Spread Betting

An 11 pip loss yesterday but an interesting situation which may need addressing. As you can see from the chart, the 5 minute entry point was 30 pips below the 10 minute entry. This is massive and I was in two minds whether to enter this trade. By the time the market had hit the 10 minute entry to qualify as a trade, it had already moved 30 pips since the 5 minute entry and although it would have been a winning trade on the 5 minute it resulted in a loss on the 10 minute chart. So I’m wondering now whether it would be a good idea to have some kind of pip limit between the 5 minute and 10 minute entry points. This doesn’t happen often, in fact I think this is the first time I’ve noticed such a big difference, but it seems sensible to introduce maybe a 15 pip limit between the 5 and the 10. Any suggestions welcome.

On to today, a straightforward losing trade first thing this morning costing me 21 pips but a winning trade later getting me back 15 pips, so no real damage done today.

Filed under Forex,Spread Betting by Graham

Trade 38

BUY @ 19967.5 (15/7/08 2am)

SELL @ 20030.1 (15/7/08 6pm)

Pips profit = 62.6 (£62.60)

Current bank: £1749.30

P/L: £749.30

Winning trades: 15

Losing trades: 23

Strike rate: 39%

Filed under Forex,Spread Betting by Les

A cracking morning. Nothing quite like earning £1330 by 10am!

I actually broke from following the system mechanically today by taking an early profit instead of waiting for it to hit the stop. I had moved my stop into a nice profit and left my desk for fifteen minutes only to find, on my return, that the trade had made 133 pips and my profit box was looking far too good to risk losing so I closed out the trade and took the money. I remember being advised that anything over 70 pips should be regarded as a windfall and to take the money and run, so today I did.

The trade was actually a great trade even when it did eventually hit the stop at 109 pips profit.

I really hope anyone using tufxp decides to use these settings. I can’t take any credit for them as they are just what I picked up from the daily tutorials, but in a way, me keeping it very simple seems to work a treat. The daily video tutorials in the members website are very informative and I’m learning loads about forex, but I’ve still just been sticking to the mechanical settings as that is what I wanted from this system, and you can see the results for yourselves.

Filed under Forex,Spread Betting by Graham

It was one of those days today whereby had I used a six bar trailing stop loss I would have cleaned up but using a five bar still did ok.

I had a losing trade this morning with a retracement that just hit my stop before going on in the right direction again. Sods law in action but still only an 11 pip loss.

This afternoon was better with winning trades on both GBP/USD and EUR/USD making 51 and 25 pips repectively. Again, the EUR/USD would have made double the pips had the stop been 6 bars but hindsight is a wonderful thing and completely irrelevant. The 5 bar trailing stop has served me well and no doubt saved me a lot of pips on losing trades so it’s swings and roundabouts. A good day overall.

I’ll continue with these daily updates until the end of July for those that have bought tufxp and want to follow along. After that, I’ll do updates by request, perhaps by e-mail for users that want to stay informed.

Filed under Forex,Spread Betting by Graham

Trade 37

BUY @ 19800.4 (9/7/08 4pm)

SELL @ 19807.9 (10/7/08 6am)

Pips profit = 7.5 (£7.50)

Current bank: £1686.70

P/L: £686.70

Winning trades: 14

Losing trades: 23

Strike rate: 38%

Filed under Forex,Spread Betting by Les

It was like pulling teeth today although I ended up with a perfect smile.

A pretty straightforward losing trade this morning with the market just retracing right back costing me 13 pips.

Then as I was about to quit for the morning and go have some lunch, another trade appeared. It was actually just after 11am at which point I normally stop, but the green circles were on the 10.50 and 10.55 candlesticks so I thought, what the hell, give it a go (professional talk for making a considered investment descision).

The next hour and a half saw the trade move sideways, going nowhere, and with my stomach rumbling I almost considered closing the trade at a breakeven but had the descision made for me as the market finally moved… and carried on moving until just before 4pm locking in a pretty decent 114 pips profit to end the week on. Sweet.

So another profitable week for TUFXP at 177 pips.

The sum total profit so far, had I carried on with the previous staking plan, is detailed below. The price per pip today would have been £363. Of course, although I’ve been told IG Index will accept up to £500 a pip, I seriously doubt I would get my trades matched as quickly as I am currently. When the trades move fast even now I have had trouble getting the price, one day giving away ten pips trying to get in a trade.

Still, it’s fun to see what ‘could be’:

Bank:£40,502

30/6 +12 +£2424    (£42,926)
 1/7 -4  -£860     (£42,066)
 2/7 +48 +£10,080  (£52,146)
 3/7 +4  +£1044    (£53,190)
 4/7 No Trades

Bank:£53,190

 7/7 +76 +£20,216  (£73,406)
 8/7 -22 -£8,074   (£65,332)
 9/7 +22 +£7,194   (£72,526)
10/7 No Trades
11/7 +101 +£36,663 (£109,189)

Bank: £109,189

So there you go. I’ve turned a £2000 betting bank into £109,189 in 8 weeks… if only!

Still, on a more sensible level, at £10 per pip I made £1,770 this week which is pretty respectable for a ‘mechanical’ trading system.

Filed under Forex,Spread Betting by Graham

There were no qualifying trades today using my settings.

Filed under Forex,Spread Betting by Graham

Trade 34

SELL @ 19924.2 (1/7/08 1am)

BUY @ 19941.9 (1/7/08 7am)

Pips profit = -17.7 (-£17.70)

Trade 35

SELL @ 19717.1 (7/7/08 9am)

BUY @ 19762.2 (7/7/08 6pm)

Pips profit = -45.1 (-£45.10)

Trade 36

BUY @ 19770.0 (8/7/08 1am)

SELL @ 19749.2 (8/7/08 2am)

Pips profit = -20.8 (-£20.80)

Current bank: £1679.20

P/L: £679.20

Winning trades: 13

Losing trades: 23

Strike rate: 36%

Filed under Forex,Spread Betting by Les

Two straightforward trades this morning, 14 pips on the GBP/USD and 8 pips on the EUR/USD.

Filed under Forex,Spread Betting by Graham