My TC algo trial thus far

I am trialing my TradeCharting algorithm off 30 min charts during the European and US market sessions and, whilst I’ve only had three days, so far so good. I am looking for TC signals and aiming for 50 pip profit targets on each signal.

Monday:

I was around for the whole day but not much happened during the US session.

  • GBP/AUD: SHORT and 50 pip target reached
  • GBP/USD: SHORT and 50 pip target reached but I only managed 9.6 pips. I’m blaming jet lag for the poor trade management here!

Tuesday:

I was around for most of the European session but out for the US session. As luck would have it there was a lot of movement during the US session and I missed a number of TC signals but I figure this will average out over the four weeks though.

  • GBP/AUD: LONG and 50 pip target reached.

I also noticed this great trade on my MT4 UK100 chart (FTSE):

uk100-15-min

 

Wednesday:

Note: this was a VERY good day for my TC signals as there were four signals that all delivered. There were three FX signals and one on the S&P500:

  • EUR/JPY:  LONG and 50 pip target reached.
  • USD/JPY: LONG and 50 pip target reached.
  • GBP/JPY: LONG and 50 pip target reached.
  • S&P500: LONG and 50+ pip target reached.Actually went for 90 pips.

However, I mismanaged two of the FX trades with stops too tight and exited for a loss and baled too early on the third FX trade for less than the desired target. Had I just left all three though then the 50 pip target would have been reached on all of them. I must emphasise here that the three FX signals were all Yen based and, thus, aligned.

The 30 min charts of these four signals are below:

E/J 30 min: triggered during European session:

ej30min

U/J 30 min: triggered a bit later but during European session:

uj30min

GBP/JPY 30 min: triggered closer to the US session:

gj30min

S&P500 30 min:

sp30min

General comments: 

  • I’m still a bit fazed with sleep/jet lag so being cautious.
  • I’m still coming to terms with how to approach trading off shorter time frames. I made some mistakes on Wednesday with my STOPs and have adjusted my strategy here.
  • I’m finding it’s best to look for trigger movements at the start of the European session and early in the US session. That might seem a no-brainer but I’m just putting it down!
  • Some traders suggest you don’t need to be as aware of the larger time frame charts when ‘scalping’ like this. I totally disagree! I firmly believe you need to have the bigger picture with major support/resistance levels in mind before considering any short-term trading. An example of this is with the GBP/NZD where price is hovering near the major 1.77 support level:

gn30min gnmonthly

 

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