Friday, July 24, 2009

07/24 Day Trading FOREX

I had one single trade Today, I'm glad I caught it early on the day, and was even able to give a heads up to the fellow traders in the trading room. Whoever took the trade made their pips. I sure made mine. As soon as the trade was over I had to leave and stop trading for the day.

Capital Allocation: A+ Properly allocated for the trade
Keeping Limits: A+
Stop Management: A+
Trade Set-up: A+ Spotted the set-up and kept an eye on it to make sure I was there to catch when it developed

1) Short GBP/USD: This was a reversal pattern, see how price punched the SMA 21 and then retraced to bounce back down. Following the suggestion from a fellow trader (George) I got in a few pips after it broke bellow the 6450 price level, just to be sure it cleared before I got in. +3.6%

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