No problem. I was confused for a moment, but it happens. I already closed both trades because I can tell by the price action that I need to step aside. Perhaps it will go to my TP, but that is not in my strategy.

GBPJPY
Buy @ 158.70
Out @ 159.02 (Manual Exit)
Final P/L with Spread @ $33.03

AUDUSD
Buy @ 0.8064
Out @ 0.8047 (Manual Exit)
Final P/L Spread @ -$19.00

Currently, no open trades.

__________________
aka jbfx

I'll go ahead and explain my rationale here since you had asked.

That's the funny thing about trading, 2 people can look at the same price action, and come to 2 completely different conclusion. I see a bottom formed on June 23, and the formation of a uptrend. Perhaps your view is shorter term than mine, so you are just zoomed into the past 24 hrs only.

The reason I had entered the trade is because after the bottom was form, the bulls and bears started to battle over the direction of the next move. The consolidation phase is fought in near the yellow lines. Once we had the breakout on June 29 to the upside, the bulls had won and took the price higher. This is when I should have entered the trade, but I was just getting back and was hesitant. Ideally, I would have entered on the intial breakout and already banked 200 pips on the up spike. The bulls took the action up naturally after the breakout, and tested 160.25, couldn't find any more takers, and the price came back down for a pullback. The bulls were not willing to let the action go back into the previous consolidation zone that they had just fought so hard to win...so I thought the next logical step is for the bulls to push the price back up...this is the pullback that I entered on.

I had entered a bit late on the pullback at 158.70, but that's OK. It was going sideways a bit there, so I decided to just bank the profit at 159.02. As you can see, it was a bit premature as I had left a good 50 pips on the table. I'm fine with that because I didn't feel the move was strong enough to sustain a trend, and I exited to wait for another opportunity.

OK, that's about it, going to hit the sack. I would not be surprise to wake up in the morning to see GJ hundreds of pip in either direction, but that won't concern me now.

Attached Images

GJ_Rationale.gif (18.4 KB, 89 views)

__________________
aka jbfx

Here we go again, the NY Exchange just closed, and I have a few minutes to relax and sip on my soda. I'm sensing slight dollar strength setups.

I'm thinking of selling the GBPUSD and buying the USDJPY.

I'll give it another hour or see if something happens. See you in a few.

__________________
aka jbfx

GBPUSD
Sell @ 1.6477
SL @ 1.6559
TP @ 1.6350
Current Price @ 1.6477
Current P/L @ 0 (not including spread)

USDJPY
Buy @ 96.64
SL @ 96.06
TP @ 97.97
Current Price @ 96.64
Current P/L @ 0 (not including spread)

Wish me luck.

__________________
aka jbfx

GBPUSD
Sell @ 1.6477
SL @ 1.6570 (Modified)
TP @ 1.6375 (Modified)
Current Price @ 1.6459
Current P/L @ 14 pips (not including spread)

USDJPY
Buy @ 96.64
SL @ 96.06
TP @ 97.97
Current Price @ 96.63
Current P/L @ -1 pips (not including spread)

I modified the SL and TP for the GBPUSD, it was slightly off before.

__________________
aka jbfx

Prices consolidating can be seen on different timeframes at the same time. Just the same as breakouts can be seen moving out of these consolidation zones. Highs and lows are time insensitive.

So with this said, it doesn't matter to me whether I'm on M15, M30, H1, or H4. I won't trade in too short of a timeframe because I don't want to deal with the noise.

And yes, I may adjust my TP and SL as time goes on, it is always being refined as the market presents each bar of more information. That's the whole concept of being dynamic.

It is also fallacy to think the market cares where our projects are, and how price will react once it gets there. I'm merely presenting a good and realistic RR ratio based on trend momentum, and the market will go where it wants to go.

__________________
aka jbfx

GBPUSD
Sell @ 1.6477
Out @ 1.6403
Final P/L @ $74 (including spread)

USDJPY
Buy @ 96.64
Out @ 96.65
Final P/L @ $1.03 (including spread)

The price actually touched my TP on GBPUSD, but it didn't fill, so I closed it manually...but at a terrible price. It went back and hit my TP after I had exited. I decided to exit the USDJPY as well at the same time, nothing wrong with it, just I wanted a good night sleep...and didn't want any open trades heading into a long weekend in the US.

Good trading all.

__________________
aka jbfx

Thnx guy -- now i understand how you trade which IS a longer term look, although we end up in the same place eventually.

i do it by trading the ups and downs on the way to what is YOUR final TP (which we both seem to agree on) and you do it as one long term hold.

but appreciate your information and excuse my fun at finding a good analyzer and sticking my 2 cents in --- just that its a joy to find someone who KNOWS what they talk about, even if we get there on different roads.

enjoy and trade well

mp

Finally had some time to "modify" my phone, and now I am able to set up the programs to allow me to view my charts and place trades...albeit it does take a little longer to zoom and see the charts. But I can say that I'm completely mobile in my trading.

__________________
aka jbfx

If there are any programmers out there, what is an easy way to move the comments from the upper left hand corner to the upper right hand corner? I'm tired of using the comment feature, and then have the past prices block out some of it if the past prices are high on the chart.

__________________
aka jbfx