5 Minute Trading – Another Near Miss – Aug 30

Another near miss. The buy order triggered, but the following rally fell 8 pips short of the take profit level. Subsequent falls triggered a stop out.

Today’s levels:

Last night’s stop out pushed the strategy into negative territory for August:

You can read more about the “Five Minutes a Day Trading” strategy here:

http://blog.cmcmarkets.com.au/2012/07/31/five-minutes-a-day-trading/

 

About michaelmccarthycmc

Chief Market Strategist - CMC Markets and Stockbroking Regular on ABC, BBC, Bloomberg, Channel TEN, CNBC, SBS and SKY
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2 Responses to 5 Minute Trading – Another Near Miss – Aug 30

  1. Dino says:

    Hi Michael,

    I was wandering if you thought about moving to breakeven once 30 pips has been hit thereby limiting/eliminating the risk of any sudden pullback.This could also mean that you would need fewer winning trades. Any thoughts? P.S: I’m enjoying the simplicity of this strategy.

    • michaelmccarthycmc says:

      Thanks for your thoughts Dino. Many traders/readers/clients have adapted this idea to their own trading strategy, and some are using trailing stop losses in the way you describe. For the test month of August, I’m sticking with the strategy as its written, but will review at the end of the month.

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