The SAS Trader : Weekly Review.

Hello, welcome to the weekly review of The SAS Trading System.

I have recently taken a much needed break, and I feel 100% better for it. During my time out, I decided to include EUR/USD to the armoury.  I felt that relying on just GBP/USD was limiting my profit potential; but more importantly, forcing me into making bad judgements, thus bad trades in pursuit of profits. I felt that I had to trade, that if I didn’t trade I was being lazy.

I realised after a short time of reviewing the recent past, my problem was desperation.  I was trading stupidly, and breaking every rule I had laid down for myself, but I had handicapped myself by only working GBP/USD. Even when it was clear there was no real trading opportunity, I placed a trade in hope.

All that has changed now, I now have a sensible head on. If there is no trade with GBP/USD, I look at EUR/USD, and if that isn’t looking too good, I turn off the computer and walk away. Of course, there will be opportunities to trade the two pairs, but to be honest, as long as I end up being able to pay myself a living wage and leave some money to grow the account at the end of each week, I’m happy.

Let’s take a look at how things have been in the past week, commencing Mon 25 April. Trading is at £1 per point.

25/04/11,
A.M:   GBP/USD: wasn’t happy with the signals, decided to leave for now.
           EUR/USD: picked up a nice 25 pip gain here. Entered long @ 1.4570 auto closing at 1.4595.         P.M:    No further trading today.


Running total for week = 25 pips.


26/04/11,
A.M:   GBP/USD: wasn’t initially happy with signals, but anticipated a change and entered long trade @ 1.6480. Closed with a 25 pip gain @1.6505.
           EUR/USD: came good for me again, & once again I anticipated the move. Took a 30 pip profit here. Entered long @ 1.4535, closed @ 1.4565.


P.M:    GBP/USD: picked up the reverse movement from earlier. Entered short @ 1.6480 (again) just after 12:15. Auto closed @1.6450 between 14:00 – 14:15 for an extra 30 pips, making 85 pips gained today.


Running total for week =110 pips.


27/04/11,
A.M:   EUR/USD: No Trade
           GBP/USD: Signals turning & pointing to a short. Set order to open @ 1.6485 with a 50 pip profit limit. Auto closed @ 1.6435 between 09:00 – 09:15. + 50 pips.


P.M:   No further trading today.


Running total for week = 160 pips.


28/04/11,
A.M:   GBP/USD: Mixed signals at 06:45 this morning. There was advance warning of a change on the 5 min chart, but waited for further confirmation on M15. 07:45, set order to open short, entering @1.6690. Just after 10:00, I foolishly moved my stop loss in to 1.6660, thinking it would fall further. It did fall further, but only after posting a mini rebound which took me out of the trade. However, I was still 30 pips to the good.
            EUR/USD: Wasn’t too confident with this pair today. No trade here.


P.M:   No further trading today.


Running total for the week = 190 pips.


29/04/11,
Day off. Suffering with a hangover, so a lie in was very much in order.


Here’s hoping next week brings more of the same, or better!