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Trade Closed +47 Pips

Posted on 06/07/2007 07:26:28 | Link | Post Comment
Yesterdays USDCHF trade hit the target for +47 pips, or a 1.98% gain (2% risk to margin based on a 50 pip stop). That made this trade slightly under a 1:1 risk reward ratio, and was an easy trade (trendline break with the major trend). This first support was my target because as we see todays bar is about to close above it (in a few minutes from the time of writing). I'm thinking that it will carry on its way towards the rising weekly trendline at some point, but it could retrace here and retest the upper support, which would also be a 50% retrace of the three bars of this downmove. I don't want to sit through that, especially when if that scenario plays out there will be another opportunity to short it again at the 50% line. I'll also play a breakout in case it goes straight through today.

Plan your trade, trade the plan!

PS: this is just a description of what I'm doing, not investment advice etc blah blah.


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