Well that week didn’t go the way I expected, it was an event packed week with the European summit tagged on the end.
The old adage seem to apply buy the rumour, sell the fact, was bitten by cable as the U.K. government in it’s wisdom decided to follow Trumps lead and ditch Huawei (this is not the forum for my feelings on governments and especially the UK government and it politics and allegiances).
But did the market forces move in mysterious ways, watched the Asian market nearly every night open and turn into a sea of red, woke up 3 consecutive mornings to find trades stopped out.
And then the end of the week despite the rumours the European summit was not going well the Euro still carried on making gains against most majors.
Still have 3 trades running 2 AUD’s buy which although went a little sideways seem to have some gas in the tank, and the UK100 buy, which hopefully will have a bounce upwards next week.
604 pips down for the week.
Best Trade USD/CAD by stake size.
Worst Trade SPX500 164.4 pips down
On the bright side for me a Leeds United supporter for 53 years, we we’re promoted to the Premiership on Friday night. (Football or to our American cousins Soccer)
Hi,
Should have considered a Sports Betting trade long Leeds!
On a serious note, I have just re-opened a small Sports Betting account after two weeks of getting tied up in knots about the breadth and complexity of trying to put together a meaningful trading strategy and plan with too many moving parts and too much yet to study (all over again since five years ago) on the Baby Pips school and also following the NNFX method for which I have only watched 30 out of the 166 videos in scope.
The principles that I feel I will need to address with a robust Forex trading plan will be somewhat simplified by applying back testing and Algorithm building to (what is to my mind) a far simpler concept of horse racing odds. I have already plagiarized a Forex trading / backtesting sheet that I will fill with horse race tips (over 1,000 actual trades) for which I already have the summarized results. I am struggling with probabilities and statistics, despite being a degree graduate engineer of old, and this seems like the path of least resistance for me to get up to speed understanding the inputs and outputs of a robust back testing strategy and to be able to analyze and UNDERSTAND the outcomes.
Entered the FTSE long Friday, and there are two strong set ups on the AUD/USD and AUD/JPY for Monday
It’s always nice when other traders are confirming what your seeing yourself.
There is one caveat for my potential AUD set ups. They come on a Monday which is often a jinx day for me.
I also try to stay away for at least the first 12hrs, which to me seems to be the worst time of the week to make any trading decisions.
The UK 100 didn’t play out for me and the trend has reversed, took a couple of small profits on the AUDS, playing some NZD trades at the moment, maybe slow burners, so looking for smaller ROI, took the GBP/USD last night as the Asian markets opened, will hopefully return a good profit, keeping an eye out for a reversal.
I’ve given up stock indices as trade targets or for TA in favour of forex. I get better margin on forex majors than stock indices.
I find it a mental stretch to be vigilant on both forex and indices, and switching between the two. In any case, AUD’s an approximate substitute for stock markets - if we’re in risk-on conditions, the Dow and AUD go up: if we’re in risk-off, the Dow and AUD go down.
I use the slope of the 50EMA across the 28 important forex pairs as a quick and dirty market gauge. Right now, all 7 AUD pairs have 50EMA slopes bullish for AUD, all 7 USD pairs have USD-bearish 50EMA slopes. Not an entry signal, but good confirmation of not being short AUD and not being long USD.
I cannot agree more.