Another frustrating day with TUFXP and a little doubt has creeped into my mind about how I’m approaching it. I think I need to firm up my decision whether to ignore trades that my filters disregard or enter those disregarded trades at a significantly better entry. The first trade for yesterday was a classic example:

It caused a fair bit of discussion in the trading room also. It seemed almost certain that 1.5200 would prove incredibly tough to pass first attempt and with stochs indicating overbought, I was happy to wait for a better entry. After 20/30 minutes it finally did succumb to pressure and fell off the ridge of 1.5200 and I entered at 1.5180 with a risk of 21 pips to win 34. The maths looked good. However, in hindsight perhaps I should have set my target for 1.5200 as it was obviously a very strong resistance point and it did try to pass 2 more times before being rejected and went all the way to stop loss. So did I turn a winner into a loser or did I save myself 14 pips by entering a better level? Or did I waste 21 pips by entering a trade that wasn’t valid according to my filters? It’s those questions which are bothering me. Strictly by the book the trade didn’t qualify under my rules and thus avoided the loser and it went on to find a better setup much later to record a win.

This time the news played a big part in GU getting past 1.5200 and thankfully brought home a win which were becoming hard to find! My official totals for July so far are -81 pips for the standard method and -94 for my filter method so my filter method needs to gain some ground.

On a more positive note, I did have success with my own strategies and EURUSD won nicely adding a healthy 50 pips to the bank, this strategy definitely goes through phases and whilst June was sporadic with losses and only a few wins, July has already gotten off to a flyer.

I’ve added a couple more blogs lately and the most recent one is Trading Places. A worthwhile read for any sports trading fans..

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