Say Whaaaa?

1000 pips is not to bad. I just got in AUDJPY on another entry. I got a signal to get in EURJPY with another entry but past on it because the stop was to large. If the EURJPY comes up a little and makes the stop about 60-70, then I will add another entry and short that also.

Account x Risk= Reward

So last week I found myself in about 6 trades at one time. The trade we have been focusing on often goes off at the same time on multiple currencies. I know you may be wondering "What kind of risk am I taking on my account?" Well, I can safely say that I was under 3% risk at all times, and this is how:

I was in a few trades that where in profits by the time I got another signal to re-enter more trades. I was able to move Break Even on a number of entries which freed me up to be able to get in a few more trades. I lost on the GBPUSD, which does not surprise me cause I tend to always lose money on that pair. I only risked 1.5% on that trade. The profits I made on the other trades that paid out more then made up for that lost trade. I ended that day with a little over 10% gain on my account. Another account I trade I have almost doubled this month. That account is a high risk account that I trade about 10% risk per trade on.

I always watch my risk. I think my risk is more important to understand then the trade you will trade. Not only my risk on my account, but also the risk ratio of the trade itself. I personally like 1:1 or better ratio. It makes no sense to me to risk 50+ pips on a stop and only go for 20 pips. If the trade where to fail you are now 3 trade away from break even and profit. Not to mention you are now trading with less money then what you started with, which also means your entries will be less in a monetary value.

I could go on and on about risk ratio's but most people already understand it. If you don't, a few more lost trades will teach you very quickly. LOL (we all gotta learn some time)

"Think of a lost trade as a mini seminar. You better have learned something from it and taken notes otherwise it was a waste of money" Pip T

What I missed, What I made.

So last night I was trading the D2 that happend on the Eurusd. Im still in it and up a lil over 100 pips at the time of writing this. I actually entered a few times on 30min breakouts and took profits on those. I have my original entry still left and it is running strong going long. We tapped the Blue River line on the day, if we can break it we may be able to see more Bear action on the eur. It has been in a long upward trend for awhile, so a good drop may be in order, espcially since Mr. B was talking favorably about the dollar this week.

Not to long after I got in the Eurusd, the Eurjpy did what i thought to be a head fake on the 30min consolidation trade that I do. It broke my low then retraced, then broke it again. According to my rules, I need a candle open below my breakou range. By the time I got that my stop would have been about 70 pips. I should have traded it anyway but didn't. Now I wish I did becasue that entry is now up over 150 pips. Not only that but the was possible opportunities for maybe 1 more entry on it. I have been wanting to go long on the Eurjpy because in my opinion the over trend of the day is to short it.

Eurjpy, Going short

So, I got in the Eurjpy on a 30min consolidation breakout. As I was about to get in the trade, my internet dropped. I was flipping out cause these breakouts, when they happen, tend to pay pretty fast. By the time I got my router restarted the market was about 20 pips above the open. So I lucked out and got a GREAT entry that created a 15 pip stop.

Around the same time I got in the 2hr cross on the Eurusd for a sell. That trade hung around until Mr. B started talking favorably about the dollar. When that happened the Eurusd fell like a rock. I think I took about 60+ pips on that until it stopped me out with profits.

Eurjpy Dropped pretty good around the same time. So as you can imagine, I was going crazy trying to keep up with taking profits and moving stops.

My game plan is to keel entery short on the Eurjpy as more 30min consolidations form and break on the short side. We have the Day ROI failing and 4hr BB's being created. 4.30 trades pretty well and consistanly on the Eurjpy, so I will be looking for that as further confirmations to get in. We are also looking at Day trendwall lines to be broken on the short side also.

short target on eurjpy for me is 132.60 area. then 132.15-01 area. So we shall see how the rest of the Eurjpy will act over the next coming days.

What Im Working With

So I finally got my desk set up after 3 months. I cannot wait for next week of trading. Talk about being able to see what's happening. I bought two 25.5" Samsung Tv's from Sam's a few months ago and they have been sitting in their boxes. Im primed and ready.

Fruitful day.

So my sells on the Eurjpy and Usdjpy along with my long position on the Usdcad paid out pretty well. I am going for a record pip total and hope to make it next week. I left all my entries in as we go into the weekend. Moved the stop into "world money" so as to be sure to lock in some profits.

My thoughts on the Usdcad are to stay long on it. We broke on the topside of the downward trend that is has been in for awhile. So I do hope that with the next coming days, my enrty will continue to compound and I will look for new places to enter long and let it ride.

Usdjpy has taken a nice drop back into the downward trend is has been in. I have a target of 89.70 area which we are only 30 pips away from. We should see the Usdjpy retrace back bull before another surge bear happens.

As for the Eurjpy, looks like it to is falling back into the downward trend that it had previously been in. So I will look for more bear entries on this pair during next week also.

Good stuff. This was a very fun week of trading for me. Feels very good to start back into my trading routine with a week like this.

Pip T

Where in the world have I been?????

Well, this move has taken more time out of my trading life then I ever could have imagined. Im in the house, and have internet so I got that going for me. I was also able to do some trading while in Cancun. that was actually pretty cool. Internet only worked from the room, so I was not able to trade on the beach like I wanted to but i probably would have gotten sand in my laptop or something crazy like that.

Now on to trading. I have been trading the 4:30's on the GbpJpy along with a few Day 2's and 1.5's along the way. Allso added a consolidation trade to my trading, complements of the Cisco Kid.

Total pips I got was lil over 400 pips this week. I got stopped out of the long position i have on the GBPJPY as it was climbing to my target of 154.60 area. An annoucement made it drop like a rock. Now it looks like it want to get back into the upward trend that it was in. So we shall see.

At the time of writing this I am currently shorting the USDJPY at 91.28, shorting the EURJPY at 135.47 and I still have an invesment entry on the USDCAD at 1.0637. I see some possible day trendwall breaking on the CAD which is why i still have this position in. I took profits on this entry already, so I could get stopped out. Its my "Don't Care" entry so i dont even look at it anymore.

I will be posting more often as I continue to trade to the goal of $95k.