Seeking consistency

This is a discussion on Seeking consistency within the Trading Journals forums, part of the Reception category; Originally Posted by Leia I will take less if it struggles as it is counter the higher timeframe trends Or ...

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Old Jan 14, 2011, 5:05pm   #209
Joined Dec 2009
Re: aus usd long

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I will take less if it struggles as it is counter the higher timeframe trends
Or I will take a loss if my stop is hit, as it was.
Serves me right, my short term trading strategy aims to get me in at about the swing lo / hi level and thus minimise my stop size)
This trade was more like going long at they Hi (OK I did see a point or twos profit),so clearly needed a larger stop, meaning it was a rubbish short term trade entry
It also isn't a London open trade either, so I deserve this hit after such a great Friday afternoon last week playing the nfp news release to my credit
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Old Jan 17, 2011, 8:01am   #210
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Monday 17 Jan

Leia started this thread My filter this morning has returned 10 of my 12 candidate pairs as ones to watch, clearly far too many to handle.
I have therefore reduced this to three, using my assessment of the ones with the largest potential moves
cable long from 1.58 45 (looking for 35 pips, 25 risk)
eur jpy long from 110.10 (looking for 60 pips, 10 risk)
gbp jpy long from 131.35 (looking for 50 pips, 45 rsik)
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Old Jan 17, 2011, 11:11am   #211
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Re: Monday 17 Jan

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cable long from 1.58 45 (looking for 35 pips, 25 risk)
eur jpy long from 110.10 (looking for 60 pips, 10 risk)
gbp jpy long from 131.35 (looking for 50 pips, 45 rsik)
I entered cable and gbp jpy, both moved into profit positions and I moved my stop to breakeven once a 5min candle had printed entirely above my entry level (ie low above entry for long trades)

My breakeven stops were then taken out so to breakevens today
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Old Jan 17, 2011, 11:13am   #212
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Re: eur gpb short

Leia started this thread I have moved my stop to breakeven, as the 4H moving average has crossed to the long side.
However the last 4H bar was an encouraging bearish shape and is just about entirely below my entry level
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Old Jan 17, 2011, 3:45pm   #213
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eur usd, 5m trend US open

Leia started this thread I have applied my London open to the US session today (I know Mondays are often quiet)
The 5m trend has just crossed short, in alignment with the 1H trend
I am looking for a 100 pip move down, for a 20 pip risk entering at 1.32 90
The trade has opened, let see if this afternoon goes a bit better than my aussie on Friday
Attached Thumbnails
eur-usd-17jan11-5m-mas.jpg  
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Old Jan 18, 2011, 7:56am   #214
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Tue Jan 18

Leia started this thread My filter has returned 9 out of 12 potential pairs for this morning
I have removed two because I think they hae already completed their moves (usd chf short and usd cad short)
I have chosen 4 based on my perception of the best risk to reward of the remainder
cable long 1.59 00 (risk 30 target 50+)
usd jpy short 82.65 (risk 15 reward 30)
eur gbp short .83 65 (risk 20 reward 50)
gbp jpy long 131.45 (risk 20 reward 40)
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Old Jan 18, 2011, 9:32am   #215
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Re: Tue Jan 18

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cable long 1.59 00 (risk 30 target 50+)
usd jpy short 82.65 (risk 15 reward 30)
eur gbp short .83 65 (risk 20 reward 50)
gbp jpy long 131.45 (risk 20 reward 40)
There was very little in the way of pull backs this morning, a 'break out' trade was a better option for both cable and gbp jpy, my desired entry level was way off
However, I have taken a short position on eur gbp.
My 1H chart shows the trend as short and a 61.8% pull back of the previous swing high, to a 100% pull back (potential double top on that time frame) provides a good level for my stop
The 5m chart shows that my potential short entry area was taken out (green line), but price seemed to stall and so I took a short entry on the retrace. The position is currently fluctuating around break even. There is GBP news at 9:30, so I aim to be out (or at least be at breakeven) on this trade position by then
Attached Thumbnails
eur-gbp18jan11-1h-set-up.jpg   eur-gbp18jan11-5min-entry-level.jpg  
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Old Jan 18, 2011, 9:41am   #216
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Re: Tue Jan 18

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T
However, I have taken a short position on eur gbp.
Stop hit for -20
This is my first losing trade on my London open short term trading strategy.
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