Friday 5/9/08 Update

Closing out the week with a gain

Today we were able to grab a few pips in one trade. It could have been a little more but the bar opened and ran quick so I missed out on 7 pips..which at 3 lot meant 21 pips. These are exactly the 212 pips that would have put me into the black for the week..instead we close out at -21 pips.

Today's trades:

2:00am EST- There was a moving average crossover for a short trade. However, MACD was already negative which cancelled out the signal. No entry!

5:45am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 1.9531 with a stop at the most recent swing high at 1.9549. Since I was 31 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9500.
Entry: Short at 1.9531

Stop: 1.9549

Initial Target: 1.9500

6:30am EST- My target was hit. Price made a clean break so I moved my stop to 1.9500 and set my next target for 1.9450.

6:45am EST- Unfortunately I was stopped out at 1.9500.

Result: 1 trade....31 pips...3 lots...93 pips

Here are the charts for the day. Take a look.

Talk to you soon.

Thursday 5/8/08 Update

Talk about "all over the place"

Wow, it was one of the busiest days I've had with this strategy. Not only that, but one of the most painful pip wise. We had 6 signals over the night. That meant my computer was blaring pretty much every 10 minutes. Here's how it looked:

Today's Trade

12:45am EST- There was a moving average crossover for a short trade. However, stochastics were trending up which cancelled out the signal. No entry.

3:45 am EST- There was a subtle but valid entry on my chart. Apparently it wasn't valid on xtick as you can see in the charts which shows no crossover. I entered at 4:00 am.

Entry: 1.9517

Stop: 1.9541

Limit: 1.9500

4:09 am: Unfortunately I was stopped out in under 10 minutes. -24 pips.

7:00am EST- There was a valid signal here, I should have realized it was a news candle and stayed away from the trade, but I pulled the trigger.

Entry: 1.9548

Stop :1.9592

Limit : 1.9504

7:35: Unfortunately I was stopped out of the trade for -44 pips

7:45am EST- There was a moving average crossover for a short trade. However, MACD was already negative which cancelled out the signal. No entry.

10:15am EST- There was a moving average crossover for a short trade. However, MACD was already negative which cancelled out the signal. No entry.

10:45am EST- There was a moving average crossover for a short trade. However, MACD was already negative which cancelled out the signal. No entry.

Result: 2 trades....-68 pips...3 lots each......-204 pips

This has been my largest losing day with this strategy. It puts me back in the red for the month..but fortunately not in a bad way.

Take a look at the charts and notice it doesn't show the crossover at 3:45 am. It goes to show that different broker show different things. And charting packages are different.

Talk to you soon.

Wednesday 5/7/08 Update

Sometimes a winning trade isn't enough

Today there was only one trade. I got in, got out, and made a profit. Excellent right? WRONG! This was a trade where I was supposed to make 252 pips! instead, I pulled in 102 pips. Why? The answer to this question come in two parts:

1- The fact is that I am hindered by the necessity to sleep. My initial target was hit a 2:51 am. My alarm went off at 2:50 and 45 sec. Now I don't know about you, but 15 seconds when you've been fast asleep is not enough time for me to even remember who I am, let alone change a limit order, and wait to see if a currency makes a clean break.

2- The second truth is one that I will apply from now on. I set my alarm to go off 5 pips before my target. The speed at which this currency moved would not have allowed my even under bright eyed and bushy tailed conditions to change the limit order.

So with that in mind from now on, I will still set limit orders, but my alarms will be set at a further distance so that I can have time to react.

Today's Trade:

1:45am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 1.9684 with a stop at the most recent swing high at 1.9713. Since I was 33 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9650.

Entry: Short at 1.9684

Stop: 1.9713

Initial Target: 1.9650

2:51 am EST- My initial target was hit. This is where it made a clean break, and I should have moved my target to 1.9600. Instead I got filled and took my 34 pip gain.

Result: 1 trade....+34 pips...3 lots.....+102 pips

So here are the charts for today showing how this trade should have been. It includes the second target which I didn't partake in.

Still 102 pips is not bad.

Talk to you soon.

Tuesday 5/06/08 Update

Giving back...not charity.



Well it was kind of a bummer today to get into a trade and take a 32 pip hit on 3 lots. Fortunately, I can go into the next trade with more comfort because I believe in stats, and these say that my strategy is right 65% of the time. So these are the trades that fall in the 36%.



Today's Trade



6:45am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 1.9686 with a stop at the most recent swing high at 1.9718. Since I was 33 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9650.


Entry: Short at 1.9683



Stop: 1.9716



Initial Target: 1.9650


7:45am EST- Unfortunately I was stopped out of my trade.



Results: 1 Trade.....-32 pips....3 lots.....-96pips.



So we are in the red for the week but still three days left to make a comeback.



Here are the charts.



Talk to you soon.

Monday 5/05/08 Update

Welcome to May.

Hello..today we started off the week and the month with a nince 28 pips per lot gain.

Today's Trade:

4:00 am: There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 1.9756 with a stop at the most recent swing high at 1.9784. Since I was only 6 pips away from the nearest 50 or 00 level (1.9750), I decided to go for the same amount of pips I was risking on the trade, which in this case was 28 pips. This put my initial target at 1.9728.

Entry: 1.9756

Stop: 1.9784

Target: 1.9728

4:34 am: Our target was hit and I saw that it was trying to keep going so I let it ride and set my stop at the 1.9728 (our original target). Unfortunately it pulled back and we were filled at that price for a 28 pips gain. 3 lots made it an 84 pip day. Not bad at all.

Result: 1 trade...28 pips...3 lots....84 pips

Here are the charts for this morning. Take a look.

Talk to you soon.

CorbanFx Weekend Review 4/28-5/02/2008

One day of trading.

This week I only got trades in on Monday since Tuesday and Wednesday there were no signals and Thursday I left on vacation. But here are the results:

Monday: 1 trade........90 pips
Tuesday: No Trade
Wednesday: No Trade
Thursday and Friday: Vacation

Results: 1 Trade....90 pips.