Recommended & Trusted Broker

Recommended & Trusted Broker
Trading account from as low as $100; Low spreads starting from 1.8 pips; 24 Hrs Multilingual Live Customer Support; Financial news from industry leaders; Flexible funding options; Plus more benefits

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".

Monday, August 25, 2008

Unfortunate loss of 19 pips in EURUSD

Today I loss 19 pips on the EURUSD as the market failed to hit my target of 1.4695 during the Asian session. To see how it all goes out, let us go through on the chart above beginning from the top chart, i.e. the 5-min chart.
Today I use 5-min chart as my trend identifier and 1-min chart as my entry, stop loss and exit. As you can see from the 5-min chart I plot a blue horizontal line to determine market break out. Once this level has been break I will wait for an entry opportunity and immediately switch to 1-min chart.
On the 1-min chart, I will just eyeball the peak and bottom level to draw a fibonacci line, and as per my trading rules only place entry at 38.2% level with stop loss at 61.8% level. As always the target must be of at least twice that of my risk.
So the market make a good move and well passed the 0% level but never make it to my target level, and it just a shy 2 pips away from my target. Another factor for this loss is, I am not monitoring the market as I was just too busy with multiple business meetings and different venues.

1 comment:

Blogger said...

eToro is the #1 forex trading platform for beginning and professional traders.