Posts Tagged ‘ TUFXP ’

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.

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Rocky


Yesterday turned into a nightmare. I can hear the groans already! Whilst I was content with my early +20 I did have one other trade and what should have been an elementary win turned into a farcical loss and a big loss. An errant lack of concentration when placing my stop cost me dearly. Without going into further drama I completely messed up the TP and SL levels and ended up taking myself out for -40 instead of a +20 win. I also failed to cancel a pending trade from much earlier in the day as I rarely have the terminal showing within MT4 as I like to keep as much space free for the graphs. It just touched the entry and spiralled to a loss for another -30. This all happened whilst I left to go and do some grocery shopping for literally 30-45 minutes and the shock when I came back was unreal. Needless to say I was pissed and went about trying to rectify it and make back the losses immediately. A further loss ensued and I was staring into the abyss before some sense got into me and I took a step back and evaluated things.

Mistakes can and will happen but it isn’t the first time I’ve got my SL wrong and more care and attention is clearly needed and I’ll be looking to do just that when I’ve completed the move to Australia. A couple of strong trades today have eliminated yesterday’s disaster and even a small profit. TUFXP hit the mark again today but took a little longer than usual to signal a trade. Very, very early days yet but I think this could be a decent replacement for my old TUFXP method. What is worth mentioning however is the fact that it is 99% identical to ATM-FX which costs 1/10th of the price. Unless you can find other uses for TUFXP which at the moment I do then I really can’t see the advantage of paying an extra £1,900 for the software. Sure it’s helpful having a nice little circle but with practice ATM-FX could equally become second nature and a few programmers could probably even organise an indicator to highlight a trade.

A quick note: It appears I’m using a different MA to CM. I emailed him last week asking which MA he’s using and he said standard which he thought was 20. I’ve tried various settings and I was briefly on 8 but now switched to 20 and looking at today, they appear to match. If anyone knows for sure if it’s 20 then it would be good to hear from you.

Long Weekend


I had a very enjoyable long weekend  with me taking part in a 24hr karting event over Friday/Saturday. I was hoping to get a look at the charts around 10am local time but I was too busy at the track to get back. Turns out I would have had a blinding day but no point wishing back time. I did manage to have a good day today though and I was all done and dusted within 90 minutes of starting trading and it felt fantastic to finish early and be able to get on with other tasks now that I know I’m moving to Aus next month.

With the date set, a lot has to be done between now and the end of May and a few tough decisions have to be taken. We’ve got 2 cats and 1 dog here in Dubai and with strict quarantine laws in place in Australia, it means we’ll be without our dog for at least 6 months which is very disheartening as she’s a massive part of the family. It also means I might have to re-home my cats as shipping all 3 will cost roughly $15,000!!!! Money I simply can’t afford right now. If I can find a way to get them all over, I certainly will.

My Wife and daughter have gone a 3 week trip to Aus as of yesterday to prepare some stuff that end so I’ve got the place to myself for 3 weeks and it feels weird! It will certainly test my discipline to the max. I’m just trying to take one step at a time and get some confidence and discipline back in my trading.

Lost It


I’ve been pretty quiet the last few days as I’ve been quietly going about my business until yesterday arrived. Things were going swimmingly with a steady gain in the early part of the morning and I was pleased with my days work as I knew I’d be looking after my daughter in the afternoon. We hit the mall, had a great time and when I got home I wanted to try SNW out on the US news. I was an hour early so fired up TUFXP. Massive, massive mistake.

I’ve said I’d be dropping the GG method at the end of the month and I so wish it was sooner. Monday gave two losers and Tuesday was a blank. So yesterday was a chance to gain back some losses. It proceeded to fire off 6 straight losers, 4 on GU and 2 on EJ. I took 4 of them as one after the other triggered and almost immediately retraced. This insanity has to stop, as I am blowing all chance of making decent gains by being stubborn and not letting go of a losing method. I refuse to waste any more energy and heartache on such crap. I will continue to use TUFXP but in a completely different manner and this morning was a fresh start and a clean 20 pips made using the new method I’ve been meaning to get stuck into for months.

