Hey everyone and apologies for not updating for so long, been kinda busy but I have not taken my eye off the ball completely.
Since my GBP/JPY trade price has continued to rise hitting a new ceiling in the 144 region. I didn't buy off the tenkan sen bounce as, in my view, the price seemed too far from the tenkan sen and kijun sen at the time of analysis. Looking at the weekly chart it does certainly seem that there is a gap that needs to be filled. I guess I was just frightened of being at the wrong end of the gap at the wrong time but on the upside, I may have missed out on some short term gain but have not lost any capital.....
In the meantime, I have been busy analysising Daily charts and nothing that I have seen has been strong enough to meet all the criteria required for entry. However trade withdrawal has set in a bit and I have found myself trading off the 5min with some degree of success.
In the week gone by I placed 11 trades on the EUR/USD, 10 of which were winners and netted myself 516 pips, and subsequently increasing my account size by 21% so all good news on that front. I normally use the standard Ichimoku trading plan as described in "Trading with Ichimoku Clouds" by Manesh Patel, CTA. http://www.amazon.co.uk/Trading-Ichimoku-Clouds-Essential-Technical/dp/0470609931 but this week on 5 min charts I have been buying and selling off tenkan sen / kijun sen crosses, risking only 5% of the account each time and looking for a 2:1 at least, although a couple of the trades took a nasty turn so I used a trailing stop and achieved somewhere between 1:1 and 2:1.
If you have not done so already, check out this facebook group, "Magic Ichimoku" http://www.facebook.com/groups/259239940783384/. Theres some useful info there and the regular commentary from contributors is informative and friendly. In fact one member Gerald Lian posted a comment relating to a EUR/GBP breakout on the 30m chart. Definately some gains to have been had there had I had more time to devote to trading this week.
In addition to the above book, I would further recommend "Your Trading Psychology" by Kofi Oppong, I read it this week and whilst the content mostly reaffirmed some existing knowledge it was still an interesting and imformative read!
Thats all for now happy trading!
Since my GBP/JPY trade price has continued to rise hitting a new ceiling in the 144 region. I didn't buy off the tenkan sen bounce as, in my view, the price seemed too far from the tenkan sen and kijun sen at the time of analysis. Looking at the weekly chart it does certainly seem that there is a gap that needs to be filled. I guess I was just frightened of being at the wrong end of the gap at the wrong time but on the upside, I may have missed out on some short term gain but have not lost any capital.....
In the meantime, I have been busy analysising Daily charts and nothing that I have seen has been strong enough to meet all the criteria required for entry. However trade withdrawal has set in a bit and I have found myself trading off the 5min with some degree of success.
In the week gone by I placed 11 trades on the EUR/USD, 10 of which were winners and netted myself 516 pips, and subsequently increasing my account size by 21% so all good news on that front. I normally use the standard Ichimoku trading plan as described in "Trading with Ichimoku Clouds" by Manesh Patel, CTA. http://www.amazon.co.uk/Trading-Ichimoku-Clouds-Essential-Technical/dp/0470609931 but this week on 5 min charts I have been buying and selling off tenkan sen / kijun sen crosses, risking only 5% of the account each time and looking for a 2:1 at least, although a couple of the trades took a nasty turn so I used a trailing stop and achieved somewhere between 1:1 and 2:1.
If you have not done so already, check out this facebook group, "Magic Ichimoku" http://www.facebook.com/groups/259239940783384/. Theres some useful info there and the regular commentary from contributors is informative and friendly. In fact one member Gerald Lian posted a comment relating to a EUR/GBP breakout on the 30m chart. Definately some gains to have been had there had I had more time to devote to trading this week.
In addition to the above book, I would further recommend "Your Trading Psychology" by Kofi Oppong, I read it this week and whilst the content mostly reaffirmed some existing knowledge it was still an interesting and imformative read!
Thats all for now happy trading!
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