Well June’s been a busy month and I have to admit, I’ve only managed one and a half of the four goals I set in May.
That said, I did come out on top (with a bit of luck I must say) and I’m slowly clawing my way back to where my small account started at $400.
Here are my June goals again as a refresher:
- Continue live trading the Swap EA on S&P, Gold and EURUSD (on low risk settings)
- Finish my price action based trading system
- Build multiple time frame analysis into the strategy to determine the trend I should follow
- Learn more about Elliott Wave as per Nicola Delic’s success
Now, to skip reading below, you can listen to all the gory detail in the podcast below… or if you prefer reading (scroll a bit more and you’ll have the overview waiting for you – oh, and there’s a gift at the end of the page as well)
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Order Cam a Beer to Say “THANKS”.
So, what did I manage to achieve? Well, first let’s have a look at Goal No. 1.
1. Running Swap EA on S&P, Gold and EURUSD
For those of you who downloaded my prototype Swap EA (if you haven’t yet you can grab it by subscribing at the bottom or right of this post) you’ll be interested to see my results after running it on the above instruments for the month of June. Here’s the chart and here’s the statement:
I’m not sure if you’ve experienced the same (please let me know in the comments), but here’s where my head is at with this EA.
- I wasn’t happy with the profitable returns
Weird thing to say, I know! Although it yielded positive overall returns, it did so in a fashion that I’m not comfortable with, i.e. a large Stop Loss (70 pips, with a Risk:Reward ratio of 2:1), a scaled exit (which indirectly impacts your profit, i.e. you need to win many more times than lose to make sure your wins outweigh your losses) and a trailing stop (which does the same as the scaled exit, because if you get stopped out before 30 pips you once again need to have many more winners than losers)
- Gold and EURUSD was a risk
Whilst I have back tested Swap EA on the S&P thoroughly, Gold and EURUSD were a bit of a gamble… Well… Let’s just say they were a gamble. I didn’t know how these instruments would perform so I was rolling the dice.
Lesson: Go into everything with as much knowledge as possible
- Why I won’t be trading it in July
Overall, Swap EA gave me the confidence to take things to the next level with regard to price action based technical analysis. With this in mind, along with not being entirely happy with the R:R ratio and running it on untested markets I’ve decided to retire it from the personal account above.
2. Finish my price action based trading system
I didn’t quite get there, buuuuutttt….
Since I’m 13 episodes into this journey, I’m a bit further along in my thinking.
So, what I’ve put together is a new MT4 EA that you and I can run which incorporates the Hammer candlestick pattern that first sent me down this path. The good news it that the new EA has a lot more built in!
Here’s what it does:
It helps you easily identify 12 candlestick reversal patterns that you can configure to your liking and use to alert you to trading opportunities.
Whilst this isn’t a complete solution, I’m beavering away to enhance it further in the future so you’ll have a tool you can use to support your trading. As always please feel free to leave a comment or send me an email with your feedback on these tools as I’m always looking for ways to improve them.
How do I access this free trading tool?
Simply, leave your email in the sidebar on your right or at the bottom of this post and it’ll be sitting in the members area for you… It’s called 12 Candlesticks EA.
Goals 3 & 4
As I said, I didn’t quite get to these, but I’m working on the multi time frame trend analysis as part of the 12 Candlesticks EA mentioned above. So keep an eye on that in the future.
Regarding Elliott Wave, well, there are only so many hours in the day and this one fell to the bottom of my list. My current thinking is that I’ll first do all I can on Price Action based trading and establish whether it will make me profitable before embarking on Elliott Wave.
Goals for July
Given the goals for June appeared to be overly ambitious, I think I need to use a bit more “laser focus” to keep me on track and finish the Price Action based system before I head down another path… and if you listen to episode 14 you’ll find out that I get distracted once again. But I’ll reveal all of that in July’s report. So my goals for July are:
- Don’t trade
- Concentrate on completing my Price Action based trading system
And remember, please feel free to leave any questions or feedback in the comments below…