I generally only scale in with gap trades. Sometimes, with strong levels (like last night's G/USD), I'll have a small order set ahead of time a little above the level...but that's not common.

If I do this, it's only to ensure I get at least a piece of a really good level. I've found missing trades causes more emotional frustration than even stopouts and I suppose this is my way to cope.

With gap trades, the positions are quite a bit smaller so it's necessary to scale in as the gap trade moves away from the close in anticipation that it will ultimately close. The last couple of Sunday's are prime examples of that and you can see my scaled entries in the screenshots above/previous page.

Scaling in doesn't really change my % risk...I still won't go over 5% (my max) and I rarely get to this point.

My account is sized so that 5% is a good chunk of change (to me)...greater than my costs of living. I don't feel the need to risk anything greater than this per trade. Hence, I don't double my account every year but the flip side of that is my drawdowns are in check and my equity curve is smooth.

Hope this helps.

Entry & exit marked in red.

My take profit at 1.27 was hit. I am going to go short at 1.27, with a take profit at the bottom of the triangle, the support should be around 1.26 or so, depending on when price gets down there.

See my chart, this is what I'm looking at.

Any recent trades? There has been a lot of movement recently.

Quiet week for me post gaps...took a couple of stabs at the GJ breakout but poor entries due to schedule. I'll review later this week/weekend.

I did take another stab at GU with a nice entry a little below 1.56 I would not advise taking this to anyone as it has, in my mind, already bounced off this area (that spike down to 1.5615ish earlier this week) but I feel the level is strong enough to warrant another bounce. I'll be watching this one closely and won't hesitate to close early...talking heads talking doom & gloom again with the credit rating release today so...going into Friday (sell day), caution should be used.

EUR/JPY will sell on the break and ftb to the current level...will get some charts up later.

see what I'm looking at dishwasher?

The "another stab at GU" that I took. This was shut down for just a couple points. I try not to take second time bounces and caught myself early on this one. You can see that we did get an initial ~35pt reaction which is nice but certainly not worth the risk.



And the EJ I was talking about...this is an OK setup and one that I will be watching going into next week. It would be nice to see price bounce off this level once more...further validation before crashing down.

A few items I'm watching going into next week...UJ is the favourite.



GJ daily shown below, followed by the 4hr. This daily chart is a great demonstration of a strong level and what it looks like.



4hr

UJ limit hit & we're off...already seeing the reaction.

Out of UJ with a small loss. While we saw an initial bounce, xyz/JPY was being sold pretty hard across the board. On to the next.

Very slow week, two small losses, UJ and an Aussie trade I'll post up later.

It's easy to wrap up early during a slow week but I've found that's usually when the best trades come around; when you're not watching.

OP, sorry if this was asked before, I was wondering how many trades do you do on average per week?

This AU was irritating as most very close stopouts are. Sometimes aggressive stops playout v. well and other times, this happens.

My setup was using the S&R (1.0 price point) & the gap (yet to close) for a long.

Often times you'll see price push these S&R level, faking a breakout. 1.0 wasn't going to go that quickly, especially with a weekend gap still not filled.



And my ticked out stop below...right to the pip. Gotta love it.

Not many...in a busy week, six or seven. Slow week, like this one, two thus far.

This is worked around 65+ hrs of day job & untraditional living conditions. I'll be on vacation for the next couple of weeks so aside from being in an airport, my screen time will increase and my trades likely will as well.

Some action...

Seeing some great nyc bashing, just waiting for the euro follow through. I'm quite short at the moment.

**Vacation for the next 10 days, trading & posting will be light**

Trade I'm in now, short at this zone.



No trading over my vacation except babysitting a sweet NU short to profits...



Top down review of the charts coming tonight, a couple of other opportunities out there.

Got the reaction off the area, looking good...but need to push past the current zone.

My setups for the week...ucad still chugging along.

Setups for the week. Presently long the EU gap, AU gap (both shown below) & limit orders are in for the GJ short. GJ is an especially nice trade and I've loaded up the size accordingly.

No.

What are your stop losses and take profit points like.

e.g. for EUR/USD, it did come up to close the gap... but took a while and went down quite a lot first, I'm guessing you got stopped out and lost money on that?

I'll get some screenshots up later today of the EU entry & exit.

Not stopped out...I use wide stops with the gap trades. You must.

Good point sir

Do you think the Cable will consolidate again towards 1.60: That's where I think it's heading now.