Beginner's Swinger blog

After considering what I want in a job/career, I’ve decided to give the forex markets a try. I’ve decided on working with the GBP/USD pair and looking at the 1 hour, 4 hour and daily timeframes, due to feeling pressured with slower times. I use 10 and 20 EMAs as well as a 5, 3, 3 stochastic. I’ve decided to trade when overbought/oversold is indicated, as well as EMA crosses and support/resistance levels.

Being a demo account trader, I currently have $379.04, down from $500, as a balance after “winging it” in a haphazard manner for a few days this week.

I’m currently involved in 1 trade based on apparent support on the daily chart at 1.53300, with resistance at around 1.66115. My pip value is $.10 and I entered the trade at 1.55944, with stop loss set at 1.54146 and profit taking at 1.58944.

I have a second long trade awaiting trigger at 1.56253, with stop loss at 1.55253 and profit taking at 1.59253. Admittedly, my stop loss and profit targets seem rather sloppy, need to work on that…

Thoughts/critiques of this post and every post is welcome :41:

Good morning, traders. Well, my pending long trade triggered overnight and as it stands i’m up over 500 pips with the current price of 1.56670. We do have some economic news tonight, at 7PM EST and 10PM EST respectively, in the form of the RICS housing survey and the OPEC monthly oil report that may affect the GBP. If they end up favorable as a whole, I may add to my position a bit more, we’ll see…

Edit: Closed my positions at 1.56740 and will look to re-enter later tonight

Trendline on 1 hour chart broken around noon here. Looking to enter at 1.56647, with stop loss at 1.56947 and profit taking at 1.55647.

Well, that last trade triggered but has been stagnant for a few hours. Price seems to be moving against me right now due to the RICS report released a few minutes ago. Time will tell…

Edit: Turns out the price continued lower and I took a decent 163 point profit.

With the slight downtrend from this afternoon continuing and the 4 hour chart stochastic still showing overbought conditions, I’ve shorted at 1.56300 with S/L at 1.566 and T/P at 1.553. The looming OPEC announcement has me a bit concerned, though, maybe I should wait…

Not much change in the charts these past couple of hours after my trade triggered and due to a combination of not feeling overly confident in the overnight session alongside feeling tired, I took 60 points of profit. See you in the morning everyone.

Good morrrrrrrrning, Babypips! Sitting here with my coffee and CNBC on while examining overnight changes. Looks like the EMA and SMA just crossed on the 1 hr chart, so I’m buying at 1.566 with S/L at 1.563 and T/P at 1.576. We do have the IBD consumer optimism report coming in for the USD and the NIESR GDP estimate coming in for the GBP at 10 EST, with myself still unsure how to trade around the news, so expect me to take profits around that time.

Well, there’s no way price is hitting 1.566, so I’ve opted for 1.56 even. Keeping in mind the 2 reports in an hour, I may need to trade around them.

Finally caught a nice 100+ pip downward candle from 1.56, made 130 points

It appears that that downtrend on the hourly chart is done for now, so I set a long position at 1.56050, S/L at 1.557 and T/P at 1.56450…

I closed that position down 280 pips. I need to stick to my plan, avoid “appearances” etc. Always trust your plan, guys…

What an upward candle to wake up to! Sadly, I had no part of it. We have a spinning top candle, so we’ll wait to see which way things go this morning.

Somehow, I do not seem to get your message! Anyway, plan your trade and trade your plan!

Don’t go into trades based on hunches, intuition or what the market looks like it is doing.

Evening everyone. A quiet Sunday as winter looms. One trade looming tonight, as I’m looking at that broken upward trendline on the 4 hour GBP/USD as pointed out by Pipcrawler on his “Pippin aint easy” blog. Entry around 1.58 with S/L at 1.6 and T/P at 1.55. Also seeking advice on S/L and T/P placement…

Looks like Pipcrawler was right regarding the downtrend, with a nice 350 pip run overnight. I’m tempted to close it, but looking at the EMA/SMA cross and overbought condition on the daily chart has me fairly certain I’m holding onto the position for now.

Hello Artholm,

I am new to the forum and this is one of the first threads I read. Thank you for sharing your results. I will follow your thread with interest.

Afternoon all, hope you’re all doing well. I apologize for not updating for a day or so, at times it grates on me that this blog isn’t as in depth as some of the others. Anyways, my day began with a nice 500 point upturn from a trade I had running overnight, so I pocketed that and am now hoping to ride the very slight downtrend on the GBP/USD 4 hour chart. I have a sell stop at 1.57450, just below today’s lows with S/L at 1.58 and T/P at 1.571. Lets see how it goes

Well, I don’t believe I’ll be getting that particular entry and with the EMA/SMA gap widening to the upside, I put in a buy stop at 1.5785 with S/L at 1.577 and T/P at 1.583


The trade I had was triggered and got stopped out. The current 4 hour candle has hardly even twitched to the upside, so lesson learned