And regarding my trading this week, well, it’s been an absolute disaster beginning the Friday, April 3. I’ve blown most of what I made in March. I used both strategies, everything went the opposite way.
I hope I’ll be better next week.
hi all, chasing,
you are right it is a holiday here and i am finished trading for the week. you are correct this has been a strange week. my experience has been that price either followed through nicely, i took several TPs, or things reversed soon. i know i took a number of -10 and -11 trades. hopefully things will settle down next week.
to every one, enjoy your holy days, if applicable.
g, b.
Please excuse my ignorance. This is my 2nd post on this forum. [B]What does TP stand for?[/B]
I realize now that SL is stop loss, but I am looking for TP in one of the forex dictionaries, and I can’t seem to find this acronym anywhere.
Looking forward to learning about currency exchange,
Rob
TP is Take Profit.
Thanks. I’d looked at the Pipsology school, and found the term “take profit” when discussion resistance and support levels. Appreciate the quick response.
Rob
Can anyone explain me where is the beginning of this thread ??? Thxs
The beginning of the thread is:
http://forums.babypips.com/show-me-money-daytrading/17477-goji-system-lack-better-name.html
Rob
hi all,
another manic monday, this one without any significant news. i took one trade, didn’t like the action, so i got right out. i did not want to take another -10, -11, point trade.
today’s trade:
8:00 short, .7247
8:03 exit, 7247, +0 as i took the BE trade.
see you at 3:00 pm
g, b.
hi all,
well, finally something to cheer about. it did take awhile and i will admit, i wanted the TP trade to make up for some recent losses. the afternoon’s trade:
3:10 long, .7298
3:25 moved S/L to .7310
3:44 exit, .7321. +23, TP trade, +23
march total, +141
see you at 7:00 pm,
goji, bernie
hi all,
7:00 pm has come gone and i/we did some good again, the trade:
7:00 long, .7302
7:12 exit, .7314, +12, +35
april total, +153
see you at 2:00 am,
goji, bernie
Bernie,
according to my charts, there’s no way you could enter long at 7pm at .7302:). There was the spread of 2.5, the best you could enter long at 7pm was .73033. I noticed that in many recent posts you don’t take the spread into account. Why? Do you trade without the spread?
HI ALL, chasing,
i thought the spread was actually 3.1 at the time, but who can tell on oanda? yes, i most certainly trade with a spread. it is true i haven’t been showing the pipetes for awhile. when i went back to check the log for the trade, which was placed at the market, it was .7302-9. question: is your price set at the mid point of the bid and ask? i am only trying to determine why the differences! i suspect some of this can be simply answered by my record keeping, though with more time now, the record keeping should be more accurate. i really am only speculating, as i am not sure chasing.
this morn’s trade:
2:15 short, .7277
2:30 exit, .7254 +23, TP trade
april total, +176
goji, bernie
Hi Bernie,
Yes, at the midpoint, the midpoint was .7302, I entered at .73033, the spread was 2.5. I had no chance whatsoever to enter any lower at that point of time.
REGARDING the 2am trade: how did you know the 2am candle was not the right one? So you did not place an order at 2:05?
I checked following posts: # 307, 309, 725, 732, 759 but still couldn�t figure out the setup you use for a/u.
Please help me out.
hi all,
chasing, i know you are trying to learn the new system. the answer to your second series of questions is easier to answer than the first series, but it is far more involved. i will run through my analysis prior to 2:00 am and you will have to tell me if this helped:
1:15 candle indicated a possible reversal, short
1:25 candle could have been a reversal but it was not, still thinking short
1:40 candle indicated a reversal, 1:35 was below lower line and there was a pinbar on the 1:40 candle. (I WAS MAKING THIS ANALYSIS AT 1:55 AM)
1:45 though candle was not near upper line, it also had a pretty good sized pin bar to the top, which indicates a possible short/reversal. this candle was key to my still thinking short.
1:50 & 1:55 were both red supporting my thinking this should be a short
2:00 candle was green and if following the rules should have been taken, i chose to wait one more candle.
2:05 candle was an inside candle and i had it in mind to take the break either long or short.
2:10 i could have jumped in at .7284, the breadkdown, but that was near the mid line. i chose to wait for the candle to close. through much of this time, remember, i was thinking short.
2:15 i took the trade but thought initially i would only get several pips because it was approaching the lower line. TO GET A TP TRADE OUT OF THIS TRADE REALLY SURPRISED ME!
i hope this explanation helps. it sort of indicates one of those times that you stray from the rules because you feel like you have some good reasons. now, if only they could work out like this every time. we all know they don’t
char, now i am not sure what you mean by set ups. i would like to help you but we need to be on the same page first.
the morning’s second trade, (chasing, there was no rule to exit this trade either, i just wanted to lock in a positive trade, as it appeared i had missed all of the big moves of the morning)
9:15 long, .7256
9:23 exit, .7262 +6, +29
back at 3:00 pm all,
goji, bernie
long at 3:00pm .7262
out 3:02 .7269
easy 7 pips
hi all,
i am late posting because i got hung up on cleopatra’s article on the baby pips home page. if you watch her video, 10 minutes long, and click on the one site, you can get the averages for the moves that occur daily, hourly etc. anyway, i was stunned. i checked three pair. i added the e/y because of it’s moves, yet tradable spreads. in all cases, the best time to trade is at 11:00 pm est. second best is 2-3-4 pm est, and third best is 8-9-10 am est. starting today, i am switching. i will now trade, beginning at 8:00 est. my second session will begin around 2:30 pm est. my third session will begin at 11:00 pm est. now, i may even be able to sleep all at one time. i am also going to keep track of the e/y to determine if i may want to switch. if i do, i will let you know weel in advance.
the afternoon’s trade;
k7420, i matched you perfectly for the 3:00 pm trade. +7, +36
april total, +189
i will see you at 11:00 pm est. (THIS IS NOT A MISTAKE-READ THE ARTICLE)
SPECIAL NOTE: I AM SOMEWHAT EXCITED BY THE CHANGE IN TIMES AS THE 11:00 PM TRADES, SHOULD THEY WORK OUT, WILL FIT MUCH BETTER WITH WHAT I MAY BE ADDING SHORTLY.
GOJI, BERNIE
Bernie,
Thanks for taking time to post the explanation. The considerations behind the trade are clear, but, I cannot say it will help me:), one time it happened this way, another time it may happen the other way.
All the best.
I don’t see any movement at 11pm on aud/usd 7pm seems good time for this pair. I will be trading audusd it’s a good pair to average the position if price went against you.
hi all,
welly first 11:00 trade was a BE, however, i can get to sleep now. i may revise this and trade the 7:00 pm. had i traded the e/y, however, it could have produced a decent profit. the trade:
10:55 long, .7163
11:10 exit, .6163 +36 for the day
april total, +189
see you at 8:00 am,
goji, bernie