Starting bank £2065.5
Monday – GBPUSD no trade, EURUSD profit 1.6% (£33.2)
Standard signal, nothing special. I took the entry as soon as it was available and exited within the 15 pip window for a small gain. Bank £2098.7
Tuesday – GBPUSD Profit 2.3% (£48.6), EURUSD Profit 1.3% (£27.6)
Both trades entered quite early, the EU immediately at 8am and the GU about 30 minutes later. The EU price almost immediately moved into the 15 pip exit window. Knowing whether to close the trade or leave it running for a better exit is very difficult to judge. I could have quite correctly closed my trade however I would literally have made only a few pounds of profit. I felt that was not sufficient, given the risk, so I decided to wait for a better exit. A better exit did come later on, however I was completely underwhelmed by the end result of just £27!
GU was slightly different. It looked like price was creeping deeper into our exit window so I waited and then closed it late morning for profit. Bank £2174.9
Wednesday – GBPUSD no trade, EURUSD loss 2% (£43)
So the GU entry this morning was available for literally only a few seconds. I was not able to get my order in during this period so the trade was not taken. Shame as it would have worked out perfectly. This is perhaps another criticism of the strategy. You set an alert for when price moves within around 10 pips of entry, but the actual entry might not be for quite a few minutes or even hours later! You can hardly sit watching the screen with your mouse hovering over the “Buy” button waiting for the entry for all that time. So, no trade for the GU.
EU was the reverse story. Price hung around the entry point for about 20 minutes, but only returned up to just about touch the exit window for only a few seconds. Price looked like it was going to continue, but quickly reversed and never came back which resulted in a loss.
I am predicting that both these trades will some how work out perfectly for the “independent auditor” who is incredibly able to pick all the perfct entries and exits…we shall see…
Bank now at £2131.9
Thursday – GBPUSD no trade – EURUSD no trade
Ok, Just to follow up on the previous day, I was right about what Jason Alexander was going to put in his “official results”. I am writing this as I go and I should have published yesterdays comments early, rather than waiting until the end of the week.
Despite me not being able to get the trades as explained above, the “independent trader, not only managed to get 2 good trades, but managed to exit right at the perfect exit point for the EU trade. How did he do that? Price had just touched the exit window by a couple of pips. It effectively spiked up and the exit (for a very small profit), was only available for only a few seconds.
My point is, if you are exiting at these points very early on in the window, then that is fine and perfectly valid and achievable, but it would then not be possible to wait and get a better exit price. You have a split second to decide, are you going to exit early for small profit, or are you going to let it ride for slightly larger profits, but with the potential for the trade to turn into a loss. Jason Alexander (or, shall I say, his “official independent trader”) is somehow doing both.
On a day like yesterday when price only just touches the exit window, he takes that split second decision and gets the perfect exit, and yet when price continues on, he manages to ride the price and take a better exit.
Sorry, but that doesn’t wash with me. This is not the first time that the “official independent trader” has done this and in my humble opinion, this “official independent trader” doesn’t exist. There are no official results and this is simply a lookback at the chart to cherry pick potential entries and exits.
As for today, there were no trades. The GU did offer up an entry but it was too close to the 14:00 cut off, so not taken. I am begining to predict the official results quite well. I suspect if the trade works out then the official results will say it was a valid entry, and if it doesn’t work out they will say the entry was too late and not taken.
Friday GBPUSD Loss 2% (£42) – EURUSD no trade
Yep, once again I correctly predicted what would be the official result for yesterday which was reported as a valid trade (because it went on to win).
Today I missed the first entry for the GU as it was only available for a few seconds. The second entry came about an hour later which I took. Unfortunately the trade never came good so loss of 2%.
Bank at the end of Week 3 is now at £2089.9