GBP/USD 5min setups

[ChowClown]

EU short

Currently short EU...doesn't look too promising atm, but won't fiddle with it. It will exit at either full 2% loss or profit.

 

[ChowClown]

...have just logged in to T2W after a couple of weeks away - -thanks for the Best Journal votes!...you 2 are great

 

[ChowClown]

I'll be re-starting the journal from Monday and will include as many realtime trade charts as I can manage - shouldn't be too difficult as 90% of the trades are from the 15min and I'll only be posting the EU and GU setups.

 

[ChowClown]

GU short

Unable to trade yesterday and this is the first setup entered this morning on GU.

Entry: 6091.7 (SL: 6126)
Scaleout: 6075
TP: 6052

Edit: closed out for -8 15mins before US Manf PMI

 

[ChowClown]

EU long

...2nd trade today, EU long on momentum break targeting the RN which is also around a 138.2 fib extension from the 5min chart.

Edit: all out for +13.5

 

[ChowClown]

GU short setting up...

Depending on how the current 15min period shapes up at 16:45 close, i'm likely to be short GU...will edit later.

 

[bedsit]

Re: EU long

...2nd trade today, EU long on momentum break targeting the RN which is also around a 138.2 fib extension from the 5min chart.

Edit: all out for +13.5

Hi CC

Nice to see you post again.

I've noticed you use 138.2 extention. I've heard about it, but somehow never tested it.

What about 138.2? Is the success rate simillar for EU and GU to 1618 ext?

 

[ChowClown]

Re: EU long

Hi CC

Nice to see you post again.

I've noticed you use 138.2 extention. I've heard about it, but somehow never tested it.

What about 138.2? Is the success rate simillar for EU and GU to 1618 ext?

Hi Bedsit, over the years I have personally found the 138.2 a more reliable target area than the 161.8 (sorry no stats as such). High confluence zones generally take precedence though, so if the 161.8 is nestling amongst a round/psych number, a higher TF fib level/ext or a pivot, i'll aim for that zone and use the 138.2 enroute as a scaleout level.

 

[ChowClown]

Re: GU short setting up...

Depending on how the current 15min period shapes up at 16:45 close, i'm likely to be short GU...will edit later.

...short order now in at 6120...

Edit: filled and tgting the RN for now.

Edit: Took full loss (2%) on this one overnight.

 

[ChowClown]

EU & GU short

Short on both from a while ago, current 5min snapshot...

Edit:...about to get stopped and reversed on GU, i think..
Edit: ...yup, long now on both and targeting this morning's swing highs.

 

[ChowClown]

Re: EU & GU short

Edit: ...yup, long now on both and targeting this morning's swing highs.

GU stopped out and now reversed short tgting 45ish....still long EU.

 

[ChowClown]

Re: EU & GU short

GU stopped out and now reversed short tgting 45ish....still long EU.

EU now stopped out, reverse for shorts not quite setup yet.

 

[ChowClown]

Re: EU & GU short

EU now stopped out, reverse for shorts not quite setup yet.

short now from 68.5 tgting a quick +10.

 

[ChowClown]

Re: EU & GU short

GU stopped out and now reversed short tgting 45ish....still long EU.

GU hit +10 TP eventually and still in EU short although now likely to get SAR'ed.

 

[ChowClown]

Re: EU & GU short

GU hit +10 TP eventually and still in EU short although now likely to get SAR'ed.

EU short got SARed late last night and now long from 3816.7 and underwater atm. Will just be trading EU today.

Edit: Now stopped out and flat. Rough patch this week so far, thems the breaks.

 

[HAL 9000]

Hi, first post, thanks for taking the time to keep this journal up and running, I'll be reading more.

I consider my status still as noob although I've been knocking at the door for 2 years now.... discipline often needs a darn good talking to but I am still taking the pills

...anyway, appreciate your stuff chowclown

 

[ChowClown]

Hi, first post, thanks for taking the time to keep this journal up and running, I'll be reading more.

I consider my status still as noob although I've been knocking at the door for 2 years now.... discipline often needs a darn good talking to but I am still taking the pills

...anyway, appreciate your stuff chowclown

Welcome mate and all the best with your trading. Lack of discipline cost me nearly everything a couple of years ago, so yes, i'm with you on that, the sooner you can steel yourself to trade the plan unswervingly, the better

 

[ChowClown]

Gu

I've taken a couple of short trades on GU so far today and closed the last one a few minutes ago before NFP data. EU still stuck in a 26 pip range so who knows there might be some good pips there after NFP.

 

[ChowClown]

EU is setting up short now but the volatility might not give me what i need for entry...we'll see. It will settle down later on probably.

Edit: ...still setting up for the entry on EU...nice fib move on the cards too if the swing low breaks south...we'll see....138.2 ext tgt would be 3526.

Edit: now short...from 3570.9, scaling some out at 3555 and then trailing the stop on the rest behind the swing highs (5Min).

Edit: 3555 scaleout filled, stop on rest down to 3598...come on you juicy 138.2 extension you

Edit: stop now just above last 5min swing high, which also happens to be breakeven....free riding now.

Edit: Took profit at London close (3555) as GU reversing. That's it for this week.

 

[HAL 9000]

Hi,
don't want to clog up your journal, just wondering if you set a time limit on that one going into the weekend or just let it do it's thing?. Fridays I'm normally flat by midday, certainly freaky Friday .

Cable very kind to me today, a nice fade of the Asian range break via a 5m TL.