Yesterday the trade went exactly as planned. I entered 3 lots at 1.3800 and on the first lot I set a limit of 55 pips to get a quick profit. The price dropped right through that like a hot knife through butter. My next lot I had a limit of 100 pips the price dropped through that quite easily as well. The third lot I let ride, the position is still open the stop right now is 1.3799 I have it set at +1 pips with a 210 pip trailing stop.
- 1 lot +55
- 1 lot +100
- 1 lot still open right now locked in at +1
Total +156 pips and more to come.
Jan 6 Trade Strategy
OK,so we went down to hit the 1.3546 level on the 5th. Then after that point it has hit a consolidation period where we are range trading the range is about 100 to 60 pips. The current trend is down so unless we break the 1.3800 range I will be looking for a short trade. The current chart formation is a bear flag so I expect it to trade in this range for a while, possibly until the start of the London Session or maybe longer I don’t know, then take a drop to lower levels.
However I will be watching for when it comes out of the range. I will be watching for the price to break the 1.3520 range. At which point I will be looking to sell short the EUR. I will not be looking for a long trade until the price breaks 1.3850 at that point I will begin to look for long trades.
Here is the Plan:
* Sell 3 Lots EUR/USD at 1.3520
* Set Limit on first at 1.3475 for 55 pips set stop at 1.3575
* Set Limit on next at 1.3420 for 100 pips set stop at 1.3600
* Let the third lot roll with no limit a 100 pip stop at 1.3620 with a 210 trailing stop
Here is a closer look at the bear flag:
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