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Just A Reminder...

Dear All,

I personally urges you to scrutinize any "super "trading system by providing fast rich method or all-in-one signal to realize your dream, before paying fee to them. As we all undertand, the way to fortune is a painstaking process, much due to your hard efforts and practice, do you think people now can produce any super machine better than human brain? Please do not fall victime of "impulsive buying", cool down yourself for some days first before giving your most precious asset: "Money".

Friday, August 29, 2008

Profitable EURUSD trades after initial loss

Today I manage to profit 48 pips on the EURUSD after a very good economic numbers from the US. But initially I am taking a lossing trade on the same trading setup. And here is why I make the first loss and finally make the profitable trade.

I first identify the trade on my 30-min chart (the top chart) when the price break the blue dotted horizontal line. Once this happen I immediately go to my 5-min chart for trade entry, stop loss and exit setup.

As you can see on my 5-min chart, I draw a fibonacci line and then make my entry on the 38.2% level wtih stop loss placed immediately on the 61.8% level. Unfortunately the market accelerate on the long side rather on the short side and in just a few minutes after my entry, I am being stopped out.

Realising the market pulls back to the short side, just after my stop loss was hit, I immediately placed a sell stop order back on the original 38.2% level (1.4717). Thank Godness, the market make a strong short movement all the way to my target of 48 pips from my entry or more than twice my risk exposure.

In all, it's a profitable trading setup for this week at last. I will be looking for next trade on Tuesday and call for the week to enjoy my weekend.

Happy trading and enjoy the coming weekend ;)

1 comment:

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