Update 04-01-08 7pm:
New month, so I finally decided to close this trade. My worst trade ever. But there is no one to blame. I entered at the worst possible point, at the very bottom. Then I placed no stop loss thinking the long term trend was down. And then I did not exit the trade when the signals turned hoping it would turn back. And to my luck, even when the signals indicated a move down, the Euro showed surprising strength and continued its move higher.
Total Pips: -1240 (620 * 2)
Total Profit: $1219.87
The loss does not include the rollover charge. If I add that, it would be another 50 bucks more. This single trade has ruined my progress in Forex so far.
Update 03-24-08 10am:
Considering that I am down a lot in this trade (about -325 pips per lot), I decided to hedge my position. This is also based on the OzFX system which signaled a buy. I have attached a chart.
Here are the trade parameters.
Lots:3
Entry (Long): 155.494
Stop Loss: 154.494
The Trade:
Going short the EUR/JPY pair.
System:
HAS system on 4 hour charts.
Reason:
Couple of them. First the Euro is weak today and Yen is gaining strength. So this would be the best pair to play that. Next, the indicators are all confirming the trend. More than 2 red candles and 2 or more red bars below 0 for AO.
Rating:
I would have rated this trade a 4.5 if I got in earlier. But I was asleep at that time. So now that I have missed a 250 pips move, I will rate this a 3 star instead.
Entry & Exit:
Lots: 2
Entry (Short): 152.15
Stop Loss: 153.45
TP1: 151.65
TP2: 151.15
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