GBPJPY trade taken 9th Sept

There were a couple of consolidations which I was following in the afternoon.
Like the consolidation on the EURUSD and the false break on the USDCHF
They made their move in the evening while I was out, both resulted in fantastic moves for great risk/reward ratios.
I took a trade on the GBPJPY very early in the morning.
resulted in yet another 0.5R trade.
I’m considering changing my money management strategy to just take everything out at 1R targets.
However, looking at the great setups which I should have been taking yesterday and today, I felt that this warrants more thought.
If I were to take everything out at 1R, I would have no chance to capitalize on the huge market movements.
But at the same time, I’m leaving many many 0.5Rs on the table just to catch the big moves.
Either I get a strategy for catching bigger moves or I try using a different money management approach.

Anyway, it’s the 9th of Sept 2009, or 09-09-09
A lot of happy blissful couples ROMing today =)
Congrats to all of them!

Explainations for the GBPJPY trade on the chart.

Progress!

I realise that a lot of traffic to the blog are looking at the links to Money Management and Trade Management.
Currently, I’m finishing up the last segment of Basic TA, and there’s still a lot of topics to cover about TA.
However, seeing that the demand is in Trade Management and Money Management, I will skip ahead to finish these topics first.
Please give me some time as I have a lot on my plate at the moment.
One of which is to contribute to part of an E-book about trading.
The authors are going to sincerely cover the theoritical as well as practical sides of trading as much as possible, in as simplied terms as possible!
It’s written just for the laymen like yourselves, from newbie to intermediate level traders.
The best part is that this E-book will be available free online! (downloadable from my website)
So watch out for its release next month or so!

Have a great trading day for you forex traders!
Equity guyz, take a break!