Consistent FX Trading

[gakgary]

Elang

Thanks for the advice.

What time frames do recommend?

Also, are you giving anymore trades or are just letting your trade run?

And is it to late to possibly get in on GBP/JPY.

And when is it too late after a cross to get in.

Thanks
Gary

[fourex]

Originally Posted by elang

/SUMMARY/

TRADE #006

~GBP/JPY~

28.03.2007

Entry - 231.54
Lots Traded - 2.0

Target 1 / 10 PIPs - 231.35 (HIT)
Target 2 / 20 PIPs - 231.25 (IMPRESSIVE)
Target 3 / 30 PIPs - 231.15 (YEEE HAWW!!)
Target 4 / 40 PIPs - 231.05 (BOOYAH!)
Target 5 / 50 PIPs - 230.95 (GOD LIKEEE!!!)

Stop Loss / 35 PIPs - 231.89 (INTRA-DAY)
Stop Loss / XX PIPs - 232.97 (SWING)
Lash - 35 Pips

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL Profit Since Trade #001 /16.03.2007/: 473 PIPS
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

RECOMMENDATIONS:
Close your first lot when you hit 50 Pips Profit (Or a Target of your choice T1-T5) and set a SL for the remaining lot 5 Pips ahead of your Entry Position so even if the trade goes against you, you will close with a minimum of 50 + 5 Pips profit and no incurred expense.

NOTE 1:
PS: I'm testing a new dynamic stop loss system, which does not use a static 35 pips, i'll let you know the difference in trades using both stop loss methods, once we've closed the trade. It incorporates techniques specified in my first thread, utilizing EMAs extensively.

SUMMARY:
We are back in a trending market so the system is trading in full gear once again. As per my recommendation, I've closed out my first lot after hitting T5 and i've moved my second lot 5 Pips forward from the entry, to secure a minimum of 55 Pips total profit even if the trade goes against me with my remaining lot... The remaining lot is left run free; "we" will decide when to close it. BTW this current downmove should hold for another 800 pips so don't hurry to run now.

Hi Elang.

Off and running again, was this trade trade 1 pip off being stopped out.

Thanks

[elang]

TRADE #007

~GBP/JPY~
29.03.2007

Entry - 229.29
Lots Traded - 2.0

Target 1 / 10 PIPs - 229.10 (LIVE)
Target 2 / 20 PIPs - 229.00 (LIVE)
Target 3 / 30 PIPs - 228.90 (LIVE)
Target 4 / 40 PIPs - 228.80 (LIVE)
Target 5 / 50 PIPs - 227.70 (LIVE)

Stop Loss / 40 PIPs - 229.69 (INTRA-DAY)
Stop Loss / X PIPs - 231.89 (SWING)
Lash - +4 Pips

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL Profit Since Trade #001 /16.03.2007/: 744 PIPS
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

RECOMMENDATIONS:
Close your first lot when you hit 50 Pips Profit (Or a Target of your choice T1-T5) and set a SL for the remaining lot 5 Pips ahead of your Entry Position so even if the trade goes against you, you will close with a minimum of 50 + 5 Pips profit and no incurred expense.

NOTES:
I've managed to quickly introduce you guys to the dynamic SL system i was talking about yesterday. If you've downloaded the System file i attached, you should know by now how to determine a good exit. Don't forget though it's just a system, just another another tool.

I never look at a system as something independent, something i can rely on solely. I've sponged so many systems till date, yet the best results i've gotten are when i've added systems to my current trading artilery, increasing the vibrance of my trading pallette, making me a stronger trader through my compounded knowledge, now mine, not anyone elses.

Don't find a system, then tunnel vision like a horse with caps on its eyes.
You want to look at everything from a birds eye view. Imagine yourself soaring high in the sky... over everything that is Forex, you can see it, the systems, the analysis the techniques. U can see them clearly from up here, you can see their weaknesses and their strenghts... but when you dive in, you become lost, you fold into that which is around you, that which is limited. You can't see your flaws nor their solutions. Fly high in this game and keep your mind open, you will progress faster.

Try to maintain your identity by engulfing what you see from others, such that every person becomes a different system on their own based on the combination of information they've aquired. Learn what you've been presented and move on. Don't hinder, so you can be ever-developing.

It never ceases to amaze me how many new things i learn every day while trading. I've done a lot of things during my short life time lol from A to Z, but nothing really helps you develop as fast as trading does, it really taps your potential and puts the whippin to its ass.

TA:
Todays Range is: H / 231.89, L / 228.76 and M / 230.32
The price action is below M, so we assume a bearish favor.

The fall from 232.97 developed into a beautiful EMA spread with the price being handled dilligently by 10 and 20 EMA.

For the moment we've had no threats from the bulls. Bears aren't taking much profit and corrections are minimal.

The first area of arguably more substantial support is showing to be the 229.07/18 area, the price having bounced off 228.76 has been tackling this area for some time now. We may begin to have the first correction of the fall from 232.97 if this continues and i will terminate my short if i see a whole candle close above EMA 20 on M30/H1

I've closed trade 6 with 321 Pips, so we've made good profit on that. I used M15 to terminate my position after a whole candle closed of EMA 20
Over all our profit stands at 744 Pips in 6 trades, not bad. I'm actualy amazing myself lol.

