategy, the double top which is also a reversal pattern. We can see that once 136.78 was broken we saw some nice momentum in the bears direction and continued going down for a couple of weeks until 129.86. This would have been a good trade to sell and hold.


http://i43.tinypic.com/4g0mj8.jpg

http://i42.tinypic.com/2m5z87s.jpg
Discipline will take you where luck can't.
  • #102
  • Jan 12, 2009 9:14am Jan 12, 2009 9:14am
89+ U.S. trade time 54 minutes
Discipline will take you where luck can't.
  • #103
  • Jan 14, 2009 10:22am Jan 14, 2009 10:22am
It's nice to see you're consistently earning some good pips.
On a journey to consistency.
  • #104
  • Jan 15, 2009 8:51am Jan 15, 2009 8:51am
Quoting Tataocb
It's nice to see you're consistently earning some good pips.
Thanks Tataocb. I'm sitting on the sidelines since G/J is in a range and taking advantage of sleep. Are you still trading the same system ?
Discipline will take you where luck can't.
  • #105
  • Jan 15, 2009 10:07am Jan 15, 2009 10:07am
I'm sitting on the sidelines as well, especially now that I'm trading live. I'm more meticulous when picking my trades.

My system has evolved a bit. I've integrated the use of S/R and scalp lines (somewhat similar to yours, I use previous highs and lows to determine possible entry points); along with the use of Fibonacci retracements in lower time frames (15 or 30 minutes) for quick small target trades (25-30 pips) and use the WMAs as well (not usually by themselves as I did before, but along with the other two tools). I use price action to determine entries and a lot of discretion as well.
On a journey to consistency.
  • #106
  • Jan 16, 2009 5:09am Jan 16, 2009 5:09am
Quoting Tataocb
I'm sitting on the sidelines as well, especially now that I'm trading live. I'm more meticulous when picking my trades.

My system has evolved a bit. I've integrated the use of S/R and scalp lines (somewhat similar to yours, I use previous highs and lows to determine possible entry points); along with the use of Fibonacci retracements in lower time frames (15 or 30 minutes) for quick small target trades (25-30 pips) and use the WMAs as well (not usually by themselves as I did before, but along with the other two tools). I use price action to determine...
Trading live is so different from demo but more exciting too. You system is going to evolve so much as you get more experienced and find what works best for you. I tried fibs before but just couldn't get into the swing of it. Maybe I'm too lazy, I don't know.
Discipline will take you where luck can't.
  • #107
  • Jan 16, 2009 5:22am Jan 16, 2009 5:22am
58+ London trade time 2 hours 10 min

I held this one longer as a test to see what the average movement of pips would be per hour. The momentum started off good in this trade but then ranging came so I closed this out at 58 pips. The initial goal was 100 pips. The most that I could have had in this trade was 87 pips. My patience is burned out so I'm done for the day.
Discipline will take you where luck can't.
  • #108
  • Jan 19, 2009 8:31am Jan 19, 2009 8:31am
Did you see the beautiful double top at around 135.70? The break of the 132.10 low went down to 131.06 in my chart. That would have given a beautiful 100 pip profit.

In my case, I OVERSLEPT!!!!! My alarm clock woke me up about an hour before the break, but I fell asleep again and woke up after the price was more than 50 pips below the line. Oh well...what can I say...maybe next time.
On a journey to consistency.
  • #109
  • Jan 19, 2009 2:31pm Jan 19, 2009 2:31pm
Quoting Tataocb
Did you see the beautiful double top at around 135.70? The break of the 132.10 low went down to 131.06 in my chart. That would have given a beautiful 100 pip profit.

In my case, I OVERSLEPT!!!!! My alarm clock woke me up about an hour before the break, but I fell asleep again and woke up after the price was more than 50 pips below the line. Oh well...what can I say...maybe next time.
Yeah I was pissed this morning because I saw the opportunity to go short on 134.50 but because I wasn't sure if it was done ranging I didn't set the alarm and slept right through it. I actually placed a short trade on 132.65 but closed it when it began ranging only for it to fall 200 pips just minutes later. I've been out of sync this month and have missed several trading opportunities. I'll step up my game soon though. I've got bills to pay !!!!
Discipline will take you where luck can't.
  • #110
  • Jan 19, 2009 2:33pm Jan 19, 2009 2:33pm
Trade opened and closed during London session at break even.

