Monday, July 16, 2007

Trading Update

Woot I just checked the trades. Seems like my Stop Loss at 1.3760 got hit. It's alright because I have made quite a profit. It's around 30% increase in equity.

So what's next ? There seems to be a resistance at 1.3800. What do I do now?
I want to enter a trade, but I'm not sure if this pair is going to retrace a little bit (down to 1.3600-1.3700) before resuming it's bullish run up to 1.4000. Maybe the price will not retrace and go straight up to 1.4000.

What do I do now ? At times like this, it's a good idea to put a market limit order. Where do I put it? Let's see.

If the market is going to resume it's bull run, it will have to penetrate the resistance level 1.3800 right ? So that's what I'm gonna do. I will put a pending buy order at 1.3815. Slightly higher just in case of unwanted market noises.

If the market retrace, I will try to enter at 1.3700. That's also a pending market order.

Trade :
Buy Limit at 1.3815. Stop Loss - 1.3765

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