Posts Tagged ‘ cash-master ’

One Down


As I’m in blog mode I might as well post today’s result. A nice win early on and I’m glad the winning trade is out-of-the-way as the UK budget is released later today and god only knows what effect it will have on the market. I don’t believe the two timeframe method would have had this trade as I didn’t see a corresponding signal on 10 or 15 min timeframe. I took +22 as I felt if the down move came, it would test S2 as indicated by TESS and it was nice to be proven right with a fair-sized bounce coming off S2. A maximum of 28 pips was available after spread. Only 3 more of these and it’ll into profit for the week! Gulp!

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Steady, steady…bang!


There is a definite pattern forming to my balance on myfxbook with a big decline followed by 3 or 4 consecutive, solid days. Rinse and repeat. My goal is to eliminate those horror days and get back to a sense of normality and a good equilibrium. Although with the way the currencies are going at the moment, it seems to be matching my trading. Bursts out of nowhere are wreaking havoc but thankfully today, I was on the right side of several good moves. TUFXP has been a little quiet of late and the general consensus is it’s a little off colour at the moment but a few of my strategies are holding their own and sticking their neck into okay profit. The new release of TUFXP shouldn’t be too far away now.

Many thanks to the kind people who left comments and also to those who emailed me some useful documents to help with my confidence issue and I’ve certainly taken a lot in the last few days. It’s a real rollercoaster at the moment with one day feeling like I’ll never make it and then the next day I’m on a high. I’m going to try to separate myself from these emotions and view everyday as a business day like I used to.

I’m trialling a new EA at the moment and I’ve got 30 days to decide whether or not to proceed with it. I’ll make a few worthy comments in the next few days once I’ve seen it in action and got a feeling for how it works.

I’ve enjoyed reading Cassini’s blog of late, he has an excellent mix of interesting stuff and a good sense of humour about his posts.

Moderation


Last week couldn’t have been any more up and down if it had tried! An absolute bananas week summed up nicely by the price action that unfolded after the NFP release. EURJPY rocketed down for nearly 100 pips before engaging full thrust and reversed the full amount and then went long for a fair few pips. Thursday and Friday was an unbelievable day for the Yen pairs and on Thursday afternoon I’ve never quite seen movement like it with EURJPY and GBPJPY moving in 10 pip segments. The struggles of Greece, Spain and Ireland are severely taking their toll on the Euro. It will be a very interesting next few weeks for the Euro and how it fares.

I’m concentrating hard this week on keeping errors to a minimum and hopefully it will be a much smoother week…famous last words!

Unfortunately I had to moderate and delete a comment yesterday from Jon, a previous contributor who I mentioned in the last post. I welcome all constructive criticism but I will not accept rudeness and outright flaming. I am an open and honest trader, hence the reason for having the myfxbook link in my blog. I’ll enjoy completing my challenge and enjoy the fact you said it’d never happen. I’m not going to entertain any further comments from people wishing to be rude, that is not the point of this blog.

Damage Limitation


After the morning drubbing it was always going to be a case of damage limitation and that thankfully happened. A couple of nice trades on GBPUSD when it finally broke down managed to bring back some element of sensibility to proceedings. 1.5900 proved too hard to pass and GBPUSD is now firmly stuck between 1.5950 and 1.5900. I imagine the release of the NFP numbers will shake things up a little. The BoE caused zero impact and was a non event entirely.

My first week of live results on Cash-master continues to go well and it’s certainly attracting plenty of interest, no doubt caused by the good start, I can only hope it continues in the same form. The results can be seen here.

If you haven’t yet voted on the trading weakness poll, don’t forget to do so, it’s on the right hand side of the blog about half way down. The more votes it gets, the bigger the picture can be established. I’ve also updated the recommended blogs which contain some very interesting reading.

That’s all for now, might be a quiet day until NFP rolls round so it might be a long day..

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Crikey!


So I’m now half lying on the ground after the slaughter-house of GBPUSD this morning! I’ve been slapped around like a wet fish. I took a little look at the hourly chart and saw that 1.5940 area has proven the low for the last 24 hrs with two attempts to pass yesterday which all failed. Unfortunately I had 3, yes 3 entries all around that area. Two were TUFXP and one was my breakout method. Bang bang there goes 3 losers! The only small grace is I managed a 2% gain on another strategy that’s detailed in the e-book. It was only yesterday that I was talking about keeping your cool and learning to accept the losses. There is still plenty of time left in the trading day and with the BoE rate decision later, that might offer some opportunities to make back some losses.

As a trader develops, they create and learn their own style and I realise more and more what I believe in and what I look for in certain elements. I think the only true way for a trader to do this is pure and simple screen time. There really is no substitute for it and whilst not everyone can have the luxury of spending their day watching the charts, I do believe it makes for a better trader in the long-term. Hindsight is a beautiful thing but perhaps I should have delayed my entry and waited to see how G/U reacted to that important support level. Of course, the flip side to that argument is I could have waited and the price could have barrelled down and I’d have been sat looking at three winning trades! Anyway, no point dwelling on the past.

I’ve scoured the blogging world for decent reads and found a couple, I always enjoy a bit of light reading when the markets are super quiet and some are very entertaining and informative.

Hopefully I can report back later with an improvement in proceedings, another cracking day with my e-book strategies and long may it continue!

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