June 7, 2009 12:35 p.m eastern NYC time –> I’m reviewing charts before this week’s open and there is clearly a Method 1 Preferred strategy setup on the USD/JPY. When the market opens, the recommendation here would be to go short at 98.76. Stop Loss at 99.26 and take profit at 98.06.
Update 8:15 eastern NYC time –> I’ve moved my SL to 98.64 to lock in 12 pips. I don’t trade the USD/JPY regularly at all and so I just feel better locking in some small profits at least. I also want to make sure I have enough of a risk ratio or margin remaining in my account so I can take another trade on the EUR or GBP later if a good set up presents itself.
Update 9:00 pm eastern NYC time –> I’ve trailed the stop further now to 98.54 to lock in 22 pips.
==> POTENTIAL RESULT: Once again the Method 1 Preferred Strategy delivered as the Profit Target was hit at +70 pips. It took about 29 hours to complete and there was no real threat of stopping out the entire way.
==> MY ACTUAL RESULT (playing it safe) = +22 pips June 8, 2009 at 7:20 a.m. Eastern NYC time I’ve just gone LONG on the GBP/USD at 1.5886 based on 4-hr Sterling strategy. Stop Loss 1. 5846. Take profit 1.5956. Update: Took profit early at 1.5910.
==> POTENTIAL RESULT : Profit Target was hit if left to run overnight it hit +70 pips this morning.
==> MY ACTUAL RESULT (me playing it safe again) = +24 pips
I’m also waiting for the NY Open to implement the NY Open Breakout strategy.
Update 11:09 a.m. eastern NYC time: I fell back asleep waiting for the breakout (I actually am sick with low fever today, lol. Probably should be resting and not trading anyway). So I didn’t take the NY open trade and looks like it would have stopped out anyway.
==> POTENTIAL RESULT: -40 pips this time
==> MY ACTUAL RESULT: +0 pips
Update 12:15 a.m. midnight Eastern New York time. I don’t see any set-ups coming in the next few hours. I’m going to sleep. I may try to wake up in about 3 hours because I really think there will be some action at London open. But usually I set the alarm and just turn it off when it goes off in the middle of the night. So don’t wait up for me. Good night/good morning/good afternoon - wherever you are !
June 9, 2009 9:15 a.m. Eastern NYC time - I have just gone LONG on EUR/USD at 1.4005. Stop Loss 1.3960. Take Profit 1.4043.
==> RESULT + 38 pips
8:45 pm Eastern NYC time - there is a 4 hr Sterling set up right now on the GBP/USD. I’m planning to either go LONG at 1.6345 with a TP of 1.6415 and a SL of 1.6315. Or SHORT at 1.6296 with TP of 1.6226 and SL of 1.6326. Whichever entry point arrives first will be the one I take
Update 1:45 am eastern time - I have gone LONG on GPB/USD at 1.6345 with the above tp and sl. And in just 5 minutes I am already up over 30 pips! I’m tempted to close it early so I can go to sleep peacefully? Update 2:20 am eastern - I took profit early at 1.6382 so I could sleep well…
==> MY RESULT = + 37 pips
==> POTENTIAL RESULT = +70 pips
June 10th, 2009 8:55 Eastern NYC time: I have just entered a SHORT on EUR/USD at 1.4066. Stop Loss 1.4107. Take Profit 1.4027. This is based on the NY Morning Breakout strategy.
==> POTENTIAL RESULT = +40 pips
==> MY RESULT = +39 pips (I hit the sell button 1 pip late.)
7:20 p.m. Eastern NYC time - Once again the 4 hr Sterling set-up is showing itself in the Asian session. So I will be monitoring the GBP/USD for a trade to initate between now and the European session. It looks like I’ll either go LONG at 1.6374…….. OR…. I’ll go SHORT at 1.6332, whichever comes first. Either direction I will initially set SL at 30 pips and TP between 60-70 pips.
Update 9:20 pm Eastern - OK - I have gone LONG on GBP/USD. I actually entered at 1.6367 on the pullback. Stop Loss at 1.6335. Take Profit at 1.6437. Let’s see what happens. I don’t feel good about this one at all but I’m following the strategy rules. I’m happy that I am already up +160 pips this week because losing 30 will be no big deal at this point. Still, it’s never fun to lose. Even when you understand it has to happen sometimes.
Well I just checked and what do you know? I’m up 20 pips! This is now looking allright as a nice base has formed around 6350 too. Good example of why you don’t trust your forex feelings.
==> MY ACTUAL RESULT - I took profit early at 1.6398 for +31 pips. It’s really hard for me to wait this strategy out when it stalls. I also want to turn off the computer and spend time this evening with my family. So that is it for me until the morning. There are 3 major data releases tomorrow for USD - so entry for the New York Morning Breakout will be later than normal. Hopefully there should be a very clear range to spot the breakout when it happens!
==> POTENTIAL RESULT = The trade did hit the initial profit of +70 pips - two hours later!
June 11th 9:05 a.m. eastern nyc time
I have just gone LONG on EUR/USD at 1.4006. SL 1.3966. TP 1.4046. Based on NY Morning Breakout Strategy.
==> POTENTIAL RESULT = +40 pips
==> MY ACTUAL RESULT = + 40 pips!
