Welcome to week 3 of my review of the Forex ATM-FX system.
With no news items in the way this morning, I notice that the overnight session has seen a fall of over 50 pips, so I hope for a reversal of this and wait for a suitable signal to the upside.
My first setup is at 6.05am to BUY. My entry is at 1.5804 with my stop set at a recent low of 1.5785 for a 19 points risk.
I notice the early morning high of 1.5839 as a suitable profit target.
My entry is just hit on the 6.30am bar and immediately retraces and just passes through my stop for a loss of 19 pips.
Another setup occurs at 7.10am to BUY. Very similar to my first trade with the same entry point, but my stop is 1 pip lower at 1.5784 for a 20 points risk. The profit target remains the same.
My entry is hit on the 7.20am bar and rises to 1.5819 before retracing back to my entry level and climbing again. It reaches 1.5830 so I move my stop to break even. It retraces again, but nowhere near my stop before finding more support to pass through my profit target and finding resistance around the 1.5850 level.
A great trade, just a shame the first one was just taken out.
I scalped for a 33 pips profit after the spread and minus 19 on the first trade, so overall another profit of 14 pips on the day.
I settled for that and called it a day so another great start to the week with this system.
Tuesday sees 2 high impact news items at 9.30am for the GBP and 10.00am for the EURO.
On the overnight market the pound has traded to the upside by approx 80 pips, so I will wait for a suitable signal for a reversal to the downside.
I get my first signal at 7.00am to SELL. My entry is calculated at 1.5792 and my stop at 1.5822, so my risk is 30 pips which I am comfortable with on a 5 minutes chart.
I note a suitable scalp level at 1.5771 as this found support a couple of times earlier this morning.
My entry was triggered on the 7.20am bar and reached my limit on the 8.05am bar. It continued going lower and as expected found some support at 1.5750. I could have moved my stop to break even and scalped a few more, but overall I am happy with 19 pips profit after the spread and decided to call it a day.
This is going great guns at the moment and another successful day for the Forex ATM-FX System and long may it continue.
After 2 days this week, my profits stand at PLUS 33 pips.
Wednesday morning sees a medium impact news item for the EURO at 9.00am and a high impact one for the GBP at 9.30am.
My first call to action for the Forex ATM-FX System was to notice that the market climbed approx 50 pips on the overnight market so I waited for a suitable reversal signal to the downside.
This signal came at 7.15am to SELL. My entry was calculated at 1.5749 and my stop at 1.5778 for a risk of 29 pips.
A notable support level was 1.5725 so that was my target. My entry hit on the 7.40am bar and reached a low of 1.5738 before retracing and keeping in the red upto 9.00am. I had to make a decision here. The EURO news wasn't much of a concern, if it had been a high impact one I probably would have closed the trade. The one at 9.30am most certainly was. I had 9.15am in mind to get out if need be.
At 9.15 I was at break even point, but all the indicators were in my favour. I gave it another 5 minutes and scalped at 9.20am for a 8 pips profit after the spread.
It continued to fall to a low of 1.5711 when the news came out and at 9.40am started to retrace. I would have hit my original target if I had let the trade run, but it could have so easily gone the other way.
So overall, better than it looked at one point. I was MINUS 18 pips at one point, so to come out with a small profit is fine with me.
After 3 days this week, my profits stand at PLUS 41 pips.
Thursday sees a medium impact news item for the EURO at 7.00am, which I am not to concerced about. If it had been a high impact one then I would have traded around it and a high impact one for the GBP at 9.30am which I am concerned about.
The overnight market saw a fall in prices of approx 45 pips and kept falling upto 7.00am, so I will look for a suitable signal for a reversal to the upside.
My first signal today for the Forex ATM-FX System came at 7.15am to BUY. My entry was calculated at 1.5725 and my stop at the recent low of 1.5696 so my risk is 29 pips.
A notable profit target was 1.5746 as this level met resistance a couple of times earlier in the morning.
My entry was hit straight away and immediately retraced. I was in a losing position for most of the time with this trade before it finally took my stop out on the 8.25am bar.
I got another signal to BUY almost straight away on the 8.30am, so with a high impact news item due out in an hour, I had to be careful with this trade. My entry was slightly higher than my first trade at 1.5728 and my stop at the recent low of 1.5692 so my risk is 36 pips. My profit target remained the same as resistance is to be expected around the numbers 50 and 00 and I would make a decision what to do next at 9.15 at the latest, if I was still in the trade.
This trade hovered around my entry point most of the time and I closed it at 9.15am for a loss of 1 pip and called it a day.
So, my biggest loss for any single day so far with the ATM-FX System of 30 pips. Still winning overall though.
Missed out on 3 great trades in the afternoon.
After 4 days this week, my profits stand at PLUS 11 pips.
Friday morning sees 3 news items to be released. The first a medium impact one for the EURO at 8.40am which I am not to concerned about. The other two are high impact ones at 9.00am for the EURO and 9.30am for the GBP which I am concerned about and will trade around this if need be.
The overnight market showed a range of approx 50 pips, but the days opening price is very close to the current price when I came on board at 6.00am with sideways trading basically for the last couple of hours so I will wait for a suitable signal in any direction.
The first signal of the day for the Forex ATM-FX System arrives at 7.15am to SELL.
My entry is worked out at 1.5798 with a stop at 1.5824 so my risk is 26 pips.
A notable low on the overnight market is 1.5774 so this will be my scalp level.
My trade is triggered on the 7.30am bar and reached its target on the 8.00am bar. It got to a low of 1.5760 before finding some support again.
I decided to call it a day at that point, I was happy with that. A 22 pips profit and a good end to the week.
My profit for the week is therefore PLUS 33 pips.
So after 3 weeks of trading the Forex ATM-FX System, my current profit is PLUS 181 pips.
I am very impressed with it so far.
Hope for the same again next week.
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