Forex Trading

closes.

Ok, some closes now then

usdchf closed on stop at 1.2140 for +320 pips. not bad from what i thought would be really crap.

usdjpy closed on stop at 96.52 for +112, poor performance from that trade.

gbpaud closed on stop at 2.3270 for -261 pips.

audusd closed on stop at 6450 for +112 pips.

gbpchf is still running with a break even stop and my little chancer from earlier tonight isnt looking good but we will see.

Overall this changes the pip count by +283 on closed trades

Closed Results +2759 Pips since Oct 23rd 2008.

for the sake of this blog i count a pip as a pip - but something for you to think about is wether all pips are created equal (ask George Orwell lol), which they arent. for a true pip count one would have to calculate the pip based on pip value per contract.

I'll explain this to you. A pip on gbpusd is worth $100 for each $mio traded. However on usdchf the same contract is only worth $83.70 and on gbpaud the price is $63.50. to get a true pip count in value one would have to multiply the pips made by the per contract price - so for example 500 pips on gbpusd is 500 wheras 500 pips on euraud is actually only 325 pips (500 X 0.65) amd another example is that -261 you see above is really -170 - lol, that'll keep you happy for a while.

Don't worry, i'm not going to change the count for this blog, but it might make you think to check the pip value when calculating the risk you are taking - a 300 pip risk on euraud for example is equivalent to a 195 pip risk on cable.

Interesting eh?

Anyway, bit of turmoil expected in the next few days so i think i'll be playing things a little light for a while and may just stay out of the market till something really juicy comes along. Check back tomorrow night for any news.

Be Lucky.