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GBP/JPY London Open trades

  • #141
  • Feb 27, 2009 9:37am Feb 27, 2009 9:37am
50+ U.S. trade time 20 min
Discipline will take you where luck can't.
  • #142
  • Feb 27, 2009 9:56am Feb 27, 2009 9:56am
This morning's example is the main reason I think trading news releases are dangerous. I had a line to go short on 137.68 because of the double top pattern but because the US Prelim GDP q/q was set to release within 30 min I stayed out. If I had of entered this trade anyway it would have resulted in a 100 pip loss. Instead of falling beyond 136.65 it reversed really quick and is continuing to rally past 140.00. I did look at trading the reversal on this but was uncertain so I stayed out until my next line was hit to go long on the 1 hour chart. I got 50 pips on that trade entry 138.91 exit 139.45......

Done for the day
Discipline will take you where luck can't.
  • #143
  • Feb 27, 2009 11:19am Feb 27, 2009 11:19am
I went short on the break of 137.50 and set TP @ 136.60. When price was at +45 I moved SL to BE +3. Price eventually retraced and hit the SL.

Then I went long at the break of 139.88, price went up to +20 and moved SL to BE +6 which was eventually hit.

Right now I just went long again at 139.95, price went up to +17 and moved SL to BE +2 and it was just hit.

So I'm at +11 when I could have been at +130....lol....at least it's a positive number. I've had 3 trades this week which went past a 50 pip profit only to retrace and hit my SL with a gain of around 3 pips each time. Maybe I'm becomig too greedy with my TP, I'll go back to setting it at 50 pips.
On a journey to consistency.
  • #144
  • Feb 28, 2009 8:01pm Feb 28, 2009 8:01pm
Quoting Tataocb
Maybe I'm becomig too greedy with my TP, I'll go back to setting it at 50 pips.
Glad to hear you say that, Tataocb. A consistent little makes a whole lot in the end
Discipline will take you where luck can't.
  • #145
  • Feb 28, 2009 10:07pm Feb 28, 2009 10:07pm
Quoting ccolb77
Glad to hear you say that, Tataocb. A consistent little makes a whole lot in the end
hi I am new to all these! I read all threads here in the last two days. i am very int. in gbp/jpy n i have sold it at 139.57 on friday. do you think ill make some pips in shorting this ?Pl. tell me when you are going to trade tomorrow i. e. sunday evening. Im in Houston, tx. Also you just say you made = 50 pips london or us. i dont follow you. What price you bought or sold, why dont you reveal that to us so we also benefit by your trades!!
Thanks,
Bomi
  • #146
  • Mar 1, 2009 5:48pm Mar 1, 2009 5:48pm
Quoting behman8850
hi I am new to all these! I read all threads here in the last two days. i am very int. in gbp/jpy n i have sold it at 139.57 on friday. do you think ill make some pips in shorting this ?Pl. tell me when you are going to trade tomorrow i. e. sunday evening. Im in Houston, tx. Also you just say you made = 50 pips london or us. i dont follow you. What price you bought or sold, why dont you reveal that to us so we also benefit by your trades!!
Thanks,
Bomi

Hi Behman,

As I answer these questions you should already be in the + side of making your pips.

My trading times are on the first post.

London/U.S. indicates which session was traded.

As for "revealing" entries, it's not a secret really. Throughout the thread I give screen captures explaining what I look for before trading. The entries change as market conditions change. I also have rules that I apply to the trading strategy that make it work. The rules are on the first post as well. For example I currently have 140.63 set for long entry and 136.72 for short entry. These entries might change as the market conditions change. Do not trade these two entries without understanding first how, why and when I trade.
Discipline will take you where luck can't.
  • #147
  • Edited Mar 4, 2009 8:53am Mar 3, 2009 6:14pm | Edited Mar 4, 2009 8:53am
I have put some trend lines back on my chart since there is a trend. It helps to identify potential break outs as well. I usually only watch the 1 hour chart with my current trading strategy but when I plot trend lines I plot them on higher time frames. The dashed red/blue lines are lines for testing the 4 hour chart trades I discussed recently. I will not trade any longs until there is one closed candle outside of the trend line.

1 hour chart
http://i41.tinypic.com/k6ob4.jpg


3 hour chart
http://i43.tinypic.com/264hojs.jpg


Daily chart
http://i41.tinypic.com/34t2xvp.jpg
Discipline will take you where luck can't.
  • #148
  • Mar 4, 2009 8:26am Mar 4, 2009 8:26am
60+ London trade time 44 min.

50+ London (4 hour chart test) trade time 2 hours
Discipline will take you where luck can't.
  • #149
  • Mar 4, 2009 8:46am Mar 4, 2009 8:46am
trade opened and closed at B.E. because of news release scheduled at 9am CST
Discipline will take you where luck can't.
  • #150
  • Mar 4, 2009 8:57am Mar 4, 2009 8:57am
Hello,

Morning pips are beautiful, aren't they?

