THE UGLY
Lastly from my trading last night comes the ugly. With every system and strategy out there you have to accept losses. With trading comes losses and it's how you handle these. So far with this I've had 7 winners and 3 losses, good to see how this goes.
Good MM has also enabled to have 1 win and 1 loss last night, yet still turn a nice little profit, that's Risk Reward ratios for you
On the first chart you can see that my sell stop had been triggered so my buy stop had been cancelled. My 25 pip T/P rests nicely on a support level and the JPY has a nice tendency to move at night, all looks good huh?
The second chart shows that while being in profit to the tune of half my T/P the price then reveresed and took out my S/L. Maybe I should have moved my S/L up to break even but that is all by the by now, lets see what tonight brings hey!!
I hope this gives an insight into how this works a bit better, how this is a mechanical system yet still retains some elements of discretionary trading. It suits me as a set and forget method yet still gives me the ability to choose my fate by deciding which pairs of a night to apply this to. As a side note I also put the system on the EurUsd last and cancelled both orders at 10am this morning as neither had been triggerd. Had I left it... would have made another nice 25+ pip profit today, but again this is hindsight :smart:
I've also posted my results thus far for 2 weeks of trading.