Wed March UK GDP Current Account US Durable

Woke up really late and was a mess and then got a trade at 2:45 just before London thought it was a headfake so I didn't take it and it did reverse to about -20 and then came back down to BE just before news. News sent it 30 pips down.

Take all trades from now on: Doesn't matter when why how just take it

Also didn't get a click on the autoclick cause was messing around. From now on 2 mins before all release everything has to be set. Read a book or something.

US Durables was a long and AGAIN had a muse misfire this time no click, have to press prepare trade I think from now on.

Two candles after Durable got barely a long and then next candle doji then (18-20)

Then we got a reversal from FX genie and took it down.

Tuesday 27th March IFO US Confidence

A few reports on the EUR calendar and IFO and some UK minor reports

2:30 got a short 1 pip under and next candle went down 6 pips I took an entry on break of previous it then made a perfect doji and of course then reversed. Took it to 1 pip away from stopping then reversed. Then took 3hrs to finally get back down and bounced for the 6th time of 66 i got out with (5) eventually did fall and gave 15 and then bounced has to BE (but not with a BID stop). And then it fell 50 pips in a few mins. Was a speech that came out.

Probably should have followed rules and would have gotten 10 on the retrace back. No way I'd have held onto BE to gamble with the report.

Monday US New Home Sales

Nothing at all during EUR

At NY got a long at 9:30 before 10am news it gave 15 before the news and then news was good sent it up almost 50 more.

Friday No News US Existing Home

Crappy day there was no news at all just Car Production.

Long at 3:15 and got to 16 and I have NO IDEA why I did not take the 10 pips, guess I was just gunning for the 20 it was close but just realised it did stop at resistance.

Silly me this is experience friday no news slow uk and just take it 10 pips would have done perfectly.

Got stopped BE. It then reversed and blew through my sell short (which I forgot I had cause I went to sleep) I wasnt even going to take the short. But it blew and fell fast and got to 70+ on the other side. (50)
Closed outside to give a short that reversed instantly same candle. (-30)

I managed to get out with (10) after I woke up. Next time ALWAYS check currenex window before leaving

At night Home sales gave a sell and sold off about 70 pips gave a snatch to on the 3rd candle and it reversed and pretty much stopped out. (-30) if you took it.

Thur UK retail Sales

Only UK retail on the plate tonight after the huge run up recently and all the flags GBP was overbought so was going to take either way at 2:15 got a german headfake and had to hold into retail sales which stopped it (-30) because muse stuffed up I stayed in this position and about 1pm I managed to get out on a spike down during news for 20.

Got into a GBPJPY with chris that got to 30 pips and sat on support and I didn't take profits then it retraced to BE and I dont close cause resistance was a few pips above I waited for that and took a 10 pip loss. Stupid at 30 pips needed to get out that was the trade. Remember 20-30 pips doesn't matter whose trade it is. Just take the pips off. Hindsight - it was a major trendline up and you listened to chris do your own research next time.

Retail was 0.8+ and muse didnt click my entry so I didnt get out of my short! Held to the top of the spike and then it did come back down to the stop level and I didn't get out.

Also got a Long after retail it retraced but then came back gave 10 then eventually sold off (-30)

Might take the rest of the week off, have to test the muse also see how it works etc.

Also first daying using the ADD Joe system and took a loss and wiped out half my account because I set the leverage wrong and some other rules

1. Trade from 60% now
2. Change the margin before each trade
3. Check after a loss how many lots to go back to
4. Make sure you use a STOP set during entry max 30 pips+spread
5. Change PIP profit after every trade

March New Trading Plan

With the time differences and all thought I should formally write down my trading plan for the winter:

\***There is NO way I am going to deviate from this***/

Systems

1. Autoclick
2. Snatch
3. Other people's trades - 100k


AUTOCLICK (CAD, UK, USA)

Trading with The Muse for all releases

• Currenex: 500k
  
• TP once it has moved projected pips from the pre-release or pivot or half to BE
  
• Exit BE if not looking good or conflict ASAP
  
• Hard Stop 10 pips

Reports to trade are:

• CPI
• ISM Manufac
• Rate Change
• NFP
• Retail Sales
• GDP
• Durable Goods
• Consumer Confidence
• Trade Balance
• Industrial Production
• PMI Manufac
• PPI
  

