Rebate Awarded


So a pleasant surprise today when I was checking my rebate account with cashbackforex. I’m extremely glad I made the effort to open my trading account through them as it seems it’s a worthwhile venture.

It’s not going to set the world alight but neither I am trading huge amounts. I traded 126 lots over the course of June which lasted longer than the minimum of 5 minutes required to acquire the rebate. Also my broker isn’t the friendliest for rebates only offering $2 per round lot but their spread makes up for the low rebate compared to other brokers. As I hopefully keep increasing my account each month it means my rebates will also get bigger and even if I stayed at the same level for a year, an extra $3,000 isn’t to be sniffed at for doing absolutely nothing different.

If you’re interested in looking which brokers offer rebates then you can look here. Yes it’s an affiliate link through me which means if you sign up through that link I’ll get a tiny portion of whatever you trade but it doesn’t cost the user anything. If you prefer not to use the affiliate link the standard link is here.

Paid.


After a slow start to the week things are beginning to pick up and a nice win today for TUFXP and a personal trade that I’m feeling satisfied with. For several days now GBPUSD has being trying to pass 1.5200 successfully and each time it’s been rejected heavily without a meaningful close above 1.5200. Whilst previewing today’s markets I read some good articles about future resistance ahead for GU and agreed that 1.5242 would be the next test for GU should it clear 1.5225. It isn’t very often you get two fairly big resistance points within such close proximity but when they arrive, it is quite a powerful thing.

Using my newest, most favourite indicator, it also clearly signalled a reversal was possible right at 1.5230-1.5240 region so with this information I decided to take a small risk of 1% and set a sell limit order at 1.5235 and target 2% gain. GU climaxed at 1.5241 before setting about wiping all of yesterday’s gains off pre BOE release which could either send it below the strong support at 1.5080 or fire it right back up into 1.5200 territory.

TUFXP was eerily quiet for the first 3 and a bit hrs and I was wondering if it had had a malfunction overnight! But it seems it was working for some and not others as a short was signalled at 800AM for at least person in the trading room but didn’t appear for the rest of us. Thankfully a nice looking short arrived at 955AM and triggered just after 1000AM. There was a little debate as to whether it was valid as the rules state finish trading at 1000AM but I am of the school that the signal arrived before the cut-off and the difference of 1 minute is neither here or there and I doubt the forex gods flick a switch come 1000AM.

I’ve intentionally left my daily S&R levels to be set off local time as time and time again they indicate good areas of reversals or bounces and a classic case today with R1 being shown at 1.5235 which coincided with my own short at that level.

Let’s hope tomorrow rounds off a mini recovery.

Success!


A relatively straight forward trade this morning for TUFXP that managed to supply a nice win. It was pretty much picture perfect in terms of my filters with the stochs turning down from the overbought area right on entry. The indicator I’ve been using as an additional filter also lined up nicely. Everyone who asked for it should have it by now and at some point this week I’ll do a little how-to PDF so you know how best to use it with TUFXP.

I’ve been working on an idea which stirred in my brain whilst in the shower this morning about how it seems most TUFXP trades go into some sort of profit. It was first brought to my attention by Steve in the trading room as he mentioned doing higher lots but less pips. We  agreed that that sort of money management would be incredibly risky but today I went about testing a theory. As with a lot of TUFXP things, the backtesting looks promising but I believe the theory is sound and I have set about live testing it. In backtesting it seems to return around 25-35% a month based on 5% risk and it was nice to see a first winning live trade today. I’ll track it live for several months and if still performing well, I’d like to implement it into my trading.

A blogger has been arranged to test my updated e-book so hopefully within a couple of days the test will begin. It’s not an ideal time with August fast approaching but I’m confident enough for it run through this period and hopefully secure a profit.

Questions


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..

Tough start


Well yesterday wasn’t the best start to the week but neither was it exactly a disaster and only a small loss of 15 pips after spread for TUFXP. My filter method managed to avoid the 2nd loser and I had called it quits by then anyway as I knew it was a bank holiday in the states and only had intentions to trade the morning session.

