I only took one setup on EUR/USD, right before the start of the European session. I noticed that price was approaching the daily pivot point and with stochastics showing oversold conditions, I decided to buy. I set a stop loss of 15 pips, and was aiming for the weekly open price about 22 pips away.
I was down for awhile, before price spiked up around 2pm (frankfurt open). I had noticed a falling trend but I left my trade open because I felt that the 15min candle was pretty bullish and stochastics had yet to hit overbought conditions. However, the next couple of candles were a little bearish. I had a feeling that price would drop so I closed out early for a 3 pips loss (would have been breakeven but internet was MAD SLOW, so I lagged a bit).
It's a good thing I closed out early, because my stop loss would have gotten hit later on.
End Results - -3pips / -$7
So, I took a minimal hit today, and I suppose I did the right thing by closing early. Still, I wish I could have taken some profits, since I was up almost $20 already. Also, I think I should have scaled into this trade, as I had a chance to get a better price when price dipped below initially.
On Monday August 30th, 2010 at 09:07AM by virgiliolayug - Like - 0 People
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