as mentioned, last trade was closed at a small profit of 38 pips
on to the next
hi sobrien, thank you very much for your kind words
best of luck to you too…
happy trading :59:
ok as I mentioned earlier I was late on making my decision with this trade,
the correct entry price should’ve been 140.85 (the opening of the candle at 17:00 adelaide time plus 5pips for the spread…this is the assumptions I made during my back testing/research times)…making the stop at 140.55 i.e. risk of 30 pips (same) but with the tp at 141.30 (instead of the now required 141/41).
Because when I trade the 30m or 1h I only go for a 1:1.5 r:r every pip count specially when I try to stick to the 30p max rule (based on countless hours and trades of back testing, the 1.5x and the 30p max risk worked best in terms of profits and winning rate)…so I always toss between two options:
- Make my tp to what it supposed to have been originally in this case tp 141.30
- Aim at moving my stop to b/e when the move equals my risk i.e. 1:1
in this case I opted for #2 moving now our stop to b/e and give me a chase to still profit on this “late entry trade” if I don’t get stopped out first…
btw the gj moved up to 140.26…just 4 pips below the “correct trade parameters”…still not hitting the said target anyway…not yet at least
After over 50 live trades, i thought it was time to update my trading method rules.
Although I have not follow my strategy to the letter, i have learnt to become more disciplined
In summary, I am back to trade my only beloved child, the GBP/JPY. Why trade anything else when I can pick up pips faster and I have a proven track record with it?
Why complicate what doesn’t need to be complicated?
What is the need for “adrenalin rush?” by having lots and lots of trades?
If after all, I do not like having more than 2% exposure anyway?
So without further a due, I am posting my trading rules v2.0
I hope some of you have found this tips and graphs of some profitable use.
I estimate that in about 4-6 weeks I should be reaching the 100th trade at which time my “100 live trades challenge” will come to an end. I hope to get there and be able to say that “I have achieved my goal -to become a disciplined trader, a consistently successful trader” the reason why I started this post in the first place
happy trading 
stop now at 141.14 (+18 pips locked in)
after missing a nice buy entry early this morning we are once again trading against the trend…not my favourite set ups… nevertheless as long as I win more than 40% of the time I am set for profits …so let’s see how this one goes huh?
happy trading 
unfortunately I missed a nice entry yesterday at 10:00am in the direction of the trend (long) so now that the gj has moved over 200 pips since yesterday and it is at a resistance levels we are looking at catching a small retracement based on the rbi divergence and recent candles signals, albeit, in the 30m timeframe only
a bit risky so if you can stay away from it I suggest you do…I on the contrary am ok with risking on this trade
happy trading
once more our target profit was missed by just 1-2 pips :58:
not happy but as usual moving our stop to b/e once 1:1 reached is proving helpful…given that I was trading “against the trend using the rsi divergence” it pays to be a bit more cautious and move the stop to b/e upon the market moving 1:1 risk:reward
happy trading
t61 now at b/e
t61 closed at 143.01
It has been:
#Trades: 61
#Wins: 35 %Win Rate: 57%
#Pips Profit: 538
although I am up in pips I am still not happy with my trading, specially my stubbornness to believe that the current GJ trend is about to reverse merely because of the “rsi divergences”…Like I mentioned in one of my posts, RSI Div has “costed me money!” far more often than it has made me profits :58:
It is a “Bad habit” that I have of keep thinking “if I go now with the trend after it has moved for so much, maybe is about to reverse, maybe this is it…bla bla bla”…
I tend to recall the times I traded with the trend (when it has been trending for a while and I managed to miss the ride) and it broke, and lost, rather than remembering all those times I did what I did this week, go against the trend once, twice, three times all for a loss or close enough and yet still keep on doing it…
So my GOAL for MAY is to minimise this, counter-trend-trading-tendency! :58::mad:
Anyway, the last two weeks I have only move up +18 pips! after 11 trades! this is not goooood!
I hope my friends you have done better. I wish you all the best and lets start fresh in May!
Happy trading
fxpirana
we are going long on the gj at 143.90
happy trading
T#62 GJ stop is now at 30pips risk or 143.60
gj62 stop now at 143.92
now that our previous trade is at b/e we have our next long gj at 144.36 with stop at 143.92 (same stop as our t62 which is now at +2pips)
happy trading
t62 hit my target at +85 pips @ 144.75
t63 stop is now at 144.19 (risk only 17 pips
update t63 now at b/e and freerolling
