As nobody is sending any new posts, I thought of sharing a trading strategy I am trying out on GBP/JPY on 5 min chart setup. Basically it is a swing trading setup, with buy 5 pips above the swing high or vice versa. All buy trades are shown on the chart with a stop loss and reverse (sell) setup. Since the charting software is showing the sell price, I have to add 10 pips for spread and 5 pips above this, which explains the difference! I am trying this out from start of European session until about early US session. I am of the opinion that this pair may hit close to previous's day's high and then pull back.
Today's trades so far are 6 lots buy @ 145.02 average and a stop loss @ 145.50. If the stop gets hit, then it is 288 pips profit for today. I shall updatre the outcome tomorrow.
Happy trading!
anon
PS: Naftula - hope you are well, and can start blogging again!
8 comments:
Thanks Anon for sharing this strategy.
It seems really interesting and with nice profits.
Let us know how it goes.
Ben
Made a mistake in the average, it should be 144.946. And, if all get stopped out @ 145.50, overall profit should be 332 pips.
So far price is consolidating, and would be a good idea to close now @ 145.85.
Closed all trades @ 146.20 - overall profit of 752 pips. No more trades for today. Let's see whether this system works tomorrow.
These trades were on a demo a/c, and will continue to test it on a demo a/c.
G/Y trade on my live a/c closed @ 146.9.
Ben - are you still holding your g/y and e/y trades?
Great trades anon !
Well done !
Yes i've closed some that i took late friday when they were bottoming, but still keeping the first ones.
I think Yes is going to weaken further in the weeks to come... I've been waiting a long time for g-y to break 150, and i think this will be the rise that will do it.
See you tommorrow
Take care
I meant Yen instead of Yes....
er NO
sorry ?
Naftula, I think you need help, you have deep hatred in you!
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