Monday, May 5, 2008

Monday 5/05/08 Update

Welcome to May.


Hello..today we started off the week and the month with a nince 28 pips per lot gain.



Today's Trade:


4:00 am: There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 1.9756 with a stop at the most recent swing high at 1.9784. Since I was only 6 pips away from the nearest 50 or 00 level (1.9750), I decided to go for the same amount of pips I was risking on the trade, which in this case was 28 pips. This put my initial target at 1.9728.


Entry: 1.9756


Stop: 1.9784


Target: 1.9728



4:34 am: Our target was hit and I saw that it was trying to keep going so I let it ride and set my stop at the 1.9728 (our original target). Unfortunately it pulled back and we were filled at that price for a 28 pips gain. 3 lots made it an 84 pip day. Not bad at all.



Result: 1 trade...28 pips...3 lots....84 pips


Here are the charts for this morning. Take a look.


Talk to you soon.




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