Rich1969's Journal

[Rich1969]

Tks Rogan, its certainly food for thought.

From my analysis since the bounce wasnt that strong from the low of the 1300 candle on the 26th and didnt really stay away for that long, in review this looks more like the price testing the 200.60 to 200.50 level and not a strong scalp line at all.

I'm going to put this one down a miss identified scalp line. In future I should consider waiting for greater price rejection and for price to stay away for longer.

[Rich1969]

Hi guys just a quick up date.

Live account Aug 28, 2008 17:03 GMT Sell GBP/USD 1.8260 closed at 18257.8 (Aug 28, 2008 18:04) 2 pips

Breakout entry, during set up I had origionally marked this trade for a 40pips tp. got in way too late. The actualy break was at around 15.50 hrs. and it made the 40pip target, so I'm please that my analysis was correct just my execution was off.


Another peice of the jig saw pluzzle falls in to place.

weekly totals
Live -30 pips
Demo 98 pips

[Rich1969]

Here a quick chart of the above trade, not how I played it but how it should have been played.

[Bap]

Great thread Rich. You are making me think.
One Question. Why a 40 pip TP. Recent history of the stair stepping down on the 4 hr?

OK Two questions. Is a "pluzzle" a three dimensional puzzle?

[Rich1969]

I use a 25% of average daily range as a guide for my taregts. However its important to point out that if this puts the target level on the wrong side of key a level such as support or resisitantce or major psycological number (double zeros etc) I will use some discretion and lower the target., rather than run the risk of a bounce 1 few pips from target.

[Rich1969]

Well this is not a very good first week for this journal, but i did say it would honest and include warts and all.

Demo account Aug 29, 2008 02:51 GMT Sell GBP/JPY 199.62 closed 199.22 (Aug 28, 2008 07:31) 40 pips
Woke up by tkt alert was going to take this one on live account but just didnt like the price action (lots of bouncing up & down, not the real solid downward momentum I was looking for. - So I excecuted the trade on a demo a/c just to see!

Live account Aug 29, 2008 09:26 GMT Sell GBP/JPY 198.47 closed at 198.77 (Aug 28, 2008 09.54) -30 pips
After the sucess of the Deno trade I managed to convince myself this pair would continue down, I positioned an entry signal on the break of psycological level 198.50. It didnt work out. Lesson here is that I did not follow my trading plan - which would have said entry on high momentum break of next s/r level, in stead I "made up" a high risk level and "chased the market".
weekly totals
Live -60 pips
Demo 138 pips

So to summerise the week - I either entered the live account trades too late or chased the market for entries (outside my trading plan). Again chasing trades. Now the trick is to see I can learn from these lessons next week & beyond.

[Rich1969]

I don't normally take trades on Friday pm but this one set up so prefectly I had to at least trade it in the Demo account.




weekly totals
Live -60 pips
Demo 168 pips

[Rich1969]

Demo account
No trades

Live account Sep 02, 2008 22:17 GMT Sell GBP/JPY 193.77 closed at 193.05 (Aug 28, 2008 22.29) 72 Pips
Woke up to txt alert on break of the 193.20, which was a support level formed off low of preivous few candles on h4 chart. Good strong price action, hence the entry level being way off break out level. Still a nice trade. I will post up a chart soon.

Week commencing 1 Sep 08
weekly totals
Live 72 pips
Demo 0 pips

[Rich1969]

Chart of the above trade.

As mentioned the entry could have been a bit earlier after the intital break but I was sleeping at time price broke the support level of 194.20. Buy the time I woke up and got to pc the price had already moved 50 odd pips.

The stop loss was placed just above this level and the take profit was placed just above the 193.00 major psycological level.




I hope some of you are finding the journal useful.

Cheers Rich

[Rich1969]

Here is a potential set up for a short on the GBPUSD.

Entry on break of 1.7780 with targets (based on potential support) at 1.7750 historical S/R, 1.7700 major psyc level, and 1.7620, historical S/R level.

All opinions welcome.

Note this is not trading advice - do not trade on this information.

***UPDATE SEE "ND CHART BELOW ADDED 3 Sep.***