Late night trading

Like Winston Churchill emphasized to his people the need to never give up, traders echo a similar resilient attitude. I deserve mockery and scorn but humility never harms anyone, actually rather beneficial.

So, here I will link up an account that has $400 in a fresh demo account to be traded nightly using the GBPJPY pair, specifically the 1 hour TF based off the 4 hour TF indicator CCI (set at 3 for short term trend purposes). Best time to trade is at the London open.

I'm gonna skip the chart posting this time. If anyone does read this thread they can look at the specific trade and put it on their chart and see what I was looking at.

Hope you guys enjoy this one.

Okay, it's all set up I just have to make a trade before the Trade Explorer will show for some reason. I'll be here around midnight'ish MST for my trade.

That was a nice first trade (30 pips). Looks like I messed up the lot size though.

Here comes a nice short for about 15 pips but I'm getting ready for bed so I'll pass and trade tomorrow night. Tonight was a good enough start.


Edit: checked it before I went to bed and looks like that short would've been good for 64 pips - looks like I traded too early and my lot size was too small...today's failure is tomorrow's success.

Got into that trade too early last night. Didn't wait until the London open thinking I could get a nice jump start on a run...checked it before I went to bed and was that ugly. Fortunately, it still went in the direction I thought it was gonna go - up.

I just re-adjusted my exit point to kind of fix that terrible entry.

Do you enter when CCI(3) cross zero? Thanks

No, I just use it to tell me if the currency is overbought (+100) or oversold (-100). Using the 4 hour chart you will see it either at the top or the bottom...it can continue in that state but a reversal is usually coming of 30 to 100 pips.

As I write this, it is overbought. Switch to the 1 hour chart and you will see a distinct candle.

My impatience is exasperating me. Trade the London open and wait for the entry...I set a sell limit and it triggers an hour and a half before the open.

Ahh, forced patience masochistic trading technique.

Have to wait for the high before I can truly guesstimate the exit.

I'm in early on a short and it's going to 171.249

Okay, I was wrong about how high the pair was gonna go and I'm glad, I start to freak out when the trade goes the opposite direction.

Anyway, the trade went good at 48 pips in 2 hours. Time to go to bed.

Hi ocd
Thank you for sharing your time and knowledge. I realize you stated that you do not intend to post charts but a few while the thread is new would be really helpful. A closed trade or two would make it much easier to follow. thanks again
gmcc

First chart is a 4 hr chart to determine overbought or oversold condition.

Second chart is a 1 hour chart to determine entry/exit points. Fibs are used on the 1 hour chart...high or low points between previous days NY open and the London open.

Look at my 1 hour screen and then look at the same thing on your 1 hour screen using whatever method you are using and see if you see a trade there....that was Thursday night/Friday morning's trade.

The red vertical lines in both charts above are the same time so you can see what's happening on 2 different timeframes.

A short was all I was thinking when I saw the CCI overbought on the 4 hour chart. Then it was just a matter of entry/exit points. I can never figure out just how far a run will go during a short trade of a few hours but really playing around with Fibonacci's can help establish those parameters.

One person will always chime in with support/resistance is the answer but on my exit who really knew it would tank all the way down to the NY open and then close green 68 pips higher? That's just guessing. Fibs will level your thinking out.

Trade with the trend.

Was long tonight. Up 52 pips on a Sunday night a few minutes ago and I got greedy...so we settle for 28.

It will be interesting to see if this was just a pullback and my original target price of 171.000 is hit. I have to go to bed so I can't stay up and watch the rest of the show.

I had to go to bed early last night so I could get up early to have the knee surgery. I have been flat out on a serious drug related party all day since I got home.

I'll either pass out in a bit or do some trading buzzing like a wild dog on a carnival ride....next awesome pain pill? 30 minutes!!!

Looks like an ABCD pattern on the 15 min...if so, could go to 170.879.

I'm looking to short tonight so that could be a fake out and never materialize.


PS...I went to edit what I thought was a mistake but it was not - the font size on the charts are entirely too small - so I misread something twice

Did anyone notice what temporary halted that advance? Secondary trendline.

Look at the yellow line...let's see if it holds......btw, 1 hour chart on gbpjpy

The phrase of the day?

Too wasted to trade

The pain pills are making me feel way too good to trade...I'm thinking the pair is going short but the feeling is that it wants to climb 100 pips.

I still made 10 pips and the account appreciated 25% in a week, somewhere around there.

Ciao ciao

Feeling a lot better than last night. Guess the anesthesia has pretty much left my body. Anyhoo...

I'm going long tonight.

Uhhh, uncle.

That story 4 minutes ago sure didn't help my long position, gonna hold for a minute or two more.