Welcome to my Trading Blog I will be writing everyday about my trading activities. For several reasons for my own personal benefit to improve my trading and so I can learn from myself and my history. Also so that I can learn from others who will come in here and evaluate my trading and give me advice. Third to share with others so they can learn as well. I will daily record my results after each trading day and also talk about the next days trade.
So lets get started!
The current trend is down off of the recent bounce of 1.4700
So we will be looking for down trades. My trade plan for Monday will be to watch the 1.3820 level. That was the previous low on 12/19/08 I believe that it may test those levels and bounce up a bit possibly to the 1.4100 range before dropping down through the 1.3820 level. The pair also is forming a descending wedge which indicates it will probably break through to the downside.
If it goes through the bottom I will get in short around 1.3800 with a target of 1.3725 if it breaks through that the next target will be the 1.3500 level.
If it bounces off the 1.3820 level I will sit out because my risk to reward ratio there is not enough profit, for me to take that risk. Unless the Stochastics reading points up on a one hour chart early enough in the bounce.
However it bounces off the 1.3820 and goes up to 1.4350 I will then be looking to enter on the next available long entry because that is higher than the last high at 1.4350. I will then be looking for a target of 1.4700
- Sell Short 3 Lots at 1.3800
- Put a limit order on the first lot at 1.3745 to take 55 pips Stop loss: 1.3855
- Put a limit order at 1.3700 to take 100 pips profit Stop Loss: 1.3878
- Let the 3rd lot roll with no limit with a Stop loss at 1.3945 with trailing stop of 210 pips
That is my plan for Monday we will see how it goes if anyone has any comments please post them.
Winner’s Edge Trading, as seen on: