Wednesday, May 14, 2008

Wednesday 5/14/08 Update

Two for Two!

It was an great day for our strategy today as we were able to grab 174 pips through 2 trades.

Today's Trade:

2:30am 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 1.9437 with a stop at the most recent swing high at 1.9474. Since I was 37 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9400.

Entry: Short at 1.9437
Stop: 1.9474
Initial Target: 1.9400

3:16am EST: Our initial target was hit and the price didn't make a clean break so I took my profit.

10:00am 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 1.9421 with a stop at the most recent swing high at 1.9449. Since I was 21 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9400.

Entry: Short at 1.9421
Stop: 1.9449
Initial Target: 1.9400

10:41 am EST: Our initial target was hit and the price didn't make a clean break so I took my profit.

Trade results:

+37 pips...3 lots...+111 pips
+21 pips...3 lots...+63 pips

2 trades....+174 pips

So all in all we are back in the black again for the month.


On a separate note, today I really differed from PipSurfer in my trades. Normally I may differ by a few pips, or miss a trade that he makes or maybe even show a crossover that he doesn't or vice-versa. But this time it's as if we were trading two different strategies. While I was up a total of +58 pips per lot he was down -51 pips. Apparently I missed a trade (i hadn't seen it till now that I read his blog) at 12:45 which he took part of and lost 16 pips. The 2:45 trade he showed positive stochastics which canceled the entry for him. My chart showed it trending down so I entered for a profit. On top of that in the 10:15 trade apparently his bar didn't hit the target and he got stopped out for a loss. My target bar went as low as 5 pips below the target.

Weird.


Here are his charts

Talk to you soon.


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