Trading Strategy: Trending momentum = best risk/reward potential, 100 pips opprtunity ideally between pivots or oher support/floors resistance/ceilings, ie previous day hi.low etc
Daily support was found at S1, better than expected UK retail figures confirmed the potential in the move back to CPP
By travpip at 2010-07-22
By travpip at 2010-07-22
For the past few hours price was fluttering about above the CPP and looking like it was wanting to test the PDH. Finally, later than expected momentum pushed price up through yesterdays high reaching my profit target for both trades. Price is now right near the top of the descending trendline on the daily chart so will be interesting to see if it can break through or it if this resistance will be too much.
For now the resistance seems too much as price has already dropped back down since closing my trades
By travpip at 2010-07-27
By travpip at 2010-07-27
painfully slow session, really testing the patience, felt like pulling the pin on numerous occasions then missing my chance to exit the trade. The only positive was that price was sliding though the candles had very small bodies with long wicks both high and low. MACD was moving down and supporting staying with the trade
Decided to exit prior to the red flag news at 12.30gmt as the result could have wiped out my gains, as it turns out the number seems to have propelled price down and my targets would of been reached. Oh well 80 and 65pip per position is not too bad for the session
By travpip at 2010-07-28
By travpip at 2010-07-28
difficult session with lots of false moves, and upward stophunts, bearly a nice opportunity, though i didmanage a nice entry just under the daily CPP. i was favoring shorts cause of 4hr and daily. I should of exited my second trade when price reached S1, though i was hanging in for a bit more. Since exiting price retraced to todays open and then made its way down to S2, missed that move though as not in my timezone
By travpip at 2010-07-29
By travpip at 2010-07-29
friday asian session saw a 100pip opportunity off from todays open when the first candle retraced to the CPP and then for the past few hours price has trended down past the Previous days low and reached the target being the daily S1
By travpip at 2010-07-29
By travpip at 2010-07-29
euro session early US session continuing on with the down trend. gbp/jpy is tracking the same path as usd/jpy which has been make big moves down the past few days approaching historical lows now.
BOJ next week will possibly try and reverse this trend
By travpip at 2010-07-30
By travpip at 2010-07-30
Monday euro session there was 100pip opportunity off todays open up to Fridays high. Price may continue up from here may not i have taken my pips off the table and will look for another setup tomorrow
By travpip at 2010-08-02
By travpip at 2010-08-02
Early euro session saw volitile each way moves, initally breaching the previous day high before turning and quickly hitting the intraday low from the asian session. My bias was to sell giving the double top forming and the oversold stochastic and the MACD heading down. My inital target was the 55ema on the one hour chart however the CPP was just above that trarget and the support was too strong to break. I should of closed my trade when up 30pips, eventually closed for 6pip loss.
Then i lost the plot and entered long position immediately but that quickly petered out and closed at 30pip loss.
In hindsight i should of stepped aside and waited for price to confirm the direction, and shouldnt of entered second impulsive trade.
By travpip at 2010-08-03
By travpip at 2010-08-03
Today i made 4 trades
First trade entered during asian session once price starting moving down after bouncing off the CPP and headed toward previous day low. Traget was MS2 which also lined with a signifacant level i had marked up on my daily being 185.86. Closed when price stalled around there for 32pips
Second trade entered at MS2 expected the retrace to the 55ema on the 15minute chart prior to london open. Closed at 55ema for 30pips.
Entered third trade at the retest of yesterdays low and added another position once that position was in profit 15 or so pips and closed again once price stalled around MS2 the significant level marked up on the daily chart for 42pips and 24pips respectively
Be interesting to see now whether price will break lower or if this level is going to hold now as support.
By travpip at 2010-08-04
By travpip at 2010-08-04
Congradulations vtrav im not sure if my last post worked so im sending another…i read once that u were looking into GOmArkets…im new and was about to open an account live with them but im concerned about there pooling funds policy seems risky…have u tryed them are they safe do they withdrawl no hassels???
thxs again for u r time wish u high pips!!
Hi Piparoni
I have found Gomarkets to be very good. The added bonus for me is that their head office is in my home city. Never had any problem with withdrawals, normally takes about 2 days.
I find their spreads are very competitive, equal to say fxcm and better than fxsol where i also have accounts. Their trade execution straight of the metatrdaer platform i find first class.
