I don’t get arrows in my charts :o
I’ve figured it out now, sorry.
[B]TRADE #015[/B]
[B]START[/B]
[B]~GBP/USD~[/B]
14.06.2007
[B]Entry[/B] - 1.9683 
[B]Lots Traded - [/B]2.0
[B]Target 1 / 104 PIPs[/B] - 1.9579 (LIVE)[B]
[/B]
[B]Stop Loss[/B] [B]/ 33 PIPs[/B]- 1.9716 (LIVE)
[B]TRADE TYPE: 100% Discretionary[/B]
(NO Indicators / Entirely TA Based)
[B]STATISTICS[/B]
[B]TOTAL [/B][B]Profit Since Trade #001 /16.03.2007/: [/B][B]+1109[/B][B] PIPS[/B]
[B]TOTAL [/B][B]Loss Since Trade #001 /16.03.2007/: -[/B][B]290 PIPS[/B]
[B]TOTAL[/B] [B]P/L On Current Trade: [/B]
B[/B][B] PIPS[/B]
[B]SUM TILL DATE:[/B] [B]+819 PIPS[/B]
[B]NOTES: [/B]
[B]…
[/B]
He’s back!!!
Glad to see you again.Keep it up:p
[B]TRADE #015[/B]
[B]END[/B]
[B]~GBP/USD~[/B]
14.06.2007
[B]Entry[/B] - 1.9683
[B]Lots Traded - [/B]2.0
[B]Target 1 / 104 PIPs[/B] - 1.9579 (NOT REACHED)
[B]Stop Loss[/B] [B]/ 33 PIPs[/B]- 1.9716 (TRIGGERED)
[B]TRADE TYPE: 100% Discretionary[/B]
(NO Indicators / Entirely TA Based)
[B]STATISTICS[/B]
[B]TOTAL [/B][B]Profit Since Trade #001 /16.03.2007/: [/B][B]+1109[/B][B] PIPS[/B]
[B]TOTAL [/B][B]Loss Since Trade #001 /16.03.2007/: -323 [/B][B]PIPS[/B]
[B]TOTAL[/B] [B]P/L On Current Trade: [/B]
B[/B][B] PIPS[/B]
[B]SUM TILL DATE:[/B] [B]+786 PIPS[/B]
[B]NOTES: [/B]
[B]No comment, its just one of those trades, gone bad.
I cant win them all, so i make sure i have a small Stop Loss and Bigger gains.
I believe my trading method yields more good trades than bad ones, so i rely on that to even out my trades and put me on top of the game in the long run on a monthly and yearly basis.
Nothing to write home about.
I had two other trades i didn’t post about, you may take a look at them in the picture i’ve just posted.
As you can see i might have lost 33 on GBP USD, but im over 230 Pips on on my other two trades, so i can’t even see my 33 loss earlier.
The 4H Candle is opening soon and if it remains above that trend line on GBP USD, i will be purchasing 1 lot.
[/B]
As mentioned before if the H4 Candle opened over the trendline i’ve drawn i would buy and i’ve done just that.
My SL, will be 50% of my target which is around the 9873 area for the moment.
I will be using my EMAs to also monitor trend health and determine if i can stay in longer or have to quit earlier.
GBP / USD (TOP RIGHT CORNER)
Regards,
E. Lang
Hello Guys,
What we have here isn’t too different from where we ended of last week.
I’ve maintained all my positions open.
[B]EUR USD: [/B]
We broke over H of 3362 and have 2 H4 candles open over the recent trend line, so things are bullish for the moment.
My current TP is set at 1.3465. SL is around the 1.3327 area.
Generally we are going to need to take out 3525 and 3551 to proceed higher. If price action remains in good bullish condition i may hold my position till the test of these highs.
[B]GBP USD:[/B]
We’ve broken over the trend line i’ve drawn; thats bullish, we will be aiming for a take out of R now around the 1.9781 area and the FE 61%.
My profit taking level will be 1.9873.
Generally to move higher we will need to break 1.9949 / 1.9960.
My SL is around the 1.9721 area.
[B] GBP JPY:[/B]
We’ve broken over the trend line i’ve drawn on this chart as well (Bottom Right)
I was late in on this trade, but i was happy to buy in under R as the momentum and EMAs looked promising.
TP is 246.31. SL: 239.71
[B]EUR USD:
[/B]The price is about to test 50% 3406, i will be monitoring this carefully.
We broke over H of 3362 and have 2 H4 candles open over the recent trend line, so things are bullish for the moment.
My current TP is set at 1.3465. SL is around the 1.3327 area.
Generally we are going to need to take out 3525 and 3551 to proceed higher. If price action remains in good bullish condition i may hold my position till the test of these highs.
[B]GBP USD:
[/B]I’m very happy to say that price managed to break out of the high of 9781 > 9832 61%, might pose a bit of a problem so i will be monitoring things carefully here to analyze the market reaction.
My profit taking level will be 1.9873.
Generally to move higher we will need to break 1.9949 / 1.9960.
My SL is around the 1.9721 area.
[B] GBP JPY:
[/B]Things are looking fine and dandy here and we are steadily moving towards TP of 246.31
I was late in on this trade, but i was happy to buy in under R as the momentum and EMAs looked promising.
TP is 246.31. SL: 239.71
[B]EUR USD[/B] having tested 50%, has bounced off at the moment with some profit taking.
To be on the safe side, i’ve booked 50% of the profits by moving my SL up to half of my current gain. In a good scenario i don’t plan for the price to reach that, but if it does i want to be able to pay for the time i’ve dedicated to this trade and at least pay spread costs.
