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Sterling Yen, my new beast could make some noise to the downside this afternoon.
It's not ideally set up, but if Cable and USDJPY move down, expect this lower.
__________________ I'm now sending trading notes out twice a day with videos too. Have a look HERE.
There's one set at 6:30 UK time for London and one at 12:00 for U.S session, plus I will send a summary video after each session
Last night saw some ferocious pullbacks after our GBPJPY trade fell 350 pips, and one I like this morning to continue in that vein is USDJPY.
Currently trading at 97.24 this could go 100 pips this morning.
We've already seen the breakout of the triangle. A cheeky one here and then add to it after a couple of red on the trigger.
Keep a close eye on cable and euro. If they fall this may go nowhere.
Stop would need to be at 97.00 so not a massive risk and with 100 point potential to the upside it's a 5/1 chance
__________________ I'm now sending trading notes out twice a day with videos too. Have a look HERE.
There's one set at 6:30 UK time for London and one at 12:00 for U.S session, plus I will send a summary video after each session
Morning pipsters
No trading for me today as I am out sailing. Fresh breeze and the sea air in my face. Gosh I love trading! Hope you all have a great day pipping. I hope to be on for a lazy lunch, and some suitable drinks.
Have fun and Le Pimp any time you fancy manning the bilge pumps I'll pipe you aboard.
Cheers,
Ruddy face rockie
P.s. My hands have frost bite, I'll need a straw to to drink at this rate
So here it is. The statistical results of the last 4 weeks trading (live) for me.
In summary, I took 90 trades. 50% more than I needed to or should have. That's a lot of wasted time, spreads and pips. Not to mention printer paper and ink wasted.
Now, I know hindsight is great. However, I basically looked at the chart printouts and asked myself "would I trade these now?"
The results are a major shock.
Now, I know, Pimp, Gorilla and a few others thought I was doing so well. Well, they weren't necessarily hearing about all the bad trades.
So, why am I telling you all this. Well, I am Honest Bill, aren't I ???
Take a look below. I took 58 PROPER trades and only 5 lost. That's a 95% success rate. If I had just had the discipline not to jump into the BAD ones. They killed all the success.
I urge all the readers here to do this kind of exercise every so often in order to learn from it.
A worthwhile exercise Bill. Its something I mention now and again. I record every trade in a spread sheet with comments about why I entered. I've now started highlighting the good setups in Blue and the bad setups in Red. Gives a nice visual of my trading patterns. I'm really trying to eliminate the reds.
It is strange how, in the past, I was happy to risk 40 pip SL full stake on gambles, then when a good setup came up it was small stakes. I'm trying to eliminate these things but I still have a 'need' to be trading. I have found longer term trades to help curb this need. I'm sure I'd have dived into cable a few times this week had I not been short since the previous Friday.
To be honest with you Bill, I had notice you diving in a bit last week. Missing the first move then going in on the second move only for it to retrace. Last week I focused on the break, MAs cross, retrace and then hit it. As Dan says, its the safest way to trade. That setup occurs everyday on some pairs. Just sit and wait for those.
Anyway, I dreamt about the Pimp last night. Terrifying.
This is my first posting, so at least I have it off my chest now.
I would like to say that Bill has shown something here that is similar to a situation I found myself in. I was telling freinds when I won and how great a feeling it was to tell them. But, then I found myself too emabarassed to tell them I had lost (Demo only). Slipper slope I thought, so I snapped out of it sharply, the only person I was deceiving was myself, and If I want to make a success of forex trading I have to keep it real.
I've read a couple of postings on the site about how to record trades. One I will be trying is print out of the screen, makes notes on it and keep it in a folder.
Stoch overbought, CCI 4, ready to cut down, Price up against a resistance point, in this case weekly pivot, trading into the direction of the CCI 63 and CCI 252, the only thing missing is the red Heiken Ashi candle.
keeping it real
Linear Mode
