I tell my daughter I’m a low tech man in a high tech world. I tell her it’s hard for me to write things down because I have a long term brain injury from a car accident. She’s an aspiring lawyer and says stop whining and start writing, so when I need to review I have notes. So I started with Baby Pips and so I thought this would be the place to do it.
I’ve been trading about 7 years. I was a full time poker player before a car accident and started on a demo account while recovering. I’m mostly an intraday trader, but I do scalp if the occasion presents as well as swing trade on the longer time frames. I use both tech and fundamental analysis in my trading. Currently, my risk is capped at 5% of trading account with 50% leverage but on swing trades I lower to 3% of account and 25% leverage. If I’m scalping I increase to 10% account balance and 100% leverage. I rate ,my success and failure based on return on investment. Not pips or points. My goal long term is to make profit. For example if I have a good trading week by Thursday, I will very rarely trade Fridays or news.
All my trades start with finding the trend. I use a heat map and 3 moving averages on daily, hourly and 15 minute time frames All 3 moving averages on all 3 time frames must be going in the same direction on all 3 time frames. From thee I fo to my fundamentals. Economic calendar, live forex news feed (ransquak) and usually 3 other analysist sevices. If everything agrees, I map out my exit, entry and take profit areas on a pending order. I manage on the hourly and daily charts and enter on 15 minute charts. I use price action, support and resistance.
So there you have it. I will be entering all my trades on this thread. So if you want to ask me a question have at it. Be respectful and courteous please.
Gp
Sounds as though this will be an interesting thread, I will certainly be following along. And thank you for the potted back story - I think it always helps to know a little background. Context is king!
Closed out 4 scalp trades GBPJPY all 4 hit 10pip take profit. (sometimes better to be lucky than good) I love this trade in the last hour of London close when it works.
No new trades since London close. CADJYP is still open. After 1st take profit, I adjusted stop loss and went on to the next take profit line. and so on. I’ll start looking again at 7:00pm EST
To nights Trade. It’s end of the week so trade will be long with tight stops
Heat Map shows Long GPBJPY
Up trend on 1 & 4 hour and the daily based on Averages
Only economic event is Carny speaking 6:am
Analyst are mixed.
So got stopped out of last night’s trade. But on all accounts with all brokers total trading funds are up 5% for the week. My goal is to average 10 but not easy. So I don’t trade Fridays so I’ll be taking it easy until Sunday nights open and see what the week has in store for us. Good Trading & Best Wishes
Gp
I opened a half position buy based on the daily range of the pair. I don’t like to trade on Sunday and when I do it’s in and out. So far I don’t see anything else I like
Basically same plan as yesterday until the London Close. Long GBPJPY Wait for a pull back then enter with 10 pip take profit targets with rolling stops. So far today 2 for 2
I have a pending long order on GBP/JYP. I have an alert @ 100 points (10 pips) profit at which point I will change from a fixed stop to trailing stop. I’ll manage the trade this way until I get stopped out. Then wait to make sure it’s not a change in the short term trend. I will either reenter after pull back or look if there is any other trades I can trade. But for now this is it.
i have a pending GBPJPY long. If trade triggers and moves to profit of 100 points I will change fixed stop to trailing stop and move take profit to 2nd TP
So far so bad. Going through all my information. So far can’t find anything to trade. Short term price action is not aligning with mid or long term. So for me this is wait, see and monitor to see if or when there will be a clearer pair to trade
Have pending short on GBPNZD 1/2 position to open at 1.98936. @1.98876 I will add another 1/2 position. @ 1.1.98836 will move fix stops to trailing stops with 5 pip profit targets
