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GBP/JPY London Open trades

  • #121
  • Feb 4, 2009 12:23am Feb 4, 2009 12:23am
I am changing my profit target again. Very recently many
changes have been implemented into my life that require
more time. More pips means being in trades longer also
assuming more risk so I am going to keep my T/P at 50 pips.
50 pips per trade is still plentious especially when I have
2 trades in one day. I am learning that going for a modest
amount of pips while increasing the units on the trade is
the best way for me to go and letting the money work
harder instead of myself.
Discipline will take you where luck can't.
  • #122
  • Feb 10, 2009 11:27am Feb 10, 2009 11:27am
50+ U.S. trade time less than 10 min.

I can kick myself twice for not holding this one longer
because of the double top pattern. I opened a trade
earlier during the London session and closed it out at
20+. It was moving much too slow and acting indecisive.
My confidence was just not there since I took a short
just after the market had been in a bullish trend. Once
the ranging came, I turned cold. This trade taught me
a couple of things.

1) If the double top comes after a strong bullish trend,
go short for nothing less than 100 pips or more depending
on the momentum. ( I said this before but got confused
between my own rules) 50 pips on regular trades, 100 pips
on double tops/bottoms.

2) If the price has been ranging, skip the first potential trade.
Let it break all the way out of the range. Take the trades
that come after that.

3) Open 1 overnight position if trading the breakout of a
double top and trail the stop as it falls and retraces aiming
for a T/P of the most recent low on the daily chart.
Discipline will take you where luck can't.
  • #123
  • Edited 12:09pm Feb 10, 2009 11:59am | Edited 12:09pm
I am a big fan of simplicity in my trading so I use less "stuff" as possible. I have removed the s/r lines from my chart at least temporarily. I have had no problem getting 50 pips on each trade. In fact sometimes the s/r lines have hindered me from taking certain trades in the past for fear that it might bounce at such & such level and it usually doesn't bounce until after my T/P has been reached. My chart looks more naked than ever but that's fine by me. I'll put them back if things change.
Discipline will take you where luck can't.
  • #124
  • Feb 10, 2009 8:31pm Feb 10, 2009 8:31pm
It's nice to see you're still winning and disciplined.

I can't say the same for me though. I had a relapse today and lost about 100 pips opening trades out of nowhere (basically gambling). When I did get my entry signal to go short around US session open, I closed that trade out prematurely with +17 pips only to see it go down about 400 pips later in the morning. So I guess I didn't want to miss out on the PA and opened some trades right before retracements which ultimately led to losses.

And I also missed out on the short signal at around 133.60 from the double top I had been waiting for about 2 days because I was looking at the 5 min chart and couldn't see the big picture. I have turned to the 5 min chart to better pick my entries, supposedly, and watch for retracements, but that doesn't seem to be working. Maybe I should just stick to the 1 hr chart.

So yeah, I think I'm gonna need that slap...lol.

Happy trading.
On a journey to consistency.
  • #125
  • Feb 12, 2009 8:05am Feb 12, 2009 8:05am
1st trade 50+ London, 2nd trade 50+ London (reversal)
Discipline will take you where luck can't.
  • #126
  • Edited 8:26am Feb 12, 2009 8:23am | Edited 8:26am
Quoting Tataocb
It's nice to see you're still winning and disciplined.

I can't say the same for me though. I had a relapse today and lost about 100 pips opening trades out of nowhere (basically gambling). When I did get my entry signal to go short around US session open, I closed that trade out prematurely with +17 pips only to see it go down about 400 pips later in the morning. So I guess I didn't want to miss out on the PA and opened some trades right before retracements which ultimately led to losses.

And I also missed out on the short signal at around 133.60...
no problem....(I've been wanting to use that emoticon )

This month doesn't seem to be like January. The indecision of last week and the past two days have been irritating to say the least. I haven't been trading much. My grandmother who helped raise me died so I've been busy with taking care of all of the arrangements and so forth. I need more trades to pay for some of these expenses. So just like you I am fighting temptation to stay out at the wrong times. It's easy to get caught up at times.

