Trade Review 7/1/08

In the afternoon, I entered into a long EUR/USD @ 1.4700, with a t/p objective @ 1.4720 and s/l @ 1.4675. I fully understand that it is pretty outrageous for me to have such a poor r/r but for me at this point of time, it would always be better to have profit, than to not have any at all. And so, managed to get my t/p @ 1.4720 with a $16 profit. Not a bad start.

Afterwhich, I entered a short @ 1.4707 as it was right below the 5ema line, my favourite way to enter a position. That position felt good initially, reaping me profits. However as time passed, it seemed like it was getting more and more wrong. Until at night, it was nearing my s/l @ 1.4740 and I decided to move my s/l a bit higher to 1.4745.

At the same time, I decided to go short at somewhere near the peak of the previous day high @ 1.4734, with the same s/l @ 1.4745. This position was basically entered with the intention to set off losses in the 1.4707 trade. However, all I did was go to the washroom, and come back with a realized loss of $39.20, and the peak at bid price 1.4742. You must be wondering, how it hit my s/l @ 1.4745 when the spread for EUR/USD was only 2 pips. Because of a news release, and the broker widen the spread to 3 pips, so it hit my s/l @ 1.4745. And of course, that was the last of 1.4745 seen for the day as it was the high and all could have been avoided if I was more careful with my s/l and more attention paid to news releases.

So at this very moment while I'm blogging all these down, I'm also in a short EUR/USD @ 1.4734. Peak of today at this moment was 1.4743, which was indirectly pretty similar to yesterday's. I'm looking to take profit @ 1.4704, which I had just missed by one pip approximately 10 minutes ago. However, I'm still being positive about the decline in the Euros right now.