For once luck was on my side and the "mistake" that was made stopping me out for 34 pip profit on the GBP/USD trade turned out to be good. I actually came away with a small profit instead of a 10 pip loss, and the trend didn't immediately continue in the same direction.
It's been a few days since I've been able to post on the blog... between trading and taking care of some of my new customers for Forex Profit Monster I've been extremely busy! Toss in having to take care of some personal business this week that's cut into my trading time, and it's hard to believe it's Thursday already! As this seems to be happening more and more I'm seriously considering personally trading Forex Profit Monster only on the 4 Hour charts and above. I've been tinkering with a new indicator and a system to complement Forex Profit Monster. It's more of a "day trading" forex system in which the trades will just about always close out during a single trading session. This removes the stress of having to manage trades overnight and missing entry signals that may not be generated again for days because of not being able to trade on a certain day. This would give me the best of both worlds... Forex Profit Monster, a system where I can capture longer term moves of 150 to 1,000 pips; and a day trading system that will let me capture many smaller moves of 10 to 150 pips and close the orders out in a single day. I guess you could call this system the trend follower's version of "scalping" LOL. Anyway, more news on that soon as I've just about finished coding the indicators and will start backtesting the system this weekend.
I've had a couple of small losing trades this week and one winner... I'll update the information on the monthly total as well as share some good news from some of my customers in the next post... but it's time to check those 1 Hour charts...
Good luck and good trading!!!
Jim
http://www.forexprofitmonster.com/
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