GBPUSD - Wave 4 to Wave 5

Noticed a wave 4 to 5 forming on the GBPUSD15 minute chart today. My First attempt seen a double bottom off the original wave 4 high.

Was +30 pips before I noticed price stalling, and again I let it reverse and only made +7pips profit.

Then I seen price retrace to around 61.8/76.8 fib levels and shorted again with a 60 pip stop loss.

I should have learned my lesson from earlier today, and not re-entered after the double bottom, or at least verified against the higher time frames.

However I was wrong and stopped out at -1% loss and -60 pips. Poor trade management again, looking for a runner or my target getting hit. Last few trades I've had, i seem to have let my profits come back to zero, even a small loss.

Must get better at verifying the intra-day direction with higher timeframes, there's lots of money to be made everyday. Just need to be a better more disciplined trader.

Onto tracking the next trade.

GBPUSD - Wave 4 > 5 - Conclusion

It seems this trade pretty much turned out as planned within 10 pips or so of my projected target.

You can see from the earlier screenshots this week, compared to this final screen shot that price did indeed move lower almost completing that wave 4 to 5.

Final thoughts, I had 60 pips in the bank on this trade and let them go back to zero looking for the full amount.

Also in placing a sell stop after missing out earlier in the week, I didn't plan my second entry and you can see from the above chart price moved 60 pips against me before moving in my favour, which would have probably stopped me out anyway on the second attempt.

So yes my projections were correct, however I need better entries in order to hold trades longer.
Also don't trade during Government elections + on NFP Friday! Doh

Onto looking for the next Trade!

GBPUSD - Wave 4 > 5 - Part 2

After Fridays trade which was stopped out, I've been tracking this potential Wave 4 to 5, and seems to be bearing up for a potential entry at some point later today (short entry).

@12.46GMT
Sell Stop 1.46340 Target 1.44822 - 150 points.

Update Friday 14th May

I had been tracking this move all week looking for movement between wave's 4 and 5. Firstly on the previous trade (part 1 just below), this trade should NOT have been taken because of the volatile day (UK General Election and it was non farm payroll day in the states).

So a bad decision by myself and a recipe for a loosing trade, again another reason why stop losses keep you in the game.

Keep your loosing trades short, Crucially find tight entries and let the winners run!

Anyway, as I said before I was looking for another go at the wave 4>5 completion, and a potential entry point. After watching a retrace for most of this week, the move started to materialise late yesterday afternoon (Thursday 13th@16.40pm), I had placed a sell stop order below the market where i though price would move to, this proved to be risky as it knocked me into the market then retraced 60pips before moving back down.

~Note To Self~
Better Entries !!!!! Don't enter at the outer extremes of the Bollinger Bands !!!! Look for the retrace and some confluence closer to the center or the opposite band, depending on where you think the market is going.

(Confluence look for Good Entries cant stress this enough.)

So I was in the market, it then moved in my favour late on last night and into the early hours of this morning. I was +60pips during the night when i was asleep, however again it retraced back to my entry point by 8am in time for London open where I was stopped out at break even.

Will post update later on as market moves today. I have a feeling that my targets will be hit today all because of poor entries.

GBPUSD - Wave 4 > 5 - Possibility

Seen another possibility of a completed wave 4 heading towards a wave 5 target. However it may be a risky move (or a risky time to enter late on a Friday during the election frenzy).

50p Stop with a 200p target 4:1 Risk Reward

Entered @14.27 Friday Afternoon.
Update @14.47 Stopped out 1% Loss.

Looking for another entry short.

EURJPY - Wave 4 > 5 - Part 2

So, stopped out on the 1st attempt earlier today at break even. Re-entered with a 30point or 1% risk, again looking for a bigger move (wave 4 to 5). After a slow'ish start which floated close to stoploss the position moved in my favour.

Closed 2/3's at 52pips for 1% increase and moved the stop loss to break even.

Left the other 1/3 running with a target of +120 will update later tonight @15.44GMT

Update @17:00GMT target 2 hit 0.02 lots at +179 for a total of 3.5% account increase. Not Bad for a days trading.

EURJPY - Possible Wave 4 > 5

Was looking for a possible move down from a wave 4 to wave 5. Entered after a pullback this morning and quickly moved my stop loss to break even after 10 min's, once I was at +30 points.

The move has the potential to go 100+ points if the wave 5 is completed as first though. However on such a tight stop loss I was taken out at breakeven.

Will watch with interest to what unfolds.

Letting the Market Come to You!

I've been away from my PC for a few days now and not been scanning the charts for another trade as such. However its easy to look back through your charts and see loads of great setups that would have made you money had you been available at that particular time to take advantage of the move.

I'm guilty of seeing great setups and planning them out on paper, but not actually taking the trade, due to the fear factor. My trading physcology still isn't where it should be, to be truly successful at this game, It needs a lot of work, both on the discipline factor and the fear factor. Sometimes I get bored looking for trading opportunity's and just don't bother scanning the charts and giving them enough attention, only to see great setups appear that same day, or within a few hours.

That's trading in a nutshell, its not glamorous at all, but pretty boring most of the time until the right conditions appear, until then its a waiting game (discipline). I guess that's part of the secret to being successful, patience.

Let the market come to you, tick all of your entry boxes and then and only then enter your trade with good solid money management + risk reward. These are the real secrets to the "holy grail'.