JCP's Journal

[JCP]

CLOSED POSITION 09/30/09 / GBPUSD / 1 Hour Timeframe / 08:00 PST / Buy at 1.5938 / 10k lot / Closed at 1.6082 / Profit = +144 PIP ($144)

09/30/09 / GBPUSD / 5 Min Timeframe / 8:35 PST / Buy at 1.5993 / 10k lot / Closed at 1.5998 / Loss -5 PIP (-$5)
09/30/09 / GBPUSD / 5 Min Timeframe / 9:10 PST / Buy at 1.6002 / 10k lot / Closed at 1.6018 / Loss -16 PIP (-$16)
09/30/09 / GBPUSD / 5 Min Timeframe / 9:15 PST / Buy at 1.6011 / 10k lot / Closed at 1.6029 / Loss -18 PIP (-$18)
09/30/09 / GBPUSD / 5 Min Timeframe / 9:30 PST / Buy at 1.6024 / 10k lot / Closed at 1.6026 / Loss -2 PIP (-$2)

Account Balance = $6222

[Joe T]

Thanks for sharing your results. Good luck as you try to figure this all out.

I'm not there yet. I've had glimpses, but it has yet to all come together. I'll continue to watch your journal with interest.

[JCP]

Thanks Joe, good luck and good trading to you as well. It looks like you are continuing to make progress based on your recent post, I'd call daily consistent profits a huge success no matter how big or small they are. My goal is to just get consistency, if I can get that the money will come.

[JCP]

09/30/09 / GBPUSD / 5 Min Timeframe / 10:00 PST / Sell at 1.6009 / 10k lot / Closed at 1.6009 / Loss 0
09/30/09 / GBPUSD / 5 Min Timeframe / 00:45 PST / Sell at 1.6000 / 10k lot / Closed at 1.6000 / Loss 0

OPEN POSITION 10/01/09 / GBPUSD / 1 Hour Timeframe / 13:00 PST / Sell at 1.5983 / 10k lot / Stop Loss Adjusted to Buy Point 1.5983

Account Balance = $6285 (including the open position)

[JCP]

CLOSED POSITION 10/02/09 / GBPUSD / 1 Hour Timeframe / 13:20 PST / Sell at 1.5983 / 10k lot / Closed at 1.5848 / Profit +135 PIP ($135)

Account Balance = $6,358

[JCP]

END OF WEEK 2 SUMMARY

I have been making less short term scalp trades which seems to be working out better. Instead I have started to combine the shorter timeframe method with the longer timeframes. Starting with the daily chart then moving down to the 4 hour, then 1 hour, 15 min, and finally 5 minute to execute the purchase. I also added the 62 EMA and 200 EMA into my charts and have been including pivots and points of resistance which seem to help greatly. Part of my strategy has been setting tight stops on the 5 minute executions, and if it proceeds as planned and I make a reasonable gain I reset my stop to my purchase point. It seems that many of these trades will get stopped out at the break even point before launching, but even if I loose a few in a row and break even a couple of times the reward is much greater. After making the purchase on the 5 minute I wait for a breakout on the 15 and 1 Hour, so my goal is to get in before the 1,2,3 breakout on the hourly, then let it ride until I get a sell signal or make a large profit in a short amount of time.

I hope to spend some time this weekend and next week getting a formal strategy written down and started. I already have my monthly and yearly profit goals written, but it may need some editing based on the revised strategy.

[JCP]

10/05/09 / GBPUSD / 1 Hour Timeframe / 07:00 PST / Buy at 1.5943 / 10k lot / Closed at 1.5928 / Loss -15 PIP ($15)
10/05/09 / GBPUSD / 1 Hour Timeframe / 08:00 PST / Buy at 1.5929 / 10k lot / Closed at 1.5917 / Loss -12 PIP ($12)
10/05/09 / GBPUSD / 1 Hour Timeframe / 08:00 PST / Buy at 1.5914 / 10k lot / Closed at 1.5968 / Profit +54 PIP ($54)
10/05/09 / GBPUSD / 1 Hour Timeframe / 21:00 PST / Sell at 1.5972 / 10k lot / Closed at 1.5990 / Loss -18 PIP ($18)

OPEN POSITION 10/05/09 / GBPUSD / 1 Hour Timeframe / 22:00 PST / Sell at 1.5989 / 10k lot / Stop Loss at 1.6008

Account Balance = $6367 (including the open position)

[JCP]

CLOSED POSITION 10/06/09 / GBPUSD / 1 Hour Timeframe / 22:00 PST / Sell at 1.5989 / 10k lot / Closed at 1.6008 / Loss -19 PIP ($19)

10/06/09 / GBPUSD / 1 Hour Timeframe / 07:40 PST / Sell at 1.5925 / 10k lot / Closed at 1.5940 / Loss -15 PIP ($15)
10/06/09 / GBPUSD / 1 Hour Timeframe / 11:20 PST / Sell at 1.5913 / 10k lot / Closed at 1.5923 / Loss -15 PIP ($10)

Account Balance = $6322

[JCP]

10/06/09 / GBPUSD / 1 Hour Timeframe / 17:00 PST / Buy at 1.5924 / 10k lot / Closed at 1.5885 / Loss -39 PIP ($39)
10/07/09 / GBPUSD / 1 Hour Timeframe / 7:00 PST / Buy at 1.5878 / 10k lot / Closed at 1.5859 / Loss -19 PIP ($19)
10/07/09 / GBPUSD / 1 Hour Timeframe / 7:20 PST / Buy at 1.5874c / 10k lot / Closed at 1.5952 / Loss +78 PIP ($78)
10/07/09 / GBPUSD / 1 Hour Timeframe / 9:00 PST / Buy at 1.5897c / 10k lot / Closed at 1.5952 / Loss +55 PIP ($55)

Account Balance = $6398

[JCP]

10/08/09 / GBPUSD / 1 Hour Timeframe / 9:35 PST / Sell at 1.6107 / 10k lot / Closed at 1.6016 / Profit +91 PIP ($91)

Account Balance = $6489