It’s a little off-topic for this thread but if you, or anyone else, is interested in chart formations watch GBP/USD. Price is getting caught in a wedge and is going to break one way or another… Maybe in the next few hours or so.
If it breaks on the downside I’m entering at 1.6175 (right below last week’s low) with a stoploss back on the other side of the trendline. No set TP, but I won’t settle for less than a 1:1 RR ratio. 
Interesting…for the downside, I noticed the next “rebound” is about 1.5800, so entering at 1.6175 would probably leave you 375 pips to go before hitting the “might-rebound line”.
Okay, what do you do if it breaks the upper trend line? Last week, last 2 weeks, and last 3 weeks high are quite close; 1.6560, 1.6620, 1.6661 - not leaving much guidance, unless you want to take the highest of them?
hmmmm, the same can be said for GBPJPY…hmmmm,
ETA:
okay, I have also place a OSP Sell, and SL = 350 pips (roughly the upper trend line), but this time I am risking very very little amount, as its my first time trading on trendlines breakouts? haha! is there such a word?
I won’t do anything if it breaks the upper trendline. There was major resistance the last two times price hit the 1.6700 area (Oct 2008 and Oct-Nov 2003), and since that’s less than 100 pips above the trendline I won’t trade an upper break.
hmmmmm, it sets me thinking…is trading such simple, no need for indicators and fancy stuffs?
At least you must have used Fibonacci lines?~
I wouldn’t say it’s easy, it just not as complicated as people make it out to be.
I don’t use any indicators or other “fancy stuff.” I’ll think you’ll find most of the other NickB fans here don’t use them either.
One question, when u have setup all your pending buys and sells on Sunday, will u remove them and reset them every Sunday?
Yes, I cancel all my pending orders around noon GMT on Fridays and I put them back around noon GMT on Mondays.
I don’t trade from Friday afternoon until Monday (except for my Sunday breakout system) because of low volume and weekend gaps.
Another loss here, that’s 4 in a row now. Phil, I’m wondering what your stats have been like as far as taking trades in the asian session. I’ve only been keeping detailed records for 2009, and I have 2 wins and 5 losses in the asian session, so if that holds true in the past as well, I think we’d be better off simply not taking trades then.
Another loss for me too. I had my alarms off and didn’t even realize the line had broken until you mentioned it. This is the first bad losing streak I’ve had with scalp line trades. I guess it was bound to happen sooner or later.
I don’t record the time the trade happened in my records, just the date, so I’ll have to scroll my charts back and see what session they were in. I’ll get back to you…
Thanks. I’ll ask Metalhawk as well, and maybe Nick could chime in hopefully.
I lost out here too. An unfortunate streak to the start of my live account, but it’s recoverable.
What are people’s opinions on the opportunity for a reversal trade since it looks like we could see a long wick pattern with the close of the current candle?
I keep pretty tight records too, but I haven’t been recording trade times, just dates. I’m going to start for record’s sake as well.
Cody
I lost too.
Nick said on his blog, " just got a few emails about the break of the 154.80 line. I am not in this trade��…
GBP/JPY has moved far past its average daily range and we are in the Asian session. This is the point at which you would expect it to stop moving not keep moving."
I’m gonna have to go further into his video course and see if that information is in there. Really could have used that information before that line happened. I don’t know, maybe he should add something to watch if the daily range is spent and not to then trade the asian session, in his, “when to stay out section.”
It’s hard to find a reason not to go into a line scalp trade when you havn’t made a trade in almost a week or more and it looks like price is moving strong toward a scalp line.
I guess how much of the daily range has been “used” depends on when you start the day – I’m guessing he means starting at opening of London session, rather than midnight?
Scrolling back and looking at the trades turned out to be harder than I’d thought, since you have to mark the line and candle, then move to a 1M chart to actually see what happened…
I had 21 losing trades in 2008, and 7 of them happened in the Asian session. I didn’t look at my winning trades to see how many were Asian though, it’s just too much work…
I wouldn’t put too much stock in my results anyway. Scrolling back through 2008 I can definitely tell I was a new trader. A lot of the trades I look in the first half of the year were bad trades I wouldn’t have taken today. I think if I had 2008 to do over again I probably could have gotten an 80% win rate instead of 70%. 
Metalhawk just posted this on his blog…
[I]"What can I say, other than $#%^#$@$%$!#@%#%$%@#
On that cheerful note, I want to announce that for the time being, I am suspending my trading of GBP/JPY. It is just not behaving normally lately, so I will only trade USD/CAD until further notice."[/I]
He may be right. I stopped trading scalp lines for 4 weeks in Sept-Oct last year because the financial crisis made the markets do strange things. This might be another weird period we need to wait out…
It looks like a good reversal opportunity to me. If it breaks above 156.10 [B]after [/B]the London opening I’m getting in with a 100 pip SL and TP.
Thanks for the attempt on record-checking. I’d guess that the asian session was probably unprofitable overall. 1/3 of your losses coming in that session is very high considering how relatively few trades happen during that time. For example, in 2009 trades entered in the asian session account for only 20% of my total trades, but 35% of my losses. I will no longer live trade asian session for the rest of the year but continue to demo trade it to keep records (actually by demo trade I mean live trade with just one unit).
the short 154.96 is a loser, it hit the SL of 50 pips, before going down again…
Long entry at 156.10 for GBPJPY? Could you explain why?..thanks,
It’s invalid now, but at the time it looked like a reversal was forming and 156.10 is a few pips above the reversal candle (6/23 00:00GMT). If price had reached that level it would have been a confirmation of the reversal and a good time to enter the trade.
It won’t make any sense looking at your chart as it is now, but it was a good possible trade 4 hours ago.