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My GBPJPY trade journal

  • #1,061
  • Oct 4, 2010 8:10am Oct 4, 2010 8:10am
Quoting gregwilson
csheat,

[b][i][color=#0000ff]If you've read through my thread, any number of times I write that I usually don't place a stop loss initially....
Greg, thanks for your kind advice on that. really appreciate it
Trading Forever !!!
  • #1,062
  • Oct 4, 2010 9:39am Oct 4, 2010 9:39am
Paul,

Yes, I look for a spread of 100 pips between pivots, but it doesn't always happen. When the distance between pivots is tight it can be an indication of a trendless market, although not always, in which case I set my sights on the next pivot up for 100 pips target (R2, S2). None of the guidelines are absolutes, but a general rule I'm aware of when doing my analysis.

If price/candles are above CPP when new pivots come out, I consider that and indication of possible/probable upward direction for the session vs. downward, especially if the trend is already up, or if candles are tracking sideways above the CPP. Vice versa if candles are below the CPP.

Again, I always look for a target of 100 pips, won't enter a trade unless I find likely 100 pips target other traders are looking at. The ideal target is the next pivot point, but it could also be a previous day high, channel top, or any number of things. Point is, I'm looking for 100 pips target, then try to capture the "easy money" between entry and target.

I don't have to capture the whole sack of gold. I'm ready to close my position at any time, e.g., when momentum slows for (no reason) at a area before the target (could be a barrier of some kind, e.g., moving average, double zero), or if stochastics are critically oversold/overbought, etc., etc. The goal is always go with the Trending Momentum, then get out, walk away until next session.

Regards.
Greg
  • #1,063
  • Oct 4, 2010 9:44am Oct 4, 2010 9:44am
Chart and trades summary
Attached Image(s) (click to enlarge)
Click to Enlarge Name: SUNDAY CHART.png Size: 45 KB
Click to Enlarge Name: SUNDAY SUMMARY.png Size: 14 KB
  • #1,064
  • Oct 5, 2010 1:18am Oct 5, 2010 1:18am
Chart and trade summary
Attached Image(s) (click to enlarge)
Click to Enlarge Name: MONDAY CHART.png Size: 68 KB
Click to Enlarge Name: MONDAY SUMMARY.png Size: 7 KB
  • #1,065
  • Nov 4, 2010 10:16pm Nov 4, 2010 10:16pm
Chart and trade summary
Attached Image(s) (click to enlarge)
Click to Enlarge Name: WEDNESDAY CHART.png Size: 102 KB
Click to Enlarge Name: WEDNESDAY SUMMARY.png Size: 4 KB
Click to Enlarge Name: WEDNESDAY SUMMARY2.png Size: 5 KB
  • #1,066
  • Nov 6, 2010 10:14pm Nov 6, 2010 10:14pm
I'm sitting in the front seat with a notebook in hand. Great training!!!!
  • #1,067
  • Nov 8, 2010 6:41pm Nov 8, 2010 6:41pm
Great trading and great thread!
  • #1,068
  • Nov 13, 2010 9:34am Nov 13, 2010 9:34am
Hello,

I must say that so far I haven't seen a better trader than you on this forum. Your precision is amazing as is your analysis.
I hope one day I can develop such precise entries as you!
I trade demo for 5 years and live for about 2 years, using Daily charts. My overall analysis of Daily/Weekly has improved a lot, but I still have bad timing, obviously big SLs, missed opportunities, etc.
Just want to say: you serve me a great inspiration!

Thank you for this thread, and I wish you the best in all matters.
  • #1,069
  • Nov 19, 2010 12:48am Nov 19, 2010 12:48am
To king pippin: Everything you say regarding pivot points is on the money. One of the great things about pivot points is that they look the same on all time frames. I use the new daily pivot points each day and that's it; no weekly, monthly pivots.

Re: The other recent posts. Thank you all for your kind remarks. I hope my thread helps and that you find something to add to your tool box.

