So far this week we have had one potential trade on the EURGBP, however, the trend direction was not sufficient enough to warrant getting into the trade, so I decided to leave it be. It could have easily pinged straight back up, so better trade trade on the better side of valour to save our cash! So far, I think we could have made about 60 pips on when I would have been able to enter the trade, but the potential downside outweighed the risk much more.
The rest of the currency's are either in consolidation mode or have been trending so much, there has not been a pull back good enough for us to enter with confidence.
I am still on the look out for some good trades, and there may be one setup on the horizon, but the trades I am looking for generally have a set up over about 8-12 hours, so depending on how they go, I should be alerted to them pretty early... It is only a problem when the set up lasts longer - as I am generally in bed when they do happen. Happily however, we do tend to long runners, so getting in a couple of hours late is not so much of a problem.
I have been doing lots of reading recently regarding getting better entries to fully take advantage of a move. This would work for this, but the only problem is that we woudl only get an extra 1 - 5 pips. It is certainly something I shall be implementing as those couple of pips will soon add up, but at the same time it is not core to the strategy. It would only represent beteen 1-2% of the total trade, so I won't get too hung up about it.
An additional note on the table for the running bank balance - I am having issues with putting a table in the gadgets on the right hand side (basic stuff I know, but still...) so this is taking a back seat at the moment. I am going to look at trying to have a feed of the trading account, but it will start from $800 again, and I will trade only on MT4. The issue I have, is that I trade on propriety software, mobile software and MT4, so the results I would be able to post would be sketchy at best, and not sure if they would be able to be consolidated into one... No isssue, as the trades as I see them are posted up each day as they happen in any case, and are clolsed when they happen (except maybe for a couple of hours delay due to not being able to update the blog), so at least there is verifiable trades that are occuring which is most important to me. How many times do you see trading services that propose great returns, but then you only get half the returns when you sign up!
I am not selling anything, so that should not be much of a problem, but verifiable proof is most important for anyone who wants to follow the trades I make.
Anyways, I have gone on for quite a bit, so I shall leave it there!
Happy Trading!
No comments:
Post a Comment