SNATCH (GBP)

• Trading Hours

European Session: Tuesday - Friday --> 4pm - 7pm (by 3:30 all charts/platforms need to be up)

New York Session: Tuesday - Friday --> 9pm - 2am

· Range less then 100pips

· There is Economic News

• Risking a max of 2% of each trade
  
• 5mins before every 15min prepare for the trade checking STOPs and TPs and TRENDs
  
• Before news and with no news TAKE 10 PIPS or PIVOT
  
• Afters news TAKE 20 PIPS or PIVOT
  
• Stop 30 pips on BID
  
• Reversal: If there is pending news

Wednesday March 21 UK BOE CAD Retail USD Fed

After yesterdays 200 pips move we made a flag over night and were ready to go up all trends down were now broken. Broke out at 2:30 and I jumped the gun on the entry and got in 10 pips higher then the real entry was a stupid mistake. And then when real enrtry came missed it on the other platforms cause was messing around and wasnt ready from now 5mins before entry need to check all platforms and targets and entries with stops and limits in place.

The trade was long at 9633 essentially and I knew 50 was reistance so should have gotten out there, but was waiting for 52 though never got there then stop to BE or take 10 pips because before news.

Need to concentrate and at 5:30pm start getting ready for "work" and stop doing other things, also clear up desk and get all screens and platforms up and running.

Then accidently got into a 800k trade on currenex and for some stupid reason I had a chance to get out but I didn't. Held it and then MPC came out 8-1 versus 7-2 and got killed. Need to get out of mistake trades.

The whole day was a mess. Was over-excited from yesterday and was totally careless so this was a good lesson. Also I should have set my TP for 10 pips on all trades and been done with it.

Remember

TRADE MORE LOTS not MORE PIPS

10 was enough for today at 2:30 and then no more trading, when the mistake happend and you had a chance to get out I should have realised from the rules there was no more trades and it was purly 50-50 and luck that I was playing with here nothing else

Tuesday March 20th UK and CAD CPI US Housing

Good good calendar today for news traders.

GBP is starting to trend up on the daily too but has major trend resistance at 9530

2:30 had a long the target was good previous high and the major resist long at 69 but i hesistated and got in at 72 the firsrt target was a pivot at 88 it hit that and reversed. good exit happened in 3 mins

Then UK CPI sold of 40 pips just before the report then got a buy did about 50 on the spike but I didnt get filled due to a error in my platform! Argh. It then did another 60 pips from there in 30 mins.

CAD also got a huge trade and I got bad slippage but did get some pips forgot about snatch on it and snatch made 100 on eurcad and about 50 on the usdcad eventually.

NY on the open got a trade after 140 pip range didn't take it, eventually 90 mins later the trade got 20 and then sold off heavily.

Later in the day around 11ish the GBP did rally some more and we got to (50) on snatch but it was too late in the day

Took a genie long on the cad near the lows (reversal) and then doubled up my lost positions was a stupid mistake cause it then came back down and died. Next time don't do that stay discliplined

Monday 19th March

There was no news

EUR got a long got to 10 then BE then 20.

NY got a long also and just did nothing

Friday 16th March No UK US CPI

Nothing on the Euro but CPI tonight on the buck and a friday and gbp still a mess generally at 2am had a spike up but didnt close so at 2:30 got a long didnt take it went to have a nap cause I hadn't slept all night and I fell asleep 1 sec after this trade opened

Long at 9407
Straight to 25+
Reversed to BE
Back to 20+ again
Then went to -7 So here I HAD to have stopped if i was still holding on a hard stop (-3)
Slowly to 30+
Reversed to 5+
Shot off straight to 60+

So being a friday with No news, I would have moved my stop to 20 pips after the first blow past and been done trade in 8 mins and then had my nap.

The pound kept going up until NY open and gave a buy doji looking buy on open. Got to exactly 10 just before news (CPI no trade) and then fell and stopped.

Typical run up in the london session into ny nice solid trend and then reverse at 7am.

CARing at 9:15 got (40) closing at 12 exactly.

Thur 15th March US PPI

There was NO uk news and some Euro news I have no idea why I traded it was barely a signal and a doji at that too. Took a short and it was in this 30 pip range and thats where it stayed having a stop above the range at 34 meant got stopped (-30) out 10 mins before NY open it just kept ranging. Market is still a mess do to the other crap. Taking CAR got (30) eventually.

