Starting to day with the hourly chart on one of my live accounts you can see a drop of 100 pips on EURNZD, the FIB LINE 61.8% is our target (just above). STROBOT predicted the fall yesterday in fact and entered the trade @ 21:35 GMT yesterday evening, the pair bounced back up but kept within our stop and has now broken down. Target is a lovely 228 pips.
Here’s the 15 minute chart.
As you can see it’s a great entry and STROBOT has come out of the turn rather nicely.
UPDATE GOLD STAR TO STROBOT
STROBOT just TP’d this trade for 228.10 PIPS Awesome, the pair has now started to bounce back of of the 61.8% fib level.
You may have noticed I’ve not posted for about a month that’s because I’ve been backtesting and working on a new version of STRobot. It’s been a huge job.
STRobot still uses fib levels for targets. But has a lot more clever things:-
– ability to add to trades to a trade so if he sees opportunities for further trades he will place them once the trade is safe (stop inside entry).
– Better entries
– Trailing stop now trails even when the trade is not in profit to reduce risk
– Entries are based on 4 hour timeframe and 15 minutes at the same time- updated all the indicators.
So let’s look at a live trade I have on.
You can see STROBOT now has a strength meter built into the trading output.
So lets have a look at a trade in detail.
STRobot spotted CADJPY for an entry after it had bounced off of the 61.8% fib level. He waited for a break down and took the trade at the point shown, this is the hourly chart and you can see a falling trend. You’ll see how STROBOT identifies 4 hour trends so now he’s looking for a run down to the next fib level @ 38.2% He’ll probably add a few trades as this pair is not moving hugely as we go down.
Here’s the 15 min.
I don’t know how far we will get because the 200 pip target is quite a long way away but we shall see.
Anyway there we go – here comes Monday
So STRobot did brilliantly yesterday with some wonderful GBP trades.
GPBJPY and GPBUSD were both bullish trades.
This new version of STRobot shows the trades on the chart.
These would have been bigger trades but at the moment we have gone into “FOMC sit and do nothing” mode when the markets just hang around. It’s a dangerous time to trade this brings me to the problem of stops.
This kind of hanging around in the market is really hard to trade – I recommend the following options:-
– Go flat and don’t trade till 2 hours after FOMC
– Drop your lot size down to something small to reflect the risk. If you get a zillion pips with a small lot size great, if you lose 40 pips fine.
– Keep your stops small – STRobot has now gone down to 40 pips.
Now we wait for 7pm when all hell breaks loose. Really the pain starts a day before in fact from last night at about 10pm GMT. It will be over soon thankfully.
STROBOT has been quite keen on GBP this morning on two of my accounts ( one of them is strangely selling NZD CAD).
We are at a good place to buy and STRobot bought GBPNZD and GBPAUD looking for a long up.
STROBOT just closed another profit basket, the star of the show was this USDJPY long trade for over 100 pips profit, a perfect entry at the turn followed up.
Also check out the new look chart, the RED is the sell zone and the green is the buy zone, STROBOT will enjoy trading with this!
Ok so we have GBP GDP figures this morning and I have been looking for a suitable trade. GBPUSD is of prime interest, I’ve used STROBOT’s set up on it and the chart to take an entry order after the last support @ 1.70360. You can see that the pair has been in a bullish trend for a whole but has been dropping with USD strength.
My stop is at 1.69612 Strobot’s suggested stop and my TP at 1.71908.
This is purely a manual speculative trade. I want to give the pair room to whipsaw which it probably will. thus my entry is 42 pips from price. This pair can move a lot of pips.
So target is 145 pips from my entry but we have to get 42 pips up first. With this pair this is absolutely not a problem and a 200 pip move is not uncommon, the last was on the 12 of June.
STROBOT decided he’d take a LONG GBPCHF!!! 2 minutes before news – a much better choice I think.
So yesterday’s trades STROBOT put on a CHFJPY that stopped 19 pips and AUDJPY long and NZDJPY long that went up 30 pips in about 8 hours each but then dropped like a brick on bad news stopping out with a small profit on each.
Not a brilliant day.
So I’ve closed off all my orders because of the AUD move that blasted pairs like AUDCHF down below the 200 daily SMA and we know what that means, we could be heading off for a long run somewhere bearish. The AUD bearish? Surely not!
So with no orders open we’re waiting for some trading opportunities.
STROBOT now has a mood “bored” means the markets are flat, “excited” means it’s moving! … right now we’re bored.
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Some traders who are looking for 5 to 8 pips profit per trade will trade all day. Me, I don’t. I look for trade opportunities at only 2 times each day.
8AM GMT at the UK opening depending on news.
2PM GMT at the US opening through till 3:30PM depending on news.
These two times in my day (although there are others) are the most active for non-news based trades. News can have a massive effect ofcourse and I always try and go flat (close all my trades OR set the stop to $0) to protect my profits before the news unless I’m very sure what the news will be and how the market could react.
Sure this means I have less trades, but my trades are targeting at LEAST 55 pips if not 100 to 200 pips. So it’s far less stressful (and I pay far less to the broker) than for someone who trades 5 to 8 pips at a time, that is fear driven gambling in my opinion.
Also when my trade is 15 to 21 pips (depending on the real estate) I will flatten the trade to $0 so I cannot make a loss against it.
I do recommend you try out pro-act traders to see this in action and get a day pass to the live trading room.