There was some pretty decent movement on GBPUSD in the morning and unfortunately TUFXP was on the wrong side of it. Here is the first trade which was pretty much a good setup in terms of everything agreeing but in hindsight 1.5200 was always going to be tough to pass on a weaker than usual Monday considering how hard it was on Friday after NFP.

So a small 13 pip loss  (15 after spread for me) and as there wasn’t any more valid trades before the end of the morning session, I pretty much called it quits and only returned a little later to see how everything was looking.

This was the 2nd losing trade that the stochs indicated was pretty deeply oversold and on a weaker than average day, a bounce is pretty common.

I’ve actually yet to have a winner on the filter method for July and I’ve quickly found myself down 114 pips after only 3 trading days but there was a swing of -100 pips in June and the month still ended up close to 300 pips in profit so still plenty of time to recover.

Hoping today can be a little more productive..

And finally…apologies for the new blogger not arriving yet, he seems to of disappeared off the face of the earth…Graham if you’re reading this, do get in touch..

Too Cautious


Well NFP has just blasted off and a set of confusing figures were released. A loss of 125,000 jobs but a fairly big drop in unemployment to 9.5% when 9.7% was forecasted. These sorts of deviations usually confuse the market and EURJPY which is usually my prefered pair to trade NFP initially went up and quite quickly reversed  and is now slowly rising. Interesting week ahead next week I think..

A bit of a disappointing end to the week TUFXP wise and for the 2nd day running, my filter method came worse off. Whilst CM doesn’t trade NFP days, I’m willing to as I personally don’t think the markets quieten down until the afternoon session. A long signalled and it went against the 50 SMA trend so I declined to take it but said I’d take it if it went to -10 as the risk was 16 pips; my reasoning being a 6 pip risk for a gain of 30 was outstanding value and smart money management. It went all the way down to -14 before going all the way up to scalp! I guess I didn’t have full conviction in my thought process as I dithered around the buy button before refusing it.

A 2nd long then signalled and again the 50 SMA didn’t agree until the price had blown through entry and was well over half way to scalp which was just shy of 1.5200. Price took a pretty sharp u-turn off 1.5200 and gave me short signal and this time everything lined up….except someone forgot to tell the price to drop to scalp instead of SL! Whilst disappointing, I’m certainly not going to abandon my extra indicators as I think they have real merit. So a bit of a faltering end to the week but still happy enough with how things are going, my own EURUSD trade came home nicely last night for +50.

If anyone wants to join my trading room, you’re more than welcome, just leave a comment or send me an email and I’ll do the rest. Have a good weekend everyone and catch you all on Monday where I’ll just be trading the morning session as the US takes a holiday for Independence Day.

Not so sweet


As was the case last time I experienced a good winning run, it came crashing to an end today with a double loss for 63 pips. It’s always disappointing to lose but I am currently taking it in my stride and have put it to back of my mind. Today was also the first day my filters came off worse than the standard TUFXP method. A slightly dodgy long was signalled shortly after 6AM and never troubled the judge and went down the pan.

The 50 SMA was dithering and only just turned blue upon entry so maybe that is something to note for the future.

The next valid trade was interesting in the sense it seemed I was the only one to get the signal live, the other UK users had to refresh to get the PTP. It wasn’t valid for me as stochs were in the oversold area but still managed to win.

Another sell popped up and everything lined up so I took it with confidence and in a sense I kind of messed the trade up. It officially hit TESS scalp but didn’t cover spread, it is the absolute pits when that happens but unfortunately they do crop up from time to time. In hindsight maybe I should have moved my stop to breakeven but I genuinely thought it would re-test it at least. So not the best of starts to July but I’m sure there will be plenty of good days ahead.

Oh and for the totals for June using standard method with 100% fixed stop and max SL of 35, I made the totals +190 after spread and for the filter method a total of +279 after spread.