Here's something funny, dumb and true ......I had a big, painful lesson March of 08. That was right before the proverbial light bulb came on in my head. I was waiting desparately for a trade opportunity. It was the AUD/JPY 4 hour chart that I was watching. I jumped into a position on a Sunday thinking that it was going to bounce from a S/R level. Well when Tokyo opened that day, it not only broke through the S/R level but instead it fell several hundreds of pips. The end result was a $1,500 loss in one trading session (ouch). I cried, pouted, prayed, pouted some more then started to really take a look at the patterns that led to the break of the S/R. That's when ideas popped up out of nowhere and I began to understand candle patterns. Now that I've finally learned how to trade, whenever I get tempted that's what I think about.

Hang in there Tataocb.
Discipline will take you where luck can't.
  • #127
  • Feb 13, 2009 7:09am Feb 13, 2009 7:09am
Ok....so after regaining consciousness from that vicious knock out provided by Ciara, I can post again.

First, let me say I'm sorry for your loss. I hope everything works out fine for you.

Second....a $1,500 loss in one session!!! I probably would have cried as well...cried like a baby whose favorite stuffed toy was taken away from him and burnt in front of his eyes...no wait, that's kind of cynical....let's just leave it at cry like a baby.

Yesterday I earned around 95 pips during the London session...then lost 65 during US and earned 80 during Tokyo. That's what my trading has been like for the last 4 weeks.
On a journey to consistency.
  • #128
  • Feb 13, 2009 11:07am Feb 13, 2009 11:07am
Quoting Tataocb
Yesterday I earned around 95 pips during the London session...then lost 65 during US and earned 80 during Tokyo. That's what my trading has been like for the last 4 weeks.
I know what you mean.....lots of volatility. That's one reason I began only taking the first trade of each opening. I started sitting out of Tokyo for the most part. I don't know why Tokyo moves so differently from London. I remember one time I entered a trade during the Tokyo session about 0550 GMT..10 minutes before London starts moving. It moved nicely in my direction then once London started moving it reversed sharply. That's been quite some time but I remember losing that trade. Take yesterday for example, I know lots of people probably lost. London opened and fell over 150 pips, momentum was strong for the bears then it reversed and continued to rally through U.S. & Tokyo.... That's the GBP/JPY best friend or worst enemy.... lol
Discipline will take you where luck can't.
  • #129
  • Edited 9:18am Feb 17, 2009 9:03am | Edited 9:18am
50+ London trade time 1 hour 20 min.
Discipline will take you where luck can't.
  • #130
  • Feb 19, 2009 12:13am Feb 19, 2009 12:13am
50+ London trade time 26 min.
Discipline will take you where luck can't.
  • #131
  • Feb 22, 2009 11:55pm Feb 22, 2009 11:55pm
50+ London trade time 51 min.
Discipline will take you where luck can't.
  • #132
  • Edited 11:52am Feb 23, 2009 11:37am | Edited 11:52am
I am going to continue trading the same way using the 1 hour chart. If it's not broke why try to fix it right ? In addition to taking trades using the 1 hour chart I am going do some test trades on the 4 hour chart using the same strategy. What made me want to look into this is this morning's rally during the London session. My gut instinct told me to take a long at 137.32 and 136.39 but on my 1 hour chart these lines were not visible. I will go for the same amount of profit but will monitor to see if I should use less stop loss or the same amount. For the first month or two I will use less risk on these test trades. Also I will still just take the first trade from London and U.S. open trading Tokyo only if the price action is there. However because the 4 hour chart trades are different I will trade whenever the opportunity and right conditions present themselves. I might limit myself to 2 trades in one session on the 4 hour chart but we'll see.
Discipline will take you where luck can't.
  • #133
  • Edited 8:10am Feb 25, 2009 8:09am | Edited 8:10am
Hi Ciara
Just popped in to say hi and to top up on some inspiration.
Glad to see your trade results are still starting with plus symbols. great to see.
I wanted to ask a question to clarify how you determine your trading zone but I am not sure how to word it so I will come back later when I am clearer.
Your 4 hr testing could be interesting.
Good luck with everything