I haven’t looked into too much there pooling of funds, but i know that the bank where our funds are held segrated is a first rate top Australian Bank, and they are regulated by ASIC - which is a legit government body.
I would say you would be safe, but you can never tell fully the operators intentions. Perhaps you might be better off with a ‘bigger’ broker ie fxcm, oanda etc, it really depends on your preference and your initial deposit/risk.
I know when i first started i lost a lot of money with CROWN forex when they stopped processing withdrawals and the SWISS authorities were notitfied and the company assets frozen and shut down and we could no longer access our accounts.
U r very Kind vtrav:rolleyes to respond i really was hoping u would , haven’t made a decision since. Well companies like CROWN and so many others are giving this buisness a bad name. It seems our stakes are higher with finding the right company then with playing forex…*sigh.
SO ill go with gomarkets…just because im tired of searching for over 2 weeks, and u seem pleased. Original goal find a dealer who is STP ,doesn’t play against u, fast execution,segregated account, 100$ beginners micro mini ideal, and pays up…Oanda is NFA approved FIFO is a no no.
Do u know iamfx i don’t know the company personally but it’s homepage info seems decent 0 spread commision charged though there are bad reviews naturally,who to trust.
OH and just in case u heard of them. IF i ever bring my game up i was thinking of opening a 250$ account with activetraders …they seem really alright …good reviews so far. What do u think?
At the end of the day you got to trust yourself and your own instinct. Micro account and $250 you get a chance to test the waters.
But the key to it is not blaming the broker, it takes [B]experience and time[/B] to get somewhere with this, and of course every broker will play little tricks that will play with your mind, but you have to realise that and not let it upset you. Of course they will make it hard for you to make money, but if you plan on getting anywhere, then they will not be the reason you loose money
with iamfx, i have never heard of it, i would say dont trust a goodlooking homepage though, and the old addage of it sounds too good to be true. Stick with a a big broker and you will be fine. Go markets is probably not in the big category, but i had my eye on them for a year before i opened an account and they have proven to be fine and are always improving there price feeds and so on.
Saw a trending momentum setup off todays open down to S1 and possibly fridays low and then thursday low.
Had my take profit set at daily S1 as had other matters to attended too, tried to move my profit target but platform frooze processing my change and my original target hit.
Oh well price is stalling around S1 now and will probably make a run for fridays and thursdays low at some point today. Will be interesting to see if 132.9 will hold, might be a bear trap.
By travpip at 2010-08-15
By travpip at 2010-08-15
I have been following your trades and they look very promising…
I wonder if you would like to work with me.
100pip opportunity from fridays hign down to daily S1.
First trade enterend on momentum a buy position only hoping for 20pips with the profit target being fridays high.
Second trade entered sell position when price resisted fridays high, and the move down looked more realistic than price moving up. Set profit target above daily S1 at 132.3 for approx 60pips.
added to my inital sell position on my 3rd and 4th trades on pullback from 132.5 with 20pip profit targets each.
By travpip at 2010-08-23
By travpip at 2010-08-23
First trade during asian session, price open above daily CPP and the first target was R1, entered trade with my profit trarget being mondays and tuesdays low @ 132.00 profit 52pips
Made second trade in euro session when @ 132.00 a celing formed and i entered the trade on momentum when price began moving away from the high with my target being previous day high and 55ema, profit 60pips
By travpip at 2010-08-26
By travpip at 2010-08-26
Nice to see you’ve slipped into a groove that obviously suits your style & temperament trav.
I notice one or two familiar levels popping up amongst your various technical guidelines too!
Pretty compatible bed partners aren’t they when you team them up with bias & momentum 
thanks for dropping by tess, appreciate you noticing.
Those levels you guys are always harping on about come into play often enough to build a strategy around and i am finding for now, by sticking to a single strategy and pair i am giving my best chance of gaining the experience required to consistently make profitable trades…which is the goal.
the strategy being looking for the trending momentum opportunities, ideally between pivot points, previous days highs or lows or other supports/resistances, ideally with the opportunity for price to potentially move 100pips
here is the one today, 100pips opprtunity off the CPP down to fridays low and the daily S1
By travpip at 2010-09-06
By travpip at 2010-09-06