Tuesday, July 7, 2009

07/07 Day trading FOREX

I had two trades Today, they both went to the expected direction and price levels. I am still working on fine tuning my stop strategy, so the first trade got stopped out but a fraction of a pip before moving on to the target. The second trade didn't hit the limit, but when it reverted I got out with just -2 pips thanks to moving and adjusting the stop.

1) Short GBP/USD: Caught this trend-reversal, see how price broke down my lower trend-line, I waited for the retracement and entered in a lower low. Unfortunatelly GBP oscilated around my entry price and as it turns out, I moved my stop too close to the fire, so it got hit right before price moved to the limit.
2) Long AUD/USD: Got Long when AUD broke out of this consolidation wedge. The trade was in the direction of the trend and I expected it to make closer to the previou's high. It missed my limit and hit the stop. Fortunatelly I had already cut the stop to 1/3 of its original size.

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