Weekly Update September 13-18

An article by Gus    1 Comment

Hey everyone Gus here, hope you all had a good week trading. I have been talking to some of you in the forums especially my journal and have seen good news and some bad news. I had a mixed week myself.

I sadly but true learned the hard way, again, to stick to my plan and not falter just because the prices look like they are going another way. I exited early on my long entry and then re entered again for short after it hit my TP1 and it lost. So I came out of the week losing pips due to my SL being hit.

If I would have followed all my rules as I laid out on the blog I would have actually came out with about 150 pips profit. This is not my brightest hour but I learned something, emotions really will affect your trading style. Hopefully next week will be better.

GBP/JPY Weekly Review

The GBP/JPY is still acting funny and not trending in any real direction, it has been ranging for what I see now as three weeks. I still feel that the 4H breakout will work to TP1 just make sure to leave the 20 pip buffer just to make sure you don’t get stopped out on the trades.

I am hoping for a better week but we should still be able to make pips in this ranging market, just have to stick to the rules set and we will make it.

Different Strategies / Currencies

As a side note I will be looking at some new currencies to trade the Monday breakout on and demo them for a bit just to make sure, even though if they have the JPY attached to it they should be trending too.

Also I will be looking into a new strategy using moving averages for trading on daily charts as a more long term view of trading. And a intraday strategy to be able to pocket more pips during the US and London session, it will be similar to the 15 min breakout I mentioned earlier but with a few, well actually a lot of tweaks to make less trades but less risky ones.

That is all for today, I will be around in the forums so do not hesitate to comment on here or my F4N Journal

Also do not forget to sign up for the newsletter on the right side of the blog to get the latest post from here.

Good Luck On the Hunt for PIPS,

Gus