FX-180

Thursday April 7th (Day 3)

A nice easy day with one winner:

2% risk amount = £97.36

Stop size = 8 pips

Stake = £12/pip

Proft = +20 pips (+£240)

Bank: £5108

P/L: £108

FX-180

Wednesday April 6th (Day 2)

3 trades today (lose, win, lose):

Trade #1

2% risk amount = £98.20

Stop size = 18 pips

Stake = £5/pip

Proft = -18 pips (-£90)

Trade #2

2% risk amount = £96.40

Stop size = 13 pips

Stake = £7/pip

Proft = +20 pips (+£140)

Trade #3

2% risk amount = £99.20

Stop size = 23 pips

Stake = £4/pip

Proft = -23 pips (-£92)

Bank: £4868

P/L: -£132

FX-180

Tuesday April 5th (Day 1)

Just the one qualifying trade today which was a loser:

2% risk amount = £100

Stop size = 15 pips

Stake = £6/pip

Proft = -15 pips (-£90)

Bank: £4910

P/L: -£90

FX-180

An unexpectedly busy week has delayed the start of the trial somewhat, so testing will commence proper tomorrow. In the meantime, now is a good opportunity to explain the “daily target” system that I will be employing.

FX-180 is pretty flexible in terms of when and how you can use it,  so I will be utilising an approach that Graham once used during the testing of The Ultimate Forex Predictor:

1. Aim for 1 winning trade of 20 pips. If this is hit on the first trade, quit for the day

2. If the first trade was a loser, aim for 2 further winning trades (maximum of 3 trades per day)

3. If the second trade is a loser, quit for the day.

The manual does give guidelines on the best times of day to trade (and when NOT to trade) so I will be taking that into consideration. The basic philosophy I will be following is to get in and out for the day as quickly as possible with a profit.

FX-180

Over the next few weeks I’m going to be taking a look at another Keith Coterill / Canonbury Publishing trading method called FX-180. Regular readers of the blog will already know that Keith is the face behind The Ultimate Forex Predictor and ATM-FX, both of which have been blogged here previously. FX-180 is a method aimed at primarily day trading the Forex markets, although the author does point out that it can be applied to various markets and timeframes.

For the purposes of this blog I will be applying the method to the GBP/USD pair using a 5-minute chart. This happens to be the same chart setup that is used throughout the manual so at least I won’t be straying from what the author demonstrates. For each trade I will be aiming to scalp 20 pips from the market which is one of the take-profit strategies included in the manual.

Starting with a bank of £5000, my strict money management rules will dictate that each trade risks only 2% of the current bank.