Update 05-07-08 9:10 pm:
A swift surge down at the open of the Asian session resulted in my buy limit order being triggered.
My plan of action is as follows. For every 100 pips gain, I am going to enter another 5 lots and build on my current position. The stop level will also be raised accordingly when a new trade is placed.
Reason/Setup:
I am going outside of my regular setups for this trade. Its purely based on price action, support/resistance levels and trend channels. And it is all based off a daily chart.
From the chart it can be seen that the pair has been on a steady uptrend shown by the solid red trend line. And we are currently seeing a pullback to this trend line. We also notice a box pattern developing in the last 2 weeks as shown by the light brown lines.
I have set a buy limit order at the lower end of the box and the tar is the upper level of the box. As a stop, its placed just below the red trend line. If this gets broken, then I will just look to enter this pair short and play the box play setup.
If this trade works to my plans, it would be a huge multi-hundred pips play.
Trade Details:
Date: May 07 2008, 12 noon
Buy Limit: 203.54
Lots: 5
Stop: 202.28
Target: 209.00
Date Triggered: May 07 2008, 7:30 pm
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