No trades again today. Had a couple of e-mails yesterday from people that got another losing trade yesterday morning that I didn’t get. The only difference in our charts is that I had already set up the dual feeds from Barclays and Tullet (it says PAIR on the top of the chart). So it looks like the dual feed actually saved me from this losing trade:
On the same subject, other readers wrote to let me know that they had set up their dual feeds using Barclays as the primary, so putting #BGBPUSD and #BEURUSD. Doing this they had a winning trade yesterday afternoon of 23 pips on the BGBPUSD which didn’t confirm on the TGBPUSD 10 minute chart. According to support this is because “The Open and Close price of each bar will represent that of the ‘primary’ selected pair. The High and the Low will be the greater of both feeds.”
Now, this is the second time I’ve been told of a good trade using the Barclays feed that didn’t show up on Tullet so I am now considering using the dual feeds with Barclays as primary. Any feedback on this is welcome.
On another note, I had an e-mail from John in New Zealand who was asking if it’s possible to use TUFXP successfully outside the recommended trading times, as he would be knocking out the zzz’s when it’s all going off up here. I have only traded 7-11 and 1-3 GMT so I have no idea (I know it should be 7-10 but I’ve always done 7-11). If there are any readers that do trade nightimes GMT then I’d be grateful if you could let me know how you get on so that I can let John know if it’s worth giving it a go. Thanks.
One last thing, I’ve been asked a few times about trading through news releases. My take on it is that I don’t enter a trade in the thirty minutes before a news item, but if I am already in a trade then I’m happy to let it run. This brought up the idea of using the Guaranteed Stop Loss at IG Index. Basically, by paying an extra 3 pips on opening a trade then you are guaranteed to close out your trade at the stop you set. With a normal stop loss, if the market moves too quickly past your stop then your trade may not close out at your specified stop and you would be liable for any extra pips it finally closed at. During a news release the market can move dramatically meaning there is more risk of this happening so it seems to make sense that if you know that there is a chance you will still be in a trade during the news item then it would be a good idea to just pay the extra three pips by way of insurance and take the guaranteed stop. This then led me on to think that it might be a good idea just to take the guaranteed stop for every trade. Using my settings means I don’t actually get that many trades in a week. If I was entering five or so trades a day scalping profits here and there then the guaranteed stop would cost a lot because of the amount of trades I’m entering. But seeing as I’m only entering five or so trades a week, then it’s not anywhere near as costly and certainly worth entertaining the idea. Anyway, I certainly think it’s a good idea taking the guaranteed stop if you know there’sa chance of trading through a news item.