Thursday, May 29, 2008

Thursday 5/29/08 Update

30 more..


OK. The trade I did today started with 40 pips between entry and target as well as stop. It was around 12:30 when I decided that I simply didn't want to wait for 4 to close the trade, so I brought my stop down to 2 pips above my entry and set my target 10 pips away. At 1 pm it hit the 10 pips target and that was that. I will have to see what the end result would have been if I had waited till 4 pm, but, it's the end of the month and I just didn't want to end on a draw down.


Today's trades:


10:30am 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 1.9748 with a stop at the most recent swing high at 1.9800. Since I was 48 pips away from the nearest 50 or 00 level (1.9750), I decided to to set my target at that price.


Entry: Short at 1.9748

Stop: 1.9800

Initial Target: 1.9700


12:30 pm EST: It wasn't moving much and we were a little in the money so I decided to cut my risk to a minimum and hope for 10 pip gain.


New stop: 1.9750

New Target: 1.9738


1:00pm EST: Our target was hit. Trade closed.


Results: 1 trade....+10 pips.....3 lots.....+30 pips


Here is my chart.

Talk to you soon.


No comments: