The Trade: EUR/USD Long
Date: April 13 2008, 2:35pm
Entry: 1.57037
Lots: 5
Stop Loss: 1.56637
Target: 1.57537
Reason/Setup:
This trade was entered based on the gap setup. Most pairs, especially the USD pairs gapped low after the comments from the G7 meeting. This pair in particular gapped down more than 100 pips. Gap plays being high probability plays I decided to enter long on this pair. I placed the target just 50 pips away as I didnt expect the full gap to be fill soon.
Result:
As seen from the chart, the candles highlited in white is the previous close. On open the next trading session, I noticed that the candle was slowly rising from the open lows. As soon as the next candle was hit, I entered the trade long as shown in the yellow highlighted region. And my target was hit at the red candle.
Date: April 13 2008, 11:30pm
Total Pips: +250
Profit/Loss: $250
Rating: 5
I will rate this trade a 5 since I stuck to the plan and the entry and execution was perfect. There were also other pairs that gapped, and almost all of them re-traced their gaps back. So next time I have a gap play, I will enter with bigger lots and set the target to the gap.
0 comments:
Post a Comment