Back to it, trading the GBPUSD
I still haven’t updated the charts from last week so I’ll need to do that still… however, I was excited about trading since the testing has shown the systems seems to be profitable over the long term. You can never be 100% sure of any trade so long as you win more than you lose.
Anyway, I have decided that it looks more profitable to put in an order for either direction. I am not doing the OCO (One Cancels Other) trade anymore.. I will buy if the market goes above the upper line and sell if it moves below the lower line… both orders are in the market for the day.
Anyway today, the first trade was a long at 14499 with the 30 pip target and 50 pip stop. The market hit a high of 14529 and reversed. It is exactly 30 pips but given the spread, I was really unlucky.. it didn’t hit. It would have hit if it moved just 2 more pips but it didn’t. The market then crashed and hit my stop. However, my short trade was triggered.. once again, 30 pip target and 50 pip stop loss.
This time the market was kind to me and I took my 30 pip profit. However, I am still down for the day with -20 pips.. the second trade greatly diminished the losses.
You can see that there was more downside potential… in the future, an idea would be to run a 60 pip target and move the stop to breakeven after the first 30 pips have been bagged.
