My GBPJPY trade journal

what do you mean by strong trending momentum? Is it something to do with the stoch, ie. crossover, pass 50%, steep gradient?

Any trend with consecutive bull or bear candles is indicative of compelling momentum. Strong momentum can also be noticed by the contrast with previous phase. Perhaps the previous phase was flat, trendless or in consolidation, and now you see the players pushing market direction with momentum. Perhaps the last many candles had short bodies, and suddenly you see a much fuller body candle (by contrast) indicating strong momentum, especially at times of the session where the majority of players are expected to be trading, e.g., London Open. Etc., etc.

Wow, you really move some money through the market. How do you determine your lot size? I've looked back a few pages and I see it vary from 3M to 10M.

Lot size is based on my gut feeling at the time of trade entry, e.g., is it a high probability trade (more lots), higher risk trade (less lots), etc. I just use my gut, I don't have any advice to offer regarding lot size.

Chart and trade summary

How about when you started out with $2000 - do you recall the lot size or the ratio to account size on your way up.

Regards

Travis

Sure I recall all that, Travpip (how could I forget?), but how would that information help you on your next trade?

Chart and trades summary

hey greg in your second last chart, i was watching the consolidation happen, and as the new pivot points came out, last night, the first red candle started dropping under CPP. I didnt place an order because the MACD was flat. was that a bad judgement call? even after that long candle pass Middle of S1, the second candle started below , would that have been wise to enter in no mans land.

Also once it momentum fell to S1, stalled then fell to Middle S2, and bounce back up, did you consider entering in on the trend up?

thank you.

I didn't consider entering a trade on the move back up, went to bed. I don't have to slog it out 24/7 anymore, certainly don't wish to. I'm satisfied just to trade a few hours per session. If it extends beyond that consistently (as it did in the past), medics have to lock me up in the rubber room, hose me down while I huddle in a corner blathering incoherently.

As to the flat MACD mentioned, none of the indicators are stand alone indicators. One has to look at everything, including the various time charts you are tracking, to see what's what, and the more indicators moving favorably in your direction the better.

Interestingly, there are many times when I'm looking at a particular indicator or indicators, when something will attract my attention in my peripheral vision, maybe a movement up in the candlestick area or something else, maybe something on the 4 hr chart off to the right, the daily chart, or 15 minute chart to the left. It may well override everything else in a given situation, MACD, etc., etc. Of course I expect the MACD to "catch up" and confirm my other indicators, analysis and trade decision at some point.

I'm afraid much of this is going to have be the result of a lot of practice, practice, practice. It never ends. But with practice you begin to make the right judgment calls, i.e., somehow "you just know" when a trade setup is ready to take off. Sorry to sidestep your question "was it the right call?", but I believe I must.

Cheers,
Greg

understood, but look back, do you think there was enough data there to enter that move up?

I've been following GBPJPY over the last few days, in the hour time frame. I've been applying what i already know with everything I've learned from all your charts and applied it to my practice account. End of the day I'm seeing the same things your seeing, except I'm a bit late entering and pulling out sooner. I'm still pretty new at this and i know i got a long long way to go, but to see your charts are similar to my result, have been a great confident booster.

thanks.

hai greg. looking at the way you trade, you can be consider the best. and i really hope to learn that from you. by the way, could u let me know how do u define the stoploss for you trade? thanks.

calvk81 - As previously stated within this thread, Greg does not set stop losses when initiating a trade but sets them once his trades have earned a certain amount of pips (20-30) to breakeven...correct me if I am wrong Greg.

Hope this helps.

bank.it is correct. If you're relatively new to currency trading or haven't been winning pips consistently, using a stop loss as insurance against having your stake wiped out is undoubtedly very important. There's lots of advice on the internet about where to put your top loss. My preference is have a wider vs. too tight a stop loss. Tight stop losses get hit frequently on pullbacks.

Cheers,
Greg

Hi Greg, this is also the only pair I trade now and focus is purely on support, resistance, fundamentals, psychological levels & trade times.

Do you think pound/yen will ever calm down in the future and become stable? Studying the history of this pair shows that sometimes it can go completely sideways in a tight range for weeks... Not exactly easy pips when there is no action.

is a great way to go in response for watching futures, I thought Thurs night, 20 Aug was going to be boring until it went from -15 to +15 to 45 on djia futures on the tv news feed within a short time frame around 5-6 am EST. saw it go up about 250 points for the day

Does anyone else in here see the Bull emerging in this pair? Did some in depth analysis this weekend and found some interesting facts about this pair. If you would like me to post them please let me know.

Jim

Greg. Please check your PM. Thank you.

Greg,

It looks like youare using Metatrader. Would you mind attaching your chart template? Thx

Chart and trades summary