Regarding Tuesdays no trade, just to remind you my trading times are 7am-11am and then 1pm-3pm if I haven’t already made a good profit in the morning. So pretty much the default except I go an extra hour in the mornings. This was by accident as I always thought these were the recommended trading times.
Anyway, one of our readers, Norman, e-mailed on Tuesday to say there was a qualifying trade at 11.35 using my settings which netted a 15 pip profit using the trailing stop (although he closed early taking 25 pips). So well done Norman. I don’t know how well my settings perform outside of the normal trading times so if anyone else is using my settings at different times I would be grateful if you could let me know how profitable (or not) they are so that I can let readers know.
On to yesterday and there were no trades in the morning but a lengthy trade in the afternoon netting me 29 pips. At one point I had almost double that and in retrospect I wished I had closed the trade earlier. As you know I just let the trailing stop always determine the exit point of a trade but I’m begining to wonder if it might be more profitable long term to take the profit when it goes over a certain point… say 50 pips. Of course, the drawback to this would be that I would miss the really big trades where I can get 100+ pips but I will have to go back over all my trades in the last three months and work out which is more profitable overall.