Snow Dog

Haven't added this trade to 1st post yet. 2b counter trend scalp +14.

Thankyou. Trichet speaking, high UK news, NFP - might not be trading today.

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Had a -12 buy above 5900, looking again at 15 min upper wicks that preceeded it, that was a stupid stupid trade. That has been somewhat rectified with this sell. FH had not done anywhere near its typical range with this lh at 5884 the days open. We know this is FH reversal time but we took trade because of solid 30 min close on DO with no lower wick. The 1 min pa that happened was clear to us that DO was not being supported. Out at 50 level for 32. A good range has now been achieved for FH.

I suspect this is out early but the +20 auto bank (Mrs V) indi was doing a FH special. 2 x 1hr hammers, 15 min hammer, higher low at the 75 level. Out +20. Oh we moved stop to BE fairly early as 92 area was an obvious potential turn point to keep lower highs going.

Trade taken gu 25 psych level. Moves up through, test lower fails entry on move up in line with trend.

Just missed the FH move up, oh well. After the LO got this push up from the days open. Target 5950/60 being psych level and a D pivot as they could be good short term pullback areas.

The 5 min gu candles are the same, push up counter (5 min) trend hammer doesn't break through and shooting star. The keys for us (Mrs V and I) are the candles that make up the counter trend move. Again +18 in the move to 50 level.

Had 2 losing trades yesterday, -13 and -15. 2 trades today so far at least. First was ej, in move down a push up from 112.50 the strong counter 5 min trend move up has no follow through with a hammer that could not break up and then a shooting star on 5 min. Target the 50 psych level, +18. 1 min chart shown.

On these kind of set ups theres normally enough in counter trend moves to get something from gu and ej. If the 1hr set up candle is too large then I'm very careful about entry. A hl/lh from an extreme is usually OK IMHO. Also the times traded has some movement. Cheers.

We were concerned with this being counter trend and left. It was a perfect system trade, 1 hr shooting star, 15 min neg close on higher vol. The 5 min shooting star with little/low lower wick confirms one of our basic trading thoughts, weaker bounce from key level (RN, W M4 and Y's high combo) so should be sell. Why weaker bounce from key level and why does it generally work. IMHO if the big boys were buying 5600 (and any other key level) it should go from there right? Prior to the SS arrow down pa had touched 5600 twice, why hadn't the big boys bought already? A missed opportunity, once again when ALL makes sense ito your rules take the trade.

Cheers. 11.55 fxpro time which is 9.55gmt. I try to show arrows where I've entered on all charts. In particular with gu I've just come around to a 15 pip stop. If its going to break that chances are it woud take out something more substantial. If the move is right but chops chances are you'll get another entry soon. I move to BE relatively quickly. So if I've got the hl/lh in terms of rules its 15 pips for gu and I have no worries about where prev hl/lh was. If you have not got the 1st/2nd hl/lh in run you really are risking running into the counter trend hl/lh. I place a lot of emphasis on candles to try and ensure I'm in the right move from the right place (pivot, psych level including 25/75 for gu etc etc).

A 1 min lh when it couldn't even retrace to D pivot 5472/75 area. Out at dble btm for 9. I see it has gone lower but in view of small ranges and poor vol reasonably happy.

Got distracted and missed prob trade of day so far on ej but never mind. First trade was a gu lh against the pos close 15 min but it was another inside bar and we had a lower close on 5 min followed by a shooting star. Scalped 11 pips.

Was out at the shops and missed this perfect system trade in line with pos 1hr close, pos 15 min close, nice 5 min hl little no upper wick on entry candle. Just showing as yet another example.

After ej had doji on 1 hr we had a hl buy at 112.50 out -11.

Missed the lh at 5482, pity, sold the lh at 65, out half at +16 bal at BE.

Prev 1hr was positive close but this was a lh below that 1hr low. Out half at +38, moved stop to just above 50 level, bal at +18.

When price hesitated earlier at 5291 9.35 fxpro chart time I sold the 1 min lh for -9. When the LO move down failed bought the 1 min hl for a 85/15 trade for +21. R1 the target 5318.

We are getting good entries and missing out on many bigger moves. Amending exit strategy to: 7-9 am gmt exits will be taken at key levels due to the small ranges in Frankies hour that typically exist. After 9 am gmt we will look for the FH/LO range to break (there is typically a head fake move in that time). Once that has happened we will look to bank 50-75% of trade at a key level, stop to BE. We will look to re-enter with full trade size hl/lh's in line with move. Again exiting 50/75% at next key target. Moving stop from original position along. This alows scaling without risk exceeding 1.5%. We will endeavour to trade through news events.

Had an earlier BE. Mrs V sold this one as per a chat of ours and (her trade her exit call) exited at 50 level +25 I thought early as the same 39/28 targets from yesterday should apply.

The point I was trying to make is the "I'm up 100 this thing is going to go to the sky" mentality and the trade gets taken out at BE or worse a loss. In that case time indeed has no bearing on money in trading. You could be up 100 pips in an hour or two, that does not mean its going further. I think we'll have to agree to dis-agree on nobody went broke banking profits. Banking steadily does wonderful things for confidence etc etc. My biggest problem is letting trades run, something I strive to improve.

Do you mean the whole last post or item 10 in last post. Either way thats my experience. Perhaps though to be more specific once UK news events are out they tend to move the market in one direction in the short term. In my experience. Apologies for my part in getting off on the wrong foot. Cheers.

Nothing works 100% of the time, some things happen regularly enough to take note of. These are some of those thoughts on trading gbpusd. 1)GU likes 50% fib's 2)GU likes the 25/75 psych levels 3)The first 15 minutes in Frankfurt trading (European open, Frankies hour or FH) is often a fake out and we rarely trade then. The exception being 100% system trades. 4)A typical range for FH is 40 pips, upper range 60. 5)Bank your pips in FH. 6)We do not trade a 2nd move in same direction in FH, especially if the range is close to complete and we 30 mins in that hour. 7)Frankie often has a half hour reversal. Some traders I like think the FH move is often just a fake out move for the London session. Some call it the London open head fake. 8)Stop sweeps. If price is falling and goes below 15, it can often fall below the even number to 85. The opposite is also true if price is rising through 85 area it can often go above the round number to 15. 9)We like to trade London session until price has moved around 125 pips. 10)UK News events generally move GU in 1 direction (US news events can be much more volatile).

Discipline is the bridge between goals and accomplishments. If you can get this simple concept right you'll probably have a great trading career. The only trick is it's a massive all embracing concept. Discipline to: 1)Take the time and effort to check your trading plan works (in up/down/ranging markets). 2)Execute flawlessly. This doesn't mean every trade is a winner (they won't be) but it means to trade when you see your rules play out. 3)Not chase a move simply because you are scared you'll miss out, there are more trades coming. 4)Know the difference between a price move and a trade. A trade is something that complies with your rules. A price move is a random jump in the market that you couldn't have anticipated. So plan your trades, trade your plan and avoid the wrong trades.