My GBPJPY trade journal

Hi Perry. Google, "TopClock.com"

Greg

Hi Jutah,

A ceiling becomes a floor once price moves/stabilizes above it, i.e., resistance becomes support. CPP was support floor, 150.50 was next ceiling (or barrier) to overcome, as I saw it. The eventual target was R1 (ceiling).

I highly recommend studying price support and resistance areas (i.e., short term, intermediate and longer term floors and ceilings). I have a lot of respect for them. You'll come to understand them better than I can explain it.

Don't agree with stochastic/MACD comments. I look for Trending Momentum first and foremost, and if I find it, it outweighs stochastic/MACD.


Regards,
Greg

Hi Greg,

Thanks a lot for the answers

I have been studying your chart and analysis about 5 months. Still learning eventhough I already apply in my live trade with winning rate about 50% to 55%. Still long way to go.

Please correct me if I'm wrong, my Ceilings and Floors ( learnt from your thread) as listed below:

1. Pivots (CPP, R1,R2,R3, S1, S2, and S3)
2.Previous Day Low, Previous Day High and Previous Day Open
3. 55 ema
4.200 ema
5. Channel Floor , Channel Ceiling
6.Upper Trendline , Lower Trendline
7. Bollinger band
8. Double Top , Double Bottom area
9. Price walking below /above 5/8 ma

These what I looking for trade opportunity, but when you mention about short terms, intermediate and long terrms supports and resistances, I totally no idea how to categorize those Ceilings and Floors under which terms.

Please guide me, where can I get the info?

Thanking you in advance for your help.

Regards,
Jutah

Greg,

I am still not sure how you picked 150.5. I have tried to figure this out myself and am wondering if it is just the nearest "whole number" type of point. Any explanation would be appreciated.

Looking forward to seeing how you approach tonight's chart. I have already been wrong twice and my demo account didn't appreciate it.

Thanks again.

Toad

Sorry guys, my time is limited. Study up on "support and resistance," practice applying what you learn.

Becoming a successful trader doesn't happen overnight, at least didn't for me.

Good trading,
Greg

Long evening....Chart and trades summary

Chart and summary

Greg,

While reviewing your trades I often wonder how you know which way the price will move. On this latest trade of yours it appears that you had at first expected the move to be down since you at first placed a sell and took a small loss before placing the buy. Apparently the consolidation was your clue that a move would take place, although you had first thought it would be down. Your buy was placed immediately after the sell without knowledge of the compelling momentum candle which began the hour after your buy, and the cross of the Stoch lines as circled on your posted picture which would not have yet fully formed on the one hour chart at the time of your buy. At this time I am still trying to piece together how you anticipated that move.

Thanks for sharing.

Toad

On the first trade I made the assumption price was heading down. When the trade went against me of course I had to acknowledge I was wrong. Analysis showed that the overall trend was obviously still up, so I got back in on compelling momentum and the second trade made me a winner for the session.

Every trade is different and you have to act or not act accordingly based on the available information. This is what I attempt to do, within the guidelines of my strategy.

The purpose of circling the stochastic at the 50.00 line is simply to show that either buyers or sellers are in control at that point.

The above said, my advice to anyone looking at my stuff is not to over-heat wondering why I do this or that. My only interest here is show ad nauseum a simple strategy that has work very well for me. Maybe a few traders will get something out of it, put a few ideas I share in their tool box. If so, great.

sorry greg.

but how many accounts do you use to trade?

the last two post aren't make on the same account. In the same day there isn't the total...

right?

Greg,

Thanks for responding. I understand what you are saying now. I was trying to read more into your trade setup than was actually there. I think the bottom line is that it takes a lot of experience to understand and begin to be successful reading these charts and trading. I can look at your trades and they make sense, but when I look at only the data that you had available to you when you entered the trades, I almost always never see what you see, but by following your trades I am learning slowly and understanding more.

Thanks again for your response and for continuing to post your trades.

Toad

Excellent, right on the mark.

More than one account.

Signal ok.
Bye.

Please submit your charts and signals on your own link.

Chart and trade summary

hi greg
i see gj yesterday flied very high and i see that's not pound control but yen control make Gj fly
i was there when Gj fly, long gj near your point, i see your analysis but this is my own , the reason why i long GJ , stop gj long should be at 151.72
just very simple but it worked most of time
if you turn daily tf : resistance 151.60 and turn 1 h , it is bouncing of above the resistance, it tell me that it broke reistance so i will zoom in the chart, use shroter tf and long when it break that range

Now turn UJ what i see is uj bouncing around the weekly pivot point, and it is close above it , tell me that uj will long
so totally i am trading with yen not pound or dollar
that's just my opinion
OD

Well Done Greg on making this thread/journal go the distance. A year ago today it starterd though i know your journey started way before that.
By far this thread is the best source of information and inspiration on how it is possible to 'make it' in the forex world - through constant learning and perserverance.
I have gained the most from this thread and dare i say if i hadnt stumbled upon it i would of probably given up by now. That said i enjoy forex trading- the challenge - to get to were you are - sometimes it feels like it right at the tips of my fingers other times miles away. However by constant learning and refining as your thread illustrates i reckon i can get there..---however, there will always be a bit of doubt until the moment i can say hey i am there.
Thats why this thread is so good as it constantly reinforces that it can be done and your style and analysis is very invaluable to track your trades and see how you succesfully go about it - without all the crap that goes on in other threads and forums.
Anyway well done and hope it continues on for sometime yet
cheers
travpip

As travpip said - thank you Greg for doing this journal. I've been following your way for three weeks now. Even though this is short timeframe, if I stick to your rules, I have 80% wins. Not always sticking to the rules . I guess it will take considerable time to master the system. Anyway, looking forward to your today's trades. Have made 104 pips off pivot to R1.
cheers, perez

Thanks for the feedback guys, it's great when traders genuinely find the strategy helpful.

* * *

[Note: Even with all the ducks lined up properly, trading can still be tricky. It's been a bit tricky for me this session. Lost too many pips out of the gate, doubled up on the number of lots on another trade and made some pips.]

Two thoughts on trading approach:

(1) The most important ingredient for me (I'm not saying I nail it every time) is going with Trending Momentum. In other words, it's not enough to just spot a trend and get in. I also need to see momentum before/when I enter a trade, i.e., evidence of lot's of traders on board and driving price toward the target.

My trading wasn't clean tonight:

(2) I like one clean trade from entry to target a session, at least that's my goal. This means I have to pick my entry very carefully within the guidelines of the strategy:

Trending Momentum = highest probability, risk/reward trade:
100+ pips opportunity, ideally between pivots points (support floors and resistance ceilings). Objective: To capture the easy money within the move.