I will reenter short later if we break 229.07/18 and 228.76

On the downside we have 225.41 > 222.60 > and a test of 221.07
If my analysis is correct we will reach AT LEAST 222.60
As i mentioned earlier, it seems the first correction to the fall from 232.97 is taking place. Draw your fibonnacis to see where it might go; i am giving it about 38.2% / ~ 230.39 / Also a previous Suppor area on the H4 Charts. We should have a resumption of the trend then.

To keep things in guage, move up to higher time frames and see if any candles are closing over 20 EMA on them, so you can determine how far things are going.

On the Upside, possibilities are that we have a break of 230.39 and run for 232.97. The bias however is predominantly bearish for the moment, so try and look only for short trades.

I will let you know if we have a trade today later on.

Regards!
E. Lang

[elang]

"A river no matter how long it flows, will always reach the ocean"

[elang]

Hello Gary

Thanks for the advice - You're welcome

What time frames do recommend? - M30+

Also, are you giving anymore trades or are just letting your trade run? - Trade 007 is available. Use the information at your own risk.

And is it to late to possibly get in on GBP/JPY - Not Late at all

And when is it too late after a cross to get in - You will need to determine that by measuring how far the closest related Support/Resistance is.

------------------------------------

Hi Fourex.

Off and running again, was this trade trade 1 pip off being stopped out.
I think it was one pip off lol. I was using another stop loss, system so i'm not sure if anyone got stopped out, but we certainly had quite a few people reporting good results, so i guess they weren't stopped out.

Regards,
E. Lang

[elang]

Good Morning guys,

I don't have my charts open at the moment, but from what i can see our intra-day stop of 40 pips was hit.

For those of you using the SWING stop or, something more modest like the middle of the previous daily candle, which is normaly always resistance then you should still be in the trade.

I didn't have too much confidence in the signal produced by the system yesterday, but i decided to post it anyway. I wan't the good trades and the bad trades to show. I don't want you to think im setting things up behind the curtains.

"The first area of arguably more substantial support is showing to be the 229.07/18 area, the price having bounced off 228.76 has been tackling this area for some time now. We may begin to have the first correction of the fall from 232.97 if this continues and i will terminate my short if i see a whole candle close above EMA 20 on M30/H1"

"As i mentioned earlier, it seems the first correction to the fall from 232.97 is taking place. Draw your fibonnacis to see where it might go; i am giving it about 38.2% / ~ 230.39 / Also a previous Suppor area on the H4 Charts. We should have a resumption of the trend then."

That is exactly what happened and that is exactly what i did. I moved down to M15 and closed out as soon as the first candle closed over EMA 20.

Before i got out to work today, i noticed that a Long entry signal had occured. I don't know if anyone took that, but you shouldn't have.
This isn't a dumb traders system, you need to know good TA. Around the time the signal came out, you should have noticed Stochastics was at a top, coming back down and also that we were at 38.2 / 230.39, which as i mentioned was Support turned Resistance. More than that like i've written in my short tutorial, we draw the three horizontals at first to determine bias... so if we know its short, why take a long signal ? It will most likely be a correction... "WE" want to trade the impulses, not the corrections.

I will get on the charts in a second and let you know if there is anything more i can add to this.

Regards,
E. Lang

[elang]

Now that i'm at the charts... i wonder...

Considering the volatility of GBP JPY and the timeframe we trade on M30+ perhaps it woun't be too much of a sin to catch corrections ? - They tend to be rather big here with up to 200 pips, so why miss out? Just try and keep knowledge of the ACTUAL direction, and of that movement which is a correction and of those which are its impulses.

The corrective movement has broken through 38.2 and 230.38 the next up-traget is: 50 EMA on H1 then 50% around 230.86... Thats 3 resistance factors, so there is a better chance of having the correction terminate around that level. You need to understand that SUPPORT and RESISTANCE are not static values... they are "AREAS"... areas of support, areas of resistance... they can be anything from 1 to 50 pips of area.

Stochastics on H1 you will notice have reached its top at 50 EMA, it may go up to 50%, but i think it will start reversing there, our targets on the downside are: 228.76 > 225.34 > 222.60 > 221.10

Thats all folks. Sorry if you lost money on trade 7. We will make it back i guarantee!

Regards,
E. Lang

[elang]

"When you have eliminated the impossible, whatever remains, however improbable, must be the truth. It is stupidity rather than courage to refuse to recognize danger when it is close upon you."

"There comes a time when for every addition of knowledge you forget something that you knew before. It is of the highest importance, therefore, not to have useless facts elbowing out the useful ones."

"Human beings, who are almost unique in having the ability to learn from the experience of others, are also remarkable for their apparent disinclination to do so."

"Continuous effort--not strength or intelligence--is the key to unlocking our potential."

"Success is the sum of small efforts, repeated day in and day out..."

[elang]

Possible short trade opportunity developing.

If you lost any pips on trade 7, you may be able to recollect them with this trade if it develops the right way.

Use the system guidelines explained in the zip file to determine a good entry.

Regards,
E. Lang

[elang]

Short Trade update: We have a recommendation, we need to wait for a confirmation now; a whole candle to close below 20 EMA.

Regards,
E. Lang

UPDATE: This opportunity went sour and there were no entry confirmations produced. The price reversed and gave us a long recommendation, nulling out the bears for now. Better luck next time

We will wait for another bearish move.

UPDATE: The news has crapped everything ...