Consistent FX Trading

[elang]

Use the guidelines in my system tutorial to enter a short trade when/if available.

I will be happy to see anyone surprize me with some profits when i get back from work.

I'm off for now.

Take a look at the updated chart.

Good Pippin everybody.

Regards,
E. Lang

[elang]

Hello guys,

Finaly back home.

GBP/JPY seems to be correcting still.

It broke through 38.2, 50 and its hovering above 61.8 now.

Overall thats not good. I wonder whether this may turn into an impulse knocking out 232.97 and rendering the whole fall from 232.97 to 228.76 mere a correction of the price movement from 225.41 (LOW) to 232.97 (HIGH)

Things have turned bullish at the moment.

Trade 7 yesterday was very embarassing lol, but what can we do.
When you want mechanical thats what you get i guess

Still lets not forget we are up 704 pips still in just 7 trades. (lost 40 on trade 7)

Thats still pretty good

My EMA system on its own, produced trade 6, which was a success and it produced one more signal today, which if we had taken, would have had us up at about 170 pips right now. I refused to play it out though at it was in the opposite direction of my bias.

I need to once and for all decide wether i am going to trade striclty with a system or use TA too. It's a hard choice to make, but its conflicting with trading performance as you can see... i will figure something out.

Anyways, the important thing is using the system i tutored in the zipped file on M30 you would have gotten 1 clean signal today, just 1!!! no conflicts, no confussions, one clean, visible signal for 170 pips!

I don't know if anyone took that, i will be happy to know.

My analysis says the price may drop 260 pips form its current level at the moment around the 61.8% back down to 0% ~ 228.70 so keep your heads up.

Anyways, there isnt much i can say for now, im a bit nackered.
I'm going to freshen up and ill get back to you guys in a few hours with trade 8, if it presents itself ofcourse

Regards,
E. Lang

[elang]

My initial system has a LONG signal at 231.56 on GBP/JPY (40 Pips Stop Loss)
In other words it is purely mechanical.

I'm not going to enter this, because i haven't dont any TA on it + there is a plethora of news coming out in 30 mins.

I just wanted to let you know before i go to bed.

I'm calling today a no trade day.. well at least no OFFICIAL trade...
When its official you'll see the fancy trade info thing with the consecutive trade number.

Sorry guys, i'd stay up and make it a trade, but im just so tired X_X.
My Bias is still short for +260 pips from 61.8%, but we'll see.

Catch you guys tomorrow.

Regards,
E. Lang

[mcphrant]

Probably a good thing that you are not giving any signals today as there is significant news coming out at 7:30pm EST on the JPY, and the fundamentals could conflict with the technicals.
Personally I am going to wait until after the news to decide if there are any opportunities.

[xscape321]

I went short at around 229 a couple days ago and im still waiting for it to come down a bit (scared to just exit the trade and lose 170pips!!!) I know should of placed a stop loss.
On a good note I made a good amount of pips shorting it from 800pm (est) from 231.4 to 230.93.


keep up the good work e.lang

[elang]

"My Bias is still short for +260 pips from 61.8%, but we'll see."

.....and thats exactly what i did with a short at 231.52

I am about 75 pips up at the moment.

The have been signals on M30, but if you move to H1, you can still catch the Recommendation and wait for a Confirmation before going short.

If we can keep this up, we will fulfil that 260 drop from 61.8%

Regards,
E. Lang

UPDATE: Closed it at 33 Pips before news, i happy i guess.

[elang]

TRADE #008

~GBP/JPY~
02.04.2007

Entry - 231.42
Lots Traded - 2.0

Target 1 / 10 PIPs - 231.68 (HIT)
Target 2 / 20 PIPs - 231.78 (HIT)
Target 3 / 30 PIPs - 231.88 (HIT)
Target 4 / 40 PIPs - 231.98 (HIT)
Target 5 / 50 PIPs - 232.08 (HIT)

Stop Loss / 40 PIPs - 230.98 (INTRA-DAY)
Stop Loss / X PIPs - 230.51 (SWING)
Lash - 14 PIPS

TRADE TYPE: Mechanical
(Entirely Indicator Based / No Technical or Fundamental Anlysis)

STATISTICS
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL Profit Since Trade #001 /16.03.2007/: 744 PIPS
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL Loss Since Trade #001 /16.03.2007/: 40 PIPS
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
SUM: 704 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.

[mcphrant]

Elang,
Please forgive my ignorance, but was this entry price based on the daily pivot and the long entry signal on the 30M chart ??

Thanks

[sivanisky]

I downloaded the system file and applied to my mt4. By looking at this last chart you posted I compare it to my current chart and I don't have as many arrows on mine. In fact, I don't have the arrow that signaled your entry. Could this be because you are using a diferent server? Could there be such a difference?

[elang]

TRADE #008
UPDATE

~GBP/JPY~
02.04.2007

Entry - 231.42
Lots Traded - 2.0

Target 1 / 10 PIPs - 231.68 (PADAWAN)
Target 2 / 20 PIPs - 231.78 (THE FORCE WITHIN)
Target 3 / 30 PIPs - 231.88 (BALANCE)
Target 4 / 40 PIPs - 231.98 (JEDI PIPPER)
Target 5 / 50 PIPs - 232.08 (SITH LORD - DARTH PIPACIOUS)

Stop Loss / 40 PIPs - 230.98 (INTRA-DAY)
Stop Loss / X PIPs - 230.51 (SWING)
Lash - 16 PIPS

TRADE TYPE: Mechanical
(Entirely Indicator Based / No Technical or Fundamental Anlysis)

STATISTICS
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL Profit Since Trade #001 /16.03.2007/: 744 PIPS
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL Loss Since Trade #001 /16.03.2007/: 40 PIPS
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
== == == == == == == == == == == == == == == == == == == ==
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL P/L On Current Trade: 50 (1 Lot Closed / 1 Lot Trailing)
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
SUM: 754 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:
Ok guys nothing too interesting here. Our entry at 231.42 started out with a whip lash of 16 pips in the opposite direction, after which the price progressed steadily to hit our targets T1 to T5. As per my recommendation i've closed out my first lot after hitting 50 PIPS, to lock those in. I've moved my stop loss to ENTRY 231.42 instead of 5+, just to give it some more breathing space and let the price develop. Just let it run free. 50 PIPS a day is enough, try to learn to be satisfied with that, take it and let the rest run for more. The nice thing about it is that you secure an above average profit and leave the trade with a potential for much greater gains with 0 risk ratio.

TA:
I want you to note the chart i've attached. Notice the previous Long signal on D1 (29th) then look below at the Stochastics. Notice how they bounced of 50 ? This means the movement was a correction. So we assume that the current action is consequently impulsive, which means it must move higher than the last impulse, in other words my TA says we are going to have a break over: 232.97 and perhaps higher.

REPLIES:
My entry was based on:
1: The daily candle opening over M of the previous range.
2: Having a Long Recommendation available (H4)
3: Having a Long Confirmation available (H4)
4. Stochastics bounce off 50 on D1

I supported my initial entry signal (Mechanical / HLM) with some TA and a cross of 1EMA and 3EMA (D1 and H4 Applicable only)

Keep in mind that even if you longed by using my initial system you would have gained the same profit.

I am always optimizing and i prefer trading on larger time frames, so yes i did supplement my initial Mechanical signal (that you guys should have had aswell) with a new EMA cross value specifically for higher time frames, but no difference really.

Looks like we are back in the game ^_^, managed to cover our last loss with some profit, hope the second lot runs higher.

REGARDS!
Effiong Lang