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My GBPJPY trade journal

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 !!!
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
Chart and trades summary
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Chart and trade summary
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I'm sitting in the front seat with a notebook in hand. Great training!!!!
Great trading and great thread!
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.
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

Chart and trades summary
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Hi

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

Great thread !

NIL
...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
Chart and trades summary
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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
Thanks for the post.

Cheers,
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!!!
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
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.
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 ?
Is there any thread in the 'Trading Systems' available explaining on this 100pips opportunity setup? Thank you.
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