[B]GBP USD[/B] is hovering around 61% at the moment it looks ok, but considering that the general trend is DOWN WARDS and the current price level being C in an ABC corrective pattern i’m begining to wonder whether we have a top forming here before another bearish impulse back down past the lows of 1.9622.
To be on the safe side. I’ve moved my SL to +5 PIPS to cover spread should it loose. I don’t want to book any profit just quite yet as this trade still needs breathing space.
[B]GBP JPY[/B] is doing just fine, no need to babysit this one at all i’m pretty sure we will be hitting 246.31 soon.
Regards,
E. Lang
We are looking for a break of the highs here to solidify the continuation of this upmove; both on GBPUSD/right and EURUSD/left
For EURUSD thats just over 50% and GBPUSD the H of the last H4 candle.
If it fails a second time i’ll call it a split and probably give it a third attempt before bailing.
Buys above these H breaks are in order.
Regards,
E. Lang
I booked 100% of all profits on EUR/USD and GBP/USD today and made a very hansome gain of a couple of hundred pips.
My GBP JPY trade is still running, but i am not in the least bothered about that.
Lets take a look at how EUR USD and GBP USD are developing below:
[B]EURUSD:
[/B]From what i can see we finaly manage to break over 50% and the current candle is trading around the 3409 area at the moment.
Buys are definately in order once again.
Targets on the upside are 3465 (mind 61%) > 3525 > of 3551
[B]GBPUSD:[/B]
Things aren’t looking quite as nice here as they are on the EURO.
All candles that attempted to break 61% closed below it, we are going to be looking for price action over 61% and preferably a close on at least H1 above 61% before attempting any longs.
Targets on the upside are 9873 > 9949 > H of 9960
Possibilities here are that this is a top forming finaling C of an ABC downwards correction after which the price would be expected to fall down in an impulsive wave. Both sides are under pressure trying to keep price closes on major frames below/above 61% at the moment, respectively.
The bears are evidently winning for the moment, and the more candles continue to close below 61%, the more people are going to consider selling there and fulfilling that ABC corrective hypothesis, placing their stops on their short positions right above 61%.
I’m sure that as soon as we clear 9840 both EUR and GBP will pick up and resume the trend. The bearish scenario remains almost the same for EUR USD if we don’t proceed higher and continue stalling, we will start selling.
We will probably loose a good 30 pips or so waiting for a strong confirmation if the scenario turns bearish before entering, but its better than rushing in on a sell basis now and then gettin rammed in the butt hole by a bull, so well wait like the pip ninjas we are and kill with one strike.
Regards,
E. Lang
Elang,
First of all, thanks for sharing all this great info with us as well as the system you’ve developed. I’ve just got a couple of questions for you:
-
Now that you’re looking at multiple pairs, have you abandoned the mechanical approach (with some TA, of course) completely and have gone to using strictly a discretionary method?
-
The mechanical method: What time frames were you typically using? I see in the documentation you use the daily chart and a 1 hour (I assume that’s what 1H means??) but I seem to recall you saying someplace that you’ll go down to as small as a 5 minute (5M?). What’s the story?
Thanks!
Where is his system?
Mike
First of all, thanks for sharing all this great info with us as well as the system you’ve developed. I’ve just got a couple of questions for you:
- Now that you’re looking at multiple pairs, have you abandoned the mechanical approach (with some TA, of course) completely and have gone to using strictly a discretionary method?
[B]Well, i’ve always been a discretionary trader. I just wanted to make something mechanical for folks to use. I am working on presenting my trading method the best i can, hopefully ill get it on here soon.[/B]
- The mechanical method: What time frames were you typically using? I see in the documentation you use the daily chart and a 1 hour (I assume that’s what 1H means??) but I seem to recall you saying someplace that you’ll go down to as small as a 5 minute (5M?). What’s the story?
I think M30 updwards, im not sure, that was a while ago.
There is nothing wrong after having gotten a signal from a higher time frame to go lower to get a close pick; some folks do it others dont, preference i guess.
Regardless, i’ve always advised that people trade on higher time frames.
Regards,
E. Lang
This is just to show that you do not need a 90% WIN system to make money.
As you can see over half of my trades are loosers…
[B]BUT [/B]
Because I keep my [B]losses [/B][B]smaller[/B] than my [B]GAINS
I come on top every time
[I]Newbees; look at this and let it sink into your virgin trading brain…
[/I][/B]
Hi Lang,
First thanks for fantastic postings.Second do you use any systems?if yes ,where can I find it?did you post it here in babypips?
Thanks
Mike
I will be posting a system soon.
Regards,
E. Lang
[B]TRADE #016[/B]
[B]START[/B]
[B]~GBP/USD~[/B]
22.06.2007
[B]Entry[/B] - 1.9922 OR Above 1.9960 
[B]Lots Traded - [/B]1.0
[B]Target 1 / 500 PIPs[/B] - 2.0400 (LIVE)
[B]Stop Loss[/B] [B]/ 165 PIPs[/B]- 1.9752 (LIVE)
[B]TRADE TYPE: 100% Discretionary[/B]
(NO Indicators / Entirely TA Based)
[B]STATISTICS[/B]
[B]TOTAL [/B][B]Profit Since Trade #001 /16.03.2007/: [/B][B]+1109[/B][B] PIPS[/B]
[B]TOTAL [/B][B]Loss Since Trade #001 /16.03.2007/: -323 [/B][B]PIPS[/B]
[B]TOTAL[/B] [B]P/L On Current Trade: [/B]
B[/B][B] PIPS[/B]
[B]SUM TILL DATE:[/B] [B]+786 PIPS[/B]
Elang,
Are you gonna be posting updates in this thread any more or have you put the method you’ve been developing here aside?
-S