Hello, welcome to this weeks’ review of The SAS Trading System.
This week I was feeling confident enough to warrant increasing my staking to £2 per pip. Financially it was a good job I did, as pips wise; it’s been a quiet week. If I had really tried, i.e. spent a little more time at the screen, I could well have taken it over the 100 pip mark, and that doesn’t include Wednesday, when I had to be out and missed out on plenty of decent trading opportunities.
Generally the system is holding out well. There have been occasions when I have gone by instinct, rather than with the system. That’s the way I have always been though, sometimes it pays off and sometimes it doesn’t. It’s just me being over analytical; I have lost out and gained in equal measure.
I have managed to limit my interfering, I don’t think I’ll be able to cut it out completely though. I reckon that it is just in my nature to analyse. I have recognised when I over interfere though, and that has reflected in maintaining an income and a trading account.
The SAS Forex Trading System is now available to purchase. It is available in limited numbers at this low price. Take a look here.
Let’s take a look at how things have been in the past week, commencing Mon 16 May. We start the week on +525 pips gained from previous 3 weeks. Trading is at £2 per point.
16/05/11,
A.M: GBP/USD: A pretty slow start to the week here. I wasn’t 100% confident, even though indicators were signalling a climb, the pair stuck pretty much to just below the DPP for the most part. I decided to leave this and possibly look in again when the US market opened.
EUR/USD: Similar set up to GBP/USD initially, however, the price movement seemed to be more positive than GBP/USD. I set up a long trade, entering @ 1.4120 just after 08:00. That auto completed @ 1.4145 between 08:30 – 45 for a 25 pip gain.
P.M: No further trading done.
Running total for week = 25 pips.
17/05/11,
A.M: GBP/USD: Signals’ indicating a climb this morning, price was initially just above the DPP. I waited for a while, eventually going long @ 1.6215 at around 07:15. I kept the stop loss tight @ 1.6200 & set a profit limit @ 1.6250, but would have been happy to get out @ 1.6235. As it was, the trade auto closed @ 1.6250 for a 35 pip gain at around 08:40. With economic data to be released at 09:30, I left this pair.
EUR/USD: Sig’s pretty much similar to GBP/USD this morning, but the price seemed more reluctant to pull away from the DPP of 1.4149, which it was initially trading at just above. Once I placed a trade on GBP, I left this alone. After the GBP trade ended profitably, I looked in here again. I spotted a potential change in the dynamics of the indicators, and this seemed to be confirmed with a look on M5 chart. I pre-empted a potential move down in price and opened a short trade once the price moved below the DPP, opening @1.4147, again, keeping the stop tight at 15 pips. For a while, it did look as though I had made a good decision, but the price reversed back up from 1.4134, taking me out of the trade with a 15 pip loss. Not all doom and gloom though, still 20 pips up on the morning trades.
P.M: No further trading today. I did look back in for a while between 12:30-13:00 but wasn’t really inspired. There was a potential for a continuation down for GBP/USD, but that would’ve meant pre-empting a little too soon. Already had fingers burned doing that this morning, so protect the account and be happy with 20 pips it was.
Running total for week = +45 pips.
18/05/11,
A.M: EUR/USD: No trade on here.
GBP/USD: Price was trading above DPP, and indicators pointing to a long trade. I needed to be out early this morning, so I set a long order to open @ 1.6290, just above the previous high. As usual, I set profit limit for 25 pips because I wouldn’t be there to monitor the trade. I kept the stop at 20 pips. On my return mid afternoon, I discovered that the trade had not been triggered. Annoyingly though, I also missed out on a potential 75+ pip trade, on just this pair.
P.M: No further trading. No gains today, but more importantly, no losses.
Running total for week = +45 pips.
19/05/11,
A.M: GBP/USD: Indicators initially signalling a climb here this morning. However, the price was below the DPP and the candlesticks were red, so I waited a while. Just prior to 07:00, I set an order to open short @ 1.6145 because the indicator dynamics looked to be changing. From 07:00 there was another turnaround with the price climbing. Obviously the short trade had not triggered, so my instinct was to sit and wait to see if the price would break through the DPP. By 08:15 I felt it would not get through as the candlestick body closed below the MA’s. I decided to stay with the short trade, moving the entry point up to 1.6160. I set the stop to 1.6185, which was just above both the last high point and the DPP, and my profit limit was set @ 1.6130. This was achieved at around 08:40, giving a neat 30 pip gain.
EUR/USD: Stayed with GBP/USD this morning. Had I traded this, I could also have made 30 pips here. Never mind.
P.M: Didn’t trade this pm. Once this morning’s trade was in the bag, I took myself off for a spot of fishing.
Running total for the week = +75 pips.
20/05/11,
A.M: GBP/USD: No trade on here
EUR/USD: ---DITTO----
P.M: I do not usually work after completing morning trades on Fridays. It’s fun time from then on.
Running total for the week = +75 pips.
Cumulative total* = +600 pips.
Here’s hoping next week brings more of the same, or better! Have a good weekend and good fortune on the trading platform next week, until then, ciao for now.
* Since resumption of this weekly blog, trading week beginning 26 April 2011.
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