Reason for closing trade: trend fell into a range
Discipline will take you where luck can't.
  • #111
  • Jan 19, 2009 2:46pm Jan 19, 2009 2:46pm
After studying this particular pattern for over a year now, I've come to notice that the price usually picks up significant momentum once the middle part of the "M" is broken. Example in the screen capture below we can see that momentum was gained and an easy 150 pips could have been made once 132.08 was broken.

http://i40.tinypic.com/2jai6hs.jpg
Discipline will take you where luck can't.
  • #112
  • Jan 19, 2009 7:20pm Jan 19, 2009 7:20pm
I did however, go short at 134.15. It was a trade i set up at around 12:00 am EST. I created an entry order with the 50 pip TP and the stop loss at around 135.00. When i woke up to catch a glimpse of the London Open at 3:00 am EST, that trade had already closed with the a 50 pip profit. However since the candle at 4:00 am EST closed bullish I didn't think price would go down to 132.10 so I didn't setup an entry order. Being awake for two hours in the middle of the night was probably what caused me to oversleep.

In my opinion, those are the best trades...the ones that open and close while I'm sleeping since no emotions come into play at all. Maybe I should start focusing on creating a method based on trades like that. It doesn't get much better than earning money while sleeping.
On a journey to consistency.
  • #113
  • Jan 20, 2009 5:34pm Jan 20, 2009 5:34pm
Quoting Tataocb
I did however, go short at 134.15. It was a trade i set up at around 12:00 am EST. I created an entry order with the 50 pip TP and the stop loss at around 135.00. When i woke up to catch a glimpse of the London Open at 3:00 am EST, that trade had already closed with the a 50 pip profit. However since the candle at 4:00 am EST closed bullish I didn't think price would go down to 132.10 so I didn't setup an entry order. Being awake for two hours in the middle of the night was probably what caused me to oversleep.

In my opinion, those are the best...
Earn while you sleep is nice. I've only had a few trades like that. I like to watch the price action in a live trade usually.
Discipline will take you where luck can't.
  • #114
  • Jan 21, 2009 2:42am Jan 21, 2009 2:42am
55+ London trade time 32 min
Discipline will take you where luck can't.
  • #115
  • Edited 10:03am Jan 21, 2009 9:46am | Edited 10:03am
50+ U.S. trade time 8 min
The momentum was exceptionally fast on this trade. I could have held this for 100 pips easy but was very careful since G/J is still making historical lows.
Discipline will take you where luck can't.
  • #116
  • Jan 23, 2009 2:30am Jan 23, 2009 2:30am
50+ London trade time 31 min
(2 positions)
Discipline will take you where luck can't.
  • #117
  • Edited 4:04am Jan 26, 2009 3:53am | Edited 4:04am
Trade opened & closed 14+ London trade time 1 hour

Reason for closing trade: G/J broke out of triangle pattern then began ranging.....closed just to be on the safe side.
Discipline will take you where luck can't.
  • #118
  • Jan 26, 2009 4:59am Jan 26, 2009 4:59am
50+ London trade time 13 min
Discipline will take you where luck can't.
  • #119
  • Jan 28, 2009 6:15am Jan 28, 2009 6:15am
10+ London trade time 3 hours 10 min

I closed this trade because it was too slow and indecisive plus
I am being more careful with trading range breaks. From now on
I will only trade range breaks if it ranges only for one session. If
G/J ranges for 1 day or more then I am going to start skipping the
first range break and take trades once it builds more momentum.
I'm still learning patience and nothing frustrates me more than
being stuck in a range (like today)......
Discipline will take you where luck can't.
  • #120
  • Feb 4, 2009 1:40am Feb 4, 2009 1:40am
50+ London trade time 23 minutes
Discipline will take you where luck can't.
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