Today Im about to finish the 2 books written by Jesse Livermore for the second time this year. Really good inspiration to me. After that im going to re-start my continuos studies in Volume Spread Analysis and Wyckoff method. Nice couple of months.
Nice trend going on the beast GBPJPY. VSA got me buying all the bottoms almost to the pip.
"It is simple arithmetic to prove that it is a wise thing to have the big bet down ONLY when you win, and when you lose to
lose ONLY A SMALL EXPLORATORY BET, as it were. If a man trades in the way I have described, he will always be in the profitable
position of being able to cash in on the big bet" - Jesse livermore about pyramiding
GBPJPY is a true beast, really amazing.
Patience.
Basically I like to see "climatic action", then a test and then a no supply/no demand candlestick in the right place (that is, above the "creek" or the "ice" in Wyckoff terms) for me to enter. It is not so complicated to understand VSA and until now it is working in a market where you cant get true trading volume (in forex you get "tick" volume, and represents activity), the complicated part in my opinion is the psycologic part of trading and the money management rules of your system.
I need more demo time before I use my real account with this strategy but things are looking good so far.
I need more demo time before I use my real account with this strategy but things are looking good so far.
Im waiting for new positions, I like this method of posting in here to keep a trading diary.
When you think about it, its great that success is hard to achieve, because when you get to that point/goal in life, it will be worth the pain.
Holding my positions over the weekend.
All positions closed.
We went from a range from past weeks to a wild break to the upside in the GBPJPY this week. Goes to show you how quickly you need to adapt to the market changes. I've already locked in some nice 20% and + profits in this one.