Published: April 11, 2019 5:50 pm est
by Tom Kadale,
Contributor Market Analyst
NewsmovesMarketsForex
Nice to see FX trading getting back to normal with algo-predictable runs again. Yesterday a BUY signal for USDCHF came with an H4 period and a potential decent upside.
Here’s what I did… Fortunately, my other FX trades had closed out before this signal arrived, so I knew from the 26.4 SmartPIP number assigned to the signal, I could handle up to 10 lots without surpassing my daily risk managed limit.
I also set my Trading Intuition Score to my usual value at 37 or 3 lots at the MARKET and 7 lots at the LIMIT. I started out like I usually do with entering 1 lot at the MARKET. My fill was slightly above the LAST quote, which was fine for me, since it was an H4 signal with more leeway.
I use this first trade to track price movement. It helps me monitor my LIMIT trade. If this trade closes before my LIMIT order is filled, I know to cancel my LIMIT order. I could have used a smaller trade size like .5 or even .1 to do my tracking but was fine with 1 lot. Next I entered my 7 lot LIMIT order.
Every now and then I checked my tracker trade until my LIMIT order was filled. After that, I just let it all ride until it closed out as predicted the following morning.
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From the RagingFX Trading Desk… Tom Kadale, Forex Algorithm engineer RagingFx.com and Guest Contributor Market Analyst for NewsmovesmarketsForex
