Update 03-17-08 8pm:
I closed the final lot as I was noticing a reversal of the signals. Even though it was way off the peak, I did make a good profit in this trade.
Lot 1 (closed at 3:41am): +50 pips
Lot 2 (closed at 4:09am): +100 pips
Lot 3 (closed at 7:45pm): +107 pips
Total Pips: +257
Total Profit: $257
Update 03-17-08 5pm:
This trade is still going strong for me. The final lot is now trading at +170 pip profit. I have moved the stop loss to +100 pip so I definitely make some profit.
Update 03-17-08 7am:
This trade was literally on life support. Within minutes of me entering this trade, it was down almost -95 pips and very close to being stopped out. Luckily it wasn't, and during night, it managed to do quiet well. We closed to first 2 lots for +50 pips and +100 pips respectively. The third lot is now trading at +85 pips profit. Stop loss has been moved to break even.
The Trade:
To start of the week, I am going short the Sterling.
The System:
This trade is based on the OzFX system on the daily chart.
Reason:
After a long rally up, the Cable has been showing weakness against the dollar the past 2 sessions. And I just noticed the signal in the OzFX system. The Stoch, RSI and %R indicators are all moving down from oversold territory. This usually signifies a strong move down. The price however is above the 200 SMA, but just barely.
Trade Rating:
I would rate this trade as a 2.5 because of the following reasons.
- Price is above the 200 SMA.
- AO shows 2 red bars, which means I entered this trade late.
- I entered the trade at the lowest point instead of waiting for a pullback for a better entry point.
Lots: 3
Entry (short): 2.0135
Stop Loss: 2.0235
TP1: 2.0085
TP2: 2.0035
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