I’m looking at this pair which is bouncing off of the major 150 level today with an ok, not great, pin bar.
Not sure yet.
Nah, I’m passing on it.
There’s always another trade waiting.
o99016mh
Interesting observations on those pairs. Personally of the two. i’d have gone with CAD/JPY. Looks better on the 4h chart for a tp1 85.08, tp2 85.28. Not an entry yet on the 5m chart though. Looking at 9 LWMA it just come over the top’ish. I’d wait for a correction to long and enter at those tp’s. 
oops… meant i’d wait for a correction to long and enter and go for tp1 & 2.
I only trade GU. For what its worth? My monies on a break up at London open. Difficult call as always with the Asian market tonight. 
Yes, markets are acting in a choppy manner with pin bars south and the next is a north pin bar.
Clearly these are times when getting your stop to break even asap is a good strategy.
We never stop learning about ourselves.
I’m finding that I’m really getting the hang of picking good quality trade setups.
I’m also discovering that the best thing I can do to control fear is to move my SL to BE as soon as it’s reasonable. I’m thinking that once it reaches the 1R level that’s a good point to move to BE.
I’ve also considered to as a rule take partial profit here, but that hurts the overall R:R so those decisions will be taken on a trade by trade basis.
I also plan to trail my stop behind 4H S/R lines which is the best way I can think of.
I guess anyone can get into a trade, but skill shows in how that trade is then managed. It’s something I still need to work on. I tend to close out too soon. Picking really really good setups will help boost confidence to hold on longer I hope.
An example of closing out early would be the CADJPY trade that I took from weekly and got stopped out at BE. Obviously I should have given the trade some more room. These sort of things are what I’m struggling with now.
I’ve signed up with IBFX and will email the needed ID proof and forms tomorrow. I expect to be funded and ready by the end of next week. I’m doing this entirely to see what Currensee can offer, so it better be good!
currency
Nope, it’s really supposed to be spelled that way. If you Google you will see what it is. Phil838 is going to test it out as well so if it isn’t worth it at least I can stalk him a little
Seriously though, the idea of it seems really good.
oh I see…it’s like a community of traders. :o
o99016mh
I think manual stop moving is way better than a trailing stop. You can see the S/R’s a trailing stop cant.
I like your bringing in the stop to just inside your trade when prudent.
I tend to set my stop just below/ above the previous candlewick of the last price reversal on the chart time i’m trading be that 15m, 1h or 4h. Obviously the longer the time frame the lager a stop needed,
Listen guys, youve corrupted the English language out of all recognition already! What with your double negatives ‘aint got no sleep last night’ = you got some sleep! Sorry, You didnt get any sleep last night. And ‘isation’ onto words that can stand alone without the need to add isation on the end. Just kidding. :D:D:D
Yes I agree, that’s what i meant - trail my stop manually.
A wise person also suggested something else that I’ll take to heart, I’m scrapping the 5% per month goal. I’ll just focus on trading the best I can and take what the market is willing to give me.
After midnight again. Another day of too little sleep ahead… Bedtime in other words!
I believe you sustitute ‘s’ for ‘z’ in isation. Just go to the online Oxford English Dictionary and all will be revealed.
Que? Am I really guilty of such horrible crimes? Damn, lucky my English teacher isn’t reading this
Was referring to our US cousins o99016mh. Color? Ahhhh! :D:D:D
o99016mh
I concur. Setting an arbitory % gain be it day, week or month is folly. If your only a few 10’s of positive pips up at the end of the month your ahead of the game.
Having said that. I set myself a target of 20 positive pips a day (I know, I shouldnt) but averaged out? Having been in this game now for three decades, I know what I can realistically achieve and conservatively its around 50 - 80 pips a day. So if I get 20 pips averaged out its my personal benchmark for ‘ok, but could do better’.
Having had a look at the charts I’ve placed two pending long orders.
I’m going to try to buy AUDJPY and CADJPY on pullbacks to recent support areas.
It will be interesting to see if my orders are filled and if so, how the trades develop.
AUDJPY buy @ 78,7 SL @ 77,3
CADJPY buy @ 85,1 SL @ 83,7
Both formed pretty nice pin bars on the weekly, especially CADJPY looks pretty. Targets are open and I intend to move SL to BE when/if the trades reach the 1R levels.
Price didn’t feel like retracing to offer me that nice entry I was looking for. As a result I’ve watched price move in the expected direction without me.
I’m removing my pending orders now and I’ll be looking at the charts tonight to see if there’s anything else worth trading.
A lesson for the future might be to stick to the simplest method of entering, that is entering on the break. I’ll do that from now on unless there’s some specific reason to use another tactic.
I didn’t lose any money and I’m pleased that I picked good setups. Next time I’ll try to even get into the trade
Having had a look at the charts I’ve decided to basket my risk and short four pairs:
CHFJPY
GBPJPY
GBPCHF
GBPUSD
I thought for a while about the use of trading GBPCHF when logic says that if I think both are weaker than JPY and also that GBP is weaker than CHF, it should suffice to go short GBPJPY. I decided however to trade the chart and nothing else and in fact, GBPJPY isn’t, as you’d think, the prettiest of the pairs on the charts.
I’ve set pending orders at the break of the lows of the daily candles and SL are placed just above the highs.
We’ll see how it goes.