I really thought I was going to be having my very first bad week with Tufxp as I had another losing trade this morning. The trade retraced not long after my entering costing me 13 pips.
However, just under an hour later a long trade appeared and again, as I entered I thought it was going to go sour as it retraced again. To be fair I’ve never seen the red digit’s in IG Index so often! But, the bad run couldn’t continue and this trade did the business going long for nearly 100 pips. Very refreshing.
I was actually also messing about with Metatrader at the same time and noticed the trade find a little bit of resistance on the 50.0 Fib line, then break through and straight through the 61.8 and on towards the R1 line. As it neared R1 I decided to close the trade and take a £940 profit. Turns out it did bounce off R1 anyway. I figured it would have to at R1 or the fib retracement of 76.4 because it had gone 100 pips already.
Had I let the trailing stop take me out I would still have made a healthy 68 pips but like last week, I figured 94 was a real windfall and so took it.
I was very pleased with myself noticing the fib lines and R1 etc as so far I’ve just used the mechanical trading of the trailing stop to close out but I’ve definitely made a good few pips extra by reading the market better. This is a funny old learning curve. I’m not really trying to study it and I don’t even watch all the daily videos because I find Kieths voice puts me to sleep (lovely guy by the way, not knocking him!), but I think you just pick up reading the market simply by playing it.
So I’m nicely back in profit for the week and looking forward to tomorrow.