MoneyTec Traders Community Forum - View Single Post - Pips In The Pocket Method: Use it almost everyday!

L.C. · 06-08-2008, 19:27

This is a continued article which supports my original post for this thread.

I will be adding pictures of my charts when these trades develop. Not necessarily every day but as often as I can.
My charts will have some detailed explanations of where the stops entries are along with targets. I will also try to indicate a time of day these took place the p.

If some of the text is not legible on my charts please feel free to e-mail me or private message me for more details or information about this trade set up.

This first chart was a trade I took on the 30 minute chart for the USD/JPY.
What is important is that I used the technique I’m describing in this thread. I looked for that morning star pattern to develop before I entered into a trade long on USD/JPY.

I realize that by definition a morning star would appear at the end of a downtrend but for my entry I use small pullbacks to support levels then look for the same morning star pattern to develop. It gives me the same opportunity I set my stop loss levels just below that pattern.

You’ll see on my charts the entry the targets the stop loss level.
The entry for this trade was at 108.71.
The first target was 108.95
The second target was 109.10 of course this could be continued trailed if you actively manage the trade.
The stop was set at 108.49
using the entry targets above the total net profit entry to final target was 36 pips.
The stop loss was 23 pips.

This trade of course continued on a lot farther the actual entry to where price topped out today was about 100 pips. This type of trade can does put me in the path of a break out trending day.

I picked the targets above because this trade actually develop before the oil Inventory data numbers were released.
I use the CCI for confirmation along with that cle pattern to give me that entry.

I will continue to post additional charts when these trades set up. It works just the same way in a bearish environment.

If you have any questions please post them here I would be happy to continue this thread explain how this works.

As I mentioned in my first post I do this about everyday on every currency p.
LC
www.udaytrading.com

06-08-2008, 19:27	#2
L.C. level 1 Join Date: Aug 2007 Posts: 33 Downloads: 0 Uploads: 0 Rep Power: 2	Re: Pips In The Pocket Method: Use it almost everyday! This is a continued article which supports my original post for this thread. I will be adding pictures of my charts when these trades develop. Not necessarily every day but as often as I can. My charts will have some detailed explanations of where the stops entries are along with targets. I will also try to indicate a time of day these took place the p. If some of the text is not legible on my charts please feel free to e-mail me or private message me for more details or information about this trade set up. This first chart was a trade I took on the 30 minute chart for the USD/JPY. What is important is that I used the technique I’m describing in this thread. I looked for that morning star pattern to develop before I entered into a trade long on USD/JPY. I realize that by definition a morning star would appear at the end of a downtrend but for my entry I use small pullbacks to support levels then look for the same morning star pattern to develop. It gives me the same opportunity I set my stop loss levels just below that pattern. You’ll see on my charts the entry the targets the stop loss level. The entry for this trade was at 108.71. The first target was 108.95 The second target was 109.10 of course this could be continued trailed if you actively manage the trade. The stop was set at 108.49 using the entry targets above the total net profit entry to final target was 36 pips. The stop loss was 23 pips. This trade of course continued on a lot farther the actual entry to where price topped out today was about 100 pips. This type of trade can does put me in the path of a break out trending day. I picked the targets above because this trade actually develop before the oil Inventory data numbers were released. I use the CCI for confirmation along with that cle pattern to give me that entry. I will continue to post additional charts when these trades set up. It works just the same way in a bearish environment. If you have any questions please post them here I would be happy to continue this thread explain how this works. As I mentioned in my first post I do this about everyday on every currency p. LC www.udaytrading.com Attached Thumbnails