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My GBPJPY trade journal

  • #1,041
  • Sep 13, 2010 12:31am Sep 13, 2010 12:31am
i like your style Greg,
just getting the job done without any fuss............it seems
and "consistently", the magic word
  • #1,042
  • Sep 13, 2010 2:28am Sep 13, 2010 2:28am
Quoting gregwilson
As I've written many times, I usually place a stop loss at breakeven after the trade has moved in my favor 30 pips or so. If the move reverses and stops me out at breakeven, I often stop trading for the session. I'll jump right back in if trend momentum looks like it's going to take off for real after all.

[b][i][color=#0000ff]P.S. Remember, I don't trade every day like I used to: The market has changed and there are less 100+ pips opportunities in a given trading week. I bide my time watching, waiting to catch...

Hi Greg:

I understand about your strategy for stop losses when a trade goes in your direction 30 pips, however, how about in cases when the trade immediately goes against you? At what point would you close out the trade? Thanks.
  • #1,043
  • Sep 13, 2010 10:59am Sep 13, 2010 10:59am
Flinty,

It seems to me that the answer is built into the question: If the trade is going against you, you've made an incorrect analysis regarding trend direction. It happens. As the old saying goes, "Cut your losses short, let your profits run."

Greg
  • #1,044
  • Sep 13, 2010 10:12pm Sep 13, 2010 10:12pm
Chart and trade summary
Attached Image(s) (click to enlarge)
Click to Enlarge Name: MONDAY CHART.png Size: 88 KB
Click to Enlarge Name: MONDAY SUMMARY.png Size: 4 KB
  • #1,045
  • Sep 14, 2010 10:52pm Sep 14, 2010 10:52pm
Quoting gregwilson
Chart and trade summary
Hi Greg, What a night WOOOOWW. Japan's first intervention since 2004. I was so nervous.
Anyway I have been reading your Posts for a while now. I am fallowing the same system you use. I Learned from you. Its been great to fallow your Posts. I just wanted to take my time and thank you . Thanks a lot for you to share this with everybody. Don't ever forget , What ever you are doing is making a big difference in people's life in a good way you know it or not. .It did helped me a lot. Good luck to you with your trading , and God bless you and your family.
  • #1,046
  • Sep 15, 2010 10:38am Sep 15, 2010 10:38am
Hi Armaniech,

Thanks for the nice feedback, much appreciated. I was away from home and missed most of the action last session. Seeing the huge bull candle on the 4 hr chart, I knew something big was up. I caught continuing compelling momentum above R2, placed a trade, and closed out with 36 pips prior to R3 (a pivot where price usually reverses), and retired. Obviously I got out much too early. It was a monster move all right, the likes of which we haven't seen in a long, long time. Undoubtedly the rocket fuel was the Japanese intervenion. But if you only trade the charts technically as I do (I'm not a big news follower), looking at the daily and weekly charts I've submitted, you would notice that the candles/price have been holding (building) a support for about a month (weekly chart), and stochastic on weekly chart is oversold. So concluding price might return to the upside at any time would have been good strategy thinking. I'm sure some savy traders were already onboard to the upside before the yesterday's explosion (placed buy orders just below support).

Cheers,
Greg
  • #1,047
  • Sep 17, 2010 6:07am Sep 17, 2010 6:07am
Chart and trade summary
Attached Image(s) (click to enlarge)
Click to Enlarge Name: THURSDAY CHART.png Size: 118 KB
Click to Enlarge Name: THURSDAY SUMMARY.png Size: 7 KB
  • #1,048
  • Sep 23, 2010 11:58pm Sep 23, 2010 11:58pm
Chart and trade summary
Attached Image(s) (click to enlarge)
Click to Enlarge Name: THURSDAY CHART.png Size: 82 KB
Click to Enlarge Name: THURSDAY SUMMARY.png Size: 7 KB
  • #1,049
  • Sep 30, 2010 10:27am Sep 30, 2010 10:27am
Chart and trade summary
Attached Image(s) (click to enlarge)
Click to Enlarge Name: WEDNESDAY CHART.png Size: 122 KB
Click to Enlarge Name: WEDNESDAY SUMMARY.png Size: 7 KB
  • #1,050
  • Oct 1, 2010 2:50am Oct 1, 2010 2:50am
Is this a live acct?
  • #1,051
  • Oct 1, 2010 5:47am Oct 1, 2010 5:47am
See prev. ans.
  • #1,052
  • Oct 1, 2010 5:49am Oct 1, 2010 5:49am
Chart and trade summary
Attached Image(s) (click to enlarge)
Click to Enlarge Name: THURSDAY CHART.png Size: 78 KB
Click to Enlarge Name: THURSDAY SUMMARY.png Size: 7 KB
  • #1,053
  • Oct 1, 2010 11:51am Oct 1, 2010 11:51am
Quoting deepblue44
Is this a live acct?
Since you have just skipped to the last page I will do your home work for you.

Question asked previously http://www.forexfactory.com/showpost...4&postcount=83

Question answered previously http://www.forexfactory.com/showpost...4&postcount=85
  • #1,054
  • Oct 1, 2010 12:41pm Oct 1, 2010 12:41pm
Quoting Razor_trader
Since you have just skipped to the last page I will do your home work for you.

