Wednesday, April 22, 2009

Trade Result - EUR/GBP +20

This trade did not go too badly. When we have this kind of pip profit, I always wonder if I should have closed the trade at +50 or +60, but then realize that if I start doing that we will lose the +300 trades as well. Anyway, this trade opened yesterday at the close of the 0800 EDT hour bar. We were short at 0.8865. After a couple of hours of sideways movement the pair moved down through our target for moving to break even and kept going down, reaching a low of 0.8811 just before 2000 EDT last night. The pair then popped back up and took us out for a +20 pip gain. Not what we'd hoped for, but a profit is always acceptable. I'm watching for another set up on this pair and will keep you posted.

Happy Trading!