GBP/USD 5min setups

This is a discussion on GBP/USD 5min setups within the Trading Journals forums, part of the Reception category; Originally Posted by ChowClown GU, long 5848, 20 pip initial stops, will post tgts in a mo. ...if there's a ...

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Old Sep 27, 2010, 12:52pm   #78
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Re: GBP/USD 5min setups

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Originally Posted by ChowClown View Post
GU, long 5848, 20 pip initial stops, will post tgts in a mo.
...if there's a breakdown (5min) below 35, i'll cut my losses.
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Old Sep 27, 2010, 1:27pm   #79
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Re: GBP/USD 5min setups

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...if there's a breakdown (5min) below 35, i'll cut my losses.
35 tested but not broken and onto next leg up...
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Old Sep 27, 2010, 2:45pm   #80
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Re: GBP/USD 5min setups

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35 tested but not broken and onto next leg up...
GU - flat now, -0.45% - wk -0.45%.
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Old Sep 27, 2010, 2:46pm   #81
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Re: GBP/USD 5min setups

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EU stops now b/e +1. (3454).
EU - +0.62% now locked in, with stops currently @ 3468.
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Old Sep 27, 2010, 2:53pm   #82
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Re: GBP/USD 5min setups

ChowClown started this thread EU - flat, +0.62%, wk: +0.17%.
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Old Sep 27, 2010, 4:12pm   #83
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Re: GBP/USD 5min setups

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Originally Posted by trendie View Post
hi CC,

Hope I'm not interrupting the flow of your excellent journal, but I wanted to get a handle on your style.
Is it based on breakouts of the London opening range, with some extra elements thrown in?
Obviously, I don't expect you to disclose anything that is proprietary or confidential.
thanks

edit: how many charts do you look at?
do you have daily targets? (or daily max losses)
Trendie, i trade GU & EU. I used to try and trade many more pairs but i'm finding less is more!

I don't use fixed daily targets but the risk is tightly controlled. A typical day (London and US sessions) will have 2-3 trades per pair.

I arrive at the office after London open usually, around 08:30. I like to get a 'feel' for price action and direction for a while and note the major news times for both sessions. I use metatrader for analysis and have a few squiggles on those charts for decision support and use Oanda for execution. I'll look for the range price is moving within and assess whether a breakout or fib setup fits the risk/reward profile and then its sitting on hands time watching PA for continuation/reversal patterns around the levels noted. SLs are sometimes fixed, but more often around previous s/r. Targets are usually fib extensions.

The 1000's of hours of screen time since 2003 certainly helps. As you know, you develop a strong feel for the way price moves and how patterns print on the chart, over time it's as if you've developed a 'knowing' without knowing what it is you know, that's how it is for me.

Hope your trading is going well
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Old Sep 27, 2010, 4:37pm   #84
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Re: GBP/USD 5min setups

ChowClown started this thread GU - long @5846, initial sl 5822, 1st tgt 5875.
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