Cable Short Term (Chazzle)

I trade GBPUSD intraday and sometimes overnight (overnight for me is the Asian session as I am in the UK)

It is part of my trading style to expect to add to positions and to "average in" to my trades.I do this so I can profit from a "general bias" rather than having to be exact.

With my intraday trades I typically look for 10,20 or 30 pip targets that I judge to be unobstructed by support and resistance levels.

I trade from a 15 minute chart and use M15,H1,H4 and Daily for technical analysis.

My preferred indicator is the 200ema and I trade using support and resistance relating to historical price action,trendlines, fibonacci levels and the 200ema itself

With my overnight trades I am attempting more of a swing strategy and may,therefore ignore some of the S&R levels used for my intraday style.

I trade mostly from my PC but also from my mobile while I am at work or out and about.

All trades from my PC will be posted in real time on this thread and even some of the ones I make from my mobile,but hopefully for obvious reasons,sometimes this is not possible.I will post these trades when I am back in front of the computer.

Daily pip gains/losses will be posted at the end of each day just before midnight UK time
Equity increase/decrease for each week will be calculated as a percentage of the initial capital and posted on Fridays

I welcome and encourage constructive criticism and feedback so that I can improve my trading,and it would be a great bonus if people gained something from this thread as I have gained from some of the members in the FF community.

To start things off,here is the last trade I did late on Friday(Oct15) at the end of the London session.Time 1722 - 1902.I did actually re-enter the trade at the same price but closed at BE as the market would shortly close for the weekend.

Here is a H1 chart showing the reason for my bearish bias-no candle closing above the high of Oct14 and the appearance of a double top

Also the M15 chart showing my entry and exit with a few minor S&R levels

I found this advice given on someone else's journal-but obviously universal-will keep it here as a reminder.

Pending orders for overnight trade...green=long...red=short
Time limit currently LO 18Oct

Interesting PA-gap down on the open,price makes a quick jump to close it,but almost immediately sold off,15m candle @ 2245 fails to close above 200ema
Dollar index set for a technical bounce to the upside as pointed out by Wormboy
so I have gone short @ 15981 - in effect adding another rung to the short ladder - will remove a rung from the long ladder to give a decent TP potential
Of course nothing set in stone,high volatility and I will change plans TP currently @ 15930...safely above any major support

I closed for 50...set longs @ 15915 overnight...woke to see that support broken quite convincingly,so closed for BE...waiting till we get a bit further down the channel...next support 15875 area...ladder set 15886 and every 25 below

ok first long is entered and ladder is set...TP @ 15936

Closing 2 position for 20 pips altogether we are now around area of Friday close...so TP here.Also missed a 3rd entry by 2 pips so don't want to push my luck

trading from the phone today...good day...max 2.5 leverage maxDD about 0.5% about 100 pips so far,currently short 1 position from 15905 next support 15870 then 15830 then bottom of channel and psych level 15800

limit is 50 pips @ 15855...below that 1st support 15870 but above the day low of 15837
All pending longs cancelled for now

Closed 2 positions for 40 pips

great 24hrs considering I only spent about 3 hours in front of the screen...165 pips...all from getting these S&R levels into my head and setting pending orders around them

woah...lost 25% of gains in last 2 hours...: (

got 60 on the short-started to go long @ 15825

close for 22 still looking for longs though

going short 2nd position 15860 (15840 also but premature) just hit 20 sma M15 looking for retest of day low

ok cuttin the premature trade to lower risk...other still open (15854)

closing for 15...and looking for that long again...

ok so the long is around the day low...long from 15813

took 4 positions....out for 20 altogether

long again weekly support around this area (pointed out by Wormboy)...15767

looking for 15830...below yesterdays low,just above 38% retrace of todays move (from high of asian to day low so far)