Tuesday, March 25, 2008

Don't call it a comeback!

Welcome back from the long weekend! It was a good day today, netting our system a 26 pip gain. As per what I saw, the 4 hr. chart made it clear that we were in an uptrend. At 7:30 am we had a crossover towards the upside, stochastics were trending up, RSI>50 and MACD was negative gaining value. This means go! So I got in at the next candle open (actually I got a better price) at 1.9924. I set my stop at the previous swing low which was 1.9901 and set my target at the next 50 level 1.9950. The PT was hit and we were filled at the price 26 pips higher. That's that! Now, for my daily retrospect on the differences between two traders and the importance of interpretation of signals. In the blog of Pip Surfer, it is shown that at 1:45 am there was a valid signal. I saw it as not valid because I interpreted that there was not a crossover per Se, but rather two EMA being equal. He got in the trade because at some point the line did cross but later went back to even I guess. All in all, he was able to get in at 1.9912, which means 12 pips below me..representing a difference of 46% higher profit than I did. I made 26 pips...he showed 38 pips.

In any case..we made a profit and I am hoping to give you some more good news this week. Until then, here are the charts for today if you want to follow along. Talk to you tomorrow.

No comments: