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.
5 comments:
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....
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?
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...
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.
The big clincher today was the divergence. When you see one, it usually works like gangbusters :)
Post a Comment