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Thread: Journey Forex GBP/JPY - mostly same day trades

  1. #1

    Journey Forex GBP/JPY - mostly same day trades

    Hello everybody,

    I've been trading a bit over a year. The main currency I trade today is the GBP/JPY. I am updating my thread and tweaking my trading method a bit to make it even more simple.

  2. #2
    The majority of these principles are common sense principles but a few come from experience.

    *Trade just when there is an opportunity to trade not to be trading. Even if it takes you two weeks or longer for an opportunity to come to trade you need to follow this rule. If you risk getting yourself into unprofitable trades.

    *Avoid trading in sideways channel (ranging market) for this method. Wait till the market decides if it's going to go down or up.

    *Aim for a monthly goal instead of a weekly goal concerning getting pips. Sometimes the market just doesn't have enough volume to give you enough trades during one week but might skyrocket the next week. I estimate since I personally target 400 pips minimal per month, it'd work out to 100 pips each week.

    *Adjust your trading into the momentum of this market. Momentum is greatest on GBP/JPY during the initial four hours of the London session but you may get fantastic moves during the Asian session at open and U.S. at open occasionally too. If you can, take for the London session or set alerts.

    *Do NOT exchange 30 min prior to, during and 30 min after big news announcements like NFP and some of the other major releases notably the U.S. releases. The market may easily move against you countless pips in moments. This has happened to me!

    *Never take a premature trade. In case the price is coming close to the S/R lineup, don't leap in supposing that it's going to split the line. It might bounce and hit on your S/L. Let the price move through the S/R lineup several pips then place your trade.

    *The longer that a tendency has been set up and it's broken, the harder the fall or the higher it will climb. Adjust your profit targets into the momentum of this market.

    *trading is 90% discipline and 10% execution.

    *Plan your trade and trade your egy. Don't trade emotionally and expect the market will go your direction. Been there, done that and it doesn't work.

    *If your broker cease hunts then add 10 pips in addition to the quantity of the spread to your original stops.

    *At times my S/L will probably be 10 to 20 pips more than my T/P since I place my stops one S/R behind. My stops are struck just 2 out of 10 of my transactions so this works nicely for me. Keep in mind that the hedging egy discussed at the 2nd post. If you don't feel comfortable with the amount of S/L utilize 50 pips as a basis but remember you don't wish to set your S/L so close to the entry it is hit. Give it some room to proceed.

    This is the cornerstone of my egy. I'll make live articles of when I am in and when I exit the market. I like to see price action before I enter transactions but I do set limit orders for when I sleep or other times when I am away from my computer. Together with my method and some other method, try it out on a demo to see if this style is right for you. I am not responsible for anyone's losses. So anybody taking my live transactions, it's at your own risk.

  3. #3
    I am waiting for this to break from the range of 202.60 - 205.00.

    I shall go short @ 201.80 break T/P 200.75 S/L 202.60

    ....long @ 206.16 violate T/P 207.00 S/L 205.00

  4. #4
    The price has broken out of the station but it's led into my Don't Trade zone. I won't be carrying any longs right now even if it goes up to 206.00. It is trying to break through an older, stronger trendline from March 16th. I'll watch the price as it could blast through this zone or it could bounce quickly away from this area. However I am noting some fantastic S/R to go on once the price reverses. In the event the price goes over 206.00 and undo I shall look to go short on those breaks:


  5. #5
    Wow nice diary
    I like you design
    expect your can upload any image to make it clear
    I wish you good fortune

  6. #6
    Quote Originally Posted by ;
    wow nice journal
    I like you style
    hope your can upload Any Image to make it clear
    I wish you good Fortune
    Thanks Hikkake

  7. #7
    This bounced yesterday @ 206.56 so I'm looking to go short on 205.00 break when it has sufficient momentum using it. Target 204.00 though this could go all of the way to 203.35. When I specify a stop it'll be around 206.15 and will track it since the price moves down. Today is Friday so that I will try to be from any transactions by London close.

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  10. #10
    Merely to mention, I took profit @ 40 pips on Friday because the volume was so low and that I don't enjoy staying in trades late on Friday. Today is Memorial Day so I won't be trading because the two UK US is going to be shut. From the way that my chart looks now, I won't take some shorts unless the price passes through the S/R breaks mentioned in a previous article. One which I'm adding, if the price climbs above 205.00 and reverses, I'll go short on 204.00 break.

    On longs, from the way that the market is today, I'm waiting to see if the price will break or bounce in my upward trend line. I've an upward station running from May 8th to current and also a newer downward trend line in where the price touched the line on May 1st then again on May 21st. The up and down fashion lines are forming a symmetrical triangle therefore I'm looking for a breakout in either way. If trading volume is low, GBP/JPY may be dead until late this week. I beg not though

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