pipMonster

1 lot/1 pip on GBPJPY = $9.42 on Oanda. 1 lot/1 pip on GBPUSD = $10.00 on Oanda Hope this helps.

Thanks for the chart Wasp. I've often wondered how you trailed and how often you moved your stop along the way. Another 1000+ pip week! Very Inspiring. I still have not managed to get my sleep patterns together enough to eek out the kind of pips your pulling down. I tend to miss the good entries during the NY session as I'm usually sleeping.

Indeed. Where are you in from? My entry: GJ Short 186.60

I'm flat. Anybody got anything going?

That is a fantastic way to look at trading. So true, so true.

Sleeping as far as I know. I have no idea if he's in on this move or not. Hopefully, he is. At least you can go into town and run your errands happily knowing this week has started of with a fantastic run of a trade.

Well done! You beat me to the entry by 140 pips. I didn't see the resistance at 195.40. In fact it took me a few minutes to find why you chose that level. Good call. It corresponds nicely to the gap fill from the open. I've been spending a good deal of time going over the week ending charts you've posted and you're absolutely right: this is not that hard. It does involve a lot of waiting for the top shelf entries and just having the patience to let the trade run it's course.

Hey Wasp! Nice to see you back in the ol' Forex Foxhole. So far, so good. I was unable to get what I felt would have been the best short entry at ~194.72 due to being away from the screens at that time. I did get short GJ at 193.90. It's running nicely.

Right with you Cowpip. I stopped trading on Tuesday, deciding to wait until this bailout crap gets a plan. In fact, I may let Sunday go by to see if there's any direction to this mess. See ya next week!

yip. Good call on the trend line. Price certainly did react to it. Now price has broken below that longer term trend line and is fighting it out with the descending trend line from the recent high at the end of last week.

Closed @ +1 after next hourly candle came up a bull hammer. I can wait for another clean opportunity though this was a little disappointing. I suppose not entirely unexpected being that we're in the opening hours of the new week.

Here's my first go for this week. It's all down to management.

Fibs! Ah-Ha! I wondered if you used them. Do you plot the retracements from wick to wick, or body to body? Do you use them on the hourly charts or mostly on 240-min and daily charts? The check's in the mail, though by my calculations it would be but a drop in the bucket compared to your profits. One major thing I've noticed from your charts is your patience to make sure price has actually changed direction before entering. Though you're not always correct, your edge in executing this setup more than makes up for it. I was jumping the gun, trying to catch the falling knife. Foolish really. I've been using Alpari's demo platform lately to place trades using my previously poor implementation of this setup. It is quite slow and requotes often. I'm using three lots as a baseline of 4% of a $50k account. Do you have this problem with them in live trading or do you use them for charting only?

Damn it Wasp! You make this look so freakin' easy. It looks so clear on your charts. My goal is to change my thinking to 'see' the charts as you do. It may very well take a good bit of time. I most definitely do not want to copy you. I need to come to these conclusions using my analysis so I own them. I want to be the fisherman, not buying the fish from you. Of course, if you show me the best spots to fish, I certainly won't complain. Well done with your trades.

Do you have one last chart showing your approximate entries and exits? One of my problems is not keeping HhH/HrL and LrH/LrL in the front of my thinking. I became myopic in trying to plot trend lines correctly. It seems also I'm not letting price action develop sufficiently before jumping into a trade. Once again, thanks for your unselfish guidance.

Thanks Wasp! Greatly appreciated. I'm going over the chart now and will post as soon as I have several questions for you instead of spilling out a stream of conscious into the thread.

Wasp, If you're going to do a weekend post to your blog, would you mind terribly annotating a couple of entries and exits on the chart with your thought process in as much detail as possible? I realize you're flying by experience in ways some of us aren't thinking like at this time in our careers. It would really be a great help. Thanks in advance and have a great weekend.

What's happening that makes it 'witching day'? Is it because of the uncertainty of tomorrow's market? BTW, are you having much luck in this market today? Just wondering if you're sitting on your hands for the most part while the market whips up and down.

You are so right about geppy, cowpip. She's been a tough filly to ride today. I've taken a beating again. Just can't seem to find the handle. If I think up, it goes down and vice versa. I can just be thankful I'm on demo right now, getting this setup together.

Sorry to hear trading sucked for the last couple of days, but it's great to hear you're taking a nice break into the new year. Your trading last week was truly inspiring. This week has been down and up for me. I started off with three nasty losses in a row before I got things turned around and into profits. Last night and today have been absolutely fantastic for me. What's made such is huge difference is two things: Wasp's suggestion of hourly trend lines, in particular the way they are drawn, and adding some additional horizontal S/R levels to the 240-min chart from my ProRealTime charts. See you next year.

Thanks for the lively discussion guys! Very informative. I traded my version of Wasp's strategy on paper this week for the first time. Came out 30 pips down(sorry cowpip. I had said 20-25 in an email to you) which I consider a smashing success. I made a gob of errors both in poor entries and poor exits, but that's fine by me as I'm learning and making it my own. Thanks again for sharing Wasp, Cowpip and Firewalker. Much appreciated.

I'm guessing you had a good time on the ride up? I hope it's made up for the market drivel and indecision we all had to go through earlier in the week.

it turns out longs are the way to go. I took a quick -25 on geppy, then SARed into this long position from 188.65 and closed for +90.

Deleted duplicate.

Well, that was f*&^ing stupid. Out for -65.