Update 03-20-08 7:30am:
The 3rd lot finally hit the stop loss. Earlier the 2nd lot hit its TP of +100 pips and SL was moved to BE.
Lot 1: +50 pips
Lot 2: +100 pips
Lot 3: 0 pips
Total Pips: +150
Total Profit: $146.62
Update 03-19-08 4pm:
Our first lot has hit its profit target of +50 pips. Holding on the remaining 2 lots as the trend is still valid.
The Trade:
Continuing with the Euro's strength, I am going long this pair.
System:
This is based on the modified HAS system on 4 hour charts.
Reason:
The Euro has been showing strength against other currencies. Its already made an appreciable move against the Loonie, but there might still be some way to go. I see 2 blue candles giving confirmation to the trend on multiple time frames. I also have the AO indicator show a green bar above zero indicating an upswing.
I had gone short this pair yesterday and made loss in that position, but that was based on the short 1 hour chart. This is a longer trend and follows the daily and weekly trends.
Rating:
I will give this a 4.5 star due to the following reasons.
- The Euro has been on a steady uptrend against the Loonie for the last several weeks.
- After a brief pull back, its back rallying.
- All TF's seem to confirm the trend from M5 to MN.
Lots: 3
Entry (Long): 1.5781
Stop Loss: 1.5681
TP1: 1.5831
TP2: 1.5881
0 comments:
Post a Comment