Anybody that knows me from elsewhere knows I've been consistently bullish for GBPUSD and EURUSD since the start of this year. I'm generally a position trader and I do ok. Respectively they've gone up 800+ pips and 700+ pips this year. With a view like that and enough margin I trade a long term position occasionally. I generally hold most of it for months. I don't post those because most here are day traders. I find that more difficult but nevertheless rewarding. There's little point in posting here what I've got open from January and February because it won't help the majority who want to bank pips weekly.
Right now I haven't got a lot going on elsewhere and, IMO, now was a good time to nick a few extra pips and post what may be useful and profitable here. All trades will be for 5 lots initially and pips will be banked by scaling 1 lot at a time out of each trade to lock in the profit making each 5 long in to a guaranteed winner as soon as possible. 1 lot out of each 5 will then hit TP or SL but the overall trade will be profitable regardless. Also I will be going short with tight stops at times that I consider there is an opportunity for a temporary reversal of my long term bullish view. Most of the time, though, I will hopefully have substantial long profitable positions open and the shorts should last for no longer than a few days. The last long of each 5 lots may last for many weeks, I hope. I trust. I believe. My views are very often contradictory to popular opinion which may be seen in my other journal here. The "method" there can work well in a ranging market.
My opinion on China's impact on the dollar also remains contradictory to the common consesus here. And this week I contributed to the Cable Update (GBPUSD) thread quite heavily. In that thread a rather interesting challenge was offered to another "trader" and a thread was started for that here. He declined the offer. Shame really. It hit over a 1000 page views in less than a day so there would have been a lot of interest.
For the purpose of this journal it will run until September 2007 or until cable hits 2.0510, whichever is sooner.
I have an outstanding trade for last week here which I'll now comment on within this journal with only the odd post there. The stop was very tight - only 50 pips - with TP in the distance at 2.0510. I've locked in a guaranteed 45 pips regardless if it hits the SL now. I would not be surprised if we see 2.0510 at the end of July or mid September 2007.
I also have an outstanding buy limit here.
There we go I've nailed my colours to the mast. And I start posting here on Monday 23rd April 2007. Have a great weekend everyone.
Right now I haven't got a lot going on elsewhere and, IMO, now was a good time to nick a few extra pips and post what may be useful and profitable here. All trades will be for 5 lots initially and pips will be banked by scaling 1 lot at a time out of each trade to lock in the profit making each 5 long in to a guaranteed winner as soon as possible. 1 lot out of each 5 will then hit TP or SL but the overall trade will be profitable regardless. Also I will be going short with tight stops at times that I consider there is an opportunity for a temporary reversal of my long term bullish view. Most of the time, though, I will hopefully have substantial long profitable positions open and the shorts should last for no longer than a few days. The last long of each 5 lots may last for many weeks, I hope. I trust. I believe. My views are very often contradictory to popular opinion which may be seen in my other journal here. The "method" there can work well in a ranging market.
My opinion on China's impact on the dollar also remains contradictory to the common consesus here. And this week I contributed to the Cable Update (GBPUSD) thread quite heavily. In that thread a rather interesting challenge was offered to another "trader" and a thread was started for that here. He declined the offer. Shame really. It hit over a 1000 page views in less than a day so there would have been a lot of interest.
For the purpose of this journal it will run until September 2007 or until cable hits 2.0510, whichever is sooner.
I have an outstanding trade for last week here which I'll now comment on within this journal with only the odd post there. The stop was very tight - only 50 pips - with TP in the distance at 2.0510. I've locked in a guaranteed 45 pips regardless if it hits the SL now. I would not be surprised if we see 2.0510 at the end of July or mid September 2007.
I also have an outstanding buy limit here.
There we go I've nailed my colours to the mast. And I start posting here on Monday 23rd April 2007. Have a great weekend everyone.
Do not focus on making money; focus on protecting what you have.
