Thursday, April 10, 2008

Thursday 4/10/08- Update

Recovery Day


It is clear that yesterday was a demoralizing day. Today however was the opposite. This is trading. This is the business we chose. Ups and downs...and hopefully, more ups than down.


It was 3:45 am and we got a trade signal to the upside. On the close of the candle I pulled the trigger and got in at 1.9765. We set out initial target at 1.9800 and stop at 1.9745. At 5:00 our target was hit but made a clean break and so I let it ride with a stop at the 1.9800. I decided to wait till the bar closed to and see if it kept going. At the next bar the first movement was down so I exited the trade at 1.9822. That was 57 pips profit per lot. Three lots=171 pips!


At 8:15 am there was another valid signal but news was about to hit at 8:30 (US trade balance) so I didn't enter. Finally at 10:15 am there was a borderline crossing. It didn't really ever close below so I couldn't really confirm the signal. I decided to err on the side of caution and didn't enter. In this case it worked out well because it would have been a losing trade.


So all in all this week has been a roller coaster ride but we still have one more day to bring our number up.


Here are the charts so you can see how it went down.


Talk to you soon.


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