Sorry I'm not posting as much as I used to, I'm not trading as much as I used to either. The market has changed. It's not like the go-go days of two years ago. Momentum is slower and there are not as many intra-day100 pips opportunities.

For me, greed is something I have to guard against, especially in this slower market. The greed monster says: "You have to trade every day or you'll miss out." It is so easy to squeeze the trigger and enter a trade out of impatience.

One of the hard lessons I've had to learn is when not to trade.

Cheers,
Greg

  • #1,070
  • Nov 19, 2010 12:51am Nov 19, 2010 12:51am
Chart and trades summary
Attached Image(s) (click to enlarge)
Click to Enlarge Name: WEDNESDAY CHART.png Size: 94 KB
Click to Enlarge Name: WEDNESDAY SUMMARY.png Size: 10 KB
  • #1,071
  • Nov 24, 2010 12:54am Nov 24, 2010 12:54am
Hi

I trade between 6am-7am UK .............. 25 pip TP & 100 pip SL.

Great thread !

NIL
  • #1,072
  • Dec 22, 2010 6:38pm Dec 22, 2010 6:38pm
...deepblue44, cscheat, king pippin, and all the other traders who have looked at this thread.

Cheers to you. Wishing you a wonderful new year!

Greg
  • #1,073
  • Dec 22, 2010 8:21pm Dec 22, 2010 8:21pm
Chart and trades summary
Attached Image(s) (click to enlarge)
Click to Enlarge Name: TUES CHART.png Size: 118 KB
Click to Enlarge Name: TUES SUMMARY.png Size: 7 KB
  • #1,074
  • Dec 23, 2010 4:11am Dec 23, 2010 4:11am
Quoting gregwilson
...deepblue44, cscheat, king pippin, and all the other traders who have looked at this thread.

Cheers to you. Wishing you a wonderful new year!

Greg
seasons greetings to you Greg and everyone else following your thread. Thanks again for your input, it is much appreciated and highly valued. it has certainly made a difference to my trading and profitability.

z
  • #1,075
  • Dec 24, 2010 8:05am Dec 24, 2010 8:05am
Thanks for the post.

Cheers,
  • #1,076
  • Dec 31, 2010 3:05am Dec 31, 2010 3:05am
Thank you Greg.

Thanks to your inspiration I started trading intraday. Oh, boy, it's a different world! Sure I over-traded, because within a month I have over 100 trades on 2 pairs (EURUSD and GJ). But I must be doing not that bad since instead of expected drawdown, I'm just slightly above break-even, although I've made many stupid trades.
Well, that was my "baptism" into day-trading. Before I only traded position on D1 with 60 trades per year, top!
I'm getting used to it and must say I'm quite happy to take this step.

Best Wishes of Continuous Success, Health, and Happiness in 2011!!!
  • #1,077
  • Dec 31, 2010 7:14pm Dec 31, 2010 7:14pm
Quoting gregwilson
...deepblue44, cscheat, king pippin, and all the other traders who have looked at this thread.

Cheers to you. Wishing you a wonderful new year!

Greg
Greg,
Thank you and I wish you a wonderful and a nother very successful year ahead aswell.

King Pippin
  • #1,078
  • Jan 5, 2011 6:23am Jan 5, 2011 6:23am
Quoting gregwilson
Chart and trades summary
Sorry,i'm a newbie here. I wanna ask about what moving averages do you use in your chart? Thank you.
  • #1,079
  • Jan 6, 2011 4:58am Jan 6, 2011 4:58am
Quoting superveloce
Sorry,i'm a newbie here. I wanna ask about what moving averages do you use in your chart? Thank you.
Hi Greg,

Please help me confirm the followings setup you used in your chart.

5 ema - close (white )
8 sma - open (red)
21 ema - close (magenta)
55 ema - close (green)- or high ?
200 ema - close (yellow) - or low ?

Bollinger band - turquoise green ?
  • #1,080
  • Jan 7, 2011 8:00am Jan 7, 2011 8:00am
Is there any thread in the 'Trading Systems' available explaining on this 100pips opportunity setup? Thank you.
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