As mentioned previously the month of June is about honing a strategy, this week i'm going to look at profit targets and build on last week.

I've decided for this week to place my stop loss as recommended by the Tradeguider CEO, a few pips lower/higher than the previous bar. Looking over last weeks trades that weren't successful, this would've been practice and produced profits for those trades. The profit target is then determined by the stop loss amount.

Also, each trade is valid until one of the following is filled;

• It stops out.
• It hit's the profit target.
• The 4 hour bar ends.

The three trades for the day are outlined below.

Trade 1 - EUR/USD - Bought @ 1.1920 - 7am Bar - Closed @ 1.1970 = +50 pips

Pretty happy with this trade, as outlined above, set the profit target in correlation with the stop loss and it hit it within the 4 hour period. Whilst the bar continued to rise i was happy to take +50!


Trade 2 - EUR/JPY - Bought @ 108.77 - 7am Bar - Closed @ 109.27 = +80 pips

Much the same as the previous trade, bottom reversal with a slightly higher profit target. Also hit within the 4 hour period and continued to rise. +80 pips was welcomed!

Trade 3 - EUR/GBP- Bought @ 0.8249 - 7pm Bar - Closed @ 0.8234= -15 pips

The final bar illustrates the loss, in retrospect it probably wasn't the best time of day to be trading, but it's only a few pips, this closed out at the end of the 4 hour bar. It rose a bit over night and would be about +15 currently. But in keeping with the strategy i got out.

• Day = +115 pips
• Week = +115 pips
• Month = +382 pips

Took one trade today but closed it early due to the Non Farm Payrolls coming out in America, they usually move the market pretty drastically, today was no exception.

Trade 1 - GBP/AUD - Bought @ 1.7323 - 11am Bar - Closed @ 1.7412 = +89 pips

Quite happy with this trade, saw a signal that looked like a test (black bar) and within the hour it had hit about 110pips. It fell off a bit and i decided to take the profit after a quick glance.

After the NFP announcement it hit 227 pips at it's highest point! Still, 89 ain't bad!

Going to leave it at that for today and hence the rest of the week.

178 + 89 = 267 pips for the week!

Pretty happy with that, hopefully build on it for next week!

KT.

Updated several times throughout the day

Took 2 trades off the 11am bar and 1 off the 3pm bar. 2 other set ups were noted just to see how they pan out.

With the two trades outlined below we decided to close them at the end of the 4 hour bar in keeping with the last few trades and just a new method we're going to try over the next few days.

***

Trade 1 - GBP/USD - Sold @ 1.4681 - 11am Bar - Closed @ 1.4653 = +28 pips

Pretty good trade, went in after the second bar (upthrust) and whilst the low point was a lot better than the close it still gained a few points, it is still moving down as we speak but in keeping with the 4 hour trade time frame we got out of the trade.

Trade 2 - EUR/GBP - Bought @ 0.8365 - 11am Bar - Closed @ 0.8359 = -6pips

This wasn't a particularly good trade in retrospect we thought the third bar was a test and with strength in the background this would continue to rise, unfortunately wasn't the case and it seems as though it's a bit sideways now.

Trade 3 - JPY/USD - Sold @ 92.60 - 3pm Bar - Closed @ 92.50 = +10 pips



Not a bad trade, has since started moving towards 93.00 as we expected, will probably reach it some time today (Friday)

***

+32 pips for the day, +178 pips for the week.

The two trades we took note of are as follows, by "took note of" I mean upon noticing it I probably wouldn't put money on them as i'm not completely convinced, but nonetheless something I wish to follow.

Note 1 - EUR/JPY - Possible Sell @ 113.81- 11am Bar

It's now 17:30 and this possible sell is now about 112.18, +163 pips! But it wasn't a trade, merely a note. (i like to think we spotted it though!)

Note 2 - GBP/CHF - Possible Sell @ 1.6906- 11am Bar

This note took it's time to do anything, it was in the hole for ages but wouldn't have stopped out. It's now 17:30 and around +50 pips but i think it was good initially not too take the trade.

It's thursday morning and here's the update from yesterday.