I just have a question on your entries. Do you enter right at the break of the last high/low or wait for it to break by a certain amount of pips (I guess momentum probably has a lot to do with it). At least in my case I wait for a break of 10 pips and watch momentum as well.

For example check out this chart where price is right at a previous high. I'm probably not gonna trade it even if it breaks the price alert I have around 10 pips above because momentum doesn't feel right and I already got 50 pips earlier (which could have been much more by the way, but I'm back at setting TP at 50 pips).

So, do you enter right at the break or a couple of pips above/below?
Attached Image (click to enlarge)
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On a journey to consistency.
  • #151
  • Mar 4, 2009 6:16pm Mar 4, 2009 6:16pm
Quoting Tataocb
Hello,

Morning pips are beautiful, aren't they?

I just have a question on your entries. Do you enter right at the break of the last high/low or wait for it to break by a certain amount of pips (I guess momentum probably has a lot to do with it). At least in my case I wait for a break of 10 pips and watch momentum as well.

For example check out this chart where price is right at a previous high. I'm probably not gonna trade it even if it breaks the price alert I have around 10 pips above because momentum doesn't feel right and I already got...
Hey Tataocb,

Yes....absolutely love London hope to move there one day.

Yes, I enter in as soon as it is broken by 1 pip or more. The key in this is letting it retrace from the most previous high by 100 pips or more. I never jump in no matter how strong the momentum is before letting it retrace. Once it retraces and then breaks back above the most recent high it's almost a guaranteed 50 pips provided the price action is medium to fast. If the high or low falls close to a .00 level and that level is broken it is almost guaranteed that it will make it to .50 level. From my experience the best trades are the ones closest to open. After that either the price action tends to weaken a bit or become erratic.

The exception is range break trades. I don't take nearly as many range break trades as I was since I lost that 100 pips in December during the Tokyo session. Range break trades are tricky. Even if you trade 10 pips after the breakout there still is no guarantee that it won't fall back into the range.
Discipline will take you where luck can't.
  • #152
  • Mar 5, 2009 1:22am Mar 5, 2009 1:22am
50+ London trade time 10 min.
Discipline will take you where luck can't.
  • #153
  • Mar 6, 2009 8:50am Mar 6, 2009 8:50am
50+ U.S. trade time 3 min. (my shortest trade time ever)
Discipline will take you where luck can't.
  • #154
  • Mar 6, 2009 10:43am Mar 6, 2009 10:43am
Hi C.

Where was your entry please?

thanks
  • #155
  • Mar 7, 2009 8:16am Mar 7, 2009 8:16am
Quoting FOURX
Hi C.

Where was your entry please?

thanks

Hi Fourx,

long entry 139.50
exit 140.03
Discipline will take you where luck can't.
  • #156
  • Mar 7, 2009 9:03am Mar 7, 2009 9:03am
I have kept a journal on here for 5 months now and feel that I have enough data to work with. My plans are to keep testing the same method of trading but on different time frames to see how well it works. Also to track the average number of pip movement on the breakout of certain patterns. Reaching 400 pips per month is easy. I want to target 600 to 800 pips per month without taking more trades than I do now just hold them longer at the right times like on breakouts. I'm sure that I'll be testing the different patterns and different time frame trades for a while, most likely the rest of the year simply because it takes time for the set up. As my trading continues to grow and evolve I'll come back and share some results with you.

Until then good luck,

Ciara
Discipline will take you where luck can't.
  • #157
  • Mar 8, 2009 12:08pm Mar 8, 2009 12:08pm
Hi Ciara,

been following your posts since the beginning silently, would be so kind to notify us the blog you are moving to please.
Would like to keep in touch and follow.

Justlucky
  • #158
  • Mar 11, 2009 6:55pm Mar 11, 2009 6:55pm
Quoting justlucky
Hi Ciara,

been following your posts since the beginning silently, would be so kind to notify us the blog you are moving to please.
Would like to keep in touch and follow.

Justlucky
Hi Justlucky,

If anything in my posts help you then I'll continue posting on FF. Maybe it's helping someone else to trade better or learn FX as well. I'm using my private blog to record not only profits/losses but also financial records.
Discipline will take you where luck can't.
  • #159
  • Mar 12, 2009 3:36am Mar 12, 2009 3:36am
50+ London trade time 53 min.
short entry 133.15 exit 132.56
Discipline will take you where luck can't.
  • #160
  • Mar 12, 2009 3:44am Mar 12, 2009 3:44am
hi ccolb.

going by your time in ntrade you took the trade before London open?

Thanks
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