My EUR/USD Trade (24-06-2008) --- Position Squared

*Click on the charts (Before & After) for the enlarged version.

Hello everyone,

Yesterday, I initiated an buy position at the price line of 1.5546 while I was in the office at 04:57pm (Singapore Time) | 06:57am (GMT). As you will notice from my charts, I do not have my usual custom indicators on it and that is to show how flexible I am on reading charts and my basis of trading is not bias to indicators but purely on price action and candle studies with indicators as an advisors only.

Anyway, what I saw was that. My price action analysis. Market didn't have the power to go down lower or creating a lower low despite a huge draw down from the day before. It bounces at my 200ma and the 04:00pm (Singapore Time) | 06:00am (GMT) candle broke a minor resistance at 1.5525. 6ma is crossing above 23ma.

Hence, I initiated a long position at the price line of 1.5546 at 04:57pm (Singapore Time) | 06:57am (GMT).

My Stop Loss was at 1.5517 (29pips) and Target Profit at 1.5615 (69pips). Why my Target Profit is there? Price action resistance. Basically after I have placed my trade, I just ignored it till I got home. My Target Profit was hit yesterday (24-06-2008) at 10:15pm (Singapore Time) | 02:15pm (GMT).

69pips profit for this trade :)

Peace and trade safely everyone...