GBPJPY scalp

Long 162.63

Target 163.13

Stop 162.13

This trade anticipates a breakout of a prior high, and also confirms a psych level break at 162. The sentiment this week seems to be green, and after a profitable first day it's easier to go with the flow. Let's rock.

Green Day

Psychological levels are abound.

Data looks nice regarding homes, and cash-for-clunkers seems to be boosting autos.

If institutional & individual money starts flowing in, we could see some nice support established. However, if the rally lacks follow through, I could see this current area turning into a top for another leg down.

AUDJPY success GBPJPY success

A long scalp @ 160.50 was succesful & actually closed in synch with the long AUDJPY trade taken last week.

+276 pips

+50 pips

Target Approaching

Hopefully the momentum in the AUDJPY will continue. Price is currently about 50 pips away from target. Optimism seems to be the tone for the week.

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Aussie Long

Newsletter trade.

Long 77.50

Target 80.24

Stop 76.35

I was able to enter at a better price a few pips below @ 9:45pm last night.

A signal was sent out this morning to move stop to 77.70 to lock in profits.

This trade looks good so far, markets are rallying near key psych levels.

Short GBPJPY @ pivot point break

Yawn.

Action's been kinda lackluster today.

I've decided to take a shot if price drops to 155.55

Here lies the pivot point & a 15 minute trendline. A break of both should generate some momentum.

Looking for 50 pips, R/R = 1:1

Overnight Loss

Had a trade which ran about 20 pips & then reversed.

-50 pips

Theme Music: Beck's - Loser

GBPJPY trade closed successfully

This morning triggered a short trade.

entry 155.10

target 154.60

+50 pips

Trading Life

Learning the Art of Trading has brought me more in touch with some of life's finest ironies. Funny how both arenas, life & the market, are full of smoke, mirrors, pain, & glory.

I feel like I'm overflowing with them & I need to let them out. However, in the spirit of not sounding like a babbling fool, I'm going to attempt to distill the more resonant examples and allow their escape sporadically to limit this possibility.

;-)

My first is this:

Sometimes what's "right" is really what "works," and what seems "right" is really wrong.

Is this just utilitarian logic?

Strategy Experiment

15m trendline break

target = some approximation of the prior H4 candle

R/R = 1:1

risk can be reduced by target reduction to taste. a greed-check if you will.

1st trade successful

Loser

Had a short trigger overnight. Unfortunately it was a "picked bottom."

Oh well.

-50 pips.

Re-entry Closed Successfully

......aaaaaand, more wishy-washy price action has us exiting the 2nd trade for +18 pips.

Rough day. GBPJPY caught in an unusually tight range.

I'll take a rough, slightly profitable day rather than an unprofitable day, any day... day... day..

Daaaaaaaay-oh, he say day, he say....

Ok, I'll stop now.

Trade Closed

Price almost hit target and then retraced heavily back toward our entry.

Closed at +2.5 pips for a scratch.

Another scalp line lies right above where we were just targeting, so if the market turns back around we will be back in anyway.

Morning Breakout

Going long GBP/JPY @ 157

50 pips R/R

Psych Levels

Lots of round numbers about...

Nikkei just clenched 10K.

Dow, S&P, & NASDAQ are near 10K, 1K, & 2K respectively.

Markets look overextended, but sentiment has reigned supreme lately.

Home sales & home prices finally have resumed rising in tandem, a good sign of economic health.

Depth

As a geek, this just makes me all warm & fuzzy inside.

It's like I'm driving a hyundai & this is the formula 1 car.

AUDJPY trade closed

Good trade.

Closed the 2nd half (1 lot) just in case there's profit taking before the weekend.

close @ 77.38

+143 pips

market neutral for the first time in a while ;-)

EURUSD long closed

Unfortunately the rally couldn't give the Euro the momentum it need to hit the target of 1.44

Stopped out @ 1.4140 for +40 pips. It would've been +50 pips for the newsletter because I entered slightly late.

Hopefully the Aussie will finish the job.

Trade triggered & closed

GBPJPY

+50 pips