The markets this week

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!

review of the weeks trading

Well, what a week it was. We had one trade that netted us 90+ pips. That is a great result. However, my prediction came true, and the USDCAD pair dropped like a stone, and we could have picked up additional pips - the trade set up was actually perfect - but I missed the boat by a couple of hours, and by that time, the opportunity passed. This would have turned into a potential high risk low reward trade. It is easy to look back and say that it would have been a good decision to jump in the trade, but at the time, you do not have the liberty to see what happens in the future!

What was not so great is that we had a trade setup on about 4 different charts which would have netted over 1000 pips all combined (mainly off the back of the Euro). I missed these as I was simply not in time to take the trades and be 'guaranteed' the profitability I was after. I think I could have jumped on the bandwagon and tried to pick up 10 - 50 pips, but the risk was simply not worth it. It does seem a bit silly to try to force these trades. We could happily do 4-8 a month, and with that we should see some nice returns. The trades we are taking are all high percentage trades with high profits attached to them.

All in all, I am pleased with this so far, and hopefully any one who wants to jump on the bandwagon will be pleased as well.

I have been looking at shorter time frames to ramp up the proiftability of my trading, but at the moment, I have not got the time to dedicate to it, although it would be great if I could have the time as I would certainly give it a go. At the same time, the results here would still be strictly for this strategy.

The success and failure of a system is judged on results - so far we are winning more than we are losing, and we are gaining more pips than losing. This is certainly a great start, but I am trying to stay rooted to the ground here, for the very fact that a trading strategy is judged over the long term - hundreds and thousands of trades- so this is still very very much in its infancy.

The trends are very strong in the markets at the moment, so away from this strategy, you may want to jump on the bandwagon and seek a few pips on the ride.

As an aside, if you can use nano lots on your account (1 pip = $0.01), then starting with a $800 account (about £500) you would be now sitting on 881.35 - an increase of just over 10%. This is taking into account the losing trades as well!!!

In actual fact, I am going to add another widget which will show an $800 account (i prefer to work in USD as the pips are easier to calculate).

Anyways, here's to a relaxing weekend, and some more....

Happy trading! :)