wasp

Out for -50 Long @ 212.45 If this market doesn't start picking up I will be taking a break again. This isn't worth getting out of bed for.

cheers cowpip closed long @ 212.00 for +101 short order in ready at 211.95 (in case I fall asleep!)

That one, along with any others similar (ie short, not whole screen) are purely minor levels between my major levels which I was looking at and monitoring for their effectiveness of turning price. These minor levels came out 50/50 and whilst I am not using them because of this reason, they are still there for my interest and confirmation occasionally but it is only the major full screen levels that matter to me.

Do you mean this one?

No problems but, on the other thread, can you tell me what exactly you mean? If its the short S/R (not all way across screen, they are just there for information, I don't use them to base decisions).

lol! That's why I have my way of trading so simple its a case of yes or no and no major decisions need to be made. I just need to remember to look at the right bleedin charts!

closed short @ 210.93 for +115 long from @ 210.99

I am going to pretend I have not noticed this 60% retrace !

Well in the end I should have stayed short as the next candle confirmed it but that prior one still said long to me. Once broken 212.20 though it was an easy clear run to 210.66 for sure. Unlucky cowpip, what made you go long there? Short from 212.08 in the end (as visable on the chart)

Scratched for -10 and long again 212.32 as looked at wrong charts :angry:

Rejected the long and the sellers still winning. Just. Dull as **** this but anyhow, took the -20 pip loss and shorted from 212.19

I'll agree if we hit 215!

My bad, thought you meant 240m. It is 7:24 local time and my daily candle is at 11pm so 3 hours 36 minutes to go....

Closed my short (didn't call it so won't mention the pips - +30 btw!)...! Long GJ @ 212.29 Stop @ 211.69

In approx 13 minutes.

Yep, if I am doing things right I am in from Sunday night through till Friday night. Everything happens for a reason and IMO, there is no reason why every pip can't be nabbed! As for trailing stops... I may trail if for example, the 7pm (GMT) candle opens below my 212.20 S/R level, I will bring up the SL... possibly to break even or possibly more, its all discretionary. Otherwise, it all comes down to my requirements and/or if I have something better to do that day!

Nicely done. I did something similar but had my nieces here today so not had a chance to post.

Sleep when you're dead! I do have the laptop by the bed and it is just a case of yes or no then fall back to sleep (pretty much like daytime!) so not much hassle really.

On GBPJPY I use 60 pip catastrophe stop (incl spread) but normally, if SAR required, the reversal is 80% within 30/40 pips max.

Mornin' Myrtle, 400 is above average as I am happy with 250 and once the average so worked out over the year (this chart is just what would fit on the screenshot) it equates to around 250/300. I certainly do set alarms. Every 4 hours whether at the pub/beach/garden, I login and act if required. I try not to spend too much time at the screen between these times either and occasionally have a mid afternoon siesta so its not a problem waking up (the money is worth it!). Underneath 4 hours is just noise for me so whilst waking at 3am to press a button is justified for me.

I have a question for you as it goes cowpip. You said the other day you would expect the pound to drop because of the economy. Makes sense in theory but, and this is why I don't trade using FA; the economy has been going downhill for months, all around the world, the knock on effect from the US is hitting both the UK and Japan so lets forget the USDJPY and EURJPY and GBPUSD correlation, hwo do you decipher what should happen in the GBPJPY pair with such conflicting FA? Then to actually day trade that with sensible stops is something that really confuses me. Anyone who can use that despite the pound rising for the last 3 months gets me congratulations!

No problems at all. My ways are 20 years old and so simple even my sister could do it (which she does! - not very well though, bloody women traders! ), although, I will say, don't take too much from it. I have included a post at the bottom which I made over on T2W to explain. Its great you have a way of doing well which incorporates your needs (ie FA) and there is nowt wrong with seeing what others do. It is like a double bottom I guess but gave up labelling things a long time ago. Why do we use stops and why do feel the need to give price 'breathing space' before our entries flourish. In my experience, Price will always retest the area it reversed at for a number of reasons. 1) traders seeing if there is life let in the prior move 2) those who know, want in at a better price 3) weak hands getting in waaaay too late. Therefore, I wait for price to reject the level on the 4 hour (a wise banker once told me prime brokerage traders don't pay attention under this TF), then place my entries at around 20/25 pips from said level, depending on the strength of the rejection. 9/10 it will get back there before moving away. I also do it like this (with orders at 20+/- after rejection as I don't want to spend all day at the screen). Take a look at the chart. You'll be surprised. I have been told before that I draw lines very differently to others. Good or bad, it works well for me. I don't use trend lines much any more, only support and resistance (see chart) and yes. I use the bodies not the wicks. See, without waffling too much, I don't hold much stock in anything written anywhere and people should experience not do as the books/websites say. Look at the chart and how much easier to read S/R is through bodies than wicks. All the wicks are good for is showing strength and weakness IMO. They help you decipher what's next and what those with money are doing. HTH, I'm not great at explaining what I mean, sorry, its just ingrained in my brain now but feel free to ask anything else. _______________ From T2W... Exactly. Everyone is different. You and I may both trade purely off the reactions at levels of supply and demand but, I may have a bigger appetitive for risk. I may be greedier. I may use a trend line here and there. I might favour a tighter stop and more trades. I might be after 400 points per week whilst you are content with 20. I might prefer holding for a day or two whilst you only an hour. I may have my eyes on trading till I can afford a 40ft yacht, the next man just wanting to pay the bills and afford presents for the kids. There are so many variables in not only how one trades, but also ones goals, risk appetite, targets, wants and needs. Not to mention all the markets on offer.... This partly negates the point of forums too as most new threads will head in the direction of finding one particular final answer when there is no such thing. Someone comes along and will state emphatically you must do X, Y or Zee which, for one person is perfect, another useless. Take stops for just one example banded about constantly. Anyhow, I am waffling. End of the day, there is no definitive way as everyone is different and thus, the best path to success, IMO, is doing it all yourself.

I trade 90% of the time from 240m charts. I watch the dailies and I may zoom into the hourlies. Most of the time though, if price rejects a level of S/D then I'm happy to get in anywhere in the region of 20 pips +/- of that area. People can get so **** about perfection and maximizing 10 pips here and there but with 80% W/L rate and usual 3 times the size of win vs losers, I become complacent. HTH.

No, it means if I have made 400 pips by Thursday lunch I'm not going to waste Friday in front of a computer when I could be enjoying life, content with a well above weekly average return.

I am all in from the word go and stay all in till I am done. My exits are based on action at S/R so whilst aware of certain areas, I don't have targets/limits. Oh, also depends on what else I am doing/how much I have made during the week.