Hello and welcome to this weeks review.
Last week we had a poor but profitable week on the platform. Mainly due to technical errors beyond my control, there was only a couple of days trading done. However, we still came out in profit. This weeks trading account therefore, stood at £310.85. Lets look back at the week gone by.
Mon 14 Feb: Movement overnight was pretty static, and the indicators weren't really giving anything away. I decided to take a chance and favoured a short position, deciding that it was going to be a quick scalp before I got started. It did pay off and I closed the trade out with a net gain of 25 pips.
Tues 15 Feb: A narrow escape here. Overnight the pair were climbing, with the indicators saying to go long, but at the time I logged on, it looked as though it had topped, and looking at the indicators, I felt things would change there too. I waited a little while and as the pair began to drop I set up an order to open. Again I was just looking for a quick 30 pip scalp. Fortunately for me, the price got to about 1 pip away from opening the trade before turning around, producing quite a surge upward. It started to look a bit too uncertain for me from then on, so I called it a day.
Wed 16 Feb: The signals were indicating to go long this morning, after waiting a short while to see what was happening with the price action between Frankfurt and London opening, I took the plunge and went straight in on a long trade, following the signals. The trade got taken out following a high impact news announcement just after 09:30; less than 2 pips beyond my stop loss! Then the inevitable turn came and the pair climbed.
Thurs 17 Feb: The signals this morning were once again indicating a long position. I set up an order to open @1.6115 with a 35 pip stop in place. Once again, I got taken out of the trade, and once again, the price barely moved beyond my stop before turning around. This time it moved no more than 6 pips beyond it.
Fri 18 Feb: Cable had had a quiet night and this continued through the early hours of the morning. The signals were showing a climb, but it was quite shallow. I was thinking that a downturn was on the cards, as the pair were at a similar high point from earlier in the month. It did look as though there was going to be a head and shoulders forming. However, I decided to go with the signals and set an order to open long @ 1.6170. The trade closed out at a profit less than 45 minutes later.
I then proceeded to ruin things by thinking I knew better again! Basically, I got pigheaded. I went more or less straight back in with a short trade, even when the signals were strongly supporting a climb. And it initially looked as though it was going to pay off. Alas and alack, it didn't. For some time it traded sideways, occasionally giving me hope, but the inevitable happened and I threw away the early morning good work.
In summary; the week finished with a net loss of £21.50, taking the virtual account to £289.35, which is still good, it's still in profit. I still have to learn to stay with the system though, it is proving itself to be working. The other issue I need to solve is the stop loss level. Twice this week I've had potential winning trades taken out because I didn't give enough breathing space in the trade. What would constitute breathing space though, 50 pips, 60 pips! That's something to chew over for the weekend. Have a good one and stay happy.
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