Intraday (M15) - 25 June '09

Today, I made some minor adjustments to my TP mechanics. At the suggestion of my friend who is an institutional trader for a French bank, I tested the use of Parabolic SAR (Step: 0.01, Maximum: 0.1) as a guide for exiting trades. In summary, I still set the SL at B/E with the TP level being the next pivot level in sight... whilst eliminating the use of trailing stops. However, I will have to exercise my discretion to TP, should the direction of the Parabolic SAR change before hitting the next pivot level.

The results are encouraging. I found that I'm less frequently taken out by the market mid-way through and consequently, the yield per trade has increased. In all, I made approx. USD80k from 16 trades today with 12 wins, 1 loss and 3 break-evens giving me a 75% winning record.

I will continue to test this exit strategy as it looks promising. Overall, it's been a good, solid day.