Took 4 trades, 3 successful and 1 stopped out

***

Trade 1 - EUR/GBP - Bought @ 0.8348 - 11am Bar - Closed @ 0.8363 = +15 pips

Nice bottom reversal, got a few pips off it, at it's highest point it reached +32pips. This is where we need to discuss profit targets etc.

Trade 2 - GBP/USD- Sold @ 1.4678 - 11am Bar - Closed @ 1.4581 = +97 pips

Top reversal. Very happy with this trade, closing on +97 pips after 4 hours isn't bad at all! Again though, profit targets must be discussed. It reached +115 pips at it's highest point!

Trade 3 - GBP/CHF - Sold @ 1.6929 - 11am Bar - Stopped @ 1.6964 = -35 pips

This trade was just unlucky, made the right call but unfortunately it stopped out before going the way i had thought it would. Again, stops, where to put them? Hopefully we'll have some answers before June is out!

Trade 4 - GBP/JPY - Sold @ 134.78 - 11am Bar - Closed @ 134.29 = +49 pips

In retrospect this wasn't a good trade and i got lucky, i thought the second blue bar was an upthrust but it closed closer to the middle then the low. Fortunately would've gotten away with it, +49pips on the close and +91 and it's highest point.

***

+126 for today, +146 pips for the week so far.

Last night after a discussion with my dad we thought the AUD/USD may make a move towards the 0.85 mark, which it subsequently did towards the end of the 7pm bar and through the night. Good call.

We also mentioned the USD/JPY making a move towards 93.00. This also happened over night and is very nearly there at the moment.

College is out of the way with and i have nothing but time on my hands. Back to nailing this.

I've decided to ease back into it by doing paper trades for the month of June and seeing what sort of results i get from that.

Last summer we spent hours sitting in front of the computer waiting for something to happen. Wrong. Just wrong.

New tactic, inspired by FirePips (excellent website) is to trade on 4hour charts. Leaving us free to merely look at the charts every 4 hours or so.

So i've been reading up on the trading again, getting myself familiar with the signals and i started paper trading again today.

Today consisted of 5 trades with an outcome of 20pips. Sounds rubbish i know, but i will elaborate further.

***

Trade 1 - GBP/USD - Sold @ 1.4644 - Stopped @ 1.4679 = -35pips

Despite the loss i'm quite happy with this trade, the second bar is weak but i got into the trade a bit too early and should've waited for it to develop. The third bar in the picture represents further weakness and as we can see it begins to drop off, this screen shot was taken at around 10.30pm and i believe it dropped further before i closed down for the night.

Trade 2 - EUR/USD - Bought @ 1.2216 - Closed @ 1.2268 = +52pips

Very happy with this trade, at one stage it was at +130pips, i should perhaps have bitten the bullet and taken the profit but i wasn't watching the trade at the time. The third bar in the screen shot is where the profit was made. I decided to get out upon advice from me Dad as we were unsure of what it was doing.

Trade 3 - AUD/USD - Bought @ 0.8371 - Closed @ 0.8388 = +17pips

Similar to the above trade, hit +65 at it's highest.

Trade 4 - GBP/JPY - Sold @ 133.46 - Stopped @ 133.81 = -35pips

Very similar to trade one, i should have waited for it to develop further and as you can see in the picture, it eventually dropped off as i had first thought. Lesson learnt? More patience!

Trade 5 - EUR/JPY - Bought @ 111.36 - Closed @ 111.87 = +21pips

Despite the low yield of pips this is probably the trade i am most happy with today. Clear sign of strength as shown in the picture, reached about +150pips at it's highest point, should have got out a bit sooner i guess!

Interestingly, the three winning trades of the day had similar looking up bars closing in the middle before dropping off. Worth taking note of i think.

***

My only criticism of the day is that whilst the 4H leaves time to do other things that a lot of pips were missed out on. Of course Profit can be set, but the decision must be made at what to set this at. I can't remember if i spoke about it previously but a 2:1 ratio is recommended. For instance if your stop loss is at -35 (as it was for these) then you would look to make +70pips. Perhaps this is the best way to proceed.

That's all for now, up early for the 7am signal!

KT.