ForexSpirit

Another interesting day in the world of forex scalping.

The most educational part of the day was recognising that my second GBP/USD trade of the day was a poor one.

Price had been rangebound between 1.5850 and 1.5950 since around 8:00 EST. My long entry at 1.5914 was a sloppy scalp trade in that I entered in no man’s land. It was a low probability setup, smack bang in the middle of the range. I would have been far better off placing a long limit order at 1.5850 or a short at 1.5950. Basically scalp the outer bounds of the range.

By the end of lunchtime it was looking likely that price was about to pierce the morning’s low of 1.5725 so I swallowed the bitter pill and closed the trade.

These scalping lessons are coming thick and fast. I like it!

The second item of note today was that I had technical issues with Oanda’s FXGame platform. From about 14:00 EST onwards any active limit orders were not being executed when their price level was hit. This included both limit entry orders as well as profit targets for market order trades.

I first noticed this when my only short EUR/JPY trade of the day had seen price go well below the profit target I had set for it and yet it had still not been closed out. I waited until the profit target was once again met and waited for the trade to be automatically closed out it. It didn’t happen so I had to manually close out the trade.

The same happened for the last EUR/USD trade of the day. The profit target was reached in a matter of minutes but was not closed out by the system. I had to wait for over an hour for the target price level to be reached again and had to manually close out the trade.

A buy limit trade on GBP/USD failed to execute around the same time.

I have posted on the Oanda FXTrade platform forum to try and ascertain if the problem extends beyond just me.

I’ll most likely have to place test trades going forward to determine if the issue has been resolved. Hopefully it’s just a temporary setup. It has also happened on the demo platform which is often used to beta test new features which can sometimes have undesired consequences.

Let’s hope it gets resolved for me before tomorrow’s jobs jamboree!

Trade 1
Long EUR/USD
Entry: 1.2800
Exit: 1.2810
Pips: +10

Trade 2
Long GBP/USD
Entry: 1.5875
Exit: 1.5885
Pips: +10

Trade 3
Long GBP/USD
Entry: 1.5914
Exit: 1.5738
Pips: -176

Trade 4
Long EUR/USD
Entry: 1.2768
Exit: 1.2777
Pips: +9

Trade 5
Short EUR/USD
Entry: 1.2750
Exit: 1.2740
Pips: +10

Trade 6
Short EUR/JPY
Entry: 124.251
Exit: 124.131
Pips: +12

Trade 7
Short EUR/USD
Entry: 1.2737
Exit: 1.2727
Pips: +10

Trade 8
Short EUR/USD
Entry: 1.2693
Exit: 1.2681
Pips: +12

Total daily pips: -103