GU Intraday System

I had two trades, GU, EU Long and made 43 pips fro both

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Looks like the Asian session is bringing you lots of pips.

While back testing this system I just realized again that you cannot just follow any system blindly.

You still have to use your brain.

Please study the GU behavior by spending time in front of your computer and you will be successful.

Many pips to you all.

OK-don, what are the blue & red horizontal lines on your charts, what part in the system do they play..Thanks Rebel.

I am just using those lines to show the system buy and sell signals. The blue indicates buy the red sell.

Okay guys popped in to see what happened today. Glad to hear that we are all making pips. So I want to do a review of today's possible trades. Now from what I saw it was a difficult trading day for any trend following system. But looking at our system I think we could have got a pass mark, trading the 15m gann system. The system identified all the possible intraday swings. Again as I use to say this system has a lot of potential.

The attached chart with the blue horizontal lines indicate our buy signals and the red lines the sell signals.

Now let me from the benefit of hindsight do a review of what could have happened today, if I had traded.

First of all by 0645gmt could have opened my charts and news feeder to have an overview of what happened overnight, to get a feel of the market whether sentiments are bearish or bullish. Know where the current support and resistance levels in cable where for this trade session. By this time my friends matlobien and kijkij who trade the overnight sessions could have made thier daily pips , while I am just getting into the mood.

Check the calendar and noted that we have impact news on gu this morning. Entered the buy signal by 0715 gmt. Would nearly have my heart jump out at the whipsaw created by the 7.45 gmt candle. Hit my first profit tgt of 20 pips as price hit todays open. Moved stop to BE waiting for the news. Negative news stopped at BE.

Entered the sell signal on account of the negative cable news looking for price to break down, become puzzled and nearly frustated as price action moves up and down. But noticed that price was being rejected at the MS1 level which is acting as resistance.

Then I begin to scan other pairs out of impatience with cable's price action and then the news flash, Greece to take EU aid, and watch as the Euro is all round well bid, scan the euro pairs and then jump into eurjpy(my next best favourite pair) targeting 50 pips. Meanwhile with the other eye on GU price action and feeling more comfortable because with eurgbp racing up there is no way GU is going up. Get my 50 pips then one more look at cable, my eyes tired, I leave my computer, come back an hour later, yes! somehow GU got to my target at S2. Then take a look at Eurjpy later in the day, which had done 253 pips and wonder why I did not exploit the full potential of the trade. Well be glad I got out of that frustating GU trade(cos I like quick price action). This is what my day could have been like.

The narrative I have given also tells you how I trade and the emotional roller coaster I also go through while trading. But I keep myself disciplined by saying to myself you have a good system do not trade by instinct. Thanks for reading my story.

Okay guys one last thing before I shut down. Remeber we trade the 30 min tf with gann 5 and 5 sma but the 15 min with gann 7 and 7 sma settings( you would have more whipsaws if you use the gann 5 setting for the 15min tf).
Secondly wait for the close of the candle before you enter a trade

Ensure the spreads are normal for us that trade with brokers that use variable spreads.

Apply some common sense. Support and Resistance is king in this biz, avoid buying at resistance and selling at support.
When the system gives you a sell signal at resistance levels and buy signal at support levels you know you are flowing with the market and have the highest probability trades.

Finally do not prempt the system wait for it, price is not running anywhere, I say again wait for the system(emphasis is personally for me )

Have a nice weekend and God Bless

Thanks for the explanations my friend.

Just out of curiosity. Do you use the same system for EJ ?

Yes, Asian will work for Asian!

But not forever......

Not exactly, The yen pairs are usually more volatile and have thier own charateristics . I usually trade the yen pairs with a longer term perspective in mind. But to get an idea what I am looking for take the 30min gann system(5 gann) and switch it to the 4 hr chart. You would clearly see how I trade the 4hr swings on Eur Jpy. Glad you asked.

Okay for the benefit of matlobien, i post my ej chart, and you can clearly see what I am looking for catching the swings of the 4 hr chart. I would not discuss it further. Do not want to deviate from the topic of the thread.

Okay guys as we continue in our bid to understand the market and its pyschology I want you to read this invaluable article that helped me from one of the best forex teachers I have come across Effilang. Enjoy
http://www.forexfactory.com/showthread.php?t=67190

Thank you for your response.

Well guys missed the morning bus, cable is already at 1.5495. The order flows are coming from eurgbp, we look for sell signals as price approaches 1.5521 area which is major resistance on the 4 hr or if price pulls back we would look to buy the dips to the sma and gann. Have a nice day.

Another great 20 pips at 5:15 gmt.

I am starting to like this system more and more.

A big thanks to you my friend Ok.

Trade safely.

Yea no problem it has some potential and quite mechanical with a little understanding of market sentiment, order flows and support and resistance levels you would be making consistent profit.

Took another quick 10 pips as it was against major trend.

I am short cable, let see what happens. I have to go out but would let the trade be it would either hit my stop loss or take profit. We have made our decision.

Yip, as you see on the chart the trix will give an arrow first before price closes under gann.

In this case the price did not close under gann and it is against major trend. so I move my si very quickly to be and only take 10 pips.

Just the way I trade.

Safety first.