This system has been performing better than I had imagined and showing good profits by trading mornings only. Although I have not mentioned any afternoon trading in my previous posts, just looking back on the charts would have yielded even more profits.
Monday morning sees 5 medium impact news items to be released effecting the EURO at 8.00am, 8.30am, 9.00am and 10.00am with one for the GBP at 9.05am.
The overnight market traded to the upside for approx 60 pips at its peak and around 40 when I came on board at 6.00am.
There was sideways trading for about an hour with no clear signal of a trade. The rise then continued around 7.00am, there was a signal to BUY, but I chose to ignore it as prices had already risen overnight so I awaited for a turnaround to the downside.
This came at 7.45am. My entry was 1.5965 and my stop at the recent high of 1.6000 so my risk is 35 pips.
Recent notable lows of 1.5956, 1.5948 and 1.5939 were noted and as a news item was due at 9.05am, I will assess the situation closer to that time.
My entry was hit on the 8.15am bar and traded down to my 1st level at 8.35am. As 9.05 was approaching, my 2nd level was hit at 8.50am which is where I closed the trade as the number 50 is a notable support / resistance level. It got to a low of 1.5941 before finding some support at news time.
I managed to scalp for a 14 pips profit, so a decent start to the week.
Tuesday morning sees a medium impact news item for the EURO at 7.00am and 2 high impact ones for the GBP at 9.30am and 9.45am.
The overnight market had a trading range of approx 30 pips and the price at 6.00am when I came on board was similar to yesterdays close so I will wait for a suitable signal in any direction.
The 1st signal for the ATM-FX system came at 7.00am to BUY. My entry was close to 1.6000 at 1.5990 and my stop at 1.5967 so my risk is 23 pips. Scalp levels were 1.6000 obviously and 1.6007 as that was a high on the overnight trading session.
I was a bit uncertain whether to take this trade as it was very close to 1.6000. But for this exercise I decided to take it and it proved to be the wrong decision as my entry was hit on the 7.15am bar and retraced to take my stop out for a loss of 23 pips.
Another setup to BUY at 8.00am came with my entry calculated at 1.5986 and my stop at 1.5963, again for a risk of 23 pips.
My entry was triggered on the 8.20am bar and reaches a high of 1.6022 at 9.00am before retracing.
I had scalped at around 1.6000 and as the market was moving quickly in my favour at the time, I came away with a 16 pips profit and called it a day with the 2 news items not far away.
Minus 7 pips for the day is not a disaster, so after 2 days this week I am PLUS 7 pips.
Wednesday sees a high impact news item for the EURO all day so I decide not to trade the ATM-FX system today.
Tuesday morning sees a medium impact news item for the EURO at 7.00am and 2 high impact ones for the GBP at 9.30am and 9.45am.
The overnight market had a trading range of approx 30 pips and the price at 6.00am when I came on board was similar to yesterdays close so I will wait for a suitable signal in any direction.
The 1st signal for the ATM-FX system came at 7.00am to BUY. My entry was close to 1.6000 at 1.5990 and my stop at 1.5967 so my risk is 23 pips. Scalp levels were 1.6000 obviously and 1.6007 as that was a high on the overnight trading session.
I was a bit uncertain whether to take this trade as it was very close to 1.6000. But for this exercise I decided to take it and it proved to be the wrong decision as my entry was hit on the 7.15am bar and retraced to take my stop out for a loss of 23 pips.
Another setup to BUY at 8.00am came with my entry calculated at 1.5986 and my stop at 1.5963, again for a risk of 23 pips.
My entry was triggered on the 8.20am bar and reaches a high of 1.6022 at 9.00am before retracing.
I had scalped at around 1.6000 and as the market was moving quickly in my favour at the time, I came away with a 16 pips profit and called it a day with the 2 news items not far away.
Minus 7 pips for the day is not a disaster, so after 2 days this week I am PLUS 7 pips.
Wednesday sees a high impact news item for the EURO all day so I decide not to trade the ATM-FX system today.
