Friday, February 14, 2014

Week in Review: 10th February 2014 to 16th February 2014

It's been an exceptional week. I opened 15 trades and won 12, lost one and have two trades which will remain open over the weekend, so overall it has been very profitable. This kind of performance isn't normal, though. A snapshot of the losing trade is below.

EURGBP - Daily Chart

I went long on the break of the high of the low volatility candle. This trade came close to hitting my profit target, but fell away when it was within 3 pips, and eventually took out my stop loss.

When my stop loss got hit, I went short and won the next trade. In trading, you shouldn't have a bearish or bullish bias. You need to be prepared to change your mind if you see a signal telling you to trade in the opposite direction. 

System Development

I realised that I've been spending alot of time trying to design something for the short-term 5M and 15M timeframes, but have nothing to show for my efforts. I spent yesterday going back to the daily timeframe and felt like I was back on familiar ground. I've focused my backtesting efforts on testing extremely large daily pinbars. I still got alot to do, so if I find anything positive, I'll post it on the blog.  

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