It was my intention to start this performance account with US$50,000, but considering the A$ has tanked so much of late I’ve kept the base currency in A$ for the moment. So, our start account will be A$50,000 and we’ll be risking 0.5% per trade in these conditions. The minimum risk/reward per trade will be set at 2.9 which is a level that historic testing offers better ‘bang for buck’ with. Being content with anything above 2.0 is probably okay, but a lot more work tends to get done without an significant additional bottom line output.
We currently have one long position on in CELL which after last nights swan dive is now looking precarious. That said at 0.5% per trade and great upside potential when we get it right, I’m not overly concerned about in single trade on its own.

CELL position

I have two new trades for tonight that interest me, EPIC and HRL and we’re still working the RMD entry.

On the topic of RMD, it tagged our entry level last night but no fill was forthcoming. This is the second such entry in as many nights, PRXL last night, that hit the price yet didn’t initiate the trade. The reason being is that Interactive Brokers and the exchanges use a ‘high tic’ or ‘low tic’ safeguard in an attempt to cease ‘stop tripping’. It’s my understanding that two bids above the buy stop price or two offers below the sell stop price are required before the stop is activated.

No doubt tonight will yet again provide a +/- 500-point move in the market so we’ll just trade small but retain an interest until volatility decides to settle.