Counting Pips

Hmmm... OK, so I've been doing much worse than I hoped. Still, I learn more every day about the Yen and how it behaves. Where two weeks ago I would be hard-pressed to describe the price action of the pair on a day-to-day basis, now I could give it a shot. I also understand five-point pivots a lot better after the last two weeks of attempting to apply them.

I'm going to stop formally tracking pips for now. The reason is that I don't want to focus on my profits, I want to focus on making each trade a correct one. The past couple of days I have been trading the opening of the New York session as well as about an hour into the Asian session. I do markedly worse in the Asian session. At the beginning of the New York session it seems like there are pips "lying around" in a range that is pretty easy to trade. I have been fairly consistently making more winning trades than losing ones in the morning. These trades are based on a super-tight S/L (frequently less than 8 pips) and a tight T/P as well (although this morning I didn't close a trade because I was 1 pip away from my target - 5 seconds later, the position reversed and I got stopped out). I try to scalp 4-8 pips at a time when I can see that the market is ranging in a fairly consistent manner. So far, the strategy is working nicely (not great profits but I feel I am learning).

I also added another moving average (120) so now I guess I'm much closer to methods like the Guppy MMA method. I'm still using the five-point pivot as well as key support/resistance lines. I have started playing with fibonacci retracements but I'm not sure they are really helping.

Anyway, that's about that.