My GBPJPY trade journal

It is your thread. Are you referring to the flag, impeach, or both?

Good job, neighbor!

You the man Greg :>

I'v yet to grow a backbone strong enough to do such contracts, but damn is it nice looking at those numbers..

Some day i say, some day

Cheers and happy trading!!

Hi Greg,

If you don't mind, who do you use as a broker?

thanks,

Walt

read his thread and you'll find he uses FXCM

Keep posting charts. I like them.

Chart and trade summary

Dear Greg,

Thank you for your posts. They show us how it is possible to be profitable on almost a daily basis.
Please continue with the posts, they help us in learning.
Regards,
Pipy.

Thank you for the nice note.

Good trading,

Greg

Chart and summary

Chart and trade summary

Dear Greg,
I would like to ask you why you are not posting currently. I suppose that reason is relatively small distance between the pivot points and you do not trade if you do not see 100pips opportunity?
Thank you for response,

Best regards,
Pipy

p.s. your journal is priceless for me.

Well, Monday is a relatively current posting, this being only Wednesday. I don't trade every session. Missed the initial move down yesterday afternoon. But the bigger risk/reward issue for me was lack of compelling Trending Momentum. I've already had a great week. I'm willing to wait for the right setup to come along. But, hey, if you traded Tuesday and hit the ball for pips, that's what really matters. Right?

Good trading,

Greg

Daily candles are trendless, volatility is thin. No Trending Momentum = no trade.

Chart and trade summary. (Correction: "200 ema" should be at yellow line between S2 and S3).

Chart and trades summary. (Correction: "R1" should read "S1."

What i learnt from your last post is decisive decision making is required in the heat of battle - and that you have to be ready at all times to accept being wrong. Though you say dumb bunny trade, it is interesting that you dont let it run away from you-those two trades were only -23 and -10pips, not too much damage.. you get out quickly and move on....i suppose there are other factors too in the decision.
Even though i know i should be doing what i just said - it is something that ALWAYS results in my downfall - it can be so painfull - i can be good for a week and blow it all in one night(24 hours usually)-it is always never letting go and fighting for the price to come back..It got me again last thursday as i opened a position perhaps anticipating a breakout to the upside right near the resistance last week at 143.50 -that was dumb - always much to learn - - the hard bit is accept being wrong and getting out with a small loss.
For the next 24-36 hours i battled to save my account as it hovered around -100pips- i was trying in vain to close that position in a postion where my equity was not affected -and scalping for 10pips here and there when i could - before eventually there was no hope as friday morning GMT time price started shooting down.(the account is only micro - so it doesnt matter so much other than the pain and the back to the drawing board - and this is exactly the same thing that happened about 3 weeks ago.)
the thing is it is so stupid - but i will battle on.,..
What this brings me too is a question i have been pondering for a while and pondering whether to ask or not - whether relevant?..and i perhaps was wondering whether it has anything to do with the experiments you did earlier in the year or late last year when you began trading with a $1000 account.
Do you think it is easier to trade successfully when the pip value of your contract is higher (providing it is appropriate for your account size with repect of correct MM etc.) The trader gets more satisfaction/pleasure/whatever from a succesful trade and is less likely to overtrade and will be looking for the highest probabilty trades only, and also will cut a loss quicker or react quicker as can really see dollars disappearing. Of course this is what the trader deserves as he has 'made it' to that stage.
I know it probably shouldnt, but if you make 100pips with one micro and that comes to $10, as apposed to say 100pips with a $5million position comes to $50,000. It is easier to walkaway with the $50,000, whereas the guy with 10bucks or maybe 100bucks will be still sniffing around looking for another opportunity and overtrading, trying maybe too desperately - and then the loss is harder to let go cause he has been trying so hard to grow his account and compound his winnings - i suppose it is different for everyone and that is the psychology of it all - the hardest battle of all is within and if it were easy well then we know the answer to that

Hi travpip,

As I see it, the key to a good trade is Trending Momentum. If that is accurately discerned, the size of the stake isn't as important. Also, if a trader doesn't have a strategy, recognize setups when they come along as defined by the strategy, it doesn't much matter what the size of the stake is, they will lose. Although it's great to have a large stake and trade only a small portion of that, I don't feel it's necessary. I started out with $2000 and change a couple years ago, at a time when I happened to catch a week of great Trending Momentum day after day. Of course I had at backlog of experience which enabled me to recognize the opportunity when it came along.

I agree, if a move goes counter to what you thought it would, cut your losses, figure out what the real trend is, get back in when you see momentum verifying it.

As you know, pivot point supports and ceilings are very important to me, where the candles are in relation to that. I'm particularly aware of where price is in relation to the CPP when the new pivots come out each day, i.e., above or below. For example, if price is above the new CPP, the rule is, price will probably continue to move above the CPP for the session. It doesn't have to, of course.

Hello Mr. Greg.

I do not find CPP on the Internet. On the Internet is various S/R indicators, but Yours not :-( Have You please ane link with this indicator?

Thank You very much,
Dan

hi daniel2,

actually greg had mentioned b4 in this thread to someone else.
he got his pivot points and other supp resis lines from the website actionforex . com

CPP is central pivot point which most ppl simply just named as pivot point.
its the same thing.

use the values for daily.