Posts Tagged ‘ MT4 ’

Monday Rewind

I did initially have some worries about trading on Monday as prior to 6.30 AM there was precious little movement and GBPUSD was looking particularly ugly. A couple of strong sell candles formed and a trade signalled on TUFXP and not for the first time lately, a discrepancy was found between different users of TUFXP. My stochs, whilst heading down, were still okay for an entry but for another user the stochs were well over the oversold line. It is a little worrying how different the data can be at times but at least we got the same signal this time!

1.5000 was also a major concern and when it bounced to 1.5027 I thought my goose was cooked but thankfully strong selling pressure won out and a nice victory was gained and I also managed to hang onto it for +33.

I’ve always questioned the wisdom of TUFXP employing a sole company to providing a data feed and they swear blind they do not receieve any commissions off IQFeed which I find extremely difficult to believe. Why is it the likes of Fxpro, FXDD, Alpari, OANDA can all provide excellent feeds for no cost yet IQFeed charge over $88 a month for a sub-standard service that regularly drops out which in turn affects the outcomes of PTPs.

A friend in the trading room, Mike, mentioned you can request to pay 12 months upfront and you can receive 50% discount on your subscription. Thanks for that Mike!

I hope everyone enjoyed Graham’s first post, he’s still having a few problems logging onto the blog but I’m sure he’ll get around the technology soon 😉

Onwards and upwards..

New Blogger

Yesterday was a massive day in terms of workload and by midnight I was completely exhausted, 18 hr days aren’t such a good idea afterall! A win yesterday for TUFXP pretty early on but interestingly it wouldn’t have been a qualifier using the rules I’m testing. The stochs were indicating oversold and the price literally clipped entry and went all the way to -19 before dropping enough to hit scalp. Maybe that’s an avenue to explore by going in at a much better price and therefore massively increasing risk:reward. A ‘perfect’ setup never occurred so it was a blank day, there have been a couple of days like that from testing it. I managed to get April and May finished and the results are very encouraging. A valid setup came today and whilst if you took the TESS scalp you’d of had +18 (after spread) I didn’t get out as I always make sure I get my +20 after spread so only b/e on this trade.  On this occasion its cost me but hopefully there will be another signal at some point today that I can take advantage of. I’d like to finish the week on a good note after a very dodgy start so I’m hoping the forex gods give me a pass! I’d be interested to hear from users to know whether they take the scalp for +18 or go for 20 after spread. I was speaking to a friend in the trading room and he enters as per TESS so theoretically, he could end up in an invalid trade as TESS goes off bid price, not ask, which makes all the difference when buying. Another example of when looking at backtesting how this would be a questionable trade. When watching live, the 20 EMA was solid green.

Lol, no sooner do I get stopped out at b/e when it rushes all the way back up! Might be telling me something..

I’m pleased to announce that there will be a new blogger joining me on this blog. His name is Graham Coia and has been around the block a few times! He’ll be testing different forex systems independently and giving his findings right here. There will be no affiliate links and rest assured I’m sure he’ll do a great job.

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!

Positive Outlook

I always find it amazing what some positive thinking can do to your outlook on trading and results. Whilst positive thinking will not turn losers into winners, it certainly gives a better mindset. For some reason before I started trading yesterday, I had a good feeling about the week ahead. Everything felt right, I had a pleasant day before trading yesterday and likewise today. By starting at 3pm, it means I have a fair wait to get trading and on occasions it is frustrating but on good days it is enjoyable. I might have to re read that tomorrow when I’m looking after Ava from 4pm til bedtime as my Wife is working a late afternoon shift!

The saga of our shipping is in limbo as I’ve been told it could be another 4 weeks BEFORE it actually leaves Dubai as it’s a part consignment. It struck me as odd as to why they were so much cheaper than other companies and I guess I now know why!

So a simple short win for TUFXP today and I’m ready to switch off and relax and watch Deal or No Deal until later this evening when I’ll look at my EURUSD trades. They’ve been in a frustrating pattern of late but I’m taking it in my stride and thinking long term instead of small windows of time. I’m also doing my best at keeping everything nice and simple, I’ve read quite a few good articles recently about traders trying to over complicate matters and getting caught out, which lead me to finding out about a guy called Dan Zanger. It the late 90’s during the I.T boom, he set a world record for the biggest % gain in a personal portfolio. Guesses? 29,000%!!! $10,000 into $18,000,000. The tools he used? A simple chart pattern and volume.

First Week Over

Another week is wrapped up and my first full week trading in Australia. Some things don’t change such as how fast the week goes when trading!

CM doesn’t trade on NFP Fridays but I personally find them to be a profitable day if you can be done and dusted before a few hrs of release and then once the news has settled in, a significant trend usually forms. My first trade was a loss with TUFXP for 26 pips and I had to wait several hrs before my next trade which thankfully won, so a small loss of 6 pips for TUFXP yesterday.

One thing that has been troubling me is to which strategies to trade as I believe I have at least 4 profitable strategies now.  I have decided upon 2 strategies for my main bank and I will dedicate a 2nd bank for the other 2 in due course. One thing I did learn from my previous run was that trading all strategies on one bank isn’t ideal.

I got an excellent email from a friend regarding trading and I’ll expand on that on my next post but for the moment I’ll leave it here as I’ve got the house to myself for the first time this week and I’m going to take advantage of some P and Q.

Hope you’ve had a profitable week and have an enjoyable weekend.

Moving On

Time is rapidly counting down to leaving Dubai and I’m looking at leaving at the beginning of May. I’ve had to renew my passport so as soon as that is ready, it’s goodbye Dubai, hello Gold Coast.

It was nice then to get off to a good start and it means I can plot my course carefully today as TUFXP signalled an early winner. It’s a feast of economic news releases this week so fingers crossed I can get some action out of SNW. There are roughly 9 reports worth trading and I’ll be disappointed if at least 1 or 2 don’t provide action.

I’m going to pack the racing on the head for now as the time difference in Australia will be +9 hrs which means racing won’t be getting underway until gone 11 PM which is just to late in the day for me.  Trading will be a little out of sync also with me starting at 3pm local time and hopefully finishing by 9-10pm. At least it means I can get jobs done early in the day and then be ready for trading in the afternoon.

Well, I’ve got boxes to pack and things to sell so I best get to it.

Thousand Things

I haven’t had too much time to trade this week with a lot going on trying to get everything organized for the move next month. My head is in a thousand places and it’s difficult to concentrate and it showed on Tuesday. A complete wash-out and a very disappointing result but Wednesday and today have seen my target met so I’ve quit whilst I’m ahead. I’m taking the dog to the vet this afternoon to get her rabies test done and a few other vaccinations that are required to be legible to enter Australia.

Amongst the list to do is to renew passport, organize garage sale, storage for items that we’re keeping and shipping, find a foster home for the dog and cats, the list just goes on and on!

I’ve noticed Cash-master is a running a trial of the upgraded The Ultimate Forex Predictor so I’ve decided I’ll run the same test following exactly his rules. My one hesitation is that the stop is always larger than the scalp meaning two losses and stopping will probably take 3-4 wins to recover. Anyway, should be an interesting comparison. I’m surprised he doesn’t use the pivot points available as I do actually find they are incredibly useful for exiting a trade or using as a guide to placing your stop-loss.