Friday, May 9, 2008

Friday 5/9/08 Update

Closing out the week with a gain


Today we were able to grab a few pips in one trade. It could have been a little more but the bar opened and ran quick so I missed out on 7 pips..which at 3 lot meant 21 pips. These are exactly the 212 pips that would have put me into the black for the week..instead we close out at -21 pips.


Today's trades:


2:00am EST- There was a moving average crossover for a short trade. However, MACD was already negative which cancelled out the signal. No entry!


5:45am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 1.9531 with a stop at the most recent swing high at 1.9549. Since I was 31 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9500.
Entry: Short at 1.9531

Stop: 1.9549

Initial Target: 1.9500

6:30am EST- My target was hit. Price made a clean break so I moved my stop to 1.9500 and set my next target for 1.9450.

6:45am EST- Unfortunately I was stopped out at 1.9500.


Result: 1 trade....31 pips...3 lots...93 pips


Here are the charts for the day. Take a look.


Talk to you soon.


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