I am stumped as to why the GG method has ceased to work but 8 straight losers when the risk:reward is only 1:1 just isn’t good enough and no amount of money management can turn it around. I’ll contiunue to track results as it’s been a massive part of my trading for the last year and old habits die-hard of keeping meticulous records.

Australian retail sales hit my trigger with SNW but another no fill meant a very good opportunity was missed but from reading various other SNW users comments, they also didn’t get filled so at least it isn’t just me. 3 more news releases left in the week with the obvious big one being NFP.

I am crushed this month has been ruined by 1 hr of mentalist work but I will fight on and try to move onwards and upwards.

End Of Week


Another early finish with trading today and pleased to have got out with a few pips profit, certainly not an easy day with GBPUSD being very up/down/up/down. It has been a successful week in terms of % gain and whilst a few areas need tightening up still, I am pleased with how this month has turned out. I said at the start of the month that it would be a make or break month and so far its been okay. I need another solid month next month to get my confidence fully back so I’ll continue to tread carefully and try to minimise the mistakes I’m making. Looking at myfxbook stats, I’ve clawed back a good amount on GBPUSD this month but still a lot of work to be done before it’s respectable.

Racing wise it has been a very tough week so far going into the weekend. Last week ended with an 8% gain but so far this week has been miserable. Down 12% with 3 days to go. If I can manage a good day today I might be able to squeeze a breakeven week but with the run I’ve had this week I’m not overly sure. However, like Forex, racing can be extremely tough and bad weeks often happen when laying horses to lose. You need an incredibly high strike rate and lay at respectable odds to make it profitable. Anyway, racing isn’t far away so I best get set up and ready to rumble.

Dubai World Cup tomorrow evening and a massive $10 million World Cup race, it does however make me wonder why they can’t afford to pay the contractors who helped build Meydan though?!

Filling


Haven’t felt like blogging too much the last couple of days, spirits are down at the moment with a few things outside of trading and a few things in trading! Confused? Me too.

Yesterday was a bit of a non event with a profit never looking likely and the small loss was fairly acceptable by my standards. I was hoping I could finally get some use out of SNW with the NZD GDP report but with zero deviation and the first time since Sept 08 it was a very uneventful release. Bit annoying waking up at 1.45 AM for nothing but gotta be in it to win it as they say. However, the unthinkable finally happened with the UK retail sales coming out a stonking +1.5% better than expected and I managed to get an order filled. Such was my surprise that my kneejerk reaction was to close almost immediately for +20 pips. A possible 40-50 was available but happy enough with my first result. What I wasn’t happy with was my stance on EURUSD. I had a short open since yesterday evening and I was targeting 1.3275.  EURUSD broke 1.3300 nicely early this morning but I didn’t close as I wanted the full amount, I really should have been happy with +35 and closed out to start the day off with a decent win. However, greed overuled and I left it open right to the SL. A very disappointing result and also a big hit to the confidence.

I’ve had some time to think about GG method and I have finally decided to drop it at the end of the month as it was rightly pointed out, the edge just isn’t there any more. You have 1 win followed by 1 or 2 losers, or vice versa. Times change and you have to adapt to the market to try to stay ahead. Hoping I can finish the month on a positive note and work out where to go from here.

Destined


It’s been a slow and very unspectacular day today with all of my gains coming before 9 AM UK time. I’ve briefly glanced at charts just to make sure I’m not missing the mother of all setups but alas, it has been very calm and boring. Still, if boring means making 6-7% I’m all for it!

I think I’m destined to never get a successful news trade with SNW. Two worthwhile reports today with the GBP CPI y/y and US home sales. CPI missed my trigger by 0.1 but reacted perfectly to the release of 0.1 worse than expected. Then up next was the US existing home sales. I had to go back to Sept 08 to find when it last deviated so little from expectations. It meant a further no trade and with only two further possibilities this week left for a decent trade, time is very much running out. Professional news traders must surely experience the longest dry spells ever! A guy on FPA (forex peace army) who trades it for a living hasn’t had a trade in over 3 weeks! Yikes!

Still, it’s been a profitable day and I’d take them every single day so I guess I’m just a tad frustrated with the news thing as I really was expecting some action during the trial.