My EUR/USD Trade (23-07-2008) --- Position Squared

Hello everyone,

First of all. I would like to apologise for not posting my trades regularly for the past few weeks. I was caught up with a lot of things. Tonight, I am going to post some of my trades, starting with this one :)



On [23-07-2008], I shorted the EUR/USD at the price line of 1.5781 at 9:05am (Singapore Time). Why I shorted this pair is because of price action. Price is dangling at support with strength to punch through it from the momentum created the previous day. To add icing on the cake, my "Advisors" are in my favour as well. Remember, I do not trade bias to my "Advisors". They are plainly my "Advisors" and not my decision maker :) Hence, I waited for a convincing price to enter.

My Stop Loss was at 1.5805 (24pips) and Target Profit at 1.5615 (166pips). Risk : Reward = 24 : 166 = 1 : 6.92.



The next day [24-07-2008], market has move in my favour. There was enough room for me to shift my stop loss and hence, I shifted my Stop Loss into Protective Stop at9:00am (Singapore Time) at the price line of 1.5760 which is 21pips in the money.



The following day [25-07-2008], market has lost a little bit of momentum and I shift my Protective Stop further at 9:05am (Singapore Time) at the price line of 1.5735 which is 46pips.



During the same day at 12:01pm (Singapore Time), I shifted my Protective Stop further to 1.5700 which is 81pips in the money, after the price action is not in my favour and my "Advisors" are indicating it is breathing.



True enough, at 12:05pm (Singapore Time) on the same day of [25-07-2008], my Protective Stop was hit and this gave me 81pips profit :)

Peace and trade safely everyone...