Rob
  • #134
  • Edited 2:32pm Feb 25, 2009 2:29pm | Edited 2:32pm
77+ London trade time 1 hour 25 min

50+ U.S. trade time less than 10 min

This morning during London open I had a line to watch around 141.57 on the
4 hour chart but didn't trade it because it hadn't retraced before hitting that
line plus it had been ranging. If I had of traded that line I would have lost 100
pips.
Discipline will take you where luck can't.
  • #135
  • Feb 25, 2009 2:36pm Feb 25, 2009 2:36pm
Quoting robgsxr
Hi Ciara
Just popped in to say hi and to top up on some inspiration.
Glad to see your trade results are still starting with plus symbols. great to see.
I wanted to ask a question to clarify how you determine your trading zone but I am not sure how to word it so I will come back later when I am clearer.
Your 4 hr testing could be interesting.
Good luck with everything

Rob
Thank you for the encouragement. I traded the 4 hour chart before but in a different way and with different rules. I'm excited to see the end result later this year. It's great to hear from you. How are you doing with your trading ? Are you still watching the same pair ?
Discipline will take you where luck can't.
  • #136
  • Edited 8:30pm Feb 25, 2009 8:12pm | Edited 8:30pm
Hello, how's it going?

I'm here to ask your opinion on a pattern.

Look at the daily chart and tell me if you see an inverse H-S pattern with a neckline around 136.50.

Because if it is one, theory would suggest price should eventually reach 154.00
On a journey to consistency.
  • #137
  • Feb 26, 2009 4:06am Feb 26, 2009 4:06am
Quoting ccolb77
Thank you for the encouragement. I traded the 4 hour chart before but in a different way and with different rules. I'm excited to see the end result later this year. It's great to hear from you. How are you doing with your trading ? Are you still watching the same pair ?

Hi again
Yes I am still watching the same pair but have recently been monitoring movement on the GBP/JPY as well.
I drew hourly hi's and low's within the previous session and suddenly saw what I think you see. I am now monitoring the price action around these areas to see how to trade them. I am still not consistent enough in profit to trade my real account but it waits for me and my patience is strong.
Confidence is more important than taking risks and I just feel I am missing some small but very essential ingredient. Maybe something as simple as trading in the wrong price zone. You seem to trade in an area of momentum that works very well?
I like to see the consistency of your results so I will continue to check in and learn from your helpful entries with a view of maybe one day offering some wisdom back. Hope you are OK with that?
For now, back to my graphs.
I wish you continued success with your trading

Rob
  • #138
  • Feb 27, 2009 1:31am Feb 27, 2009 1:31am
50+ London trade time 1 hour
Discipline will take you where luck can't.
  • #139
  • Feb 27, 2009 1:37am Feb 27, 2009 1:37am
Quoting Tataocb
Hello, how's it going?

I'm here to ask your opinion on a pattern.

Look at the daily chart and tell me if you see an inverse H-S pattern with a neckline around 136.50.

Because if it is one, theory would suggest price should eventually reach 154.00
Hey Tataocb,

I see exactly where you are talking about 136.50. I'm not sure of what G/J is about to do. Currently on the 4 hour chart there is a double top. I think I'd like to see this go above 142.00 before going long on the daily.
Discipline will take you where luck can't.
  • #140
  • Feb 27, 2009 1:43am Feb 27, 2009 1:43am
Quoting robgsxr
Hi again
Yes I am still watching the same pair but have recently been monitoring movement on the GBP/JPY as well.
I drew hourly hi's and low's within the previous session and suddenly saw what I think you see. I am now monitoring the price action around these areas to see how to trade them. I am still not consistent enough in profit to trade my real account but it waits for me and my patience is strong.
Confidence is more important than taking risks and I just feel I am missing some small but very essential ingredient. Maybe something as simple...
Sure join in anytime. Trading is a lonely world at times. In my honest opinion above everything else that I've learned so far I'd say price action is the most important thing to look for, 2nd would be the candle patterns. Time frame is important too since some trading methods work better on certain time frames than others. You'll find your niche.

Good luck to you as well
Discipline will take you where luck can't.
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