I have to get my head around the timings the CAR was a stupid mistake trade and was just lucky cause it never hit the other side of the box as the target.

NY 5 secs before PPI got a long didn't take it news was bad and it just chinese finger trapped most it got to was bout 4 pips in the next 1 hr before it fell and stopped out. If u CARed asap you got to 10 pips and then stopped out at 11 exactly.

Wed 14th March US Current Account

EUR there was a huge 60 pip fall just before open (yen based) and this made a 100 pip range AGAIN!

3rd candle at 18:45 gave a sell and we reversed and started going up for 2hrs news did nothing. Got to BE before NY news and stayed on.

NY CA was good and we spiked down 10 pips and put stop at BE never got a snatch sell and stopped out of Eur trade (0) then it ranged some more but when it broke out of the 30 pip range it was in did 140 pips in straight up.

Got a snatch by 1 pip at 10am and went up 5 pips and reversed to -28 and then from that bottom did 80 pips straight up. Didnt take it cause of what happend last night and I still havent got a feel for this stupid time change. And all the moves are happening at wierd times now.

Currenex is up and im good to go now

Tu 13th march UK trade balance US Retail sales

Nothing in the afternoon the range was to big as usual.

At 9am NY had a break to the top 30 mins after news and got a long it reversed straight away (-30) CAR at 10:00 it reversed again at 11am it dojied and started falling by 12 it was (30)

Backtesting

Going to start writing more posts based on trading now. Now that I have worked out how to actually trade and what the key is in this game to make money. Started forex in Oct 05 and learnt a few strategies then some more and more and more. Just kept learning more strategies tried it for a few trades and once i hit a 4-5 trade loosing streak I woudl abandon it and try something else this went on for ages, I just went from strat to strat even no strat at times.

Until 2 weeks ago when I worked out the key is this:

TRADE MORE LOTS NOT MAKE MORE PIPS

Its taken 18 months to work that out. It falls down to the idea was always to make 20 pips a day and that was it and started that with snatch and the 4 majors, but then dumped the yen and then 1 year later realised crap all I need is the GBP that gives me 20 a day easily. And THEN I can just start throwing 100s of lots at it. As opposed to making 20 in the morning and if I want more money I make another 20 (and the risk of loosing 30) at night.

The first lesson I ever learnt in FX was always stick to 10 pips a day and ur a millionaire but I never understood that until now. I finally get it. What everyone means by backtesting for 2 years and having data to proove it.

Well I did it I have about 1 years of current data and 5 years of backtested data and I am good to go the system is hitting 75% so i know what ever happens as long as I stick to it the numbers will come into play and I will come out on top the key is just take ur 20 pips and get lost thats it. Even if the market offers 100 after you're out who cares.

Am also going to keep autoclicking with the bigger reports that I have backtested data on.

Friday NFP 9th March

Havent had a trade all week and even week before was slow the range in the GBP is huge before i get to trade cause of carry trade issues in the asian sess so no trades at all NFP was the same there was 2 on the chf and euro but thats it

Friday UK PMI CAD GDP

Nothing all day then at 20:30 UK news got a short it had already fallen 70 pips for the day but anyway if took it got to (8) [even with the best retrace still only got 16] and then 2 dojis's and then it fell 10 pips every 15 mins did about 75 eventually into NY.

THUR 1st march UK PMI US PCE CAD GDP

Lots of news today and GBP broke at 17:45 then and fell at 18:15 closed on the line but 2 other brokers said go under it reversed 10 pips up on close and I didnt short I waited until it went under the entry price but got slipped 3 pips on Oanda got to 11 pips but didn't exit and then it dojied 3 candles and then reversed in 2 mins and stopped out (-30) and then long CAR.

errors:
1. Hesitated on the entry cost me 10 pips extra (charts werent ready)
2. Got slipped on the entry (just set a stop sell)
2. Should have taken profits with 10 pips (was before news)
3. Go to BE at 10 pips (again before news)

The long got to 29 pips 3 times and was being rejected off major Resistance target was 8 pips away and I wouldnt close had so many chances and then I get stopped at BE and then news bring the GBP crashing down. So good for going to BE atleast.

No New york trades