Friday 2nd July

by KT 13:28 0 comments

Got up a bit late today and decided to take a step back and watch as the US NFP is out today.

I mentioned in the last blog that i would be making a change to the strategy it's only a minor change but it prevents losing pips unnecessarily. The strategy is now as follows.

• Trade on 4 hour charts
• +40 profit target per day
• -50 stop loss max or a few pips above/below previous bar
• Good until Profit/Stop is hit
• If a further strong signal appears after hitting profit target, take the trade with a view to making as many pips as possible. If possible, fulfill the above criteria.

The only change is that i'm not limiting each trade to a 4 hour period. A good few times now i've stopped the trade after 4 hours with a loss only to see it move into profit within the next four hour bar. So as long as it doesn't stop out or hit the profit target the trade will remain active for as long as it takes.

Using this method of leaving the trade running for more than 4 hours can allow me to bring back in the idea of moving my stops to reach higher profits from each individual trade. For now we'll stick to the +40 target per day.