Tuesday, July 19, 2005

EUR/USD 7/19/05

1:01 pm- End of Day

Today I took a long trade at 10:30 (see chat on the right). I especially liked this signal because there was a divergence between the EUR price and Stoch. This gave me a good indication that there would be a move up. And that's exactly what happened. Here are the trade details:

Entry- 3 lots at 1.1993 ; Stop Loss=1.1970
Target 1 hit at 1.2003- Closed 1 lot +10 pips
Target 2 hit at 1.2013 in the same candle- Closed 1 lot +20 pips
Moved stop loss to 1.2005
New high was made at 12:20pm; Moved stop to 1.2012
New high was made at 12:30pm; Moved stop to 1.2021
Got stopped out on last lot= +28 pips

Total pips= +58 pips













7:40 am- Analysis


Finally there has been some good movement in the EUR today. The EUR tanked starting at about midnight EST and broke through a major support level, yesterday's low, and another minor support. At it's current state, it is hanging around its minor support 2 and the US session will either show a continuing downtrend towards its minor support 3 at 1.1946, or a bounce back up. Will keep updating as the day progresses. Happy trading everyone.


8 comments:

okl said...

enter 2 lots at 1.1993 then exit 1 lot at 1.1998, +5pips , moved stop loss to breakeven and then got hit when it started to reverse 1.1980....so i only managed to earn that 5 pips and u have 50pips....

Big Pippin said...

In my PDF, you'll see how I come up with a target, and I'll explain my exit strategies. My target usually gets hit about 80% of the time. Because the target is usually only a few pips, I trade multiple lots in case the price moves alot like today. Anyways, +5 pips is alot better then -20, right?

sonvolt10 said...

big pippin...as a part time follower of the FX10 strategy, i'm very anxious to see the pdf. i've been averaging about 15 pips a day but i always seem to pull out of a trade too soon (based upon Elder who says that a professional trader never leaves a profit on the table)...keep up the good work

okl said...

i know it is not recommended to trade during asian session, but my thought is that during asian session there is less speculation going on, so if the price is going down, it usually has a very clear direction. Just like today i observed eur/usd dropped from 1.2050, with a straight clear drop.....unlike the NY session...choppy?

just my little observation...

Big Pippin said...

The theory behind the asian session is that there is just not enough pip movement to warrant a trade. The FX10 relies on finding a big move early. That is what makes it a great system. Sometimes, the asian session does move alot, but for the most part it doesn't. As for NY session, it wasn't so much that it was choppy, it just had to decide what to do after EU session's big move. That's why sometimes you have to be patient with FX10 to get a good signal.

Big Pippin said...

The big clincher today was the divergence. When you see one, it usually works like gangbusters :)

Feeaga said...

Big Pippin... great trade today I found the link to the fx10 web site and have started a demo on the system, I had a quick question. Why did you wait so long after you had the divergence to enter? It seemed like a good entry after the Rail Road tracks.

I have just started my own blog http://feeagasforex.blogspot.com/ and I have linked your site, if you have any objections please let me know.

Cheers,

Feeaga

Bottomline said...

How do you position your stops? What method do you use, I mean. Thanks


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