Question asked previously http://www.forexfactory.com/showpost...4&postcount=83

Question answered previously http://www.forexfactory.com/showpost...4&postcount=85
Hello Razor, thanks for the answer.

I've jumped back and forth and have honestly read about 40 pages of this thread so far but must have missed that, been concentrating on greg's attachments/post etc.

Just getting into forex and starting to get a feel for it, looking for a solid base to start with and its tough separating the wheat from the chaff with the millions of posts on this site, I've devoured at least 5000 pages and numerous threads in the past 2-3 wks.....its so tough to distinguish btw fluff, scammers, haters, and the real deal.

Anyhow, my quest continues, thank you for your time.
  • #1,055
  • Oct 2, 2010 12:46am Oct 2, 2010 12:46am
deepblue44,

We've all been where you are in spades. Based on my experience, it will take awhile to get a handle on this game (seven years in my case), but with endless zeal you'll get there.

My strategy is based on the old tried and true indicators. For starters I'd dig in and learn why moving averages, stochastics, bollinger bands, candlesticks, MACD, pivot points, etc., work, and when. (Hint: Almost all indicators work in trends). It's all there on the internet, much of it for free. There are excellent books on this stuff too.

When you've arrived at some understanding of the indicators, find a dealer and start demo trading. After awhile it will begin to make sense. Eventually "you'll get it."

You will learn when to trade and when not to trade; what time of the day/night to trade or not to trade. You'll factor in news events (Forex Factory has the best news calendar I've seen). You will begin to develop your own trading style. You will start to notice setups and patterns (they repeat over and over). You'll discover whether you are a scalper, day trader or position trader. You'll learn your tolerance for risk, including such considerations as where and when to place a stop loss (or not to place one). You'll look for entries and targets, and understand why a high-probability entry or target is likely being looked at by many, many other traders as well. All of the above and more.

...Of course there are a lot of scammers out there. Sooner or later you will need to learn how to trade for yourself and not rely on anybody. In the meantime, there are a few knowledgable traders who offer their hard earned experience without charge. It may save you a few years of grief sorting through the wheat and chaff to study their methods.

A couple books worth reading: (1) Warrior Trading--inside the mind of an elite currency trader, by Clifford Bennett (2) Currency Trading for Dummies.

Regards,
Greg
  • #1,056
  • Oct 2, 2010 12:57am Oct 2, 2010 12:57am
Hi greg,

i trade GBP/JPY too, do you place stop loss?

is 50pips Stop Loss too tight?
Trading Forever !!!
  • #1,057
  • Oct 2, 2010 2:45pm Oct 2, 2010 2:45pm
Quoting gregwilson
deepblue44,

We've all been where you are in spades. Based on my experience, it will take awhile to get a handle on this game (seven years in my case), but with endless zeal you'll get there.

[b][i][color=#0000ff]My strategy is based on the old tried and true indicators. For starters I'd dig in and learn why moving averages, stochastics, bollinger bands, candlesticks, MACD, pivot points, etc., work, and when. (Hint: Almost all indicators work in trends). It's all there...
Thank you Greg, very informative, I will definitely look into those books.

Quick question...my candles look nothing like yours on your last trade submission. On my H4 there are just a couple of mid sized full body candles where on yours it shows 3-4 nice little "reversal pattern candles" that you have marked. Any suggestions?
  • #1,058
  • Oct 3, 2010 3:19pm Oct 3, 2010 3:19pm
deepblue44,

Candlesticks will appear differently depending on the chart service you use. I use two (occasionally), FXDD MT4 and FXCM MT4, and there are price differences between them. If you use the FXDD MT4 chart service, candles will look the same as mine.

I've read your long private message. Please note that I trade for a living, and that there are many other things going on in my life. I can't/won't respond to every sidebar question. My narrowly defined purpose is to show the strategic thinking or chart analysis on a given winning trade. If you find something that you can add to your toolbox, good enough. Take it or leave it otherwise.

As I wrote in the last post, it would be in your best interest to get an understanding of the indicators and technical analyisis. Read "Currency Trading for Dummies." I still do. It will answer a lot of your questions/concerns. And by all means read, "Warrior Trading."

Don't worry about my win/loss, etc. Your win/loss average is going to be different than mine. Stay on point, learn what your need to know to become successful. Toward that end that I submit my charts, analysis and trade summaries.

Greg
  • #1,059
  • Oct 3, 2010 4:57pm Oct 3, 2010 4:57pm
csheat,

If you've read through my thread, any number of times I write that I usually don't place a stop loss initially. I'll wait until the trade has moved 30 or so pips in my favor. If I get stopped out at breakeven on a pullback, I quit for the session (exceptions). Not placing a stop loss runs counter to all the "experts" advice, so I'm not advising one way or another. A no-stop-loss strategy assumes you are as sure as can be about your entry point, and I would add, the potential target, i.e., the area other traders [=trending momentum] have in their cross-hairs.

Greg
  • #1,060
  • Oct 4, 2010 12:46am Oct 4, 2010 12:46am
Good evening Greg,
Just got a few quick questions in regards to Pivot Point
firstly so the PPs you have on the hourly chart are daily PPs correct,
Second you need aleast 100 pips distance in beetween CPP and R1/R2 best you think about trading!
and you also like to see a nice break thought pivot points before you take a trade.
Thanks aswell for a great journal.

Sincerely
Paul
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