GBP/USD 5min setups

[ChowClown]

...and the 5min GU for reference.

 

[ChowClown]

EU - back from meetings and currently short filled from 3741.8, trailing stops with +11 pips locked so far. Oanda chart with entry and MT4 chart with trade justification attached...a nice move away from previous supply (resistance).

 

[ChowClown]

EU - back from meetings and currently short filled from 3741.8, trailing stops with +11 pips locked so far. Oanda chart with entry and MT4 chart with trade justification attached...a nice move away from previous supply (resistance).

stops to 3712, RN battle beginning...0.5% locked.

 

[ChowClown]

stops to 3712, RN battle beginning...0.5% locked.

...and filled. 0.5% (wk: 2.74%, mth: 2.74%). That's it for this wk for me. It's been a tricky few days and hope you have carved out profit for yourselves too. Until Monday.

 

[pocrel]

...and filled. 0.5% (wk: 2.74%, mth: 2.74%). That's it for this wk for me. It's been a tricky few days and hope you have carved out profit for yourselves too. Until Monday.

well done mate good week for you geat come back we can all learn something from that, stick to the plan and your system will preveil:smart:

 

[ChowClown]

Still watching/waiting EU & GU. Caution on GU longs as price is currently below weekly and daily pivots sitting just below the RN. Nothing jumping out just yet.

 

[ChowClown]

OK, i'm trailing sell stop orders now on EU, to trade short from the earlier supply area..order @20 atm.

 

[ChowClown]

OK, i'm trailing sell stop orders now on EU, to trade short from the earlier supply area..order @20 atm.

EU short filled @19.8, current sl 44.3. 1% risk.

Edit: 12:03...don't like the look of the 5min wicks, so will bail early if long momentum picks up.

 

[ChowClown]

EU short filled @19.8, current sl 44.3. 1% risk.

Edit: 12:03...don't like the look of the 5min wicks, so will bail early if long momentum picks up.

...typical, unable to get out on the break of the pins for minus a few pips, so now looking at full 1% loss, them's the breaks when both day-jobbing and trading.

Edit: 12:15 - stops filled. -1%. (wk: -1%, mth: 1.74%).

 

[redart]

what's your day job out of interest CC?
It annoys me that you 'work' because you appear to be one of the best traders on the site, and if i ever get to your level which i aspire to, I dont wanna be working a 'day job' as well! lol

 

[ChowClown]

With this in mind, as work has picked up quite a bit in recent weeks and i'm unable to put in as much screen time, i need to adapt the plan.

From tomorrow i'll be logging mechanical trades only on GU & EU based on breakouts from the 5-8:15am range (8:15, as that's the time i'm at my desk). I used to trade a volatility based BO of the 5-8am range successfully and i'll be trading something similar, although it doesn't involve a volatility calc and there will be a mech trend filter from the 15 TF.

I'm looking to trade 5-8:15 ranges of no more than 50-60 pips. Stoplosses will be at the opposite side of the range initially with a move to b/e once the trade hits 1:1 (1 lot off here too). The remaining 4 lots will be scaled out in turn and stoplosses trailed to the previous scaleout level. There will be a max of 1 trade per side, per pair (GU & EU) at 0.5% risk per trade, so the maximum daily loss will be limited to 2%.

I will be posting charts from Oanda FXTrade at the end of each day which will show all execution details of the days trading on both GU & EU, with a summary of %G/L, perhaps with other notes, thoughts etc as the plan progresses.

Edit: 17:53 - tweaked the trade mngt to taking 50% off @ 1:1 with the b/e stops move. This will beef up the ranging days (post breakout) a little more, like today for example. A significant part of ADR already covered prior to the break which increases the odds for ranging PA.

 

[ChowClown]

what's your day job out of interest CC?
It annoys me that you 'work' because you appear to be one of the best traders on the site, and if i ever get to your level which i aspire to, I dont wanna be working a 'day job' as well! lol

Hi Redart, i'm a commission only IT Recruiter - i traded fulltime for a year 2008-2009 with a healthy 5 figure fund and was sure I could make it work - i failed and since then i've been working hard to get back on track and do it all again...properly. Before I went fulltime I thought I was prepared, I'd put in 1000's of hrs of screentime developing a +ve expectancy plan etc but my head wasn't prepared enough.

I'm now trading a smaller account and building it up whilst being supported by other income. All the best with your own journey, mate.

 

[ChowClown]

GU - 15min trend short - sell stop @6026.9, sl 6081.9, 50% scaleout @5978 (where stops will be moved to b/e).

EU - Range >60 so no trade.

The strat does not take news into consideration, so there will be frustrating stop outs with widenend spreads and spikes. The flip side will see momentum in the right direction though, so there's a balance.

 

[ChowClown]

GU - 15min trend short - sell stop @6026.9, sl 6081.9, 50% scaleout @5978 (where stops will be moved to b/e).

EU - Range >60 so no trade.

The strat does not take news into consideration, so there will be frustrating stop outs with widenend spreads and spikes. The flip side will see momentum in the right direction though, so there's a balance.

GU - short stopped out on the news for -0.5%. Long confirmed after CPI and filled @6083.1, sl 6027.9, 50% scaleout and move to b/e @6134.1

 

[ChowClown]

GU - Long confirmed after CPI and filled @6083.1, sl 6027.9, 50% scaleout and move to b/e @6134.1

Long stopped out for -0.5% (wk: -2.00%, mth: 0.74%), so -1% down on the day and no more trading now until tomorrow under the current plan.

 

[ChowClown]

GU & EU both in play today (5-8:15am range <60) - GU already long from 5899.6, sl 5852.6, 50% scaleout and stops to b/e @5942.5.

 

[ChowClown]

EU long now too from 3512, sl 3464.9, 50% scaleout and stops to b/e @3556.

 

[ChowClown]

GU already long from 5899.6, sl 5852.6, 50% scaleout and stops to b/e @5942.5.

Stops to b/e slightly earlier. Price is a few pips away from 50% scaleout but there are also a couple of significant pivots in the way here.

 

[ChowClown]

Checking in - GU long was stopped for b/e and there's been an EU loss for -0.5% too. Currently short EU from 3463.9, sl 3512 and 50% scaleout @3420.

...have to say, trading more mechanically is taking a bit of getting used to and to be honest it isn't saving as much time as I thought it might.

I'm likely to migrate over to the live thread for some realtime stuff soon, there are some good guys there

Edit: 13:35 - EU short stopped out too for -0.5%, so that's it now for the day on the mech EU trades. (wk: -3.00%, journal 4 wk period -0.26%).

 

[pocrel]

Checking in - GU long was stopped for b/e and there's been an EU loss for -0.5% too. Currently short EU from 3463.9, sl 3512 and 50% scaleout @3420.

...have to say, trading more mechanically is taking a bit of getting used to and to be honest it isn't saving as much time as I thought it might.

I'm likely to migrate over to the live thread for some realtime stuff soon, there are some good guys there

yes these mechanically trades are a bit of a pain, i preferred your normal style much more dynamic shame you cant keep them going but this work thing always gets in the way

see you on the other side