Hello and welcome to the past weeks update.
It's been a good week for my system, which has had some good success. Read on for a day by day account of how the trades went this week.
Mon 31 Jan - What the hell do I know! Indicators on the 15 min chart were showing a climb in pair. However, I thought I knew better, I felt a drop was inevitable, and that was showing on the 1 hour chart, so I set an order to open. The price did drop enough to trigger the trade at 1.5840, and then began to reverse. I wasn't concerned about that initially, that's the way the market moves, I was expecting a reversal at some point, plus my stop loss was set 1.5875, so I was safe.
Not only did it reach the stop loss, it pummelled its way through it, eventually making a gain of almost 200 pips! Ah well c'est la vie. That took the kitty down to £224.35, still up overall.
Tues 1 Feb. - 15 min chart was looking good for a long trade. At 07:45 I set an order to open @ 1.6070, which was triggered between 09:15-30. I set the original profit target at 100 pips as I had the time to sit and watch this morning. I decided to close the trade out with a net gain of 55 pips.
That was a good feeling. Not only had I recouped Mondays loss, but added 20 pips to the trading account. I know it's only virtual for now, but it doesn't stop me getting exited. Took a quick look around lunchtime, when the US markets opened, but it was looking quite contrary then. There was also some high impact news coming out at 15:00 which could have had an impact, so I left it for the day.
Wed 2 Feb. - Signals were showing a continued climb this morn', so set an order to open a long trade at 1.6160. I had the stop/profit ratio as 1:1 for this 40 pips either side of entry. I then set about some admin' work I needed to do for the Ebay business. Around tea break time, I logged back into the platform and was rewarded with a hit target. 40 pips up again (37 if spread is taken off). That occurred between 09:30-45.
I was tempted to take it further, but I had other work to do and decided to call it a day.
Thurs 3 Feb. - No trade on this morning. The indicators were pretty neutral, across a couple of other time frames too. I decided to leave it alone, and not try and second guess it like I done on Monday. Sticking with the indicators, or leaving it out pays off in the end.
Fri 4 Feb. - Signals at 07:15 were giving a hint of a downturn, nothing concrete, just a hint, so I decided to watch breakfast news with a brew for a while. Looking back in just after 08:30, the signals definitely showed a downturn, yet the candlesticks were being contrary and looking very green!
I stuck my neck out, followed the signals and went short, setting an order to open @ 1.6145. I looked in a couple of hours later and the profit target had been reached, another 32 pips net.
This week has seen the kitty reach over £280, despite a losing day and a no trading day, I've got to be pleased with that. The name of the game here is to scalp 20/50 pips profit on each trade, and to be honest, I would be just as happy if I was clearing around 15 pips per day.
I know that isn't a lot when your trading with just 50p or cents, but think about playing with £5.00, or £10.00 per pip. That's £75 - 150.00 per day. Try and find a bank that will give you that sort of return!!!
Well, that's me for the week. I'll be posting next weeks attempts in a weeks time. In the mean time, you can follow me on twitter by clicking the link over on the right, or by clicking here
Thanks for reading, and stay happy.
Best wishes.
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