My GBPJPY trade journal

Gday Greg

That 68 pip mistake is the biggest i have seen you make ( not that i have seen you make many ) but i would like to ask a couple of things just to get your insight.

1. why did you hold on so long to your loser

and

2. what made you decide to get out where you did

as i understand it you dont initially set a stop and you also move to b/e once you are about 30 pips ahead. i hope i have got those details right.

anyway as i said i'm sure we can all learn from a loser just as much as one of your winners.

kind regards

z

Hi Zorroz,

Good question, which I can't answer satisfactorily. The first trade (sell) last session was a heady loss all right. I wasn't in front of the computer when price went against me 68 pips. So it goes. Eventually price did go my way (heading down) and I didn't get hurt. But, yeah, I could have made a killing instead of settling for peanuts. So it goes. I hit the nail on the head much of time and don't sweat losses unduly. Don't mind posting my "warts." It was an off night. Stuff happens.

Greg

Chart and trades summary

thanks Greg, no worries. so did you get taken out by a stop you had placed or did you get an alert or come back to your computer and close....just trying to get an indication of whether it was a situation where you saw the loss for the first time and just closed it or whether there was something else in place to make you close the loss at 68 pips.

anyway looks like you are back on the ball tonight ( i'm in oz so it's night here ) and i grabbed a nice piece with you. gotta love trending momentum.

take it easy

z

Trade was -68 pips when I got back to the computer, S/L 100 pips.

Chart and trades summary

thanks greg,

I've been mostly just "nit pickin" lately: pips here and there, not trading every session, some small losses, stopped out at breakeven, etc., etc. Saw a potential setup in the late Asian session. Decided to pull an all-nighter at the computer, if need be, which I haven't done for awhile. Stopped out at breakeven twice, and then price finally took off with compelling momentum, from the CPP to support just below S1. Charts and trades summary

Greg,

Good to see you posting.

PS! -

Its not healthy pulling those all nighters, especially for a lousy 40+k.. (Heh heh)

All kidding aside,

It looks like we have a case of DEJA VU?? Repeat of yesterday.

Have a great night.. morning...

time for bed.

Chart and trade summary

Chart and trades summary

Today I saw the GBP/JPY move from 145 to just under 143 from the time I woke up until tonight. By the way, I am only 1 hour behind Japan. Also, over the last couple of weeks it has moved over 1000 pips up. I hope you got that with your account size... You could have made a million dollars. I finally started trading live with a small account.. In case I get wiped out.. I am trying to train myself more mentally. Luckily, I don't get charged a swap fee on my account, which is lucky since my account is so small.

Happy Trading Greg.

Greg,

Thanks for sharing your outstanding journal with us. I'm 5 to 10 years from retiring and therefore don't have the time to trade intra-day. Would your method be applicable to weekly and daily days? If not, is there a method you might recommend to me?

Thanks,
John

Hi John

I might jump in early and give you my opinion if i may.

I've been a long time follower of Greg's and alot of my trades are very similar to his. For a long time i had 2 areas i needed to improve, 1. is actually pulling the trigger and taking the trade each and every time i see it and 2. Letting my profits run. I've recently been able to turn those 2 areas around and am so confident now it is literally thrilling. To see my trades match up with Greg's over and over has really given me that confidence to act on those areas i previously had trouble with so his thread has been invaluable.

Personally i can't see why you couldn't apply his "theories" to a longer term chart. His strategy centres around capturing trending momentum. SO... you're in luck because bigger timeframes have trending momentum as well...it may mean you have to sit around a little longer and be more patient once you are in a trade but the market moves the same on larger timeframes as they do on smaller ones. Your stop will be larger of course but there again so will your wins...it's all relative.

If there is one thing i would stress, it's that if you like Greg's approach then forget everything else for the time being and work your butt off going over and over his charts and drilling into what it is Greg mentions about capturing trending momentum. You can get baffled by BS on forums like these by following too many threads or strategies. There were a few i found that complimented this one to a certain degree when it comes to trending markets etc and i subscribed to them for awhile but it has got to a point where i have deleted them all and only follow Greg's.

Greg's method isn't really about his indicators, it's about recognising price action, when it has stalled, when it is picking up momentum again, getting on and riding it for the easiest part of the move, taking profits, sitting back being patient and waiting for it to set up again. From what Greg has said, his indicators are there to help recognise when price is setting up and to add confirmation to the price action.

Anyway i hope this helps somewhat, i'd recommend trying to stay the course, go back over the thread over and over and really try and read into his charts and see the similarities in them all. As you can tell i am a big fan of what Greg has done with this thread because to me it stems from a logical, commonsense approach.

All the best

Z

Hello all:

I enjoy this thread and I believe my learning has benefited from Greg's posts immensely.

I would like to hear from those who have had success using this method regarding trade entries...when I traded this method i had difficulty with the entries in terms of taking poor quality entries which ate away at profits.

Also curious as to whether traders are successful using this method exclusively or if others find success with it marrying it with other methods such as price action or triggers for entry? Thanks in advance.

Zorroz,

Thanks for your reply. Maybe someday I will be able to trade intra-day and at that time focus on this thread to learn and trade profitably.

John

No problem John

However you dont have to wait to trade intraday with this method, it will work on longer timeframes as well

All the best

Z

Zorroz,

Thanks so much for your reply. I was wondering if you know anyone following this thread who uses this method on the daily charts. I might be able to start a communication with them to help us both.

Regards,

John

Hi John,

I'm not a full time trader or anything but i trade off H4 and daily, sometimes H1.. what about you?

Hi Bwana,

I work during the day, but my long term (5 yrs) goal is to develop my trading discipline and skill on daily and weekly charts such that I can retire from my day job and let trading supplement my retirement income. My desire is to pay off my children's college loans and spend quality time with my grandchildren.

I'm very impressed with the success Greg has demonstrated in his journal over the last couple of years. I'm curious if anyone is using the same approach trading the daily charts. Zorroz indicated that the method should work on all time frames.

I'm very determined to be successfully at this, but I struggle to settle down to one method that I KNOW IS PROVEN and master it to the point of consistent profitability.

Regards,

John