Small gains add up!
Today we got a chance to put on a trade and fortunately we were able to get some pips out of it. We had a crossover at 1 am but the MACD was already positive and that canceled out our signal. So we let it go. But at 3:30 another crossover happened and this time everything was lined up correctly so we jumped in.
I got executed at 1.9731 and immediately set my stop at 1.9690. I was 19 pips away from the next 50 level and and I had to make a decision here. Do I set my limit at that level or do I go for the amount I am risking. Because of the recent ranges and unpredictability of the CABLE, I decided to go for the 50 level for a 19 pip gain. I set the limit at 1.9750 and let it go, but decided to watch it and see if I would let it ride after that. At 4:45 am the target was hit and because of the recent string of losses I decided to close out the trade. I got 19 pips out of it on 3 lots for a total of 58 pips. At least it canceled out yesterdays loss.
Looking back and seeing how it kept running up I feel like I didn't get as much as I could have but...as the saying goes...Hindsight is always 20/20.
So in the end it was a good day. Anytime we can be in and out of a trade inn 2 hours for 20 pips, it's a good day.
Here are the charts for the day. Take a look.
I'll talk to you soon.
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