My GBPJPY trade journal

You know things are slow when Greg is stopped out..

Do you think a breach of 1.6250 on GPB/USD will see your trending momentum return? Preliminary GDP figures positive for the first time since July 2008. Confirmed breakout of this level is going to be interesting...

@ Greg - I am still playing with the market on short timeframes. I learned a lot from you and will look occasionally at this thread to see if you're back.
At least you can enjoy your pip-stash for the moment .

@ dvdsurplus - I think the GU may go up but then it shall brake downwards. The markets are at the verge of change in direction. Wouldn't be surprised to see stocks fall and U$ rise.

Chart: Tuesday, Thursday night trades summary

Grab 50 pips and ran. Choppy market.

Chart and trades summary

Chart and trades summary

Chart and summary

Chart and trade summary

20/20 hindsight: I probably should have stayed with initial trade until the new move to the downside finally kicked in (on negative GBP news) vs. jumping in and out. Tripped myself up in the consolidation area. Chart and summary

Note: Forgot about buy entry order I placed at 134.00 in the event of a bounce, but intended to remove. So the 2nd trade was blind luck. Chart and summary

Chart and trade summary

i still get confused sometimes with your approach. S/R, CPP,BB, EMA55,200, Stoch, momentum etc. what really helps you make the move since i see that your entry is so good that you come out trade if you have to, and that is what makes you win 99%.

please, little help for us wondering

BB

See tonight's trades, maybe that will help. P.S. Keep in mind that you don't have to trade every session. If you're a intraday Trending Momentum trader like myself, you have to wait for the setup to come along. In other words, this is a different strategy/approach than scapling or position trading.

Chart and trades summary

with time may be. appreciate it.
will though in Qs when need your xprt advice..

good trade greg.

BB.

Thanks. If you go through my trades over the last couple years, you will see a more or less consistent trade pattern off of support floors or resistance ceilings. Of course it's important to determine the trend, or to wait until a trend develops. I look for 100 pips potential and the aim is to capture the momentum/pips within that. For me, this is highest intraday probability, risk/reward scenario.

Hello Greg
I am just curious to know? i see you are trading gbp/usd more or less these days, but occasionally see some gbp/jpy trades as well.
My question is when you sit down to trade the session, do you monitor both pairs for a setup or is your focus and chart arrangement etc just for the pair you want to trade and you focus just on that one, or do you flick between.
I am aware you might say how will that improve my trading, and the fact i am asking the question probably suggests i know my own answer. I think the answer is my focus should be just on one pair, but i feel i am looking sometimes at gbp/usd these days cause i am interested in that now aswell however this may be a distraction. I am not sure if it is really manageable, and whether it is even worthwhile as they both move kind of in tandem, so therefore i should keep the focus on one or the other and increase my lot size as an alternative to having a position with both.
As you have a great deal more experience and are fantastic trader and someone who i have learnt everyhting from, i am wondering if this something you now do - monitor more than one pair? I hope i am clear enough in my question? Should only take a couple of words to answer most likely!

Hi Travpip;

I think the decision to trade one or several currencies is an individual thing. I know traders who trade several currencies in a given session. They are usually capturing only few pips per trade/currency pair. Because I look for 100 pips "intraday trend" opportunities, which can take many hours to fulfill, I settle on one currency for the session (with rare exceptions), as my charts have shown. In other words, I'm in the trade for the long haul which precludes monitoring several currencies. I prefer either GBPJPY or GBPUSD. One or the other may be trending with momentum in a given session, but not always both. And if they are not trending (i.e., are in consolidation), I try to pass on the session.



Greg

Chart and trades summary