Trading GBP/JPY off S & R

Hello All,

I will be trying here to log all my trades before it happens, i have 2 intentions behind doing this:

1- This could make me stick to my system
2- Maybe others traders here would like to have a positive input to the system, but i always want to keep it simple.

System:
Daily trades placed on MAINLY the support and resistance levels of the day
I added another indicator which is the High & Low of the 2:00 till 4:59 Bars GMT / AM, by plotting the high and low this could help also to get more out of the market and determine the take profit and false signals of the breakout.

Trades this week:
Monday 12 Oct 2009:
Sell @ 142.96 close 1 lot @ 142.31 (day pivot) second lot try to get near the S1 of the day located @ 141.50 ( second lot closed @ 141.70)
Result
1st lot 60 pips after taking out the spreads
2nd lot 121 pips after taking out spreads
Total: 181 pips (If you go with one lot its 121 pips range with trailing stop)

Could have made another 30-40 pips by buying again from the say S1 @ 141.50 but thought no greed needed.

Tuesday 13 Oct 2008
Had the breakout box (2:00 - 4:59) GMT/AM with a high 141.88 & low of 141.57 ( that is a small range sometimes is risky)
Today S&R figures are as follows:
R1 @ 142.84 S1@ 141.17 Pivot @ 142.19
Since the breakout to the pivot point was too short so i dropped the buy signal had to wait either to reach R1 or S1
S1 was reached first and made a buy @ 141.27 ( sometimes i place a plus 10 -15 pip buffer over and below the S & R lines just not to miss the trade)

Trade of the day was
Buy @ 141.27 2 lots
First lot closed @ Pivot (142.19)
Second lot closed at 142.50 which is very near to R1 of the day @ 142.84
Result:
1st lot 118 pips after taking out the spreads
2nd lot 152 pips after taking out spreads
Total: 270 pips (If you go with one lot its 152 pips range with trailing stop)

Wednesday 14 Oct 2009
Wow just finished my day now
Trades of the day
2 lots buy @ S1 141.77
1st lot closed on the pivot @ 142.49
2nd lot aiming the R1 of the day located @ 143.82 closed it near the R1 @ 143.50
Result:
1st lot 67 pips after taking out the spreads
2nd lot 168 pips after taking out spreads
Total: 235 pips (If you go with one lot its 168 pips range with trailing stop)

Since R1 of the day was too far away from the Pivot point so i got a bit greedy and placed a sell order @143.70 and took out 100 pips out of it

Final day result is 335 pips

S1 @ 141.91
R1 @ 144.04
Pivot @ 142.88

Box Break out High @ 143.77 - Low @ 143.38

Trade Idea:
If box low breaks to the downside I will sell from 143.35 2 lots targeting 142.88 and let second lot run to S1 will close near @ 142.00

If box breaks to the top side will sell ONLY one lot @ R1 144.04 and sell again near R 2 @ 145.01 targeting 142.88 and then 142

Lets see how it runs

Happy trading all

So far My first lot has been triggered @ 144.04 also second lot triggered @ 144.90

Next scenario
My over all open trades will BE @ 144.45 my target is close 2 lots at 143.77

Will update you on this trade later

Well had to close both lots @ 145.60 and went in a reverse trade with 2 lots buy @ 145.60 i usually don't do this but but trend was strong and closed both lots at 146.50 to cover up some of the losses from earlier today.

I have to accept losses same way as i accept wins, its like any game, some times u win some times u loose.

Will keep on doing the same S & R trades and will post them here every day

Hope all of you had a better trading than me :-)

Good luck all

Levels that i look at today :
Pivot @148.31
S1 @ 147.66
R1 @ 149.56

Trade : Took a Buy off the S1 @ 147.76 (2 lots)
TP1 @ Pivot 148.31 (Already reached) second lot on break even now
TP2 targeting R1 @ 149.56

Pips in bag now 50 pips after taking out spreads :-)

Happy trading all