I got an email yesterday with a question about my trading, and more precisely, how many trades a day do I take and can I post more trades here. Currently, I am able only to update this blog once a day. I don’t want to discus trades that I take out outside of these pages, but only the ones I’m able to mention BEFORE they happen. That has certain limitations. For one, I can’t really post trades derived from very short term charts. Otherwise I’d have to keep updating these pages throughout the day, and, at this time, it is not practical. So, by default, I have to focus on trades from 1H or 4H charts. This meets my posting schedule, while still providing  relatively high trade frequency. This format also allows me to post an occasional long term trade, like the GBP-JPY entry from last week, which is covered more in depth down this page.
During the day I place anywhere from 5 to 15 discretionary trades, like the ones featured here. What hasn’t been apparent so far, is that I’m somewhat of a “specialist” in mechanical trading systems. This subject will be coming up more and more as time goes on. That aside, I truly enjoy the decision making process of discretionary trading. Besides, this blog is still in a development phase and I’m sure it will be changing as time progresses. Besides, I’m open to reasonable suggestions.
Now to trading. Last Sunday I talked about a trade in GBP-JPY using daily chart. Here is what happened so far.

The premise here was to buy at 214.10 and hold until 220.00. So far order has been filled, price ran up to 216.00, retreated and is now in positive territory. I fully expect couple more weeks for this to come to a conclusion.
THE LONGER TERM CHART USED FOR TRADING SET UP, THE LONGER THE EXPECTED TRADE DURATION.

Here is something think will be much faster. Currency pair is GBP-CHF ( pound again?!)

I’m waiting for the price to pull back to about 2.0580 and that’s where I’d like to enter long position. This would give me a 200 pips objective, with about 100 stop loss. I normally only use hard stops if I go to bed. otherwise I watch markets and decide exit based on price development.
I wish everybody great trading week!

Mike K.