I put this trade on Sunday night (my time) and just took it off earlier today. EUR/USD bouncing off near an all time high. I should have taken the GBP trade instead because it would have netted twice as many pips, but that’s the way it goes.
8/6/07, 2:38 ET – S(5) EUR/USD @ 3835, Target 4 @ 3783, Stop @ 3852, TS 1 @ 25 pips
8/6/07, 6:40 ET – Exit 2 @ 3809 manually. Looked like it was hitting a strong potential support point.
8/6/07, 13:41 ET – Exit 2 @ 3793 manually. It was close enough to the target. Moved stop to 3835 on last lot to lock in risk free profit.
8/7/07, 15:47 ET – Exit 1 @ 3749 manually. Looked like it was reaching intermediate low and other currencies were reversing, so I decided to close the position. Price also seemed to be bouncing off the 61.8 fib level.
Trade Totals:
+26 X 2 = +52
+42 X 2 = +84
+86 X 1 = +86
Grand Total: +222 pips = $22.20 ($2,220 if I was trading a full sized account)
15 min
Daily
Pivots:
R2 3932
M4 3903
R1 3873
M3 3826
PIVOT 3778
M2 3749
S1 3719
M1 3672
S2 3624
Follow up: I should have stuck to the original plan. Price would have hit my original target and I would have made much more on the first lot than I did. This is a good argument for just letting a position take it’s course once I put it on. I was reluctant to put on a GBP trade that had the same signal because I thought the trades would be too correlated. It was good that I didn’t, but I should have traded the GBP instead because it swings harder. Lesson learned and I added that to my rules…when all else is equal, trade the GBP.
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