7/16 Trade 3

Written by Hugh, on July 19th, 2007

One last opportunity to make back some of the money I lost on trade 1 and trade 2. Let’s see how I did on this trade. At this point it’s not about trying to make it all back. It’s more about trying to lose less.

I break this down trade on two timeframes for a better idea of what went on.

2:01 ET – <limit> L (5) USD/CAD @ 450, Target 4 @ 474, Stop @ 430, TS 1 @ 25 pips

9:29 ET – Limit hit on 4.

10:07 ET – Stopped out on 1.

15 minute US Dollar vs Canadian Dollar

1 Hour US Dollar vs Canadian Dollar Chart

Pivot Points

R2 518
M4 505
R1 492
M3 480
PIVOT 468
M2 455
S1 442
M1 430
S2 418

Totals: +24 X 4 = +96 pips (+$9.16)
+5 ($0.48)
+101 pips (+$9.64)

Followup: Shouldn’t have been long the USD. But the trade worked out. Like I said in the last couple of trades, it might not be the best idea to trade pairs that are too correlated.

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