June 11th at 2:40 pm Eastern NYC time:
Note: It appears that at the NY close today there will be two strong Method 1 Preferred Strategy set ups on the AUD/USD and on the GBP/JPY.
==> POTENTIAL RESULT: +60 pips on the AUD/USD easily taken, no threat of stopping out based on the Method 1 Preferred Strategy method
==> MY ACTUAL RESULT: +0 pips (I didn’t take this trade…was busy with the gbp instead. I only mange one trade on one pair at a time right now…I have to FOCUS….too many trades open makes me nauseous, lol… and I had many choices this evening of good set ups and I chose to go with the gbp tonight.)
Note: 5:46 pm eastern NYC time - Another 4 Hour Sterling set up on the GBP/USD. I’ll either be going SHORT at 1.6556 or I’ll go LONG at 1.6614. Whichever arrives first! I’m thinking it will go short but just have to wait and see. The RSI shows overbought on the daily and hourlies; and there is resistance at 1.6625 so going LONG seems more risky at this time.
UPDATE 6:16 pm Eastern NYC time - OK I am SHORT on gbp/usd. Wasn’t paying attention but I got it at 1.6572 with stop loss at 1.6603 and take profit at 1.6505.
Update 12:50 a.m. eastern nyc time - I have locked in 24 pips and moved the SL to 1.6548.
==> POTENTIAL RESULT = +70 pips (it took about 9 hours but would have completed at +70 pips, it would have come close to stopping out - within 3 pips!)
==> MY ACTUAL RESULT = My trailed stop was hit for +24 pips . It’s funny, you’d think I’d be happy that I just made another profitable trade, but I’m actually feeling down that I didn’t take the AUD/USD method 1 trade instead because it made an easy 60 pips…..right now I want to stay up and chase some more pips to make up the difference, lol,….but I now know as soon as I have a thought like that, it is my signal that it is time to STOP TRADING for the night. Yes, I will stop. I can stop. I can stop. I will stop. LOL. Good night!
June 12th:
NY morning Breakout did not provide this Friday morning. 3 out of 5 times this week the strategy did perform.
==> POTENTIAL RESULT = - 40 pips
==> MY ACTUAL RESLUT = - 40 pips
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==> Potential Pips so far this week using my favorite 3 strategies and fully sticking to the rules = + 450 pips
==> MY ACTUAL PIPS SO FAR THIS WEEK = + 191 pips !!
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June 9th, 2009 at 11:13 am
How often do you post your plays and update them here? I am surching for a mentor to learn one or two strategies from that won’t cost me my first born. I do have a live account open with $200 in it. I started with $400, went as high as $525 but hasn’t done to well since.
June 9th, 2009 at 12:16 pm
Hi Abner,
I am planning to continue updating this page daily on the days that I am trading.
I would trade the NY open to start which begins at 8:00 a.m Eastern NYC time; and I would trade just that one strategy to build up your account. There is a description of the simple strategy near the bottom of this post: Price Action If you cannot trade the NY Open, then you can apply the same strategy to the London open starting at 3 am Eastern NY time, just change the parameters to TP at +60 pips and SL to - 60 pips. I find it is best if I don’t watch the trade at all after I enter it - because it can be very volitale and plays on the nerves! However at least 3 out of 5 times and usually 4 out of 5 times the trade goes as planned. But as always I must give the standard disclaimer: this website is designed to share some tips and a place where I am sharing my own trades. I am telling you what I would do. This may or may not be the best strategy for you and your trading personality –> there is no guarantee and of course you trade at your own risk!
June 9th, 2009 at 1:05 pm
I will give your advise a try and let you know how it turns out. Thank you very much for answering my post
I was also reading about your “10 pip a day” strategy. But I will start with the NY open. After I read about it to make sure I do it correctly.
Again, thank you for the feed back.
June 9th, 2009 at 1:57 pm
your welcome! I believe that out of the last 12 trading days, the NY open strategy worked 10 out of 12 days, it even would have worked on Friday during NF Payroll. The 10 pip a day strategy sounds very simple but it also requires more discretion as to when to enter. It’s not as mechanical of a strategy as the NY open strategy.
June 10th, 2009 at 10:35 am
Ann, I did use the “NY Morning Breakout” strategy today. Thanks for the suggestion! I’m doing it on paper right now and will continue on paper for the rest of this week. Hopefully I’ll be able to take advantage of it using my real account starting next week.
Again, thank you very, very much!
June 10th, 2009 at 10:36 am
Oh, I forgot to tell you (but I know that you know) it did hit both marks that I set for it. +40 and +50 pips.
Thanks again!
June 10th, 2009 at 12:08 pm
Great! Thanks for letting me know. I traded it this morning too. I woke up at about 8:20 eastern. Watched it for about 25 or 30 minutes. Entered the trade when it hit 67 - then turned the computer off and went about doing some other things around the house. I’ve found I cannot watch it. But if I just leave it alone it will go as planned 70-80% of the time. Good luck and I hope it continues to perform for you as well as it has for me over the last few months!
June 12th, 2009 at 8:30 am
You must have been tired when you made that last entry LOL. It’s good not to be greedy. It’s a hard lesson to learn (with me it is) when trading. You are doing a great job Ann, keep up the great work. I am now keeping a record of the New York Open strategy. My account has gone up 25% in one day since using that strategy. I will add another strategy in about a month. I first want to really get this one down.
Thanks again for all of your help.
Abner