Update 03-24-08 10pm:
Another trade that failed to make it big. The 2 remaining lots hit the stop loss during the Asian session. Very disappointing as I was expecting some major pips from this trade.
Lot 1: +100 pips
Lot 2 & 3: 0 pips
Total Pips: +100
Total Profits: $100
Update 03-24-08 8am:
This trade has already hit its first target point of +100 pips. The remaining 2 lots are trading at +140 pips.
The Trade:
Going long on the GBP/CHF pair.
System:
This is the first trades placed on my new system. I call this the A-MACD system which will be explained in a later blog.
Reason:
The Yen has been weakening against all majors. From the chart we see that the AO has 2 or more bars above zero and increasing, and the MACD has just crossed above 0. This indicates an upward movement in price.
Rating:
Since its a new system, its still in testing phase and I don't know how to rate it. But I will give this trade a 3 star to begin with due to the following.
- We have had more than 4 positive and increasing bars on the AO before MACD turned green. This might indicate that there has already been a significant upside movement in price before I entered the trade.
- Price is below the 200 SMA. This means that the trade is against the long term trend.
Lots: 3
Entry (Long): 2.01372
Stop Loss: None. We close the order when the signal changes or TP is hit.
TP1: 2.02372
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