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Second Time is the Charm

Written by Hugh, on March 27th, 2009

Like I mentioned the previous post, this is still a valid trade and I decided to enter again when the %R rolled out of overbought.

Short 2 (250) USDJPY @ 9845
Stop @ 9895 (-50)
Target 1 @ 9675 (+170)
Target 1 @ 9750 (+95)

Again, this is a TriScreen trade and my confidence was still 6/10 that this trade would work.

Click above for larger image

Click above for larger image

As you probably read in my previous post, I found in my backtesting that using one lot with the USDJPY when trading the TriScreen is more beneficial than using two lots.  Somehow, on this trade I disregarded that and went back to the two lot method.  Upon further reflection, I believe that I did this because I felt that there was a lot of downside opportunity and I felt I would have been missing out.  I should have stuck to the plan of using only one lot and I would have had a good week.  Lesson learned.

First lot made +95 pips and the second lot made +28 pips for a grand total of +123 pips.




If you enjoyed this article, you might also like:

  1. 03/03/2009 EURCHF Trade
  2. 2/10/2009 AUDCAD Trade
  3. 02/17/2009 USDJPY Trade
  4. 02/17/2009 EURCAD Trade
  5. Maybe I Can Buy Some Gum

Category: My Trading   Tags: ,

This post was written by . His goal is to become a professional trader.

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