Grants Journal [Awarded Title: Guru of the Gurus]

[Grant]

Evening All,

Today was a typical part timers trading day. I could only trade the first half hour or so of London, took a loss and wasn't at the charts for the better trades... oh well next.

pic of the loss below. forgot to add the details before taking the pic so, double seed short (all 3 candles had the same low), loss of -2.8 pips (-0.46%), exit on candle trail above the BDB.

cheers
Grant

[Grant]

Morning,

with NY closed today i am only trading the London am session and i managed a nice trade on GU. pic attached..

cheers
Grant

[Grant]

After the discussion in KrisL journal, in the pics below you will see how i managed the above GU trade on both m1 and m5..

I hope it makes sense

Grant

[Darren]

Brilliant explanation about how you trail your stops on M1 Grant - very interesting! ^:)^

[KrisL]

Thanks for sharing that Darren. Just goes to show that it doesn't have to be overly complicated to be highly effective. In fact, it is becoming clearer and clearer that simplicity is our friend in trading, and we (I) tend to sometimes over-complicate things for the sake of over-complicating them.

Clearly your exit strategy both keeps you in the trend as long as possible, and also gets you out close to the top of the move. I am wondering, do you ever set TP levels based on Fibonacci extensions and Elliot wave target zones? Or just stay in a trend until stopped out?

Cheers
Kris

[Darren]

Thanks for sharing that Darren. Just goes to show that it doesn't have to be overly complicated to be highly effective.

Thanks for the compliment Kris - but it was Grant that wrote the explanation!

[KrisL]

My apologies gents! I read both of your journals quite avidly, and must have gotten them mixed up!

[Darren]

No problem at all

[Grant]

Evening,

After 2 days on call with no trades i wasn't especially chuffed that i missed the great pre London entries on the pairs i watch this am, it wasn't until the US news release that the charts started to play the game again. So only 1 GU m1 trade today.

Seed entry risking 7 pips, closed half at +7 and trailed the other half on m1. I didn't move up to m5 as the ADR was already smashed and the SL was eventually hit under a BDB at +13.

So (7+13) / 2 = 10 pips (1.42%)... 1 : 1.42

Back on call tomorrow so that may be it for this week...

cheers
Grant

[Grant]

Afternoon everyone,

Only 1 trade for me today on GU m1, double seed entry just after the UK red news this morning. I did move up to m5 to trail once i got the 2nd half to BE but moved back down once the m1 chart started printing red candles for fun. It got to 15 so i trailed those and got taken out by the retrace after the BDB.

pic attached

cheers
Grant

edit : just realised the pic shows a double seed but not the correct one. I used the double just off the left of screen for PO..